Author: BEX Staff

Sales Transactions 1. The Parker Tucson—a LEED Silver Certified, 130-unit student housing community—has sold for $132.5M. The $1.02M/unit price is a record for the market. Owner/developer Sterling University was the seller and was represented by CBRE Tucson’s Jeff Casper and the Dallas-based CBRE Student Housing Team of Jaclyn Fitts, Wiliam Vonderfecht and Casey Schaefer. The self-represented Buyer is an affiliate of Inland Prime Capital. 2. Cliff David of Institutional Property Advisors led the $94.5M sale of Alta Chandler at the Park, a 291-unit apartment complex in Phoenix. The parties were not disclosed. 3. Cushman & Wakefield arranged the $21.8M sale…

Late this year or early in 2025, the City of Phoenix expects to issue a Request for Proposals to redevelop 7th Avenue and Washington Street. The probable requirement would be for a mixed-use development with ground-floor retail/restaurant space and multifamily units with an affordable or workforce component. The chance to redevelop the site comes as the Phoenix Police Department moves its headquarters into the nearby 525KSF building that was the former Wells Fargo Tower. The building is currently undergoing renovations. Once the relocation is complete, Phoenix plans to raze the existing headquarters building, freeing up the site for redevelopment. (Source)

By U.S. Department of Commerce The Biden-Harris Administration announced that the U.S. Department of Commerce and Intel Corporation have reached a non-binding preliminary memorandum of terms to provide up to $8.5B in direct funding under the CHIPS and Science Act to strengthen the U.S. supply chain and re-establish American leadership in semiconductor manufacturing. This is the Department of Commerce’s fourth PMT announcement under the CHIPS and Science Act. Over the course of the next five years, Intel expects its investments in the United States to exceed $100B, as it expands capacity and capabilities in Arizona, New Mexico, Ohio, and Oregon,…

By Roland Murphy for AZBEX Here at AZBEX, we follow political news closely, but we try to keep ourselves above the fray. While these editorial analyses always have conclusions—and, sometimes, predictions—we try to base those on numeric data and long experience while steering clear of politics and opinion. Sometimes, however, things happen that require us to get down into the mud. Most often, this is because of a trend or series of events for which there isn’t much in the way of objective, numeric data and we’re forced, instead, to rely on our experience and familiarity with issues from having…

The Mesa Planning and Zoning Board has voted not to recommend approval for The Farmhouses, a 26-unit townhome development proposed near McKellips and Gilbert roads. The request would combine two large-lot single-family properties into a 1.84-acre parcel for development. The proposal from architect Tim Boyle of atmosphere architects on behalf of owner Mesa Assisted Living LLC requested a rezoning with a bonus intensity zone overlay and a site plan review. Neighbors to the west of the property opposed the plan, citing concerns about density, traffic, overflow parking in the neighborhood, privacy and other issues. Boyle presented the project as a…

A 5.6MSF data center master plan that will deliver 28 buildings on two campuses totaling 1,000 acres in the West Valley is under consideration by Maricopa County. Developer tract has submitted documents for Project Range, which is expected to be built out over more than 15 years if approved and begun. Building sizes are expected to span between 149KSF and 260KSF. The project will be tract’s first in Arizona. The company is currently working with Maricopa County planning staff to finalize the necessary comprehensive plan amendments and rezoning requests. The site is located on a county island between Buckeye and…

By National Association of Home Builders A lack of existing inventory that continues to drive buyers to new home construction, coupled with strong demand and mortgage rates below last fall’s cycle peak helped push builder sentiment above a key marker in March. Builder confidence in the market for newly built single-family homes climbed three points to 51 in March, according to the National Association of Home Builders/Wells Fargo Housing Market Index released today. This is the highest level since July 2023 and marks the fourth consecutive monthly gain for the index. It is also the first time that the sentiment…

Awards & Accolades 1. The University of Arizona’s historic Chemistry Building received a LEED Silver level certification following a $42M renovation and construction project. The Chemistry Building received the Engineering New Record Southwest Best Renovation/Restoration Project Award and the AIA Arizona Kemper Goodwin Collaboration Award. Shepley Bulfinch was the architect. Green Ideas Building Science Consultants managed the LEED certification process and completed the required energy modeling. Groundbreakings 2. Developer 3Edgewood LLC broke ground on a two-story, nearly 33KSF office building at The Grove in Phoenix. LGE Design Build/Group is the architect and general contractor. Expected completion is set for the…

The 2024 RED Awards celebrated the year in the commercial real estate industry in Phoenix with a sold-out ceremony at Chateaux Luxe. A complete list of RED Award winners follows. All project and company names appear as originally published on AZBigMedia.com. Winners of the 18th RED Awards include: Organizations of the year Architecture firms of the year: Butler Design Group; Subcontractor of the year: DP Electric; General contractor of the year: Stevens-Leinweber Construction, and; Developer of the year: ViaWest Group. Higher education project of the yearG. Michael Hoover KAPBCS Training Center Developer: Sundt Construction; General contractor: Sundt Construction; Architect: Architekton,…

The Buckeye Planning and Zoning Commission has approved the first of three preliminary plats for North Star Ranch, a master-planned community north of the Central Arizona Project Canal between the alignments for 275th and 255th Avenues in Buckeye. The Commission’s approval of the first preliminary plat covers 2,184 single family lots on 756 acres of the 2,818-acre site. The overall master plan was approved by the Buckeye City Council last month and includes nearly 10,000 residential units mixed between single- and multifamily, with 86% of the acreage dedicated to neighborhood residential. Other planned uses include light industrial and commercial/retail. Community…