Arizona Projects 10-16-20
Groundbreakings 1. Sundt Construction, Inc. recently started expanding the campus of Royal Oaks, a Sun City retirement community. Sundt will help shape Royal Oaks’ newest neighborhood, Inspirata Pointe, by adding four new independent living buildings and new pavilions to the westside neighborhood. On the eastern edge of the campus, Sundt will return to the Friendship House to expand the space and build […]
260-unit Multifamily Development Proposed for PHX
By Tasha Anderson for AZBEX A new Class A multifamily development is being proposed for an 11.01-acre site at Black Canyon and Dynamite Boulevard in Phoenix. Developer, DHI Communities, part of the D.R. Horton homebuilding company, recently submitted plans to the City of Phoenix and is requesting rezoning the property from S-1 (Farm or Ranch Residence) to R-3A (Multifamily […]
COVID-19 News Round-up for October 13th
Budget, Policy & Stimulus News Tempe Launches $1.1M Small Business Grant Program The City of Tempe has allocated $1.1M to create the Tempe Small Business Grant Program to help businesses impacted by COVID-19. The program will assist small businesses with up to $10K in funding. Awards are based on $1,300/per full-time employee, up to a maximum of $10K. (Source: City of Tempe) AZ Supreme Court […]
Amazon Discussing Retail-to-Distribution Conversions
By Joe Dyton for The Broker List Mall owner Simon Property Group and Amazon are in talks to turn J.C. Penney and Sears stores into distribution centers, according to The Wall Street Journal. Both department store chains filed for Chapter 11 bankruptcy and closed stores across the country. Simon malls have 63 J.C. Penney stores and 11 Sears, according to the company’s May public filing. The number of stores Amazon […]
Gila Wants $15.6M Bond to Pay Off Debt
By Peter Aleshire for Payson Roundup Gila County is seeking a bond issue to pay off a $15.6M debt to the state retirement system for sheriff’s deputies, detention officers and dispatchers, Supervisor Woody Cline told the Payson Tea Party during a recent campaign appearance. Cline said the bond issue would allow the county to finance its current estimated debt to the Public […]
Industry Professionals 10-13-20
Awards & Accolades 1. AZ Business, in partnership with BestCompaniesAZ, has selected Suntec Concrete as one of the Most Admired Companies of 2020. Annually, Suntec puts on a teacher appreciation program, through which employees can nominate local impactful teachers who are then recognized. The company also supports organizations that promote teachers and careers in construction. Boards & Commissions 2. Coe & […]
Commercial Real Estate Transactions 10-13-20
Sales Transactions 1. Cortland Partners purchased Metropointe Apartments, a 408-unit multifamily community at 7017 S. Priest Drive, Tempe, for $96.75M. Steve Gebing and Cliff David with Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Rockwood Capital, and procured the buyer. The complex will now go by the name, Cortland South Mountain. 2. Mack Real Estate Group purchased the Hub at Goodyear, […]
Banner Health Plans Gateway Medical Expansion
By Tasha Anderson for AZBEX Plans for a large expansion to the Banner Gateway Medical Center have recently made their way to the Town of Gilbert’s Planning Commission on October 7th. The original Banner Gateway Medical Center, located at 1900 N. Higley Road, opened in the fall of 2007 and currently consists of a five-story patient tower housing 180 beds, and a two-story Diagnostic & Treatment […]
COVID-19 News Round-up for October 9th
Economic News No-Anchor Retail Could Be Better Bet Conventional wisdom would dictate that in times of economic turbulence, a retail landlord might prefer to have an anchor tenant that offers essential services, like a grocery store. But one observer thinks that during the COVID-19 crisis, non-anchored retail has done better than anchored at adapting to an uncertain environment. (Source: GlobeSt.com) […]
Pinal Continuing to Work on Water Solutions
By Suzanne Adams-Ockrassa for Pinal Central The long, hot summer with few monsoon rains continues to remind Pinal County residents, and especially farmers and ranchers, about the preciousness of water in a desert climate. This year, ranchers are on the edge of having to make a decision on whether to buy feed and haul water for their animals, said Richie […]