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[UPDATE] Change in municipal zoning law signed by Governor Ducey. Gov. Doug Ducey has signed HB 2116. The legislation — which Jordan Rose, Founder and President of Rose Law Group calls the “most significant land use law change in a decade” — revises “the requirement of a three-fourths vote… to approve a zoning change from 20 percent of property owners on one side of a property protesting the change, to 20 percent of all property owners within 150 feet of the surrounding the property… making it far more difficult for a legal protest to occur. In addition, the bill permits right of ways to be counted in the 150-foot measurement.” The law takes effect in 91 days. Rose Law Group Reporter. http://bit.ly/2qT6xhR
Everything old is renewed again as architects renovate historic buildings. (Disclosure: Rose Law Group represents Peter Sperling in his effort to preserve Arcadia as a residential community.) “Developers repurpose a historic, unused building into something new and stylish while leaving the building’s core design features intact.” It’s called “adaptive reuse,” and Cronkite News looks into the practice — how developers use it to benefit their projects and surrounding neighborhoods, and how “it’s not easy and can sometimes spur controversy.” http://bit.ly/2q64Xfm
Check out progress of Arizona Center’s $25 million renovations. “Developers completed work on the lobby and tenant amenities floor of the One Arizona Center building at the Arizona Center” — and AZBIGMEDIA has the slideshow (along with a report and an end-product rendering). http://bit.ly/2q6c7jI
Casa Grande Domes doomed. “At a hearing Tuesday, Pinal County officials made a case for condemning… a group of four concrete buildings just south of Casa Grande on Thornton Road. The domes are unsafe, the county contends, and they must be demolished.” Pinal Central has a photo along with a bit of backstory on these soon-to-be-demolished, “upside down swimming pool[s]” which, fyi, sit on property that can be yours for “around $500,000.” http://bit.ly/2poycLv
New developer looks to build homes in Casa Grande. (It would be kinda funny — in a “messin’ with your mind” sort of way — if plans called for the homes to be domed.) “Scott Communities received approval for six new single-family home plans from [P&Z] on Thursday. The company president is Scott Robson, the son of master-planned community developer Edward Robson. Construction is planned at Cottonwood Ranch, which… is located northeast of Cottonwood Lane and Trekell Road.” Pinal Central. http://bit.ly/2pCncFz
Pulte Homes assembles new 144-lot subdivision in Marana. “Pulte … has closed on 72-acres at Camino De Oeste in two separate transactions. The aggregate purchase price was $3.33 million… The new community is located between Camino De Oeste and Hartman Lane.. .” Get details on the transactions and view an aerial shot of the property at Real Estate Daily. http://bit.ly/2q6eS4H
[IN-DEPTH] What’s driving real estate’s home listing shortage. “Inventory has been named the No. 1 problem in the housing market… One major contributing factor to the state of the market is the fact that fewer homeowners seem interested in selling — they’re staying put…” Trulia chief economist Ralph McLaughlin calls such reluctant sellers ‘the gatekeeper to a lot of inventory.” McLaughlin along with several other notable real estate economists provide plenty of insight for this Inman examination of the seller-shortage/housing-supply connection. http://bit.ly/2pCoEHH
Student housing sales outperform the rest of the market. “[I]nvestors bought and sold $1.1 billion in student housing properties in the first quarter of 2017… If investors keep buying and selling student housing at this rate, they will match the record-setting acquisition volume of 2016, despite a long list of larger market challenges that could have slowed the pace of transactions.” National Real Estate Investor. http://bit.ly/2qwAU1v
As a supplement to the Dealmaker, we thought you might enjoy these articles!
Ducey signs tax breaks into law. “Gov. Doug Ducey on Wednesday signed legislation that immediately boosts by $50 the amount of money that Arizonans can subtract from their earnings before computing their taxes…. Another $50 will be added to the ‘personal exemption’ [in 2018]…. [T]he change… will reduce state revenues by $10.9 million. What individual taxpayers will see, however, is quite a bit smaller.” Capitol Media Services’ Howard Fischer does the math at Arizona Capitol Times. http://bit.ly/2qwCosF
Legislature ends session, passes tax breaks, reverses cuts to public benefits. “The House and Senate adjourned the 2017 legislative session… at sunset Wednesday… Legislators approved providing another $10 million in state income tax credits for ‘angel’ investors… and revamped a fund designed to provide grants to ‘microenterprises.’ In the Senate, lawmakers gave final approval to a bill to restore two-year eligibility for cash assistance for needy families…” Howard Fischer has details at Arizona Capitol Times. http://bit.ly/2q6cKtB
Solar panel roads: The future is getting closer to now. Actually, the future has already arrived in France. According to this report in PBJ: “A town in Normandy has unveiled a 0.6-mile stretch of road covered in solar panels.” Check out the solar-power paving prospects for Arizona’s “sun-soaked” roads in this report from Mike Sunnucks — who, btw, has a last name that wouldn’t be too bad for one of these solar-paneled highways; either that, or a great nickname for some new Canadian hockey team: “Now taking the ice, your Saskatoon Sunnucks!” http://bit.ly/2pDCzhq
Report says Arizona hospitals have $24 billion economic impact. And how many jobs do hospitals “directly or indirectly” generate? Which Valley hospital had the “largest economic impact”? What Arizona industry in particular benefits from “having a good health care and hospital system”? The answers and other highlights from the Rounds Consulting Group study at KTAR. http://bit.ly/2r6gWb3
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