The Dealmaker: 2/26/2018

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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




Ironwood Crossing annexation slated on Queen Creek Town Council agenda. (Disclosure: Rose Law Group represents Fulton Homes at Ironwood Crossing.) “Town Council unanimously approved [three] business agreements that take it one step closer to annexing the Ironwood Crossing residential subdivision.” The agreement with Fulton Homes “allows the town to annex about 601 residential lots.” Details on the agreements and why “final approval can come none too soon for [some] Ironwood Crossing residents,” in Queen Creek Independent.

Grand opening: White Horse by Camelot Homes. “The gated community is located off Pima Road and Los Gatos Drive, adjacent to DC Ranch.” Arizona Foothills Magazine reports that “[t]hirteen of the community’s 50 half-acre lots — to be built in two phases — have already been sold.” Tap through for images and a rundown.

Phoenix’s Chateau on Central urban mansions get new name, lower prices. “Moins Cher on Central” is NOT the new name of the “21-urban home development” but it might as well be, as “prices for the 12 brownstones that haven’t sold yet will fall to the $900,000s.” That is WAY DOWN from the “$2.5 million” that a “couple of the mansions, across from the Phoenix Art Museum” were “listed for last year.” More on the changes for the development, which is now being called The Arris, at AZCentral.

Valor on Eighth offers affordable housing for veteran families. • Valor on Eighth in Tempe is the first of its kind affordable housing project in Arizona that will provide housing for veteran families with children • The 50-unit mixed-income rental community includes five live-work units on the ground floor and 45 multifamily units • The City of Tempe approved the contribution of the land to develop the community • Further details and rendering at AZRE

It’s selling season. Is your home in the best price range, neighborhood to benefit? “Metro Phoenix’s home buying and selling season is in full swing. And because there aren’t enough houses listed for sale, prices are expected to rise in some Valley neighborhoods…” A Catherine Reagor/AZCentral report featuring an Open door SLIDESHOW of “Phoenix-area homes for sale.”

Flagstaff home values on the rise — but unevenly. “[N]eighborhoods with properties priced below $300,000… are appreciating in value the fastest. On the other hand, larger houses in neighborhoods with home values above $500,000 are retaining their value. But with fewer sales and lower demand, values are increasing more slowly.” Arizona Daily Sun.

Industry vets saw void in land development — and filled it. “[After the recession,] when the market began to pick back up, [Mike Koch and Sean Cooney] noticed that there weren’t many companies developing lots.” So in 2015, they launched “Suncrest Real Estate & Land.” Since then, the company “has acquired six projects and is now managing the development of roughly 2,000 lots in four markets” — including Phoenix — and “has partnerships with… D.R. Horton, Pulte Group, and M/I Homes.” Builder. 

State of the Town: Growth continues to drive projects in Queen Creek.“Mayor Gail Barney led his fellow town council members in thanking the community for their role in supporting the recent accomplishments of the municipality. About 100 people attended the address to hear specifics about the milestones the town achieved last year as well as to peek into projects and events planned for 2018.” Coverage in Queen Creek Independent.

New shopping center coming to central Tucson. “University Commons at Feldmans will be located on the [N.E.] corner of Speedway and Sixth Avenue and feature 10,000 square feet of retail and restaurant space. Two tenants… have already signed leases for space in the future center.” Find out who those tenants are, plus view a rendering and get a construction timetable for this DSW Commercial Real Estate development, at Arizona Daily Star

Planned high-rise on Tucson’s Fourth Avenue pits nostalgia against redevelopment. “It’s a tale as old as Tucson: Developers see economic potential. Some residents see destruction.” The developer in this case is Memphis-based EdR, which Arizona Daily Star reports “is planning to build a multilevel apartment complex on Fourth Avenue between Sixth and Seventh streets called The Union on Sixth.” But some area residents would rather “keep ‘Fourth Avenue weird and wonderful.’ ”

13 office construction mistakes to avoid. <—From a guide “for office managers and executives,” compiled by “Adam Felson, director of officemorphs, a San Francisco-based project management firm that oversees commercial real estate improvements, office build-outs and office re-designs.” At AzBigMedia.

Spring Training is the philanthropic backbone of the Scottsdale Charro endeavor. “For 57 years the Scottsdale Charros have been in constant pursuit of improving the lives of Scottsdale residents while preserving the community’s ties to its western heritage.” Scottsdale Independent chats with Charros’ Executive Director Dennis Robbins about Spring Training as well as Scottsdale Stadium renovations, “to better understand the positive effect they will have on the community.”

A brief history of the 100-year-old Tempe squatter case. “[A]round 1890… Jesus Martinez purchased an adobe home near the Salt River in Tempe… Martinez thought he owned the land; the federal government said it belonged to Arizona. But for almost a century, it wasn’t a problem.” Then came Tempe Town Lake. “As development approached, the city of Tempe decided” that the “dirt lot” occupied by Steve Sussex, “the great-grandson of Martinez” was “worth fighting over.” The story at AZCentral.

Norgaard, DiCiccio still pressing freeway issues. “State Rep. Jill Norgaard and city Councilman Sal DiCiccio are continuing to meet with South Mountain Freeway planners on a variety of issues that include the possibility of an interchange at 32nd Street… But DiCiccio said that even if ADOT concludes a full interchange is doable, agency officials have told him they’ll shelve the plan if it looks like it could prompt another lawsuit.” AFN.

Pollack’s generosity to shine once again. (Disclosure: Rose Law Group represents Michael Pollack in various capacities.) “East Valley developer/entrepreneur Michael A. Pollack [was] invited to oversee the Assistance League of the East Valley’s Mardi Gras Night’s festivities… For Pollack, it [was] another addition to an impressive history of the contributions [that] he has made over the years to the Assistance League’s community-wide support of Operation School Bell and others in need.” Wrangler News.

Hyatt Place Page/Lake Powell will opening in April. The “newly constructed, three-story, 102-room select service property overlooking Lake Powell… set to open in early April of 2018.” More on the hotel and a rundown of its offerings in AzBigMedia.

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

[BREAKING] Supreme Court snubs Trump, keeps DACA immigration program in place for now. “The Supreme Court refused Monday to review a federal judge’s order that the Trump administration continue [DACA] a program protecting undocumented immigrants brought to the United States as children.” USA TODAY.

[OPINION] Supreme Court set to establish major precedent in email privacy. “Whether law enforcement officials can compel providers to turn over [data ‘stored on servers located outside the United States’] is the subject of both an important Supreme Court case — U.S. v. Microsoft — being argued Feb. 27 and critical legislation — the Clarifying Lawful Overseas Use of Data or CLOUD Act — introduced in Congress this month…” By Curt Levey, president of Committee for Justice, in The Hill.

Arizona Republicans inject schools of conservative thought into state universities. “Around the country, Republican legislatures have been taking a greater interest in the affairs of their state universities to counteract what they see as excessive liberalism on campus, from quarrels over conservative speakers to national anthem protests to the very substance of what students are taught. In Arizona, the Legislature has taken a direct role…” The New York Times.

Legislature punts funding limits for professional sports stadiums. A KTAR follow-up on a Glendale Star report which Dealmaker mentioned Friday, regarding the failure of a bill “sponsored by Sen. Warren Peterson (R-Gilbert)” that “would have limited public funding for professional sports stadiums, ballparks andarenas.”

House Speaker wants voters to revisit Prop 206 to level field between employers, workers. File this one ALSO under “In Case You Missed It in Friday’s Dealmaker.” —> “On a 35-25 party-line vote, the Republican-controlled House of Representatives decided Wednesday to ask voters to eliminate a provision in the voter-approved law, which spells out that if an employer takes action against a worker within 90 days of a complaint, it is presumed that the action is illegal retaliation.” A Capitol Media Services/Howard Fischer report, this time in The Daily Courier.

Honk, honk: It’s a rough haul when it comes to commuting to work in Arizona. “According to a recent study from [of all places!], Arizona ranked as the eighteenth-worst state in the nation for average commute time.” Find out how long it takes Arizonan’s “to get to and from work,” and access the full don’t-fall-asleep-at-the-wheel study, at KTAR.

No, it’s not just you, everybody is exhausted. And no, it’s not getting better. “The chaos of life and its collision with technology and tragedy has more of us feeling drained, frazzled and emotionally overrun.” USA TODAY looks at “why we’re all so stressed out and what we can do about it.”

[COMMENTARY] Need emotional support? That’s Ruff. Bert Stratton is the uncle of Jordan Rose and Court Rich. He’s also an occasional contributor to the New York Times, the Times of Israel, the Cleveland Plain Dealer and City Journal — and the Wall Street Journal. AND he’s a “landlord in Cleveland with a no-dogs policy.” One of his pet peeves? Renters with emotional support animals.

Fourth quarter existing home prices up 5.3 percent; nearly two-thirds of markets at all-time high Read more

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

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February 2018