South Mtn Fwy Developer to Fix Pavement Issues
Source: Arizona Department of Transportation With 30 years of maintenance part of the public-private partnership behind the Loop 202 South Mountain Freeway, taxpayers will face no additional cost to address spots next to some West Valley interchanges where the surface asphalt has deteriorated. The Arizona Department of Transportation will hold freeway developer Connect 202 Partners […]
Q4 Office Space Net Absorption Topped 1MSF
Source: Colliers International The Greater Phoenix office market experienced its best year since 2008, posting strong net absorption and adding more than 3.4MSF of new space to the inventory. The metropolitan area has been recognized with three of the Nation’s top ten “Best Cities for Jobs,” as researched by WalletHub. Scottsdale, Chandler, and Tempe were […]
Arizona Projects 02-14-20
Groundbreakings 1. Cousins Properties and Hines announced they have commenced development of 100 Mill, a 287KSF, 18-story office tower at the SWC of Mill Avenue and Rio Salado Parkway in Tempe. Initial occupancy is expected in the first quarter of 2022. Total development cost is anticipated to be approximately $153M. 2. Irgens broke ground on […]
LMS Gives 20/20 Vision into Higher Ed Market
By Tasha Anderson for AZBEX As 2020 settles in, BEX Events kicked off the first Leading Market Series of the New Year with a close look into the Higher Education market, specifically toward Arizona State University. More than 80 registered attendees gathered at ASU Skysong 3 on Thursday, February 6th, for the event to gain […]
$35M Requested for Riggs Road Improvements
Source: inMaricopa.com A state lawmaker from Maricopa is taking a direct route to fund an overpass on State Route 347 across Riggs Road. Rep. Bret Roberts is the primary sponsor of House Bill 2802. The brief text of the bill asks for the allocation of $35M for the construction. If passed, the money would be […]
Jan. Nonresidential Construction Employment Rises
Source: Associated Builders and Contractors The construction industry added 44,000 net new jobs in January, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has expanded by 142,000 jobs, an increase of 1.9 percent. Nonresidential construction employment increased by 23,800 […]
Industry Professionals 02-11-20
Awards & Accolades 1. Robson Communities was named the National Association of Home Builders (NAHB) Best 55+ Builder of the Year during the 2020 NAHB International Builders’ Show in Las Vegas. Boards & Commissions 2. Arizona Multihousing Association announced the election of its 2020 officers and board members. Assuming the chair is Kim Pacheco, CPM, […]
Commercial Real Estate Transactions 02-11-20
Sales Transactions 1. Southwest Value Partners, A real estate investment firm founded by Phoenix Suns owner Robert Sarver, has purchased the 235-key Hilton Scottsdale Resort & Villas for $62M, and the 378-room Doubletree Resort by Hilton Paradise Valley-Scottsdale for $100M from Rockpoint Group LLC. 2. BKM Capital Partners acquired several properties in Arizona totaling $157.5M. […]
272-unit Multifamily Project Proposed for Scottsdale
By Tasha Anderson for AZBEX The City of Phoenix recently received plans from San Antonio-based real estate developer, Embrey Partners, for a new six-story luxury multifamily development proposed for the Scottsdale Road Corridor. The project, dubbed Embrey Kierland North, is proposed as an approximately 272-unit “luxury rental residential community” to be located at the NWC […]
Sparrow to Build Valley Active Adult Communities
By Sanjana Garg for Phoenix Business Journal Sparrow Partners has started construction on a 193-unit active-adult community in downtown Surprise, called Mera City Center. The company also plans to begin work on three more active-adult communities in the Phoenix area and will invest approximately $150M across all four deals. The second development, Mera Goodyear, will […]