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The Dealmaker: 9/8/2017

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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





EXCLUSIVE: A decade later, no ‘pressing need’ for Red Rock rail facility, railroad says. “It’s said God created the world in seven days. It has taken 3,650 days, however, to develop the Red Rock switching facility along the east side of I-10 near Picacho Peak on state trust land. And they’re not at all finished. Why?” Senior Reporter/Writer Phil Riske tracks down the answers, in Rose Law Group Reporter. http://bit.ly/2weT0Du

Phoenix couple ‘Those Callaways’ are finalists for national Realtor Good Neighbor Award. (Disclosure: Rose Law Group represents ‘Those Callaways.’) “Joseph and JoAnn Callaway, known affectionately as ‘Those Callaways,’ are the only Arizona finalists for the National Association of Realtors 2017 Good Neighbor Award. The award, in its 18th year, recognizes real-estate agents who help their communities through volunteer work.” AZCentral. http://bit.ly/2wPBlUX

AMAZONA? – Here are the cities that match Amazon’s wish list for its second headquarters. “Amazon said it’s looking for a city of more than 1 million people with an international airport, mass transit, quality higher education, an educated workforce and a solid business climate. To help the world’s largest e-commerce company narrow down its search, CNBC looked at some of the key criteria the online retailer laid out in its pitch to cities and states.” And should Amazon select Arizona, the chosen city oughta send the e-commerce colossus an email asking: “Will you rate your transaction?” http://bit.ly/2xRRusm

Banner Health secures $550 million bond issue for new Phoenix, Tucson teaching hospitals. “The [Maricopa County] Board of Supervisors on Wednesday authorized the new bond issue… The two projects are part of Banner’s nearly $1 billion investment in clinics and new [state-of-the-art] teaching-hospital towers in Tucson and Phoenix…” Terms of the new agreement along with details on both projects at AZCentral. http://bit.ly/2xRsIsk

Chandler Viridian offices ready to begin construction. “The Offices at Chandler Viridian will be a 250,000-square-foot office building at the intersection of Loop 101 and Loop 202.” East Valley Tribune reports that the development is a “go now that a joint venture agreement has been signed.” http://bit.ly/2wOtJDQ

MEGA-NIFICENT! –Phoenix’s data center market continues strong growth. “Phoenix ranked sixth among the top data center markets, and continues to rise in the ranks based on supply that will hit the market during 2018…”  JLL’s Mark Bauer tells Phoenix Business Journal: “Our absorption numbers have already hit all of last year in just the first six months of 2017… My estimate is we’re going to double the absorption easily from last year, which was 18 megawatts.” http://bit.ly/2wOjL5b

New owner of former Chinese Cultural Center property in Phoenix proposes options to preserve heritage & protect property rights. For some time, Dealmaker has been following the controversy surrounding change of ownership and the potential renovation of the Chinese Cultural Center. The info presented has been (mainly) from the perspective of activists worried about the new owner’s plans for the center. As for the perspective of the new owner, True North Cos/668 North LLC, you can check it out today in Rose Law Group Reporter. http://bit.ly/2vTIGp2

ELEMENT OF SURPRISE? NOPE, SCOTTSDALE –Element hotel will rise at SkySong. “The [Marriott-brand] 148-room hotel is planned for the southwestern corner of the SkySong complex, near Scottsdale Road and Enterprise Drive.” Design and amenity details along with rendering, plus remarks from (developer) Jackson Shaw president and COO, Michele Wheeler — at AZREhttp://bit.ly/2xUl01q

Dept. of Revenue: Tax license required for those who rent homes. If you rent out your home, Queen Creek Independent wants you to know that “in a city or town that levies transaction privilege tax on residential rental activity, [property owners are] required to obtain a TPT license with [the Arizona Department of Revenue].” QCI also wants you to know that if you rent out your place for “less than 30 days,” then you “must have a TPT license and report and remit TPT under the transient lodging classification for state, county and city.” Much more that QCI wants you to know, here: http://bit.ly/2gPevoJ

Norterra residents oppose proposed self-storage facility. “A proposal [from developer De Rito Partners] to build a [102,000-square-foot climate-controlled] self-storage facility on North Valley Parkway near CVS Pharmacy met with opposition from… neighbors who hoped for a restaurant or a grocer like Sprouts or Trader Joe’s in the 6.5-acre commercial plaza…” North Phoenix News. http://bit.ly/2wOvnFw

Sedona City Council to talk property access. “Council has set aside two hours on Tuesday, Sept. 12 to discuss 27 acres purchased in 1993 by Bruce Tobias and Carol and Robert Flynn. Since the purchase, the property has been landlocked with access being denied by an adjacent development.” Red Rock News. http://bit.ly/2gSzWJf 

KRMC proposes solutions for Kingman Crossing. [Kingman Regional Medical Center] CEO Brian Turney spoke before the council to state KRMC’s case on purchasing city-owned acreage on the south side of Interstate 40… Rattlesnake Wash, the other proposed expansion project, is also on KRMC’s radar.” But Kingman Daily Miner reports that “Turney feels the proper level of analysis on the projects has not taken place.” http://bit.ly/2gT3CG3

Congress backs study to expand Douglas port of entry. “Congress has fully funded a feasibility study to modernize the aging [Raúl Héctor Castro Port of Entry] as well as look at building a new commercial port a few miles away.” Arizona Daily Star. http://bit.ly/2wP9xjv

U.S. Home Builders ask Trump for comprehensive immigration reform.NAHB chairman Granger MacDonald has issued a statement on the heels of President Trump’s decision to end the Deferred Action for Childhood Arrivals program. You can read MacDonald’s statement with a tap to World Property Journal.http://bit.ly/2eTlD6A

[OPINION] How local housing regulations smother the U.S. economy. In a co-authored piece for the New York Times, econ profs Chang-Tai Hsieh and Enrico Moretti say that a “creeping web of… regulations has smothered wage and gross domestic product growth in American cities by a stunning 50 percent over the past 50 years.” Their research shows that without these regulations, “the United States economy today would be 9 percent bigger — which would mean, for the average American worker, an additional $6,775 in annual income.” http://bit.ly/2gPh9ec

Dealmaker BONUS: A high-rise built for me. “In a bid for wealthy suburbanites, some city developers let buyers customize almost every aspect of a luxury condo before closing” — which helps explain the hard-hatted Scottsdale couple pictured in this Wall Street Journal piece, standing in their “under-construction,” Optima Kierland condo. http://bit.ly/2f9fYq0

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

Water policy remake stirs fight unlike others in state history. (Disclosure: Rose Law Group is a member of the Governor’s Groundwater Council.) “[I]t’s not uncommon for water policy to be contentious here. It’s a scarce resource, and Arizona is a desert that’s been experiencing drought for more than a decade. Still, to see [the state water department and CAP] publicly butting heads is novel, water experts say.” Arizona Capitol Times. http://bit.ly/2wQ4xLy

Maricopa shelves idea of buying water company. “The city was interested in purchasing two utilities: the Palo Verde site that manages wastewater and the Santa Cruz site for water. These two properties make up 95 percent of Global Water’s gross revenues.” However, Pinal Central reports that “after listening to a presentation about the city’s interest in acquiring the local utility,” the response from president and CEO of the company was: “Global Water is not for sale.” http://bit.ly/2vSyRbj

McCain, Flake vote no as Senate passes Trump-Democrats deal on Harvey aid, debt, funding. “The chamber approved more than $15 billion in aid funding for Hurricanes Harvey and Irma, attached to the other traditionally more controversial measures, by a vote of 80-17.” Further details, including Sen. McCain’s stated reason for yet another thumbs down, in Rose Law Group Reporter.http://bit.ly/2gPiule

APS goes on offensive, accuses Burns of illegal power grab. “New documents filed in Maricopa County Superior Court by Arizona Public Service and parent Pinnacle West Capital Corp. say [Arizona Corporation Commission member Bob] Burns cannot use his constitutional power of subpoena to force the companies to disclose their financial contributions to political candidates… only the Legislature — and not Burns — can demand more details.” A  Capitol Media Services/Howard Fischer report at Arizona Capitol Times. http://bit.ly/2vLwMK7

Appeals court ruling: No libel if statement is ‘substantially true.’ “In a detailed decision on First Amendment rights, the [state Court of Appeals] said that someone being sued for defamation ‘need not prove the literal truth of every detail’ of the statement at the heart of the litigation. Instead, they need to show only ‘that the statements are substantially true’ to have the case dismissed… This case surrounds a dispute going back three years between two firms that collect signatures for candidates and ballot measures.” Read about it in Howard Fischer’s report at Arizona Daily Sun. http://bit.ly/2gPO8CW

Talks on D-Backs’ stadium stall again. “The team believes that pipes for air conditioning, sanitation, grease and fire protection are ‘rotting from the inside’ and must be replaced within the year to avoid another incident of flooding like the one that happened in June.” The Arizona Republic reports that “the team again is urging a judge to restart stalled negotiations with Maricopa County or let it find a new home.” –> http://bit.ly/2wOoFiQ

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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  • Published: 7 months ago on September 8, 2017
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  • Last Modified: September 8, 2017 @ 4:12 pm
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