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The Dealmaker: 9/6/2017

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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




The goal: Make construction sexy again. Could it solve the industry’s labor shortage woes? American Subcontractors Association of Arizona CEO, Carol Floco, thinks so. She and other industry heavyweights recently appeared before a state Senate panel to discuss “problems” and “solutions for construction labor shortage in Arizona.” Senior Reporter/Writer Phil Riske has it  covered, in Rose Law Group Reporter. http://bit.ly/2wGpF8x

[OPINION] Supporters: Claims against Props 416 & 417 are false, specious. (Disclosure: Rose Law Group represents a coalition of property and business owners throughout Pinal County working to bring new transportation infrastructure to the county.) Ed Farrell (Maricopa’s first mayor), Tom Shope (Coolidge’s former mayor), and Connie Van Driel (an Apache Junction resident), take on opponents of the two measures, writing  that “if people actually believe their nonsense it undermines one of the best chances Pinal County has ever had to improve its quality of life via new transportation infrastructure, economic development, Dial-A-Ride services and public safety assistance.” inMaricopa. http://bit.ly/2eFVS67

WestWorld residential subdivision gets OK at Scottsdale City Council. “The [15-lot, 7.5-acre site] is at the western end of north 102nd Street, about a half mile south of McDowell Mountain Ranch Road, and east of North Thompson Peak Parkway. The site includes a portion of the Old Rio Verde Canal corridor…” Will that part of the property be developed? Or will it remain open space? Find out in Scottsdale Independent. http://bit.ly/2xOPDoO 

Gilbert’s Agritopia moves forward with commercial hub. “[The] commercial district called Epicenter… will house 55,000 square feet of retail and restaurant space and 287 apartments.” Agritopia business manager William Johnston and Gilbert economic development director Dan Henderson talk about the “apartment-centric development” in East Valley Tribune. http://bit.ly/2wIprvO

Lending is key to repurposing commercial property to residential. “[M]ore re-purposing of obsolete suburban office and retail properties is needed… Assuming that you can negotiate the political pitfalls… it is still quite difficult to finance such a project from a debt perspective…” Landmark Capital Advisors co-founder and Builder contributor, Adam Deermount, looks at “what can be done to help find more attractive debt.” http://bit.ly/2gN3J60

Phoenix Raceway will open ‘Curve’ for November races. (Disclosure: Rose Law Group represents Phoenix International Raceway.) “[T]he new, luxury suite experience Curve will be unveiled during the Can-Am 500 Monster Energy NASCAR Cup Series semifinal race weekend on Nov. 10-12.” Experience AZ  has more on this “unique fan hospitality club [that] sits six stories above the track” — an element that PIR President Bryan R. Sperber says “will set a whole new standard of luxury for sports venues.”  http://bit.ly/2f4nT89

Gilbert’s GoDaddy facility will expand with $15M investment. “This 15,000-square-foot expansion will increase the footprint on their new 10-year lease to 180,000-square-feet [and] will help the company retain nearly 1,400 jobs…” AZREalso reports that the “renovation will upgrade the current facility to match GoDaddy’s other locations which are known for being fun and full of amenities.” http://bit.ly/2wIvW1V

Pollack name on area centers says more than business savvy. (Disclosure: Rose Law Group represents Michael Pollack.) When the “widely recognized real estate re-developer” purchased the plaza at McClintock and Elliot, the “discount cinema on the premises was ‘failing miserably.’” However, Pollack took on “the movie business” anyway — but not before eliminating other options, including using the theaters sloped floors for something called “downhill bowling”! Wrangler Newslooks at how Pollack “has kept [the cinema] not only going but thriving.” http://bit.ly/2vMIzvO

Livewire gains approval to develop Skylanes, LLC. “The necessary permits and agreements have been approved by Scottsdale City Council for LiveWire’s transformation into a restaurant, bar and bowling facility coined Skylanes, LLC.” Why the name “Skylanes”? Just guessing, but could it have something to do with “six regulation bowling lanes” proposed for the venue’s second floor, which will be “open to the floor below to allow patrons to view concerts”? (Hopefully no one below gets blasted by an errant bowling ball. Can you say “SkySUIT” waiting to happen?) Scottsdale Independent. http://bit.ly/2j3umV2

Coolidge may move forward with Sunshine annexation. “Despite numerous qualms raised during the public hearing on the Sunshine Annexation, which aims to annex a Solar energy farm slated for construction along State Route 287 and Sunshine Boulevard, the city might still push forward.” Coolidge City Manager Rick Miller addresses nearby property owners’ concerns, in Casa Grande Dispatch. http://bit.ly/2j2K178

Surprise council will hear temporary sign beta test. “Under the temporary sign policy adopted in February by the council, temporary A-frames are not allowed. Consequently, local realtors have been vocal at every discussion of the long-term sign code… Several realtors [say that] their business has dropped by 50 percent or more since they could no longer advertise open houses with A-frame signs.” YourWestValley. http://bit.ly/2wGQBVw

Pollack: Heading in the right direction. This, despite the economic fallout from Hurricane Harvey. The Monday Morning Quarterback has plenty to say about the storm’s impact — on the residents of south Texas and Louisiana as well as for our economy. Plus data for these ‘Snapshots’… U.S.: Employment, GDP, Corporate Cash Flow (w/ chart), Personal Income, Consumption, Savings, Consumer Confidence, Auto Sales & Manufacturing, Construction (across the board), Home Prices & Pending Sales. AZ: S&P/Case-Shiller HPI – Greater Phoenix (w/ chart). http://bit.ly/2j3QiQ9

Water water everywhere. Builder’s John McManus writes about the “outpouring of generosity… in the past week, from every part of the home building business community.” He calls it “deeply heartening,” even as another “potentially ‘catastrophic’ hurricane, Irma, bears down on all that’s in her way….” http://bit.ly/2wImgo1

Timely tips for the new real estate investor. In Forbes, Abhi Golhar — Summit & Crowne managing partner and host of the radio show Real Estate Deal Talk — doles out some “timely tips new real estate investors can use to make more money while reducing their risk.” http://bit.ly/2wGDbc5

Cameron’s $5M + deals of the day – http://bit.ly/2eLB4xM

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

ASU president responds to Trump’s DACA decision with 5-step outline.“Arizona State University president Michael Crow issued a letter to the school’s community outlining five future steps upon President Donald Trump’s official decision Tuesday to end the Deferred Action for Childhood Arrivals program.” Read the five steps at KTAR. http://bit.ly/2gHHWJc

Elon Musk: Artificial intelligence battle ‘most likely cause’ of WWIII. “The CEO of Tesla and SpaceX has been outspoken about his fears of AI, urging countries to consider regulations now before the technology becomes more widely used.” On Monday, Musk tweeted that “Competition for AI superiority at national level most likely cause of WW3 imo.” USA Today. http://bit.ly/2eGwYTP

Kirk Adams: Longtime chief of staff loves complexity of role. “The former speaker and Ducey’s right-hand man spoke to the Capitol Times about how his past work has affected his new job, his future plans and his involvement in a few Capitol traditions, like #startyourownrumor and appointing Andy Tobin to everything.” –> http://bit.ly/2j3XnA7 

WHITE’ COMMENT IS ALT-RIGHT? – County’s legal view: No basis for Pima to censure Ally Miller over racial pride remark. “[Pima County] Supervisor Ally Miller’s Facebook comments expressing pride in her whiteness did not violate county policy and are not grounds for censure or any other discipline from the county board. That’s according to several privileged legal opinions provided by Deputy County Attorney Andrew Flagg, which the supervisors voted to make public Tuesday.” Arizona Daily Star. http://bit.ly/2j2TiMv

As ‘gig economy’ grows, labor experts split on whether that’s good or bad. “Uber drivers, TaskRabbit handymen, Rover dog-walkers, Airbnb hosts and countless others in the new ‘gig economy’ are all considered independent contractors and not employees of the online platforms that steer business their way… That is troubling to traditional labor groups, who worry that workers will be exploited. But others say it empowers workers…” Cronkite News. http://bit.ly/2gHdVcR

McCarthy Building Companies updates Mingus Union High School Read more

Phoenix Investment Real Estate Market Picks Up After Slow Start Read more

Phoenix Multifamily Market Remains Strong Despite Seasonal Uptick in VacancyRead more

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