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The Dealmaker: 7/17/2017

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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





Portland on the Park’ developer wants to build 15-story downtown Mesa apartments, hotel. “Habitat Metro — known for Portland Place Condominiums, Portland on the Park and the recently opened FOUND:RE boutique hotel — wants to bring a 14- or 15-story hotel and apartment complex across the street from the Mesa Arts Center.” Habitat Metro’s Tim Sprague: “The ingredients are there: Light rail, education, the arts.” AZCentral. http://bit.ly/2vaGIN0

Shea Homes opens 3 new communities in Peoria. “July 1, Shea Homes debuted Evolve at Cantilena [at 9526 W Park View Lane]… On Saturday, July 15, Shea… unveil[ed] The Reserves at Cantilena [9534 W Villa Lindo Drive]… The third community, Latitude at Cantilena [at 9553 W Villa Lindo Drive], will be opening in August.” Details on all three at AzBigMedia. http://bit.ly/2usd8W6

Tax break on apartment complex causes $5.6 million headache for Tempe. “Tempe became the owner of a luxury apartment complex along Tempe Town Lake this year to give the developer, OliverMcMillan, a break on its property taxes. The project, previously known as the Lofts at Hayden Ferry, is now called Salt and is slated to open this year.” The headache? AZCentral reports that “nine builders claim San Diego-based OliverMcMillan hasn’t paid them, and they have placed liens against the property.” http://bit.ly/2u25r85

‘It was a derelict zone’: How a nightclub entrepreneur landed prime downtown Phoenix real estate (and how he’s had to adapt). “When Steven Rogers bought the building space on the west side of Central Avenue and Pierce Street in 1996 [‘for around $475,000’], downtown Phoenix was not the popping entertainment and dining hub it is today… But Rogers had a feeling about the area.” After a couple of nightclub failures, has he finally found the hotspot formula? Phoenix Business Journal. http://bit.ly/2vuShOB 

Here’s what’s going on with the Firehouse Art Space in Roosevelt Row. “Changes are coming to the former Firehouse art space located at 1015 North First Street… Artists Michael and Joanna Lee 23 (who use the last name 23 because Michael is fascinated by the number) are in the process of packing up and vacating the building… because it looks like [it] will soon be sold.” Phoenix New Times. http://bit.ly/2uBrfbO

‘Spider trails’ first target in massive South Mountain project. “[I]ntrepid work crews will brave the searing Arizona summer heat this week and start closing, repairing and re-vegetating the spider trails that branch off from the Beverly Canyon Trail… The trail work was always planned in conjunction with a second project, some long-neglected improvements at the Pima Canyon trail head [which] represent the biggest overhaul in decades inside the park. The renovations are expected to cost about $20 million…” AFN. http://bit.ly/2u1Yhz1

Queen Creek may want to purchase Johnson Utilities. “Rep. T.J. Shope, R-Coolidge, told PinalCentral that Queen Creek representatives spoke with him and other representatives in a brief meeting last week about the apparent idea to purchase the Scottsdale-headquartered San Tan Valley water and sewer provider… But a town spokesman said there’s nothing in the works.” San Tan Valley Sentinel. http://bit.ly/2u1UrWx 

Gilbert taxpayers’ Big League nightmare. “[T]he town shut… down the [Big League Dreams] facility as a safety hazard on July 7 while lawyers battle over millions of dollars in a contentious pair of lawsuits and countersuits… The unplanned closure took players by surprise. The venue’s cost has taken taxpayers for a ride.” More about “Big dreams” vs. the “costly reality” in East Valley Tribune. http://bit.ly/2tyytst

Zone change on Casa Grande council agenda; issue was debated at P&Z.“The City Council is set to hear a zone change request Monday for a potential multifamily dwelling… At a [P&Z] meeting in June, many residents of the Avalon subdivision spoke out against a zone change for the [S.E.] corner of Val Vista Boulevard and Scott Road. Multiple residents also declared that apartments would mean Section 8, or low-income, housing despite nothing in the zone change to support that idea.” PinalCentral. http://bit.ly/2u1XNKx

Pinal County campaign organizes to urge construction of New Roads and Freeways Before It’s Too Late. “A coalition [comprised of ‘Pinal County residents, business, and government leaders’] called New Roads and Freeways Before It’s Too Late: Yes on Propositions 416 and 417 has been formed in support of two November ballot items designed to solve… current transportation problems… There is a sense of urgency [as] an [ADOT] director recently said it would take ‘800 years’ to get to all the state’s transportation needs…” Rose Law Group Reporter. http://bit.ly/2uvZzV2

Redeveloping Wheeler Park and other new city courthouse ideas.“Develop Wheeler Park for a courthouse? Put more affordable housing downtown? Move county supervisor meetings into new city courthouse? Those were just three of the ideas that came in… on how to better leverage a $12 million Flagstaff city bond to build a new joint city and Coconino County courthouse.” Arizona Daily Sun. http://bit.ly/2vuMkB5

Sun City Home Owners Association gaining ground on Sun City violations. “Through the year so far, SCHOA compliance inspectors opened 2,406 cases and closed 2,458… The largest category of SCHOA CC&R violation is condition of property. So far this year, 1,495 cases were opened and 1,405 were resolved.” SCHOA compliance manage Tom Wilson: “We have some work to do in this category…” YourWestValley. http://bit.ly/2tjLFpL

Rancho Sahuarita boasts “The Corner” and 569 new home sites soon. “‘The Corner’ in Rancho Sahuarita has the second gasoline provider coming to the community and there are several major new subdivision projects that kicked off recently for the next two neighborhoods: Entrada del Rio and Entrada la Villita. Real Estate Daily News. http://bit.ly/2u23cjp

TAR: Tucson housing by the numbers June 2017. Check out the latest data from Tucson Association of Realtors (TAR) in Real Estate Daily News. http://bit.ly/2vaT0VO

New shopping center coming to life on Tucson’s south side. “Bourn Cos. development, Fashion Park Shopping Center, on Irvington Road and Interstate 19… sits on 58 acres and is being developed in phases. About 220,000 square feet of shopping space is scheduled to be online this year.” More on Fashion Park, plus news of other “construction activity around town,” at Arizona Daily Star. http://bit.ly/2usvFBA

Can a show home teach utilities how to save trillions of dollars? Meritage Homes takes load management to a level that revamps home energy and utility. “Meritage focuses on creating every efficiency in the framing and insulation of the home for better performance… [using] a new concrete wall construction for the reNEWable Living Home with better energy performance than wood.” Builder. http://bit.ly/2vaFGRv

Dealmaker BONUS: Records show Navajo housing agency plans to build 15 homes, 15 rentals with $80 million grant. “The NHA construction proposal for 2017-18 is laid out in its Indian Housing Plan, an annual report that must be submitted to the U.S. Department of Housing and Urban Development… The NHA and tribal officials have said there is a need for at least 30,000 homes on the sprawling reservation that covers much of northern Arizona.” So at 30 homes built for every $80 million, if our math is correct, this means the NHA should be able reach 30,000 homes with just an additional $773 trillion! AZCentral. http://bit.ly/2ust3Uh 

Dealmaker BONUS: Queen Creek founding fathers honored at community celebration. “[T]own residents, officials and staff gathered for a ribbon-cutting ceremony to not only recognize the completion of improvements to the Town Center, but to also remember the pioneering people who helped guide the community into what it is today… Known as the Queen Creek 5, the town’s founding fathers — Robert Eberle, Paul Gardner, Ralph Pomeroy, Mark Schnepf and Steven Sossaman — are featured on a plaque on the back of the clock tower in [the new] Picket Post Square.” Queen Creek Independent. http://bit.ly/2u2mG7s

Dealmaker BONUS: Investing in malls, despite store closings. “Kingpin retailers like Macy’s, J. C. Penney and Sears have been shuttering stores, as have Foot Locker, Office Depot and Abercrombie & Fitch. Once-omnipresent chains like Payless ShoeSource and RadioShack have filed for bankruptcy… As some retail tenants recede, malls are looking for new ways to attract visitors… Golf, anyone? Karaoke?” The New York Times. http://bit.ly/2t8B3Wu


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

McCain’s surgery might be more serious than thought, experts say. “A statement from the Mayo Clinic Hospital said that the senator was recovering well and in good spirits at home, and that tissue pathology reports would come back in several days. But many questions have been left unanswered, including whether Mr. McCain had symptoms that prompted doctors to look for the clot.” The New York Times. http://bit.ly/2uwkrM1

White House squeezes Jeff Flake. “The Arizona senator’s potential GOP primary foes have been in talks with the president and top administration officials.” POLITICO reports that Arizona GOP Chairman Robert Graham “is exploring a campaign” and that he “was present at a meeting this spring of top GOP donors in Arizona that was also attended by Chris Bannon [and] Arizona Cardinals executive Michael Bidwill” — a meeting at which “several donors expressed mounting frustration with the incumbent.” http://bit.ly/2u2a4x2

Lawyers want defense in Pierce, Johnson bribery case to keep evidence confidential to protect bigger case. “[T]he prosecutors essentially admit they pretty much tripped across the facts that led to the bribery charges [against ‘Gary Pierce, his wife, a lobbyist, and a wastewater company executive’] ’during a much larger and more intensive investigation.’… But in communications with defense attorneys., Assistant U.S. Attorney Frederick Battista… said he does not want to tip off those other targets.” By Howard Fischer in Arizona Capitol Times. http://bit.ly/2tjedQl

Elon Musk lays out worst-case scenario for artificial intelligence threat.“Elon Musk warned a gathering of U.S. governors that they need to be concerned about the potential dangers from the rise of artificial intelligence and called for the creation of a regulatory body to guide development of the powerful technology…  Arizona Gov. Doug Ducey… questioned Mr. Musk over the suggestion of creating new rules…” The Wall Street Journal. http://bit.ly/2t9dKfg

After N.F.L. concussion settlement, feeding frenzy of lawyers and lenders. “Some players may get very little, but others with severe neurological diseases may receive as much as $5 million. Now lawyers, lenders and would-be advisers are circling, pitching their services and trying to get a cut of the money. [This] has raised alarm among player advocates, legal ethicists and the lawyers for the players who sued the N.F.L” The New York Times. http://bit.ly/2vv5Jlu

Is 1 success for 3 tries good enough? Arguing in the “Rose Law Group Growlery” that our obsession with being “the best” may be taking too much of “psychological and physical” toll, Senior Reporter/Writer Phil Riske suggests a different way of looking at success — with a standard that doesn’t require perfection. Think: MLB legend Rod Carew. http://bit.ly/2us4tCJ

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Cawley Architects completes Spectra Eye Institute Read more

Morrison Ranch expanding Read more

Momentous Milestone Reached by Estrella by Newland Communities, 5,000th Home Closes in Master-Planned Community Read more

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  • Published: 9 months ago on July 17, 2017
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  • Last Modified: July 17, 2017 @ 12:36 pm
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