The Dealmaker: 8/3/2017

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The Dealmaker is a daily note of the day’s top real estate stories served just in time for lunch. Bon Appetit! Subscribe here to receive the Dealmaker to your inbox

 

 

 

Letter: Attesa is trying to sink Apex. (Disclosure: Rose Law Group represents APEX Motor Club.) In his letter to InMaricopa on “backers, lawyers and lobbyists for the proposed Attesa racetrack outside of Casa Grande,” Maricopa resident Peter Miller delivers a scathing indictment of what he calls their “orchestrated… attempt to thwart the Apex Motor Club in Maricopa.” http://bit.ly/2hrGqPj

Timeshare development pitch at Troon North draws ire of neighborhood.“[N]orth Scottsdale residents are calling into question a development proposal critics say is against the character of the existing neighborhood and behind-the-scene municipal moves on behalf of [MBA Development’s ‘proposed 62-key timeshare resort’] has some crying foul.” One city official puts it this way: “Right now I do not see any structure in Troon or the surrounding community that comes anywhere near the mediocrity of this project’s design or scope.” (And upon close inspection of the rendering in Scottsdale Independent, even the couple depicted motoring around in their golf cart seem a little irked by it all.) http://bit.ly/2unSUbZ

DSW Commercial acquires Mesa Grand & Mesa Spectrum for $42.9 million. “Tucson-based DSW… with investment partner Iridius Capital, purchased the well-positioned ‘Daily Use and Entertainment’ center, which encompasses approximately 233,130 square feet junior anchor, retail strip, and single tenant net lease in a multi-building configuration [located on Stapley and Baseline Roads at US Highway 60].” RED. http://bit.ly/2v3pF02

Town of Paradise Valley looks to claim its own identity. PV Planning Commission recently kicked around ideas for something called “the Visually Significant Corridors Master Plan,” which “may include a variety of elements including vehicle travel lanes, bike lanes, sidewalks, street furniture, utility poles, trees, accent plantings, lighting and signage” — and even playing hide-and-seek with lizards! Seriously. As Paradise Valley Independent reports, “town officials and staff say they want to differentiate themselves from neighboring cities Scottsdale and Phoenix.” Lizard hunts oughta do it! http://bit.ly/2waO6sn

City staff against zone change for Casa Grande group home. “Safeway House… at 1469 E. Laurel Drive, a single-family home in Ironwood Commons… currently serves six children at a time at the facility and wants to expand the home to nine children.” Casa Grande Dispatch reports that “although city officials are recommending denial,” the “proposed expansion” will still “be heard by the Casa Grande planning commission.” http://bit.ly/2vtLHev

Gilbert Town Council to vote on payment to keep GoDaddy office. “The agreement called for ‘adoption of a Resolution approving a Development Agreement with GoDaddy… for the purpose expanding GoDaddy operations in Gilbert.’” However, there are a couple “stipulations of the [$800,000+ retention] payment.” Tap through SOON to KTAR to find out what those stipulations are, because that vote goes down TONIGHT! http://bit.ly/2uoeWv5

Scottsdale crowd offers mixed response to new desert center plans. “[R]esidents saw presentations Tuesday for Desert EDGE… and while many responded to the plans with applause, others booed.” (Or maybe they were just shouting “HABOOB!”) “Once outside the auditorium at the Scottsdale Center for the Performing Arts, residents praised planners for the scaled-back blueprint for the facility while also criticizing the center’s gift shop, plans for nighttime events and use of preserve land.” AZCentral. (Also see the related item: “Appreciation venue proponents seeks to bring tourism to the Desert Edge,” in Scottsdale Independent.http://bit.ly/2v1bWZi

Your take: Should MLB pull Diamondbacks out of Phoenix due to Chase Field ‘crisis?’ Fans react. “Major League Baseball is so alarmed by equipment breakdowns at Chase Field that the Diamondbacks could be forced to leave the facility… After MLB’s position emerged Tuesday night, fans were quick to weigh in…” AZCentral has reactions which include “snark from Twitter” and “Facebook users focused more on the dollars-and-cents.” –> http://bit.ly/2vm8nxK

Hilton’s new hotel brand is coming to a $10M development in the East Valley. “Hilton recently introduced a new brand to its line of properties called Tru, which is aimed at attracting millennials looking for a lower price point.” (Given the controversy mentioned earlier up in North Scottsdale, it’s a good thing Hilton didn’t call it “Troon”!) “Arizona will soon see its first Tru property in Gilbert, on [‘about 2.2 acres’ at] the corner of Ivanhoe Street and S. Santan Village Parkway, in mid-2018.” More about Tru in this subscriber-content ‘EXCLUSIVE’ from PBJhttp://bit.ly/2v32Bya

2017 proves to be year of growth for Phoenix industrial market. “Out-of-state relocations, an ongoing economic recovery and job growth were all contributing factors in lowering the Phoenix industrial vacancy rate to 9.2% while rental rates ended the second quarter at $.59, which is an increase over the previous quarter…” More from “DAUM’s second quarter market report” at AZRE. http://bit.ly/2vlxhO4

Queen Creek breaks ground on new community park. “Slated to open just in time for the 2018 fall sports, the [48-acre] park will feature an adventure-themed, inclusive play area; fishing lake, lighted ball fields, picnic areas, splash pad, wheel park and walking trail. The location [19535 E. Appleby Rd.] along the Queen Creek Wash will allow for connectivity to the town’s multi-use trail system.” Queen Creek Independent has more about the park along with a shot of shovel-ready officials in a pic that just may set a World Record for “The Largest Number of People Ever To Be Photographed Turning Dirt At A Groundbreaking.” http://bit.ly/2unW9Qx

Escalade legislation slated to go before tribal lawmakers this fall. “The legislation would withdraw Navajo land for the development of the Grand Canyon Escalade project that includes a gondola tramway to the confluence of the Colorado and Little Colorado rivers as well as motels, restaurants and a Navajoland Discover Center on the canyon rim.” Arizona Daily Sun. http://bit.ly/2vxfmo3

Mortgage rates on new home purchases tick up. “[T]he Federal Housing Financing Agency indicates that mortgage rates on purchases of newly built homes ticked up by 3 basis points over June… Meanwhile, a more commonly used rate reported by Freddie Mac indicates that mortgage rates fell in June.” What’s up with the “monthly divergence”? Turns out, not much. Eye On Housing. http://bit.ly/2fbL2IC  

Dealmaker BONUS: Casa Grande domes spared the wrecking ball for now. “The Pinal County Board of Supervisors voted Wednesday to continue [a county order to demolish the domes] until Sept. 20 as Dan Peer, vice president of Simplicity Communications and manager of the domes, is out of the country and ‘not reachable’” Casa Grande Dispatch. (Hey, maybe the county should just let the domes ‘ObamaCare,’ which, when used as a verb, means: “collapse on their own.”) http://bit.ly/2hrVhJv

Dealmaker BONUS: Hidden pain: Opioids’ impact on homebuilding. “Both prescription and illicit opioids are plaguing the nation… The problem disproportionately affects workers in the construction industry, which has a rate of substance use and alcohol use disorders of 15%, nearly twice the national average.” Builder examines how employers in the construction industry are trying to deal with it. http://bit.ly/2u8gw8W

Cameron’s $5M + deals of the day – http://bit.ly/2u55ayo

 



As a supplement to the Dealmaker, we thought you might enjoy these articles!

 

How the CIA came to doubt the official story of JFK’s murder.“[T]housands of pages of long-secret, assassination-related documents released by the National Archives last week show that, within a few years of Kennedy’s murder, some in the CIA began to worry internally that the official story was wrong — an alarm the agency never sounded publicly… JFK historians and the nation’s large army of private assassination researchers are still scrambling to make sense of the latest batch [of documents].” POLITICO takes a look some of the info they’re poring over. http://bit.ly/2vu0bet

Arizona Chamber of Commerce CEO opposed to Senate immigration bill. “[T]he RAISE Act, would cut the number of legal immigrants allowed to come into the U.S. by about 50 percent over a decade.” Chamber president and CEO Glen Hammer explains why, in his view, the bill is “…not the right way to go,” and he also touches upon a “better approach” — at KTAR. http://bit.ly/2vwYCwU

Despite best efforts, years of drought leave state little room for error. “Arizona’s top water official [Tom Buschatzke] told a congressional committee Wednesday that even though the state has done a lot right, years of drought still threaten to push the region into a water emergency in the next few years… The hearing comes against a backdrop of dropping water levels in Lake Mead that for years have alarmed governments that draw water from the Lower Basin of the Colorado River…” Cronkite News. http://bit.ly/2wbrdoD

Arizona Supreme Court gives citizen initiatives wide berth. “[J]ustices ruled that state laws which limit legislation to a single subject do not apply when the proposal comes from voters. That means initiative backers are free to propose new statutes with a full garden of ideas in a single measure… Wednesday’s ruling involves Proposition 206 [the minimum wage boost measure].” Confused? Hopefully, this report in Arizona Capitol Times from Capitol Media Services’ Howard Fischer will clear things up. http://bit.ly/2waS4kE

APS in court to block corporation commissioner from grilling executives. “The attorney for [Arizona Public Service] told a trial judge Wednesday he has no authority to decide whether a utility regulator [Arizona Corporation Commissioner Bob Burns] can grill her client’s executives… The issue is crucial because Burns wants to question APS and Pinnacle West executives about the money they spend, both above board and through ‘dark money’ groups, to influence the outcome of commission elections.” By Howard Fischer in Arizona Capitol Times. http://bit.ly/2hrqyMz

9th Circuit panel: Maricopa County prosecutors’ wiretap practices violate federal law. “The tribunal said County Attorney Bill Montgomery… failed to personally review and approve electronic-surveillance warrants. Judges said U.S. law requires the ‘principle prosecuting attorney’ — not subordinates — to approve applications.” The impact? “This is really big,” says an attorney unaffiliated with the case. “It’s a tsunami that’s going to wash so many of these cases right out… There’s no legal way around it. The evidence is suppressible.“ AZCentral. http://bit.ly/2waUmk4 

Another top Arizona business leader is pushing for a big increase in state education tax. AZCentral: “Jim Swanson, CEO of building company Kitchell Corporation and former chairman of Ducey’s Classrooms First Initiative Council, last week sent letters to a handful of fellow business leaders laying out his support for a proposal to nearly triple the Prop. 301 sales tax… The current tax of 0.6 cents per dollar expires in 2021.” Tap through for this along with this related story fromArizona Capitol Times: “Non-profit alleges campaign volunteers, school district violated election laws.” http://bit.ly/2uo95FS

Phoenix Industrial Market Poised to Accelerate in Second Half of 2017 Read more

Christopher Todd Communities creates non-profit A New Lease on Life™ Read more

Central Ave & Indian School Development Site Sold for $6.1 Million Read more

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