The Dealmaker: 4/17/2017

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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.





Pinal transportation tax needs to be passed, says real estate consultant. “Transportation and infrastructure are the biggest keys to continued growth and success in Pinal…” That’s just sampling of what real-estate consultant Jim Belfiore told a Pinal Partnership panel. The panel included “Bill Honsaker, managing director at Jones Lang LaSalle Americas and moderator Jordan Rose, founder and president of Rose Law Group.” Education and labor were among the other topics discussed at Friday’s gathering. Read Callan Smith’s coverage at Rose Law Group Reporter.

Apex Motor Sports gets P&Z recommendation. (Disclosure: Rose Law group represents Apex Motor Sports.) “Maricopa [P& Z] recommended a use permit for Apex Motor Club… Apex is planned as a private club where members can try out their luxury sports cars. The property is 280 acres… west of Ak-Chin Southern Dunes and north of State Route 238 and the Union Pacific Railroad tracks.” Further details including site plan and the “role” that “trains played… in the request to grant the permit” — InMaricopa.

Renters, look for deals later this year at Phoenix-area apartments. “Demand was so high for apartments in downtown Phoenix at the end of 2015, the area had the highest average rent in the Valley. But that’s already shifting a bit. Many apartment developers are already building in some rent deals because of the number of new complexes going up…” AZCentral

Developers say Pinal’s ‘Disney’ not like past failures. “Rose Law Group’s Cameron Carter spoke to the Pinal County Board of Supervisors during a special session Wednesday on behalf of the development company driving what was deemed a similar-to-Walt-Disney-World theme park and resort in Casa Grande.” Pinal Central has highlights from Cameron’s presentation, including how “Florida-based Block Sports Company is different” from others that have “floated” amusement park proposals for the area, and why the company is “up for the challenge to bring the $4 billion project — dubbed Dreamport Villages — to life.”

Nearly 500 new apartments planned in Prescott. “The influx of new apartment projects is a shift from the previous housing market in Prescott… [F]our recently approved apartment projects are in various stages of the approval and development process.” The Daily Courier has an overview of each project in what it says is “the first in an ongoing series of articles highlighting ‘Trends: Living Spaces’ in the greater Prescott area.”

2017 shaping up to be fastest housing market on record. “Home sales jumped nearly 9 percent in March… even as the number of homes for sale plunged… That demand dynamic further increased competition in the market, resulting in the fastest average sales pace since Redfin began tracking… The typical home went under contract in just 49 days, down from 60… a year ago.” As for the “lack of supply of existing homes for sale,“ CNBC also reports that “homebuilders are benefiting” as they pick up the slack. 

Jamie Dimon says fixing mortgage industry would boost lending by $300 billion a year. MarketWatch looks at the annual letter from the J.P. Morgan Chase CEO in which he “devoted about 1,400 words to a discussion about the regulations put in place since the subprime crisis. An overly onerous regulatory burden, he argued, has reduced mortgage lending by… the equivalent of about 3 million home loans since the crisis.”

Dealmaker BONUS: Builders bet micro-apartments will lure renters. “A trend that started in pricey coastal cities… is spreading to smaller cities… In Milwaukee, Cleveland, Detroit, and Kansas City… developers are betting on demand from young people to live in tiny quarters even when cost isn’t the primary consideration.” Example: In Pittsburgh, a “developer is betting that more 20-somethings will pay more than $1,500 a month for… tiny studios… in a city where the average apartment rents for a modest $979 a month.” WSJ.

Get 10% off tickets to Arizona’s Best Kentucky Derby Party May 6th at Turf Paradise –

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

Lucid’s financing still in the dark. “Plans for Lucid’s electric-car manufacturing plant in Casa Grande appear to be moving ahead, but details on who is financing the company are still sketchy.” However, Lucid spokesman David Salguero talks with Pinal Central and sheds a bit of light on the funding phases. (Attention: Job seekers. This piece also includes some info on Lucid employment opportunities.)

Grand Canyon Escalade project resurfaces. “Navajo Nation Council’s Naabik’iyati’ Committee will discuss a bill to consider the $230M… mixed-use project. Project components… include the [1.6 miles long] tramway, cultural center, retail and amenities.” But as AZBEX reports, there are mixed feelings about this mixed-use — this despite “the appeal of tourist revenue to help offset the losses expected by the closure of the [Navajo Generating Station] and the likely closing of the Kayenta Mine that supports it.” (Also see related story below.)

Culture, economics drive many to fight for power plant’s future. “Though a black eye on the landscape to some, the Navajo Generating Station is seen by many others in the Page area as an irreplaceable asset for what it has given to the city, two Native American tribes and the broader region.” Arizona Daily Sun looks at the likelihood of the power plant’s closure and the wide-ranging impacts it will have on the area.

Report: Phoenix metro area hit hard by extreme poverty. “According to MSN… 176,000 of the Phoenix metro area’s 737,000 poor people live in extremely poor neighborhoods.” But it could be worse.  We could be Bakersfield, Calif. Read the report and find out where Tucson ranks, at KTAR

As allegations increase against Backpage, founders have become big political donors in Arizona. With federal indictments reportedly looming against Backpage founders Michael Lacey and James Larkin “amid increasing allegations that the website knowingly accepted ads offering sex with underage girls,” this AZCentral report looks at how the “two men who started the Phoenix New Times in 1970 have become local philanthropists and political donors to Democrats in Arizona, New Mexico and Colorado.”

Goddard accuses state of ‘sneak attack’ blindsiding Central Arizona Project. “Former Attorney General Terry Goddard accused attorneys for the Arizona Department of Water Resources… of ethical lapses and of blindsiding the [CAP]… over their filing of a legal brief in an employment lawsuit involving the water district, Arizona Capitol Times reports…. In an amicus brief in the case, ADWR said CAP is overstating its role in Arizona’s water management.” ADWR Director Tom Buschatzke wants Goddard to “retract his allegations,” but will Goddard walk them back? —>

Newsmaker BONUS: Special Easter Message from Sean Spicer. Melissa McCarthy returns to Saturday Night Live for an Easter spoof of White House Press Secretary Sean Spicer. Decked out as the Easter Bunny, McCarthy (as Spicer) delivers a mea culpa for his recent “chemical weapons” gaffe, but ends up stepping in it several more times. WATCH the hilarious segment here:

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