Local News

Budget, Policy & Stimulus News Arizona PPP Loans Jump From January 24th-31st, Paycheck Protection Program loans in Arizona surged from 4,640 approvals to 10,279, according to information from the Small Business Administration. Loan values grew …

Groundbreakings  1. ViaWest Group has broken ground on Central Logistics Center, a 25-acre land site at the SEC of Central Avenue and Buckeye Road. The project currently includes over 12–acres of vacant, developable land; a fully leased, 196.7KSF, 30’ clear, …

By The Mahoney Group   These have not been kind times to apartment landlords, multifamily real estate investors and owners.  The COVID-19 pandemic spurred eviction moratoriums nationwide, leaving many owners with no choice but to continue to pay to …

Economic News  Shorter Leases = More Difficult Underwriting  Among the ongoing debates and difficulties facing the future of the office market in what wake of the ongoing pandemic, many tenants are opting for shorter lease …

Groundbreakings  1. Fulton Homes is beginning work on the infrastructure at Barney Farms, a 550-acre master-planned community that has been years in the making. The sprawling development is located at Queen Creek and Signal Butte Road and will …

Economic News  P3s Could Help Local Governments   The pandemic has been devastating to state and local government revenues around the country due to lost tax revenues and increased health and infrastructure expenses. Private developers and …

Economic News  Tempe Chamber Focused on Help  Like its economic development and businesses assistance peers around Arizona and the U.S., the Tempe Chamber of Commerce saw, and continues to see, challenges in helping members navigate the complexities of the COVID-19 pandemic. …

Groundbreakings  1. Bethany Home Industrial, LLC broke ground January 19th on the 653KSF Brooklyn Bedding/Dreamfoam HQ and Manufacturing Building in Glendale. The design build team on the $44.8M project includes Ware Malcomb and Alston Construction.  2. Robert E. Porter broke ground on Air Guitar, a …

Economic News  Student Housing Seeing Slow Pre-leasing  Off-campus student housing properties around the country reported just 25.9 of Fall 2021 units had been pre-leased as of December 2020. At the same period in 2019, 32.4 …

Groundbreakings 1. PVB Fabrications, Inc. (PVB) broke ground last week to prepare for its headquarters expansion at 11871 N. Breakers Road Marana. Initially, the new facilities will include a 15.4KSF administrative office building plus a …

Budget, Policy & Stimulus News  Who’s First in Line for New PPP Loans?  No launch date has been set by the Small Business Administration for when it will start accepting new applications for Paycheck Protection Program loans, but community …

Economic News  Landlords Have Options with Non-paying Tenants  Multifamily landlords with non- or slow-paying tenants are exploring their options in the face of new Centers for Disease Control policies halting certain evictions. Among items they need to check …

By Jeanine Jerkovic for City of Surprise  When you’re a city called “Surprise,” it’s safe to say that constant change is a bit of a norm, however 2020 accelerated more change than ever for us – and somewhat …

Awards & Accolades  1. Healthcare Real Estate Insights has presented the $50M renovation and expansion of Splendido at Rancho Vistoso with the 2020 HREI Insights Award in the “Post-Acute & Senior Living Facilities Best New Ground-Up Development” Category. The awards were announced in December …

Budget, Policy & Stimulus News  What’s in the New Relief Package?  The recently signed 5,500-page-plus stimulus and relief measure includes another $284B in forgivable Paycheck Protection Program loans, new treatment for PPP expenses, simplified forms, grants for live events …

By Habitat for Humanity Central Arizona  The Habitat for Humanity Construction in Training pre-apprenticeship program is a 16-week, fast track, on the job training program. The program is uniquely designed as an immersive and intensive curriculum that specializes in basic core construction …

Budget, Policy & Stimulus News Trump Signs Relief Package President Donald Trump has signed off on a $900B pandemic relief package. In addition to the COVID-related spending, the bill also includes $1.4T to continue government …

Groundbreakings 1. Restaurateurs and co-founders of Upward Projects, Craig and Kris DeMarco, and retail store gurus, Eric and Elissa Seitz of Bro Retail Group, broke ground on the 5KSF Air Guitar, with an opening slated …

Budget, Policy & Stimulus News Washington Finally Advances New Relief Following months of back and forth squabbling, negotiators in Washington announced an agreement to issue nearly $1T in new COVID-19 economic relief and stimulus. Included …

By American Society of Civil Engineers The American Society of Civil Engineers’ Structural Engineering Institute has announced the Structural Engineers 2050 Commitment Program (SE 2050). The SEI Structural Engineers 2050 Commitment Program provides structural engineers with …

Economic News  PPP Was a Lifeline for Very Small Businesses  New data on the Paycheck Protection Program loans issued by the Small Business Administration shows businesses with three or fewer employees that would not normally have access to SBA loans benefitted greatly. Some experts have …

Groundbreakings  1. The $115M sports arena planned by Arizona State University to host hockey, wrestling and gymnastics has received final approvals from the Arizona Board of Regents and the City of Tempe and is set to begin construction in January. Construction is scheduled …

Budget, Policy & Stimulus News  Glendale Wants to Use CARES Act Funds for Homelessness  Glendale’s Community Services Department has proposed a pilot program to curb homelessness by devoting $3.2M of a one-time grant fund through the Coronavirus Aid, Relief, and …