The Dealmaker: 10/9/2017

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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



AMBITION, COMPASS, INSPIRE – Shea Homes plans more than 300 new homes in Gilbert to meet demand. “Shea Homes will be opening three communities in the new Recker Pointe development, located at the [SW] corner of Ray and Recker… When fully built, Ambition… Compass… and Inspire… will add more than 300 homes to the area.” Gilbert Mayor Jenn Daniels: “With more families and individuals choosing to live and work in Gilbert, it’s critical to have the right mix of housing.” AzBigMedia. 

Preliminary plat for Mystic at Lake Pleasant Heights under review. “A preliminary plat is in the first review stage at this time for a 423-lot development at the [SE] corner of 127th Avenue and Westland.” Peoria Times also reports that “[a]nother project in the planning process with the city is Cowtown.”

Public comments sought on re-evaluation of Benson-area Vigneto permit. “The U.S. Army Corps of Engineers is seeking public feedback to help determine whether to revoke, modify or reinstate a permit necessary for… Villages at Vigneto, a master-planned community that would bring 28,000 homes to the small city southeast of Tucson.” See what environmental issues could impact the future of Eldorado Holdings’ “controversial development” — in Arizona Daily Star. 

Builders imagine homes of the future — but some of their dreams are available today. Sky-hatches for drone deliveries. Cabinet hinges produced by 3-D printers. Photochromic windows. The Washington Post looks at some of “the innovations that could make” (and are making) “residence[s] healthier and safer, more comfortable and easier to run.” Meritage Homes environmental affairs VP, C.R. Herro: “The future isn’t just about cool stuff. It’s about how a home responds to you and makes it nicer and safer to live in.”

Neighborhood Ventures becomes first Arizona-based real estate crowdfunding. “The company allows all Arizona residents the opportunity to be shareholders in apartment projects in the Phoenix area. The company was formed by apartment real estate veteran John Kobierowski and former Goldman Sachs tech analyst Jamison Manwaring.” More in Real Estate Daily News.

Mesa named one of the best places to live on a $50,000 salary. <– That, according to a study from Don’t Waste Your Money, which ranked Mesa sixth on its list of cities where you “don’t have to earn six figures to enjoy a great lifestyle.” For factors that made Mesa a “major contender,” plus a link to the full study, tap to KTAR.

Are hipsters the secret to a hot market? Gilbert, Ariz. earns a spot on this Yelp/Realtor list of the “50 cities for best markets for hipsters — that is, those who embrace the indie culture and tend to embrace lifestyles of artisanal coffee and avocado toast, according to the study.” At REALTORMag.

Where are Millennials moving? The answer may surprise you. “Big cities and their big employers have always attracted young workers, and that’s still true. But a combination of factors — sky-high home prices chief among them — have sent Millennials across the country looking for alternatives. Unlikely places like Ohio and North Dakota have benefitted.”  The “top 11 cities that Millennials are moving to,” plus a link to Ellie Mae’s “Millennial Tracker” — at AZCentral.

HEALTH CARE, RETAIL, HOSPITALITY – Construction to begin on $125M health campus in Scottsdale. “Phase I of the [43-acre Sierra Bloom Wellness Campus] will include luxury assisted living, skilled nursing, medical office, retail, hotel and parking — and cost about $125 million to develop.” PBJ has further details and sitemap for the Loop 101 and 90th St. mixed-use development, which touts “Health Care,” “Retail,” and “Hospitality.” (Subscriber Content).

Here’s the $4M project replacing Old Town Scottsdale’s Livewire. “The former 11,000-square-foot venue will soon house two new concepts: on the first floor, spanning 16,000 square feet, will be Mexican restaurant Casa Amigos, and on the top floor will be a high-end bowling alley, Sky Lanes.” And, if the rendering in PBJ is any indication, we can also expect the place to have a “ghostly vibe.”

Apache Junction’s growing economy creates new opportunities. In AJNews, city public information officer, Al Bravo, writes that “with the success of the growing supermarket segment [in this case, relocation and expansion of Fry’s Food], Apache Junction is poised to field interest in other development opportunities.” Bravo fills us in on how the city “has worked closely with the private sector to identify and expeditiously remove obstacles that might have hindered the Fry’s Marketplace development,” which he describes as “a reflection of Apache Junction’s growing economy.”

Casa Grande panel gives green light to rec center. “The building will be more than 55,000 square feet and will be 40 feet high.” Casa Grande Dispatch reports that “the approval didn’t come without some questions regarding the safety and traffic around the project,” with one commissioner referring to the “intersection of Kortsen and Peart Roads as ‘scary.’ ”

San Tan group files proposed incorporation boundaries. “The Vote San Tan Valley Steering Committee has taken the first step toward putting the question of community incorporation on the ballot. On Friday the required documents of a boundary map and petition were filed by the committee with the Pinal County Elections Department.” Details on the proposed San Tan city limits, in San Tan Valley Sentinel.

Plans for Maricopa hospital on ice. “In 2012, Dignity Health purchased nearly 19 acres on the northeast corner of John Wayne Parkway and Smith-Enke Road with the intention of building a 34,800-square-foot emergency facility and hospital by 2016. The provider opened an urgent care facility in the Maricopa Fiesta shopping center the following year, but movement up the road on a new facility has not materialized… However, just because an emergency room has not been built, it does not mean one won’t be built.” InMaricopa. 

State of the City: Maricopa mayor calls for patience in economic development. While challenging residents to be “a little more forgiving,” Mayor Christian Price also “used his platform to highlight city success stories over the past year, including the victories in court with Apex Motor Club and the approval of the [SR 347] overpass.” Highlights from the mayor’s State of the City Address at InMaricopa.

Ducey appoints Ditmore new director of Arizona Department of Housing. “[Carol L.] Ditmore has worked at ADOH in several capacities, and under four governors, over the past 15 years. She has worked on the state of Arizona’s housing programs for more than 22 years.” More on Ditmore, who Gov. Doug Ducey calls “a strong and battle-tested individual,” in Queen CreekIndependent.

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

More water, more restoration bound for Colorado River Delta. “The new U.S.-Mexico Colorado River agreement, announced last week, sets aside 210,000 acre-feet of river water for environmental restoration in the delta over nine years… [T]hese flows will restore more riverfront with cottonwoods and willows than the last time [water was released] and their impacts will likely last longer.” Arizona Daily Star.

College attorney argues for in-state tuition for ‘dreamers.’ “The [Arizona Supreme Court] filing comes as the Pima colleges have joined with the Maricopa County Community College District in a bid to overturn a ruling earlier this year by the appellate court which concluded that DACA recipients are ineligible for education at the same rate charged to other Arizona residents… At the heart of the fight is Proposition 300, a 2006 voter-approved law which says in-state tuition is reserved only for those with ‘lawful immigration status.’” A Capitol Media Services/Howard Fischer report in Pinal Central.

[IN-DEPTH] Schools cover tab for lawmakers’ failure to fund special education. “Arizona lawmakers have not adjusted the additional dollars allocated for students with special needs in at least a decade, and public schools have been left to make up the difference.” Uneven distribution of students with special needs, assumptions that are no longer valid, formulas that are out of date, and shifting priorities among lawmakers are among the reasons for the “funding gap.” Arizona Capitol Times.

How Arizona members of Congress voted last week. Legislation that was up for vote — in the House: Stricter Abortion Ban, Women’s Health Exemption, 10-Year GOP Budget, 10-Year Democratic Budget, Republican Study Committee Budget, Black Caucus Budget, Progressive Caucus Budget. In the Senate: Confirmation Dispute Over “Net Neutrality.”  Legislation details along with a breakdown of yeas and nays, in Rose Law Group Reporter.

Going for broke: Many pro athletes still struggling with finances. “Eight years after an eye-opening Sports Illustrated study suggested 60 percent of NBA players go broke within five years of retiring from the game, concerns remain about professional athletes’ finances as another NBA season nears… Athletes in financial distress can be found in all leagues and all cities, including those with Arizona connections.” Cronkite News.

Battered by the Dodgers, Diamondbacks turn to Plan Z — Zack Greinke.“When the series shifts to Phoenix on Monday for Game 3 at Chase Field, the focus will turn to Greinke, whose poisonous darts represent the Diamondbacks’ last line of defense against a Dodgers team that produced 17 runs on 24 hits in Games 1 and 2.” The New York Times looks ahead at tonight’s game — and at the road former Dodger Greinke has traveled in getting there.

Newsmaker BONUS: Fernanda Santos: Journalist grows roots in the borderlands. “Fernanda Santos spent 12 years at the New York Times, including the past five as a correspondent based in Arizona. When faced with a decision to continue at the newspaper or stay in Phoenix, she chose the desert. Now she’ll teach a new generation of journalists at Arizona State University.” By Ben Giles in Arizona Capitol Times, (Subscriber Content).

Final 21 platted and engineered lots at La Canada Ridge in Oro Valley sell for $2.3 million Read more

Studio Ma-designed Great Hearts Academies opens to students Read more

McCarthy Building Companies updates Mingus Union High School Read more

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October 2017