The Dealmaker: 2/12/2018

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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





22-story mixed-use tower planned in Tempe. Developer Core Spaces is “looking to create” The Collective on 7th & Myrtle, “a 240-feet tall tower with 269 luxury apartments, 6KSF of first-floor retail/restaurant,” and more.  AZBEX has renderings and further details, including unit breakdown and info on The Collective’s “unusual… parking plan.”

KB opens new north Tucson neighborhood. “KB Home plans to construct a total of 45 two-story residences” at La Cholla Station, “situated in an established northwest Tucson neighborhood near the intersection of La Cholla Boulevard and Orange Grove Road.” Get the full, press-release treatment, in Builder.

New study shows Phoenix singles have hard time purchasing homes. Zillow “analyzed the value of homes and income data from census in order to estimate the length of time it would take for both a single person and married couple to save a 20 percent down payment for a home.” So how long would it take in Phoenix? KTAR has the findings, but here’s a HINT: It’s about a third less time than “single homebuyers in San Jose, Calif.,” which had “the longest duration of time in the nation.”

5 least expensive home sales in Maricopa. “The least expensive home sold in Maricopa Dec. 16-Jan. 15 was a 46-year-old house across the street from Maricopa High School. It was the first time the home, built in 1972, had been on the market.” Check out a pic and learn more about the place, plus get info on the four other top bargain-basement deals — location, selling price — at InMaricopa.

How tax-reform changes will affect homeowners and those considering buying. “The nation’s homeownership rate recently rose on an annual basis for the first time in what seems like forever — the first gain since 2004. If this trend is to continue, however, it will have to swim upstream against some of the changes brought about by income-tax reform.” Could reform “erode the the argument in favor of ownership”? AZCentral examines.

Chinese Cultural Center saga: Where the legal disputes stand. “News of a remodel to Phoenix’s Chinese Cultural Center announced last summer sparked a feud over property rights and preservation…” AZCentral takes “a look at where each legal dispute stands” in a “battle” that it says “is nowhere near over.”

Developer plans to scare up a haunted hotel in century-old building in Peoria. “Dan Scott Halbert of Matrix Real Estate Investor Network… bought the [Edwards Hotel] last October…” Now, he wants to give the “blighted building” a “second life” as a “vacation destination” by turning it into a “haunted hotel.” Halbert: “I want it to have that look, especially at night, that makes you turn your head and say, ‘What is that, I gotta go see what that is.’ ” But could anything make the fenced-off, boarded-up place look MORE scary than it does right now? Even Halbert admits that when he first saw it, it gave him “a creepy feeling.” Check it out at AZCentral.

IREM/CCIM Economic Forecast foreshadows good times. The two associations recently held their 11th annual conference “to predict what’s ahead for 2018,” which included the following “special panels” and themes: Industrial: The fourth revolution • Office: Higher rents, lower supply, more demand • Multifamily: Hot, no changes on horizon • Retail: Brick-and-mortar demand remains. David McGlothlin has the event recap at AzBigMedia. 

Real estate expert: Regions like Phoenix should stop promoting themselves as low-cost to attract business. “Low costs have long been a calling card for Phoenix as it competes with the more expensive markets such as California and the Pacific Northwest…” But CBRE research head, Spencer Levy, says that “regions such as Phoenix and former East Coast and Midwest industrial cities need to ditch that cheap date mentality.” Levy calls the tout of “less expensive” a “long-term loser.” In PBJ.

Residents sound off on transportation needs near Hunt Highway and Power Road. “[Maricopa County] conducted the event… to help determine the future transportation needs of its residents in an area [that] generally includes Queen Creek to the east, Gilbert on the west and county island to the south.” The residents’ “recommendations”? “Send traffic to Riggs Road. Keep Hunt Highway rural.” OUR recommendation? Tap through for details in Queen Creek Independent. –>

County hits 27 property owners near Casa Grande with liens. “Residents of the Indian Hills subdivision have had the liens placed following a dispute over residential sewer service to the area. The liens were all issued last fall, and range from about $800 to a little more than $1,000.” Casa Grande Dispatch.

Steering Committee details new San Tan Valley budget. “The Vote San Tan Valley Steering Committee met with community members of San Tan Heights to discuss incorporation and release additional details on their recently released budget.” The budget committee scaled down costs reported from “neighboring towns” and also from the “county’s budget.” See the estimates the committee came up with in San Tan Valley Sentinel. 

Businessman Michael Lafferty running for Phoenix mayor. Saying that he “really feel[s] it’s time to bring an outsider in with real business experience,” the well-known businessman and “longtime Phoenix resident” tells The Arizona Republic that “he is entering the race for the city’s top spot,” adding: “Whoever is mayor is running a $5.2 billion company with a lot of moving parts. That’s where I have an advantage…”

Cameron’s $5M + deals of the day. Among the MAJOR deals that Cameron Carter, Director of Rose Law Group’s Transactional Real Estate Department, thinks you need to know about: This transaction involving the seller DMB Mesa Proving Grounds, LLC and buyer MECP1 MESA 1, LLC. Changing hands? 431.87 acres. Tap through for further details. 

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

Move on to require electric companies to get half their power supply from renewable sources. “Clean Energy for a Healthy Arizona filed paperwork with the Arizona secretary of state on Friday. They hope voters will require electric companies to get half their power supply from renewables by 2030, which would be a significant jump from the existing standard.” AZCentral.

Bill puts Arizona on track to end public financing of pro sports stadiums.Arizona Capitol Times reports bills pushed by the conservative Americans for Prosperity are being introduced at state capitols to block money for new stadium construction, maintenance or promotions of existing sports facilities.”

Infrastructure rollout: $1.5 trillion. “President Donald Trump’s long-awaited infrastructure plan… could inspire a wave of toll roads, ease decades-old regulations and permanently change cities’ and states’ expectations for assistance from Washington.” However, POLITICO reports that “[s]ome conservative[s]… are already expressing [sticker] shock at [the] price tag, while Democrats say [the federal dollars] would be too little to fill the backlog of crumbling roads, bridges, railroads, tunnels and airports…”

More than 100 “dismayed” Democrats intend to run for Legislature this year. “So far, 112 Democrats have told the Arizona Democratic Legislative Campaign Committee, which recruits candidates to run for the state House and state Senate, they intend to run for the state legislature in 2018. That number includes 55 people of color and 51 women.” KEY QUOTE: “A lot of folks believe that our public education system is on the wrong track… They’re saying to themselves enough is enough.”

Volunteers continue signature hunt to bring big cat trophy hunting ban to voters. “SPEAK Tucson is one of many entities in support of the statewide campaign to ban trophy hunting in Arizona. The proposed ballot measure focuses on the protection of five wildcat species including mountain lions, bobcats, jaguars, lynx and ocelots. The goal is to gather a minimum of 150,000 signatures by July.”  But don’t look for any John Hancocks coming from members of Safari Club International. KVOA.

The journey from typewriter to word processor and the Arizona Constitution. PinalCentral contributing columnist, and word processing veteran, Bill Coates, muses on the way writing and reporting has evolved over the course his 40 years in the newspaper biz — and he goes back even further, to 1910, with observations on the composition of Arizona’s Constitution, which was “the first state constitution written on a typewriter.” Read Coates’ entire word-processed piece in Rose Law Group Reporter.

Time to chill out. Taking a cue from what “brilliant physicist, Stephen Hawking… sees as the biggest threat to world survival,” Senior Reporter/Writer Phil Riske says it’s time we all dial things down a notch or two, in Rose Law Group Reporter “Growlery.”

Trophy High Rise in Phoenix’s Central Corridor Sells for $80.7 Million Read more

William Ryan Homes opens sixth neighborhood In Goodyear’s Estrella By Newland Communities Read more

Greater Phoenix industrial vacancy drops to lowest level in 10 years Read more

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February 2018