COVID-19 News Round-up for July 7
Budget, Policy & Stimulus News Virus Surge May Force More Business Relief Because more than $130B remains in funding from the Paycheck Protection Program, Congress has approved a six-week extension for applications. There is speculation that, due to a nationwide surge in new COVID-19 cases, Congress will have to use the additional time to devise and implement a new or expanded relief/stimulus program before it recesses in […]
Statement of Direction OK’d for SmokeTree Resort
By Melissa Rosequist for Independent Newsmedia Official marching orders have been set laying out perimeters for the Paradise Valley Planning Commission to scrutinize and evaluate revamped plans for SmokeTree Resort. While the resort is in the early stages of going through the town’s official municipal approval process, the larger discussion of welcoming public input and comment while adhering to COVID-19 safety guidelines is on […]
Ritz Developer Sues Town, Alleges ‘Shakedown’
By Melissa Rosequist for Independent Newsmedia A lawsuit between Five Star Development — the entity behind the forthcoming Ritz-Carlton Paradise Valley — and the Town of Paradise Valley has emerged in the Superior Court of Arizona, records show. The June 25th complaint seeks declaratory judgment on Five Star’s legal responsibilities to pay for the costs of underground drainage structures — a point of contention for both sides […]
Industry Professionals 07-07-20
Awards & Accolades 1. Here are the Top 10 Green Builders in Arizona, based on public voting for the 2020 edition of Ranking Arizona: CORE Construction DPR Construction Ryan Companies US, Inc. Kitchell McCarthy Building Companies Inc. CHASSE Building Team Haydon Building Corp. Layton Construction Co. The Weitz Company – Green Builders Adolfson & Peterson Construction 2. Phoenix Business […]
Commercial Real Estate Transactions 07-07-20
Sales Transactions 1. DS Tucson Landlord, LLC, an affiliate of SunTrust Equity Funding LLC purchased the 15.6KSF Walgreens at 4685 E. Grant Road, Tucson, for approximately $7M. There were no outside brokers involved in the transaction. 2. A private California investor purchased the 15.1KSF Walgreens at 11951 N. 1st Avenue, Oro Valley, for $5.2M, from Tangerine Valley, LLC. John Barnes of Colliers […]
Plans Emerge for Optima Kierland Center Expansion
By Tasha Anderson for AZBEX A new 10-story building is being proposed as an expansion to the four-building Optima Kierland Center multifamily development currently under construction in Phoenix. While the original development’s location is 7120, 7140, 7160 and 7180 E. Kierland Boulevard, the expansion’s location will be designated as 7190 E. Kierland Boulevard. 7190 will be located at the site […]
COVID-19 News Round-up for June 30
Budget, Policy & Stimulus News State Budget Expecting $700M Hit Arizona’s economy has performed better than anticipated since the start of the coronavirus outbreak, but the state is still projected to see a $700M shortfall, according to the legislature’s top budget analyst. Earlier estimates had ranged as high as $1.1B. (Source: KTAR) Economic News Work from Home May be Fueling Casa Grande Home Boom The […]
Communities Eye Water in Rural Areas
By Bret Jaspers for KJZZ via San Tan Valley Sentinel Central Arizona has been booming — more people, more houses, more need for water. There’s also a long-term drought, and less water to buy from the Central Arizona Project canal system. It’s leading Phoenix exurbs to cast about, looking for new buckets. Other regions of the state say: Don’t […]
Multifamily Construction Costs May Drop
By Bendix Anderson for National Real Estate Investor Heading into 2020, a robust development pipeline and rising costs of construction material and labor were major concerns for the multifamily sector. The economic devastation wrought by the COVID-19 shutdowns has put a halt to that, scrambling the projections of economists, developers and contractors. Developers aren’t exactly finding bargains at the moment, since […]
Industry Professionals 06-30-20
Awards & Accolades 1. The Arizona Republic and azcentral.com announced that Clear Title Agency of Arizona has been awarded another top ranking on the list of 2020 azcentral.com® Top Companies to Work for in Arizona, for the eighth consecutive year. 2. ABI Multifamily Senior Managing Partner, John Kobierowski, has been selected for the GlobeSt. Best Bosses 2020 award by the editors of GlobeSt. Real Estate Forum, a leading […]