Mesa OKs Rezone, Incentives for Planned Auto Mall
By Josh Martinez for Independent Newsmedia The Mesa City Council hosted a public hearing before unanimously approving a series of resolutions and ordinances that will make way for the mixed-use development called Destination at Gateway in the city’s southeast corner. The 89-acre site sits near the intersection of Signal Butte and Williams Field roads. As part of the approval, a […]
PHX Office Space Market Remained Positive
Source: Colliers International The Greater Phoenix office market remained relatively healthy during second quarter, despite business interruptions caused by Stay-at-Home orders and impact of coronavirus. The office sector posted its 33rd consecutive quarter of positive net absorption and office vacancy remains below 15 percent. The Phoenix-Mesa-Scottsdale MSA unemployment rate peaked in April at 12.5 percent. Yet, Arizona’s economy […]
Industry Professionals 07-14-20
Company News 1. Shephard-Wesnitzer, Inc. is a full-service civil engineering and surveying firm celebrating three decades of “engineering an environment of excellence” in northern Arizona. Founded in Sedona in 1990, SWI has since grown to 28 employees with additional offices in Flagstaff, Prescott and Cottonwood. SWI is grateful to have served public, private and tribal clients […]
Commercial Real Estate Transactions 07-14-20
Sales Transactions 1. Cohen Asset Management purchased a 325.8KSF industrial building at 7400 W. Buckeye Road, for $30.7M, from Kansas City Life Insurance Co. Payson MacWilliam, Don MacWilliam and Chris Reese of Colliers International in Arizona handled the sale transaction. 2. Fairfield Residential purchased Jefferson Town Lake, a 244-home, 1.6-acre luxury apartment community at the intersection of North Scottsdale Road and East Playa Del […]
West Valley Benefiting from Years of Branding Efforts
By Rebekah Morris for AZBEX On Wednesday, July 8th, nearly 80 people attended the BEX Virtual Leading Market Series discussion highlighting current and upcoming economic development happenings in the Central and West Valley of Phoenix. Panelists included Lori German, Communications Director for the City of Glendale, Sintra Hoffman, President and CEO of Westmarc, Christine Mackay, Community and Economic Development Director for the City of Phoenix and David Roderique, Economic Development […]
COVID-19 News Round-up for July 10
Budget, Policy & Stimulus News Scottsdale Allocates Relief Funds On July 1st, Scottsdale City Council accepted $29,628,014 from the AZCares Fund as part of the federal CARES Act. Uses range from utility assistance for residents to providing retrofitting to city businesses that house large quantities of people. (Source: Independent Newsmedia.) Multifamily Advocates Lobby for Expanded Relief Even though most renters have continued to pay on […]
Flagstaff P&Z OK’s Multifamily Mixed-Use Project
By Tasha Anderson for AZBEX An undeveloped, forested 13.65-acre site at the NWC of Fourth Street and Butler Avenue in Flagstaff may become the site of a new horizontal multifamily mixed-use development. The owner, Flagstaff at 4th, LLC, also shown as Caliber Companies on the documents submitted to the city, is requesting to rezone the site, which is bounded to the north […]
Rio Nuevo Approves Tightened 2021 Budget
Source: Rio Nuevo Facing a substantial reduction in next year’s revenue due to COVID-19, the Rio Nuevo Board approved a break-even budget reflecting an estimated $6M reduction in annual state tax revenue. The District has been dramatically impacted by COVID-19 related business closures and the subsequent economic slowdown. The District ended the year with a little over $6M cash on hand and has elected to hold those funds as a […]
Arizona Projects 07-10-20
Groundbreakings 1. Builderz Warehouse has broken ground on a new $5M, 40KSF facility at 3156 E. Roeser Road, Phoenix, that will more than quadruple the size of the company’s current facility. Sun State Builders is both the architect and general contractor. The project broke ground on July 1st and is scheduled to be complete in February 2021. 2. CP Technologies broke ground on its new 50KSF headquarters and manufacturing facility near SR 89 […]
Multifamily Mixed-use Planned for Marana
By Tasha Anderson for AZBEX Preliminary plans for a new multifamily, mixed-use development called The Alexander were recently recommended for approval with conditions at the Town of Marana’s June 24th Planning Commission meeting. Developer, Sears Financial Corporation was requesting to rezone approximately 10.74 acres at the SWC of Aerie Drive and Thornydale Road from Neighborhood Commercial to Specific Plan. They were also requesting approval of […]