The Dealmaker: 11/2/2016

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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.
Jury: Phoenix owes property owner $3M for light rail construction. “In 2006, the city began light rail construction and cut off two driveways that connected the property to Jefferson… [John] Garretson complained the move decreased the value of his property, which is on a high-profile corner across from Talking Stick… and he demanded compensation.” According to AZCentral, “[i]t’s unclear if Phoenix will challenge the decision.” OR how ‘bout the city going the other way and actually paying tribute to Garretson and the amount he was awarded, by nicknaming rail cars riding on that segment of track, “The Gravy Train”?

Report: Q3 rents, construction in the Valley rising. “[I]ndicators of the market’s health are strong overall [in metro Phoenix], according to the ABI Multifamily Q3 Report.” ABEX’s Roland Murphy furnishes us with several highlights from the report, including figures and percentages for total inventory, average occupancy and rents, development sales, and  developments under construction.—>

New resort planned for Troon North. “Seeking to close a perceived gap in luxury accommodations for golf and vacation travelers… MBA Development Partners has proposed… a two-building development of 32 resort villas and 64 total spaces to be known as Troon North Villas… at 10200 E. Dynamite…. The 2.55-acre resort… will feature two two-story, 20.5KSF buildings for the villas, with a 1,900SF amenity building…” Get further design details and check out the rendering that features four duffers heading to? returning from? the links — at AZBEX.

Republican-led group claims Peoria illegally promoting Prop. 400 sales tax increase. Supporters of Prop. 400 say promo material “is meant for educational purposes and does not advocate for the initiative one way or the other.” Opponents say “the literature gives a positive spin to the proposition and ignores negative consequences on businesses…. [while] ‘using tax dollars to promote it.’” More on Prop. 400 and the controversy surrounding it, at AZCentral.

Feds’ land buyback program has paid $175 million to Arizona tribes so far. Cronkite News looks at the amount the Navajo Nation, the Gila River Tribe, and the Salt River tribe each received, and how they plan ‘to use consolidated land for the good of the nation” be it for “housing, community centers, agricultural or other projects.”

Attendance has its privileges this Saturday at The Sixth Annual Bentley Scottsdale Polo Championships: Hang out with Warhol, Miro and Picasso –

Cameron’s $5M + deals of the day –

Because you are an informed person, as a supplement to the Dealmaker, we are providing you 3 (sometimes more/less) non-real estate related articles we thought you might enjoy!
Roberts: Greg Stanton going after Michele Reagan’s job. With “Phoenix Mayor Greg Stanton… filing campaign papers to challenge Secretary of State Michele Reagan in 2018,” AZCentral columnist Laurie Roberts explains why “the “decision makes sense” in light of Michelle Reagan being — in her view — “vulnerable.” And how does she sum it up? “Stanton knows low hanging fruit when he sees it.”

A MATTER OF TRUST – Citizens group asks DOJ to overturn trust lands-schools proposition. “At the heart of the issue,” according to Capital Media Services’ Howard Fischer, “is what is known as the Enabling Act that created Arizona as a state.” Is it — as Advocates for School Trust Lands claim — that “the state cannot legally increase the amount of money being taken from [the] trust… without first getting congressional approval”? Or does a “1999 amendment to the 1912 Enabling Act allow… voters, by amending the state Constitution as they did in Proposition 123, to decide how they want to spend the trust without getting further federal approval.”? More on this matter in Arizona Capitol Times.

A $1.2-billion mixed-use complex in South L.A. is closer to being built, despite community opposition. “SoLA Village… would transform two empty parking lots and [a] 12-story [building]… into a walkable community of skyscrapers and low-and mid-rise residential buildings just blocks from a [rail] station. The village would include luxury condominiums as well as a hotel, grocery store, fitness center and restaurant space…. [C]ity officials Tuesday rejected the arguments of community activists who said the project could lead to widespread displacement of low-income residents.” — Los Angeles Times.

Hines Announces Cambria Hotel & Suites Groundbreaking at Chandler Viridian Read more

Optima Wins Three AIA Chicago Design Excellence Awards Read more

Demand for Industrial Space Fueling New Construction Read more

Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group.  Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others.  The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.

Belfiore Real Estate Consulting is Arizona’s leading housing market research firm.  The company couples its surveys of up to 350 new home subdivision sales personnel monthly with resale and public data, as well as the perspectives of leading development, homebuilding, lenders, brokerage, real estate law, contractors, and investors to report on and forecast residential housing market conditions.

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November 2016