Axon Seeks $9.4M Deal from Scottsdale
By Wayne Schutsky for Scottsdale Progress Scottsdale has reached a preliminary agreement with Axon to reimburse the body camera manufacturer over $9M in infrastructure costs and other expenses connected to the planned expansion of its headquarters in Scottsdale. The deal will go before City Council and is likely to face the same pushback from critics who opposed a similar […]
ADOT Announces Disparity Study Finalization
Source: Arizona Department of Transportation The Arizona Department of Transportation has finalized the Disparity Study report and the Federal Highway Administration Overall Disadvantaged Business Enterprise Goal and Methodology for federal fiscal years 2021-2022. Based on the results of the Disparity Study, which took into consideration comments and input from the public, ADOT will adopt a 12.89 percent DBE goal for federal fiscal years 2021 […]
Industry Professionals 08-25-20
Awards & Accolades 1. Paul Johnson Drywall, Inc. announced that it was named to Walls & Ceilings Magazine’s 2020 Top 50 Contractors list for the sixth consecutive year and is the only drywall contractor with a presence in Arizona and Nevada to make the list. 2.The 2021 edition of Best Lawyers in America includes the following Withey Morris attorneys and […]
Commercial Real Estate Transactions 08-25-20
Sales Transactions 1. An unnamed institutional buyer purchased a 50.4KSF Target-occupied building at 1625 Camelback Road, Phoenix, for $20.3M. Newmark Knight Frank Net Lease Capital Markets Executive Managing Director Matt Berres and Director Samer Khalil, in cooperation with Managing Director David Guido, represented the seller, an affiliate of Menin Development, Inc., and procured the buyer. 2. SB Real Estate Partners purchased Verona Court, a 141-unit […]
64KSF Hangar Project Proposed for Scottsdale
By Tasha Anderson for AZBEX Ross Aviation Operations, LLC, a Fixed Base Operator (FBO) with locations throughout the United States, is looking to develop a new hangar building at the Scottsdale Airport located at 14600 North Airport Drive. Architect and applicant, DWL Architects + Planners, Inc., on behalf of Ross Aviation, submitted documents to the City of […]
COVID-19 News Round-up for August 21
Budget, Policy & Stimulus News Three Tax Breaks for Liquidity During Crisis Wading through the tax legislation implications of the 2017 tax reform and 2020 CARES Act can be overwhelming for many real estate companies. Three tax breaks, however, warrant special attention. These are: The First-year Depreciation Deduction, Faster Write-offs for Interior Building Improvements and Use of Net Operating Losses to Create Liquidity. […]
Ariz. Construction Lost 1,200 Jobs in July
By Tasha Anderson for AZBEX Arizona’s seasonally adjusted unemployment rate increased to 10.6 percent in July 2020, from June 2020, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate decreased to 10.2 percent from 11.1 percent in June. In July 2019, the state had a seasonally adjusted rate of 4.7 percent, and the national was at 3.7 percent. The state had a net loss of 19,500 non-farm jobs over the month. “Historically (2010-2019), Nonfarm employment has averaged a loss of 19,200 jobs in July,” the report states. Leisure & Hospitality had the largest net loss with 16,200 jobs, […]
Tech Corridor Study to Shape Pinal’s Economic Future
By Blake Herzog for Golden Corridor Living An 18-month study being launched by Pinal County and the University of Arizona will plot out the county’s future industrial development by identifying where different types of businesses should go for their benefit as well as the region’s. The study’s aim is to create an Arizona Innovation Technology Corridor that, for now, begins on […]
Arizona Projects 08-21-20
Awards & Accolades 1. ENR’s regional Excellence in Safety Award is now in its eighth year and is honoring three projects for their outstanding safety records and jobsite procedures. The Arizona project that won the Excellence in safety, Award of Merit is the I-10 Ina Road Traffic Interchange project in Tucson, which was submitted by Sundt/Kiewit, a Joint Venture. All the winning projects can […]
Sr. Living, Multifamily Proposed for Phoenix
By Tasha Anderson for AZBEX Developer, Dominium Management recently submitted plans to the City of Phoenix for two separate multifamily residential communities, one of which will be an age restricted community, to be generally located at the NEC of 79th Avenue and Encanto Boulevard. The current zoning on the approximately 28.26-acre property is C-2 Intermediate Commercial and RSC […]