North America’s Const. to Fall Less than Expected
Source: GlobalData GlobalData has revised its forecast for North America’s construction industry to -1.7 percent this year from the previous projection of -6.5 percent in the Q2 2020 update, as the recovery in the US residential market from the initial shock of the COVID-19 pandemic has been faster than expected. Dariana Tani, Economist at GlobalData, comments: “The US residential market has […]
Arizona Projects 10-09-20
Groundbreakings 1. Johnson Carlier broke ground on the Southeast Justice Courts and Adult Probation for Maricopa Court. Located at 222 E. Javelina Dr. in Mesa, the 109KSF facility will triple the amount of space of the existing building and allow for additional operations, administrative support, and adult probation space. The $27M project was designed by Gould Evans and is expected to be completed in […]
Arizona K-12 Bonds on the November 2020 Ballot
By Tasha Anderson for AZBEX Approximately $700M worth of Arizona K-12 school district bond measures will be on the Tuesday, November 3rd ballot, a significant decrease from the record-breaking $1.6B total request from 2019. The largest bond requests are once again coming from Maricopa County, with Pinal County again at a far distant second. The school districts with the largest bond requests include: Glendale Union High School District – Maricopa County […]
COVID-19 News Round-up for October 6th
Budget, Policy & Stimulus News Gilbert to Start Spending Relief Funds Gilbert will begin spending some of its nearly $30M in coronavirus relief funding, three months after the town received the money. The Town Council will spend $18M for business grants, loans and other support and $2M for nonprofits. A majority of the remaining funds may go to […]
26-Story Apt. Tower in PHX Gets Subcommittee Nod
By Tasha Anderson for AZBEX Plans for a 26-story multifamily tower with ground-floor retail proposed for the Roosevelt Row area is making its way through the City of Phoenix. On September 23rd, the Phoenix Workforce and Economic Development Subcommittee recommended approval for City Council to enter into a development agreement with developer, Hubbard Street Group to build the multifamily project located at […]
RLB: Phoenix Crane Count is Up
Source: Rider Levett Bucknall International property and construction consultancy firm Rider Levett Bucknall has released its latest RLB Crane Index and Quarterly Cost Report. Together, the two documents provide an insightful look at the North American construction industry in 14 key markets. “The pandemic-induced recession is going to have far-reaching effects,” said Julian Anderson, FRICS, president of RLB North America. “Lenders are less likely to support large new developments […]
Industry Professionals 10-06-20
Boards & Commissions 1. The Central Arizona Chapter of CCIM has announced its leadership and board for 2021. Todd Hamilton, CCIM, SIOR, Citywide Commercial Real Estate, will serve as 2021 President. The leadership team includes Marina Hammersmith, CCIM, ORION Investment Real Estate, Vice President/Immediate Past President; and Sabrina Walters, SLW Realty Group, Treasurer. The 2020 board comprises: Jenette Bennett, CCIM, Kidder Mathews Bettina […]
Commercial Real Estate Transactions 10-06-20
Sales Transactions 1. A California-based buyer purchased Mountain Gate Apartments, a 132-unit multifamily community at 4602 E. Paradise Village Parkway North, Phoenix, for $22.25M, from a California-based seller. ABI Multifamily’s Alon Shnitzer, Rue Bax, Doug Lazovick, John Kobierowski, and Eddie Chang represented the buyer. 2. TA Realty LLC purchased Parc Germann, a new 224.4KSF, two-building urban industrial development in Chandler, for an undisclosed amount. JLL brokered the […]
September LMS Delves into APDM Contracts
By Rebekah Morris for AZBEX On Wednesday, September 30th, 2020, more than 100 people logged on to the most recent Leading Market Series (LMS) event presented by BEX, which explored the topic of Alternative Project Delivery Methods (APDM) contract usage by public owners. Since 2000, HB2340 enabled the usage of APDM, including Design–Build, Construction Manager at Risk (CMAR) and Job Order Contract (JOC). Given these new tools […]
COVID-19 News Round-up for October 2nd
Budget, Policy & Stimulus News When to Apply for PPP Loan Forgiveness? The SBA’s formulas for loan forgiveness, and businesses’ individual forecasts, have created confusion as to when may be the best time to apply. A recent article provides an executive summary and process overview. (Source: AZ Big Media) House Considering Long Shot PPP Gridlock Bypass Some House lawmakers are signing on […]