195 Single-story Rental Community
By Tasha Anderson for AZBEX New York-based, GTIS Partners is requesting a site plan review with the City of Mesa for the development of a new single-story, for rent community within the Cadence at Gateway Planned Community District. The project, dubbed Cadence Multifamily, will be located on approximately 17 acres of undeveloped property east of […]
Ariz. Construction Gained 1,100 Jobs in December
By Tasha Anderson for AZBEX Arizona’s seasonally adjusted unemployment rate decreased to 4.6 percent in December 2019, from 4.8 percent in November 2019, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate remained at 3.5 percent from November. In December 2018, the state had a seasonally adjusted rate […]
Experts Tout a Hot Arizona Market at Forecast Event
By Peter Madrid for Institute of Real Estate Management Greater Phoenix Chapter The theme of the 13th Annual IREM-CCIM Economic Forecast was “The Real Scoop.” Judging by the comments of economists and industry panelists, the message that resonated was “Phoenix and Arizona are on fire.” “Last year we talked about being late in the game […]
ABC’s Const. Backlog Indicator Dips in Nov.
Source: Associated Builders and Contractors Associated Builders and Contractors reported its Construction Backlog Indicator fell slightly to 8.8 months in November, a 1.5 percent decline from October’s reading. “Nonresidential construction backlog has generally been trending lower since the spring of 2019, but as a practical matter, this represents little cause for concern,” said ABC Chief […]
Arizona Projects 01-24-20
Groundbreakings 1. Palmer Development Group and Dominion Management Company have broken ground on its +/-250KSF mixed-use project called The Edge, at the NEC of 90th Street & Loop 101. Butler Design Group is the architect and Haydon Construction is the general contractor. The office portion is slated for completion in March 2021. Palmer Development is […]
One Hundred Mill Hotel to Bring 237 Rooms
By Sammy Williams for AZBEX On January 14th, the City of Tempe Development Review Commission approved a development plan review for a new 13-story, 237-key hotel located at 120 S. Mill Avenue. One Hundred Mill Hotel, located on the SWC of Mill Avenue and Rio Salado Parkway, is being developed by Supreme Bright Tempe, LLC, […]
Killip School to be Replaced by FUSD
By Kaitlin Olson for Arizona Daily Sun Following a November work session, Flagstaff Unified School District has selected Killip Elementary School for replacement using funds from the 2018 bond measure. Groundbreaking on the new $19M school that will be built adjacent to the existing school, is projected to begin early next year, with completion by […]
Metrocenter: Seeking a Revival
By Corina Vanek for Phoenix Business Journal Once upon a time, Metrocenter was the king of the Valley’s shopping malls. Now, the nearly 47-year-old mall just off Interstate 17 and south of Peoria Avenue in Phoenix is becoming a decaying infestation that could afflict the surrounding area, at least according to a prominent city official. […]
Gov. Doug Ducey Unveils $12.3B State Spending Plan
By Maria Polletta, Andrew Oxford, Lily Altavena and Rachel Leingang for The Arizona Republic Buoyed by even healthier than expected state revenue projections, Arizona Gov. Doug Ducey unveiled a $12.3B spending plan for the next fiscal year that places two of his longtime priorities — public safety and education — front and center. The plan boosts spending by more than $600M above […]
EFI Leasing Industry Confidence Up
Source: Equipment Leasing & Finance Foundation The Equipment Leasing & Finance Foundation has released the January 2020 Monthly Confidence Index for the Equipment Finance Industry. The index reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by key executives from the $900B equipment finance sector. Overall, confidence in the equipment […]