Mark-Taylor Plans Apartments in Scottsdale
By Tasha Anderson for AZBEX Mark-Taylor Development recently submitted plans to the City of Scottsdale for a new multifamily residential community at the NWC of 78th Street and Princess Boulevard. The project, called San Bellara Apartments, will sit on a +/-12.1-acre site and consist of approximately 180 dwelling units comprised of a mix of 60 one-, 94 two-, and […]
Office Sublease Space Up 21.8 Percent
By Les Shaver for GlobeSt.com As COVID-19 forced lockdowns across the country, the amount of vacant sublease increased in the first half of 2020, according to new figures from Cushman & Wakefield. C&W monitored activity across 83 office markets and 92 industrial markets in North America and determined sublease vacancy generally increased across the office market and minimally throughout […]
Arizona Projects 10-02-20
Groundbreakings 1. Salt River Project and sPower announced construction is underway on East Line Solar, a new solar power plant that will bring $10M in 25 years of tax revenue and up to 350 construction jobs to Pinal County. 2. The Town of Payson plans for its splash pad took a step forward with the demolition of an old building in Green Valley Park near the Rim […]
111-Room Hotel Planned for Tempe
By Tasha Anderson for AZBEX A new Residence Inn hotel is being proposed on 2.37 acres of the Agave Development in the Southwest District Overlay of Tempe. Applicant and civil engineer, Sustainability Engineering Group, LLC, on behalf of the owner The Barclay Group is requesting a use permit to allow a hotel in the General Industrial Zoning District, another use permit to […]
COVID-19 News Round-up for September 29th
Budget, Policy & Stimulus News Small Business PPP-Type Loan Program Needed An opinion piece in Triangle Business Journal by Editor-in-Chief Sougata Mukherjee summarized the looming disaster faced by small businesses as extended unemployment benefits dry up, along with the initial small business assistance provided by the Paycheck Protection Program to alleviate COVID-19 impacts. Despite wrangling by both major parties before the pending November elections, Mukherjee […]
Iron Mnt. Announces Pre-lease for Data Center
Source: Business Wire Iron Mountain Incorporated announced it has signed a six-megawatt data center pre-lease with a U.S.-based Fortune 100 customer in Phoenix, at its new AZP-2 data center. The lease is expected to commence in the third quarter of 2021. The data center solution met all of the customers’ requirements, including scalable capacity, network proximity to other deployments, and a […]
Peoria Eyes Significant Transportation Funding Source
By Philip Haldiman for Independent Newsmedia A significant funding source that has generated about $4.3B in tax revenues since 2006 for transportation in Peoria and throughout Maricopa County expires in 2025, so city officials are planning to ensure they get a piece of the pie if funding is renewed. Proposition 400, approved by 58 percent of Maricopa County voters […]
Industry Professionals 09-29-20
Giving Back 1. Resolution Copper has awarded more than $185K in grants to five area school districts for the upcoming school year. Along with supplying personal protective equipment (PPE) for teachers and students, the funds will ensure that up to 600 students in the Superior, Globe, Hayden, Miami and Ray school districts will receive technology to support distance learning. Awards […]
Commercial Real Estate Transactions 09-29-20
Sales Transactions 1. The Praedium Group purchased Liv North Valley, a 385-unit luxury multifamily asset adjacent to the intersection of Interstate 17 and Loop 303/Bob Stump Memorial Highway, for $90M. Steve Gebing and Cliff David with Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer. 2. CPI Superstition Sunrise Owner LLC purchased Superstition Sunrise RV Resort, a luxury, 55-plus RV resort with 1,119 spaces at 702 […]
Mixed-Use Project Proposed Near SDLE Greenbelt
By Tasha Anderson for AZBEX Owner, Village Property Management, LLC is looking to redevelop an outdated commercial site into a vibrant, mixed-use project that will be located near the Scottsdale Greenbelt at the SWC of Hayden and Osborn Roads. “The current layout of the buildings is dated,” according to the project documents. “Specifically, the center features two “big box” spaces which […]