The Dealmaker: 3/31/2017

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JPMorgan Chase building big new campus, landing 4,000 jobs in Tempe. How big? Sixty-seven acres — at Elliot and the Loop 101. And PBJ reports that the “bank will be shifting a number of jobs from the Chase Tower in downtown Phoenix to the new Tempe campus.” Click through for Chase’s statement about the project and its commitment to the “metro Phoenix market.

Fry’s in Downtown Phoenix breaking ground in April. “RED Development will break ground on Block 23, which is located at First and Washington Streets, on April 13. The project includes Fry’s [‘the area’s first grocery store’], 200,000 square feet of creative office space, 330 apartment units and retail space.” AZRE. 

ANOTHER GROUNDBREAKING ANNOUNCEMENT – Rancho Mercado breaks ground April 4 in Surprise. “The… master plan is a 1,300 acre PAD… designed to offer a broad range of housing types including single family and multi-family residential, retail/commercial services, employment, parks, schools and an open space network… 4,703 dwelling units are proposed with a projected population of more than 12,000 residents…. William Lyon Homes has scheduled the ground breaking… at 10 a.m.” And you should be able to make out the exact location of Rancho Mercado using the vicinity map at YourWestValley — just as long as you ZOOM IN.

Realtor outcry prompts swift pull of Scottsdale sign ordinance amendment. According to Scottsdale Independent, the City Council received “500 emails about the ordinance.” The concerns? “Some of the proposed regulations to this new category of post and panel signs could directly harm Realtors, such as limiting how often they can change a sign, location and duration.”

In pursuit of understanding the true cost of Scottsdale infrastructure needs. The Capital Improvement Plan Subcommittee has ”had three public meetings to date with department heads to better understand the mentality of addressing the needs and wants of the municipal entity.” And though there aren’t enough funds to “pay for hundreds of millions of dollars of infrastructure needs,” Scottsdale Independent reports that the “council subcommittee is leaving no fiscal stone unturned.”

LINES OF LEAST RESISTANCE – SRP’s controversial Chandler power lines get new route. “[T]he proposed above-ground-lines have drawn the ire of residents concerned about property values and potential health and safety risks…. The newly proposed route requires 5-6 miles of lines, compared to the original plan for 17 miles…” KEY QUOTE: “[N]o route… will please everyone…” Reactions from officials and residents along with a map of the proposed Price Corridor power-line route, at AZCentral.

Apartment market slumps as supply surges. “Rents in the first quarter were lower or flat in 28 of the 79 metropolitan areas tracked by Reis Inc… That was up from 14 markets with lower or flat rents in the fourth quarter…. The country’s two priciest markets were particularly sluggish.” Says one economist: “To some degree it looks like operators have panicked in the Bay Area and New York…” More, including average rents and occupancy rates nationwide, in The Wall Street Journal.

Cameron’s $5M + deals of the day –

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

‘A good thing’: Sen. Jeff Flake defends blocking Internet privacy rule. “Flake [says] that claims of Congress gutting privacy protections are overblown… He also said some online customers like targeted advertising.” And Flake told the Arizona Republic that turning back the rule is “a good thing.” (After which he  likely was inundated with internet ads trying to get him to purchase the 1989 hit “Good Thing” by the Fine Young Cannibals.) More from Flake along with a sampling of the “furor” he and his fellow Repubs are facing from privacy advocates, here:

A look at what’s driving (or stunting) income growth in the states. “[M]ost Western states recorded personal income growth rates of at least 4.5 percent for 2016, according to newly released annual estimates from the federal Bureau of Economic Analysis… Other parts of the county… didn’t experience the same kind of growth.” Find out where and see how Arizona measures up, at Governing.

Maricopa County report says 40,000 voter registration forms found sitting in boxes. County Recorder Adrian Fontes explains: “[I]f a voter registration form did not comply with Prop. 200 — and it did not show proof of citizenship — it went into a box after a letter went out saying, ‘We need more information.” KTAR also reports that “168 votes in the Nov. 8 general election were counted twice”; however, it “doesn’t appear the issue affected any election results,” according to candidates who squeaked out victories. (Kidding. Recorder Fontes said that.) More here:

Politically loyal staffers get sharp pay increases under former House speaker. Arizona Capitol Times looks into what was supposed to be then-House Speaker David Gowan’s “gesture of appreciation” — a 3 percent salary increase — for every employee of the House of Representatives, but what turned out to be a “handful of staffers” receiving “much bigger raises.” 

Former Pinal official calls county ‘ground zero’ for misuse of RICO funds. How should “law enforcement agencies spend and report assets seized from criminals”? Pinal Central examines HB 2477, a bill that former Pinal County Supervisor Cheryl Chase says is a “‘critical step’ to adding more oversight on how seized criminal assets, also known as RICO funds, are spent.”

Newsmaker BONUS: Build solar ‘wall’ in Mexico, sell power to customers in U.S. “Mexican poet Homero Aridjis wants to build a solar barrier between his country and the United States — and have the United States pay for it by selling electricity to customers in border cities. Aridjis, an internationally known poet, novelist and environmental leader, said he has received overwhelming support for the Mexican-built barrier.” He talks about his idea with Arizona Daily Star.

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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, data breach/privacy law, 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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