COVID-19 News Round-up for November 3rd
Budget, Policy & Stimulus News New Aid Announced as Eviction Ban Ends Just as Arizona’s moratorium on tenant evictions ends, Gov. Doug Ducey’s office has announced $7M in new aid for renters and landlords. The Rental Property Owner Preservation Fund will get $5M, and the Arizona Department of Housing’s Rental Eviction Prevention Fund will receive $2M. (Source) Shuttered Somerton Businesses Get Nearly $100K Twenty-nine Somerton small businesses that […]
$350M Condo Community Planned at Phoenician
Ascent at the Phoenician, a $350M, 195-unit luxury condo community planned by Replay Destinations, recently moved a step closer to reality with the developer’s purchase of 32 acres near the Phoenician Golf Club. Replay bought the land from The Phoenician’s owner, Host Hotels & Resorts, for $65M and subsequently sold a 51-lot portion to single-family developer Cullum Homes for $30M. The first 30 condos […]
Arizona Cities See Higher Rents
While Apartment List’s National Rent Index is down 1.4 percent over the last year, rents in Tucson have increased 4.7 percent since the start of the COVID-19 crisis. Since March, Tucson’s month-over-month rents are up 0.6 percent, and year-over-year increases total 5.9 percent. Phoenix’s year-over-year growth is 3.3 percent since March. (Source)
Industry Professionals 11-03-20
Giving Back 1. Friendship Village Tempe, City of Tempe and Ryan Companies announced the completion of the Friendship Evergreen Community Garden at Ehrhardt Park. The new, one-acre community garden will provide the opportunity for Friendship Village residents and the surrounding neighborhood to grow food or plants in a communal setting. Friendship Village Tempe signed a three-year lease with the City for 30KSF […]
Commercial Real Estate Transactions 11-03-20
Sales Transactions 1. A global real estate investor purchased a 110.7KSF industrial property at 225 S. 51st Street in the Phoenix Sky Harbor submarket for an undisclosed amount. Will Strong of Cushman & Wakefield represented the seller, CapRock Partners. The buyer represented itself. The property is currently fully leased by Greif, a global leader in industrial packaging products and services. 2. Agave Center OR, LLC, an entity formed […]
Mixed-Use Towers Planned for Tempe Train Depot Site
By Tasha Anderson for AZBEX A new mixed-use development including office and hotel towers is being planned for the site of the historic Tempe train depot that was built in 1924. E&R Holdings, LLC, a company affiliated with mixed-use developer, RED Development, is requesting a Planned Area Development Overlay, a use permit for tandem parking and a […]
Plans Resubmitted for SDLE Multifamily Dev.
By Tasha Anderson for AZBEX Kaplan Management Company has recently resubmitted their plans for a new multifamily development within the McCormick Ranch Center in Scottsdale. The site, located at 9375 East Shea Boulevard, is still currently zoned as Commercial Office Planned Community District and Highway Commercial Planned Community District. Kaplan has resubmitted a request to the City of Scottsdale to rezone […]
COVID-19 News Round-up for October 30th
Budget, Policy & Stimulus News Litchfield Park Revises Business Assistance Program Litchfield Park has eased the requirements for businesses and nonprofits seeking COVID-19-related relief grants under its Business Assistance Program. Despite putting $180K in federal CARES Act monies aside in August to provide grants of up to $10K, the initial qualification requirements and deadlines proved too cumbersome for some potential applicants. Nonprofits […]
Arizona Projects 10-30-20
Groundbreakings 1. Sky Plus Hotels, an affiliate of SkyBridge Arizona, announced the development of a new dual brand, 127-room Wingate/Hawthorn Suites hotel at Phoenix-Mesa Gateway Airport. The Sky Plus Phoenix-Mesa Gateway Hotel will open sometime in the first quarter of 2022. 2. Tower Capital arranged a $56M construction loan for The Village at Pioneer Park, a new 332-unit single-family rental community at 83rd Avenue and Olive being developed by The Empire […]
Wood Partners Plans New ‘Alta’ Project in Chandler
By Tasha Anderson for AZBEX Developer, Wood Partners is looking to bring another “Alta” brand multifamily residential development to the City of Chandler. The city recently heard and approved a request to amend the existing Planned Area Development zoning at the SWC of Chandler and Parklane Boulevards to multifamily with a Mid-Rise Overlay, and approved the preliminary […]