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31-story, $100M apartment tower planned for downtown Phoenix. “West Palm Beach-based North American Development Group is buying a 39,970-square-foot parcel at the downtown development on Fifth and Van Buren streets [at the Arizona Center]. The planned apartment tower will have 350 units and would be the second tallest building in the state after only Chase Tower.” PBJ. http://bit.ly/2qSdpA4
New Ahwatukee development features 22 two-story houses. “Oasis in the Foothills, on Desert Foothills Parkway near Liberty Lane, is a 22-home gated community built by Divinity Homes.” View an image and get further details on the “cluster-homes design” (which planners once called “unusual for the village”) in Ahwatukee Foothills News. http://bit.ly/2qS3KJG
Homebuilder pays $3.5M for 18 acres in sought-after submarket. “CRG Financial Partners…sold [the property] at the southeast corner of Loop 303 and El Mirage Road in Maricopa County… to Scottsdale-based AV Homes of Arizona.” And what does AV Homes have planned? Find out and view an aerial of the site at AzBigMedia. http://bit.ly/2rrHuDt
CASHEN IN AGAIN – Glendale Stadium District gets 340 new apartments. “Longtime Phoenix broker Ray Cashen of Cashen Realty Advisors, has sold more than $60 million of land in the Glendale Stadium District. Cashen just completed a deal with Fore Properties Company to buy 18 acres in Zanjero next to the Cabela’s, to build 340 apartment units.” Cashen: “Glendale Stadium District is hot again.” AzBigMedia. http://bit.ly/2qSys5s
S. Mountain Freeway land acquisitions far from done; design getting there. “[ADOT] still must acquire 43 percent of the properties it needs… and has yet to finish about a quarter of the highway’s design…” Will the freeway’s scheduled opening be delayed? And what about the organization that’s trying to convince the U.S. Army Corps of Engineers to “withhold a [construction] permit” in an effort to stop the freeway? Ahwatukee Foothills News has the update. http://bit.ly/2pLJZni
Housing starts disappoint, drop 2.6%. “Permits fall as well [dropping 2.5% in April], shattering economist expectations for gains in both.” Builder has the Commerce Department starts/permits data, including a breakdown by region where, in a couple of areas around the country, the numbers actually moved in a positive direction. http://bit.ly/2pLv6kS
What slowing new home construction means for the housing market. Now that you’ve gotten the bad news — permits decreased, housing starts dropped, and new home completions dipped from March to April — here’s the good news: Those numbers “were all up year-over-year”! But hold on, because here’s some more bad news: According to realtor.com® Senior Economist Joseph Kirchner, those year-over-year numbers aren’t nearly enough to “stem the steady decline” of inventory. More from Kirchner here: http://bit.ly/2rrlacA
Real estate’s new normal: Homeowners staying put. Moody’s chief economist supplies the KEY QUOTE: “[W]e may never get back to normal, if normal was the average person stayed in their home for four or five years… We’re at eight-plus now, and even under the best of circumstances, maybe we get to six.” This New York Times report explores the “lock-in effect” — how it’s impacting an already scarce housing inventory and “creating a drag on the economy” as a whole. http://bit.ly/2qSlJ2C
LENDERS: THE BARGAIN HUNTED – Mall owners flex hidden muscles over lenders. “At a time when retailers are closing thousands of stores across the U.S., some lenders are deciding to renegotiate loans backing malls — and suffer guaranteed losses — rather than run the risk of being stuck owning or operating the malls themselves… Landlords who owe millions of dollars on struggling shopping malls are finding they have serious bargaining power.” The Wall Street Journal. http://bit.ly/2qS2M03
Hampton winning council seat in Goodyear runoff. “Brannon Hampton was on his way to beating Sara Gilligan in Tuesday’s runoff election for the Goodyear City Council…. Hampton, 35, is a project manager for APS… and Gilligan, 50, is a stay-at-home mom and former competitive figure-skating coach.” What will Hampton “bring” to the council? Read his statement at AZCentral. (As for Gilligan, no mention of her future plans, though it’s safe to say that she probably shouldn’t schedule a pleasure cruise aboard any “tiny ship” set for a “three-hour tour.”) http://bit.ly/2qsYU4C
Cameron’s $5M + deals of the day – http://bit.ly/2rreueg
As a supplement to the Dealmaker, we thought you might enjoy these articles!
Phoenix capital improvement plan jumps 30%. “The preliminary five-year total for the [plan] tops $4.6B… Departments with the largest expenditures are public transit, aviation and water supply.” AZBEX, which analyzes the CIP, calls it “one of the better indicators we’ve seen that the growth and recovery of the last several years has thoroughly taken hold.” http://bit.ly/2qsedds
Court rules ‘Google’ is not a generic term; suit began in Phoenix. “Google will join Coke, Q-tips, Xerox and other companies that managed to hang on to ownership of trade names even though they are widely used as nouns and verbs… To ‘google,’ the plaintiffs in the 9th Circuit case argued, had come to mean to ‘search the internet.” But that argument didn’t seem to matter much to the court, according to AZCentral. Tough loss. Perhaps plaintiffs could use some Kleenex? http://bit.ly/2pLYUh0
UA backs down from setting up ‘speech police.’ “Buffeted by claims from [Rep. Mark Finchem, R-Oro Valley that] it was creating ‘speech police,’ the [U of A] is backing down from its plan to create ‘social justice advocates’ on campus… The blow-up involves the university seeking… students who would be responsible to focus on ‘the mosaic of diversity, multiculturalism and inclusivity’ [and who] would be reporting bias [and possibly even] spying on each other.” (If such notions make you “mildly nauseous” — to borrow a Comey-ism — you’re not alone.) Capitol Media Services’ Howard Fischer has more on the story at PinalCentral. http://bit.ly/2pUFG4M
Sovereignty and opportunity through tribal land development. “[M]any Indian Tribes are developing their lands with projects that support their casinos, or projects that simply diversify their economy and drive economic development in general…. [T]hese projects tangibly demonstrate the Tribe’s sovereignty.” As AzBigMedia notes, this “exercise of Tribal sovereignty through land development also creates many opportunities for the Tribe and its business partners.” Tap through for examples —> http://bit.ly/2qssO8J
A MEETING OF THE MINES – Arizona Mining Association rallies support for Navajo Generating Station. “The [association] brought together policymakers, tribal leaders and industry members to demonstrate support for long-term operation of the Navajo Generating Station… at a major Phoenix rally. Leaders emphasized the importance of keeping the plant operating well into the future to protect affordable energy, skilled Navajo and Hopi jobs and economic strength in the state.” AzBigMedia. http://bit.ly/2qsewF8
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