Author: BEX Staff

By BEX Staff for AZBEX The Maricopa County Board of Supervisors is scheduled to hear a rezoning and comprehensive general plan amendment for a planned hydrogen facility on 170 acres at the NEC of Salome Highway and 523rd Avenue near Tonopah. The hearing is set for Nov. 15. A news story published Nov. 2 incorrectly reported the Board had already approved the requests in its Nov. 1 meeting. The Nov. 1 action merely set the hearing on the Board’s Nov. 15 agenda. Project documents say partners Linde PLC and NextEra Energy Resources LLC plan to invest up to $1B to…

Even after the withdrawal and extensive revision of its former Kino to DeMoss Petrie Transmission Project, Tucson Electric Power’s replacement plan continues to draw heavy opposition and is generating legal wrangling. Now known as the Midtown Reliability Project, TEP’s proposal calls for a 138-kilovolt line running from a substation at Kino Parkway and 36th Street, past the University of Arizona to the DeMoss Petrie substation near Grant Road and Interstate 10. The key difference between the old and updated projects is the Midtown Reliability Project starts without the line segments proposed in the original. The points of opposition to the…

By Creation Creation has acquired nearly 100 acres in Phoenix with joint venture partner Clarion Partners for the development of a $250M industrial and mixed-use project: Park Algodon. Located on the NWC of Loop 101 and Indian School Road in Phoenix, the off-market deal was handled by Greg Vogel and Max Xander of Land Advisors, who represented both the buyer and seller the John F. Long family. This is one of the last remaining vacant land parcels owned by the late Long. Park Algodon is a two-phase speculative industrial development spread across 86 acres that totals approximately 1.3MSF. Expected to…

By Roland Murphy for AZBEX VanTrust Real Estate is requesting a conditional use permit that will allow for the development of a three-building, 742KSF industrial park on 48 acres of a 59-acre site at the SWC of 99th Avenue and Ballpark Blvd. in Glendale. The master development proposes a mixed-use location with an 11-acre multifamily community on the east and the 48-acre industrial component on the west. The Master Development Plan was awaiting review by Glendale Planning at the time of the Oct. 3 submittal. The request falls under the Main Street Planned Area Development, which was approved in 2007.…

By National Association of Home Builders In a pre-emptive move, NAHB has joined a group of 11 other leading organizations in the construction industry to send a letter to Senate and House leaders that strongly opposes pending legislation by Sens. Lindsey Graham (R-S.C.) and Alex Padilla (D-Calif.) that would impose harmful and unjustified restrictions on access to the H-2B temporary seasonal visa program by employers in the construction industry. Any day now, the two senators will introduce the Seasonal Employer Protection Act of 2023, legislation that targets the construction sector at a time when the industry is facing a severe…

By Associated Builders and Contractors and BEX Staff The not-seasonally adjusted national construction unemployment rate was 0.4% higher in September 2023 than the previous year, up from 3.4% to 3.8%. According to a state-by-state analysis of U.S. Bureau of Labor Statistics data released by Associated Builders and Contractors, 16 states had lower unemployment rates over the same period, five were unchanged and 29 states were higher. All states posted an unemployment rate lower than 8.5%, marking the sixth consecutive month that all state rates were below 10%. Arizona’s not-seasonally adjusted September rate was 2.7%, compared to the August rate of…

Awards & Accolades 1. It was recently announced that Rose Law Group is “metro ranked” for both Construction Law and Commercial Litigationin Best Law Firms® Fourteenth Edition. 2. Southern Arizona CCIM Chapter announced the pinning of five new Certified Commercial Investment Members. Elaina Elliott of Larsen Baker, Jake Arnold of Arnold Real Estate Network, Robert Motz of Tucson Federal Credit Union, Omer Kreso of Realty Executive Arizona Territory and Ted Herman of Larsen Baker were the recipients. Boards & Commissions 3. Carol Stewart has been elected VP for the volunteer board of directors for the University Economic Development Association. With…

Sales Transactions 1. MAA Companies has purchased the 323-unit Haverly apartment community at Thomas Road and Central Avenue in Phoenix from Toll Brothers Apartment Living for $102.4M. Toll Brothers had recently completed construction on the complex, which will now be rebranded MAA Central Ave. 2. Marcus & Millichap’s Hamid Panahi, Clint Wadlund and Art Wadlund represented the seller and procured the buyer in the recent $14.5M sale of Equinox on Pima, a 107-unit apartment community in Tucson. 3. Stos Partners has sold a 28.5KSF industrial building at 2725 E. Chambers St. in Phoenix for $7.2M. Buyer Sacket Family Trust was…

By BEX Staff for AZBEX Developer Mike Lafferty is planning an 82-unit apartment/townhome development called L’Reserve Residences on five acres along State Route 69, approximately five miles outside of Prescott. According to media reports, Lafferty Development is in the early stages of the zoning and permitting process for the new community, which will be developed under a separate LLC. An access road from Lafferty’s personal ranch development to the apartment development will be called L’Reserve Way and could begin construction in December. Plans are in place to build a 12-inch water line between the two water sources that will feed…

By BEX Staff for AZBEX After years of more stops than starts in its efforts to redevelop and invigorate its Old Town area, the City of Peoria is trying a different approach. Previous attempts have involved partnerships with various master developers, none of which have met with much success. The latest efforts involve doing what can be done when it can be done rather than waiting for every piece to be in line before moving forward. In May, the City Council voted not to extend an economic development agreement with ZonaPart LLC (Arizona Partners in Real Estate) to create a…