Oral arguments in freeway case likely in October, court advises. “Any hope for a quick resolution of the appeal over the South Mountain Freeway was shattered late last week when… the Ninth Circuit said it probably won’t hear oral arguments before October.” With work on the vital 22-mile connector continuing to progress at a fast pace,“the appellate court’s announcement provoked some outrage” from those opposed to the project. You can sample some of the bellyaching at Ahwatukee Foothills News. http://bit.ly/2tddrU9
Redevelopment plans will transform Phoenix hotel into senior housing. “A partnership between Bruckal Developments and Ridgeline Properties has purchased the former Country Inn & Suites property at 20221 N. 29th Ave… [with] plans to convert the property into [an] assisted living and memory care [facility].” Colliers International vp of Greater Phoenix, Tim Dulany, calls it “one of the most creative and complex real estate transactions I have encountered in my career.” At AzBigMedia. http://bit.ly/2sTXKyc
Promising retail growth seen in Ahwatukee area. “While conventional wisdom says consumers are abandoning brick and mortar stores in droves in favor of online retailers like Amazon, the retail sectors covering Ahwatukee and the East Valley are showing promising signs of growth.” Ahwatukee Foothills News looks into some of the factors behind the low Ahwatukee/Tempe submarket retail vacancy rate of 6.88 [vs. metro Phoenix average of 8.8 percent.] http://bit.ly/2sejSlc
In-N-Out Burger, 5 other restaurants look to open in Surprise. “The restaurants will be at the northern edge of City Center, an area that Surprise leaders have long sought to see developed into a downtown area.” In-N-Out — that’s what this news report is all about! Well, that’s not entirely true. This AZCentral piece also touches on the pre-plat for “proposed single-family residences by Mattamy Homes… shot down by a split City Council earlier this month.” http://bit.ly/2tbAxKe
Edison Pointe loses 1 tenant, plans groundbreaking this summer. “Despite losing one of its larger prospects — Petco — Vintage [Partners] is hoping to commence construction at Edison Pointe by the end of July…. The plan is to have a major clothing retailer, gym, multiple new restaurants and various other stores that could create 100 jobs or more in Maricopa by spring.” inMaricopa. http://bit.ly/2seH8PW
Casa Grande, Maricopa mayors discuss economic triumphs, struggles (Disclosure: Rose Law Group represents Apex Motor Sports.) “At the Pinal Partnership breakfast Friday, Maricopa Mayor Christian Price, along with Casa Grande Mayor Craig McFarland, spoke about recent economic developments within their cities.” They were joined on the panel by two “economic drivers”: “Angela Doerr, site director at Casa Grande Abbott Nutrition plant” and “Jason Plotke, president of the soon-to-be-developed APEX Motor Club.” Highlights at Casa Grande Dispatch. http://bit.ly/2tdtIs1
New home sales reverse course, increase in May. “Sales of new single-family homes in May increased to a seasonally adjusted annual rate of 610,000 home sales… an increase of 2.9% from April’s 593,000 and… 8.9% above last year’s 560,000 sales.” For average/median price figures along with inventory info, head to HousingWire. http://bit.ly/2u9N7Hg
Diversity not destined to dampen homeownership. “The final installment of a series of working papers produced by the University of Southern California… in partnership with Fannie Mae… attempted to simulate how future changes in the characteristics of young adults might affect changes in their homeownership rate over the next 20 years, with particular emphasis on the effects of increases in racial and ethnic diversity and alternative scenarios for college education.” Mortgage News Daily. http://bit.ly/2s9pG4a
Living near these 2 stores boosts a home’s value. “2.8 million homes are located near one of 375 Whole Foods locations or 451 Trader Joe’s locations, and those homes have appreciated at double the rate of homes in other areas.” Could it be because “these retailers usually open their stores in high income areas”? Find out and see what other establishment is also “bolstering home values,” in this NON-paywall piece from inman. http://bit.ly/2tbOtEd
FLIPPER IN A FIX – Former “We Buy Ugly Houses” franchisee admits to running real estate ponzi scheme. “The former owner of a ‘We Buy Ugly Houses’ franchise [Karen McClaflin] admitted in federal court this week that she mislead investors, misused investors’ money, forged investors’ signatures on deeds, and ran what amounted to a real estate ponzi scheme.” Get all the ugly “fix and flip” details at HousingWire. http://bit.ly/2u9Dbxe
Cameron’s $5M + deals of the day – http://bit.ly/2te0R7l
As a supplement to the Dealmaker, we thought you might enjoy these articles!
[OPINION] With Supreme Court’s abandonment, it’s time for states to protect property rights; Jordan Rose, founder and President of Rose Law Group, comments on institute’s position. In the wake of a U.S. Supreme Court ruling on Friday in which the court “largely washed its hands of serious legal protections for property owners,” the Goldwater Institute has “drafted an updated version of… the Property Ownership Fairness Act, that can help ensure that government officials don’t abuse landowners at will.” Jordan Rose: “The state of Arizona has a history of protecting private property rights and I expect they’ll take this important Goldwater Institute legislation seriously.” Read more –> http://bit.ly/2tbvVUn
Ducey administration says Senate health care bill would put state between a rock and a hard place. The rock? “The new Senate health care plan would cost Arizona at least $2.9 billion between next year and 2026….” The hard place? “Or the state could avoid most of those costs simply by cutting off health care for more than 400,000 who got coverage in 2013 when Arizona took advantage of a provision in the Affordable Care Act…” More on the “new analysis by the Ducey administration” in Arizona Capitol Times. http://bit.ly/2seNA9x
Arizona attorney testifies complaints about lawyer attacks on drugs overblown; physicians sound alarm. We’ve all seen the commercials that go something like this: “If you or someone you know has suffered adverse health effects after taking drug ‘x,’ contact the law firm of ___ & ____. ” Can such ads mislead, to the point of causing “severe injury and death”? Some doctors thinks so. Lawyers say not so fast. The two “squared off Friday in testimony about ‘Examining Ethical Responsibilities Regarding Attorney Advertising’ before the House Constitution and Civil Justice Subcommittee.” Senior Reporter/Writer Phil Riske has it covered — in Rose Law Group Reporter. http://bit.ly/2sU3Q1J
States get ready for the self-driving car revolution. “A USA TODAY Network survey of nearly a dozen states hoping to lead the way in autonomous vehicles reveals varying degrees of readiness across the nation.” Phoenix is Waymo ahead of the rest, “running a new autonomous vehicle ride-hailing passenger program with hundreds of Waymo’s self-driving Chrysler Pacifica minivans.” Also playing a huge role in the revoluiton? Paint. Read on –> http://bit.ly/2sa8fAv
What makes us happy? “For 72 years, researchers at Harvard have been examining this question, following 268 men who entered college in the late 1930s through war, career, marriage and divorce, parenthood and grandparenthood, and old age. Here, for the first time, a journalist gains access to the archive of one of the most comprehensive longitudinal studies in history.” The Atlantic. http://bit.ly/2s9vdI4
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