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The Dealmaker: 8/7/2017

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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





New to Market: 6 projects you need to know. “There are a lot of cranes operating in Arizona as developers pursue new projects that are creating a more diverse state.” AZRE has the details and renderings for “six projects that were recently finished or broke ground.” –> http://bit.ly/2vGwXJf

Grand Canyon University plans $100M in construction this year. “Plans call for building two more apartment-style dorms, a classroom building, another parking garage and a club sports facility… Pono Construction, which has built all the other construction projects on campus, will build these projects as well.” Read on at AZBEX. http://bit.ly/2vflsq8

East Valley leaves ‘boomburb’ tag behind, but growth slowing. Mesa, Tempe, Gilbert and Chandler “have been working overtime to make sure [the ‘semi-derogatory term ‘boomburb’] no longer applies. [B]eing known simply for breakneck population growth… is taking care of itself naturally as cities use up their available land and approach buildout…That is not to say growth is over. It isn’t, not by a long shot.” East Valley Tribune. http://bit.ly/2ujdiQ6

Cousins Properties’ CEO lauds Tempe as comparable to Austin. “[T]hat is, a booming city rising on the strength of strong fundamentals.” Cousins CEO Larry Gellerstedt: “New-to-the-market inquiries and expansion demands from existing customers validates the strength of this urban submarket. Tempe’s characteristics mirror what we have experienced in Austin.’” More at Bisnow. http://bit.ly/2vxToAW

[VIDEO] 20 Cities in 20 Days: Gilbert. “3TV/CBS 5 heads to “Restaurant Row,” Morrison Ranch, Freestone Park, and Bergies Coffee Roast House for its 20 cities in 20 days tour. Catch all the segments at azfamily. http://bit.ly/2uzFk5k

Some Tucson-run golf courses could close, be redeveloped in the coming years. (President Trump’s probably thinking, “Terrible news. Fewer places for me to ‘work.’”) Arizona Daily Star: “This week, Tucson City Council will begin the process of taking public input on other possible uses for Silverbell, El Rio, Fred Enke golf courses as well the two… courses next to Reid Park. The ideas range from redevelopment, including business and residential, to creating other recreational uses for the courses, with the closure of at least one or more… possible.” http://bit.ly/2vcrHfS

Tucson City Council may trade water incentives for jobs. “City Council will consider a proposal that would be a sharp departure from the… traditional practice of having new development pay to build its water infrastructure. Instead, the city would pay up to… $2.5 million per year total to new, nonretail employers, based on the number of jobs they bring and their wages. The proposal has sparked a debate over how far the city should go to encourage job creation.” Arizona Daily Star. http://bit.ly/2uznI9M

2017 AZRE Forum recap. “[Last week’s] AZRE Forum had three panels. The first two were about Arizona’s retail, multifamily, office and industrial sectors with the final panel focusing on the State of the State. Panelists were optimistic about Arizona, stating that developers haven’t overbuilt new assets in the wake of the recession. There was also talk about how emerging technologies like driverless cars will impact the Valley and Arizona as a whole.” For event highlights, click to — where else? — AZREhttp://bit.ly/2wnzJkK

Trump administration weighs slashing mortgage deduction. “Despite promises from the Trump administration… that it would ‘protect the… deductions,’ multiple sources tracking tax reform said that the cap on the mortgage interest deduction… could be lowered in tax reform” — a move POLITICO says “would send earthquakes through the real estate industry.” http://bit.ly/2ui68HV

Dealmaker BONUS: Educate the Editor: What the heck is going on in the construction market? AZBEX editor Roland Murphy has been “seriously scratching [his] head over some recent construction market reports.” To set him straight, he’s asking readers for input, inviting them to “do as Denzel said in ‘Philadelphia’ and, ‘Explain it to me like I’m a four-year-old.’” http://bit.ly/2vI8Uug

MOVING ‘MOUNTAIN’ – Dealmaker BONUS: Ahwatukee Foothills church gets ready to move as Loop 202 South Mountain Freeway nears. “The machines have cleared a wide swath where homes once stood, leaving nothing but a few piles of debris as workers clear the way for the Loop 202 freeway… In the middle of the swath stands Mountain Park Community Church. Members of the church look back on the past as they get ready to leave the only building they’ve ever owned…” AZCentral. http://bit.ly/2hChULk

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

America’s failing infrastructure — and what can be done to fix it. The nation’s infrastructure gets “D+” while Arizona takes home a “C,” according to rankings by the American Society of Civil Engineers (ASCE). Now, with ASCE currently “hosting a pipelines conference in Phoenix,” this Arizona Business Daily Reports urges action on our “crumbling” infrastructure, calling it a “once in a generation opportunity” that “if done right… can help serve our nation for a century or longer.” http://bit.ly/2vd5b6o

DRIVERLESS CARS = MONEYLESS MUNICIPALITIES? How driverless cars could be a big problem for cities. “Municipalities generate a whole lot of revenue as a byproduct of parking management and traffic enforcement… If all that suddenly disappears, we’ve got a huge financial issue to deal with.” Governing takes a look at Phoenix and 24 other U.S. cities to see “how vulnerable [their] budgets could be” as a result of “the arrival of autonomous vehicles.” http://bit.ly/2vGs0Ai

Hundreds of new Arizona laws kick in Wednesday. “Got one of those plastic covers on your license plate to thwart photo radar?… As of Wednesday, Aug. 9, they’re going to be illegal. It’s one of several hundred new laws that kick in that day… There also are some odd new statutes.” Capitol Media Services’ Howard Fischer has a rundown of the new laws, in Arizona Daily Star. http://bit.ly/2vGAXJJ

Corporation Commission continues pursuing Johnson Utilities audit. “Arizona Corporation Commission officials say the agency’s rate and operation review of water provider Johnson Utilities — which was ordered not long after the indictment of the utility company’s owner — is moving forward. But one Pinal County public official said he’s skeptical of the progress.” Pinal Central. http://bit.ly/2uiksjq

Nearly one- third of U.S. teens use electronics to cheat, survey finds.“[Computer security firm] McAfee conducted an online survey in June of about 3,902 high school students… in the United States… Australia, Canada and the United Kingdom. In general, the percentages of reported cheating [in school] and accessing banned sites were higher in the United States. So was the percent of teens who reported being cyberbullied…” The Denver Post. http://bit.ly/2uhJY8R

Newsmaker BONUS: Enshrinement ceremony stirs debate about Tillman and NFL Hall Of Fame. “[Pat Tillman’s] enlistment [in the U.S. Army] eventually cost him his life. But the legacy of the former Arizona State and Cardinals player has lived on even a decade after. A legacy that has raised the question of whether Tillman’s tragic death and decision to leave an NFL career to join the U.S. military war effort in Afghanistan merits a spot in the Pro Football Hall of Fame.” Cronkite News. http://bit.ly/2ui8Ddh

Phoenix Industrial Market Poised to Accelerate in Second Half of 2017 Read more

Christopher Todd Communities creates non-profit A New Lease on Life™ Read more

Central Ave & Indian School Development Site Sold for $6.1 Million Read more

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