Author: BEX Staff

Groundbreakings 1. Banyan Residential has begun the first phase of construction at Banyan on 48th, a 515-unit apartment community in Phoenix at 48th Street and Washington Street. The $117M Phase I will consist of 320 units and is expected to be completed in Q4 2025. The community will include a mix of studio, one-, two- and three-bedroom units ranging from 415SF-1392SF. 2. The City of Mesa began construction on Falcon Field Airport drainage improvements. The improvements will allow for aeronautical development to tie into the air-operations area at 4731 E. Falcon Dr. The taxi lane on the west side of…

Looking to maximize the benefits derived from Arizona’s $3.4B in infrastructure improvement funding under the Infrastructure Investment and Jobs Act, this month’s Pinal Partnership panel examined transportation investment in the county, along with larger issues impacting funding and public infrastructure investment. Moderated by Jordan Rose of Rose Law Group, the panel included: Maricopa Mayor Nancy Smith, U.S. Representative Juan Ciscomani, Arizona Department of Transportation Deputy Director and State Engineer Greg Byres, Maricopa Association of Governments Managing Executive Ed Zuercher, and Casa Grande Mayor Craig McFarland. Arizona will get nearly $2.5B for transportation and $508M for clean water projects. Panelists said…

By BEX Staff for AZBEX While there has been no shortage of mega-sized industrial projects reported on around Phoenix, three small-to-medium developments have recently garnered attention. 12th Street & Elwood Industrial As AZBEX was the first to report earlier this month, Trammell Crow Company is seeking a rezoning and General Plan amendment for a three-building, 366.2KSF industrial development on slightly more than 28 acres at 12th and Elwood streets. (AZBEX, Aug. 18) The plan consists of three buildings of 143.4KSF, 147.3KSF and 75.6KSF with 34, 32 and 20 interior-facing loading docks, respectively. The South Mountain Village Planning Committee recommended denying…

By Roland Murphy for AZBEX Fueled by the explosion in employment opportunities and related development in north Phoenix, developer Toll Brothers Apartment Living has proposed what would be one of the largest multifamily developments by unit count in the Greater Phoenix area. Situated on approximately 18.68 gross acres at the SEC of 7th Street and Beardsley Road, North 7th Residences is planned for 817 units, with up to 825 units allowed, spread across five buildings. Four of the buildings would be garden-style, with the remaining structure constructed as a wrap-style building with an interior parking garage, according to the Planned…

By BEX Staff for AZBEX Aspirant Development wants to build a two-tower mixed-use project with 539 apartments and 7.3KSF of ground-floor restaurant space on 3.66 acres near Rural Road and University Drive in Tempe. According to news reports, the developer paid $16M for two parcels that will combine into one to create the community, which is currently being called 955 E Mixed-Use. The towers will be 18 stories and 16 stories under the current proposal. The planned unit mix calls for 156 studio units, 219 one-bedroom, 272 two-bedroom and 84 three-bedroom units. The project will require a rezoning of the…

By Roland Murphy for AZBEX The AZ Mirror news outlet has reported nine Arizona business leaders are among the more than 120 from around the country that have signed onto a letter from the American Business Immigration Coalition Action, asking the Biden administration to expand immigrant work permits. The article cites the growth in job opportunities created under the administration’s Inflation Reduction Act and the ongoing national labor shortage as prompting the need for urgent reforms to increase work permit availability. A recent editorial column in Bisnow made a similar request. In a recent news conference ABIC Political Director James…

Giving Back 1. The Terracon Foundation announced a $10K grant to Arizona State University to support Terracon scholarships for undergraduate and graduate students specializing in geotechnical or pavement engineering. Awards & Accolades 2. The Arizona Masonry Council honored Mike Gray with the Clem Hellmann Leadership Award at its 2023 annual meeting in Flagstaff, recognizing him as an individual who has made significant contributions to the masonry community through leadership and involvement in initiatives that have resulted in industry-wide impact. Company News 3. Catellus Development Corp. has named Vestar to serve as the primary property manager for the Novus Innovation Corridor’s…

Sales Transactions 1. Blue Lake Capital has paid $130.5M for Arcadia Cove, a 432-unit apartment community on North 44th Street in Phoenix. The seller was Priderock Capital Partners. 2. Power Ranch LandCo LLC has paid $105M for the more than 300-acre future site of The Ranch mixed-use development near Elliot and Power Roads in Gilbert. The seller was The Dale C. Morrison Trust. Groundbreaking for the industrial, commercial and residential mixed-use project is planned for Q3 2024. 3. Three Wall Capital has bought the 126-room Residence Inn and 120-room SpringHill Suites by Marriott on Zanjero Road in Glendale for $43.29M…

By BEX Staff for AZBEX The Scottsdale City Council has approved a request to amend an existing conditional use permit for site plan amendments to renovate the current low-budget Independence 47 Hotel at 7330 N. Pima Road into a luxury boutique hospitality destination called The George Hotel. According to the Aug. 22 Council agenda, the request is to “allow for a new three-story hotel building, one-story gym/café, site improvements, and renovations and expansions to existing hotel buildings on a ±4.74- acre site with Multiple-Family Residential Planned Community District (R-5 PCD) zoning.” The request was recommended for approval by the Planning…

By BEX Staff for AZBEX The Marana Town Council has approved a rezoning request and General Plan amendment to allow Bela Flor Communities to develop its Mandarina South mixed-use master plan on 162.4 acres at Tangerine and Adonis Roads. The approval rezones the site from transportation corridor to specific plan, creates the Mandarina South Specific Plan, institutes a General Plan amendment changing the land use to master plan area and authorizes the Mayor to sign a development agreement for street development impact fee credits. Mandarina South, which lies adjacent to Bela Flor’s 342-acre Mandarina master-planned development, will develop up to…