The Dealmaker: 2/5/2018

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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




[OPINION] My View: Don’t put a brake on private property rights in Arizona.“Principle, not politics must carry the day”… In a co-authored piece at PBJ, Rose Law Group litigator Evan Bolick and former U.S. congressman Barry Goldwater Jr. make a forceful case for private property rights in the matter concerning the Chinese Cultural Center. Their commentary serves as a crucial reminder to any would-be defiers of the “Private Property Rights Protection Act” — that “architectural preference cannot trump private property rights, no matter how vociferous the objection by objectors…” (Subscriber Content).

Barney to step down as county supervisor to oversee East Valley Partnership. “Supervisor Denny Barney, District 1, will be transitioning out of his position on the Maricopa County Board of Supervisors to assume a new role as president and CEO of East Valley Partnership.” Supervisor Barney calls it something that he “couldn’t pass up” — “the chance to have a direct influence on economic development in the region [that his] family helped found.” Queen Creek Independent.

Feds say CAP district illegally favoring development over tribes. “[The U.S. Bureau of Reclamation] accuses the Central Arizona Water Conservation District of defying a 2007 legal settlement giving the federal government the right to buy certain classes of [CAP] water on behalf of [the Tohono O’odham and other Indian tribes].” Arizona Daily Star reports that “[s]ome of that water improperly went to… help developers meet their legal requirement for an assured, 100-year water supply for new subdivisions.” 

Will more millennials buy Phoenix-area homes? It’s what new home market needs to recover. “When, where and if [m]illennials, born between the early 1980s and 2000s, decide to buy homes is a huge proposition for the housing market.” Real estate consultant JIM BELFIORE and Arizona economist ELLIOTT POLLACK give their takes on the “tons of pent-up demand from [m]illennials,” in this report from AZCentral’s Catherine Reagor.

It’s the best time to sell in a decade. A “29.7 percent return” in 4Q 2017 is the “highest average home seller return on investment since Q3 2017.” ATTOM Data Solutions Senior VP Daren Blomquist: “[R]apid home price appreciation in red state markets is rivaling that of the high-flying coastal markets and producing sizable profits…” For highlights from the ATTOM report, including “homeownership tenure” and heat-map home-seller profits for PHOENIX and TUCSON, tap to REALTORMag.

Maricopa home sales. “An extensive list of sales data (PDF) for homes sold — February 2016 through January 2018, from subdivisions Acacia Crossings to Villages at Rancho El Dorado — in Rose Law Group Reporter (courtesy of InMaricopa).

JUST WARMING UP –Green multifamily community Aviva opens in Mesa. “Located at 8340 E. Baseline Road,” the “new $63 million property with 325 apartments” is “opening in various phases between now and June.” Aviva is “Housing Trust Group’s first development in Arizona” and the “first multifamily community in the area built to National Green Building Standard™ certification.” AZRE has floor plan and amenity details, plus a  rendering of “one of the largest pools in Arizona.” (Nice fire pits, BTW!).

Charity plans 2 PHX affordable MF projects. “Manzanita Village is proposed for 72 veteran- and family-targeted units on a 0.77 gross acre site south of the SEC of 19th Avenue and Colter Street. Mesquite Terrace, to the south of Manzanita Village, will put in place 80 senior-focused units on 0.85 acres.” AZBEX reports that “subsidiaries of Catholic Charities Community Services of Arizona [plan] to build low-income apartment developments…”

New senior apartments planned for Casa Grande. “[But the project] won’t come to fruition without further approval from the federal government. That’s because the owners [of Kachina Apartments, 316 N. Avenue A] are applying to create a rent-controlled complex… in an effort to help alleviate the strain caused by a lack of low-income to moderately affordable homes in the city.” Casa Grande Dispatch.

BREAK THE BANK? –Tempe tax break to private developer may go to Arizona Supreme Court. “The property-tax break on The Graduate Hotel in downtown Tempe adheres to state law, while the city’s tax break on a Bank of the West office building on Fountainhead Parkway was less clear… ‘There is adequate ambiguity to warrant pursuing a special action in the Arizona Supreme Court to resolve the matter,’” says a report from the Arizona Attorney General’s Office. AZCentral.

Irgens plans new Perimeter Center office bldg. “The move comes after the company last month sold a prior 43KSF Class A project on 6.54 acres at 17200 [N. Perimeter Drive in north Scottsdale]… The deal allowed Irgens to retain the 2.4 acres for the current [built-on-spec] project. 17 Three Hundred will be a multi-tenant, two-story building of tilt-wall concrete.” More at AZBEX.

After court loss, anti-Apex group files campaign finance reports. “An organization in opposition to the planned private motorsports complex, Apex, filed campaign finance reports with the City of Maricopa after being threatened with nearly $13,000 in fines for failing to do so.” With the matter now in the rearview, is it time to wave the checkered flag? City Attorney Denis Fitzgibbons thinks so. InMaricopa.

Queen Creek has first auto dealership. <– “And that ain’t no bull!” Rodeo Chrysler Jeep Dodge on a 6.65-acre site at 35747 N. Ellsworth Road “will be the second Chrysler Jeep Dodge Ram franchise within Earnhardt Auto Group’s stable of 24 dealerships and is the first and only auto dealership in Queen Creek.” San Tan Valley Sentinel has a rendering plus info on tomorrow’s groundbreaking ceremony. (On an interesting side note, STVS also reports that “cowboy car dealer” Tex Earnhardt “is still involved with his family’s automobile business as are his sons and grandchildren.”)

Six commercial acres sold in Casa Grande, uncertain plans. “Doug Leventhal, chief operating officer of Evergreen Development… said the [four lots, all on the S.W.] corner of McCartney Boulevard and Pinal Avenue were] sold to Hinkson Holdings, LLC.” Leventhal: “Our goal was to develop the land completely, but now [with the ‘turn around in the market’] we’re interested in selling…” As for Hinkson, Casa Grande Dispatch reports that the company is “currently… working with several users on the parcels…”

Flagstaff’s water supply seriously inadequate in a catastrophe. “If a catastrophic power outage hit northern Arizona, the city of Flagstaff would have enough water for approximately 44 hours.” That “is not enough” says the Flagstaff City Council. Arizona Daily Sun looks at the city’s “vulnerabilities” along with the step the council has taken in an effort to improve things.

Vote San Tan Valley Steering Committee releases budget. “The cost of turning San Tan Valley into a city has become more clear, but there is still plenty of information left to get a full picture.” San Tan Valley Sentinel takes a look at what the steering committee calls a “ ‘bare bones’ budget based on revenue from the Arizona’s shared revenue…”

Nonresidential construction maintains momentum. “Nonresidential construction spending expanded 0.8 percent in December, totaling $720.4 billion on a seasonally adjusted basis…” Associated Builders and Contractors’ Chief Economist Anirban Basu calls the data “less useful than usual.” Find out why at AZRE.

Cameron’s $5M + deals of the day –

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

Water, water everywhere can’t quell a Western drought. “Despite reservoir-filling downpours, drier-than-normal winter fuels wildfires and threatens agriculture; ‘It’s really like someone turned the tap off…’” And Arizona is no exception. The Wall Street Journal  (Subscriber Content).

A kingdom from dust. “Stewart Resnick is the biggest farmer in the United States, a fact he has tried to keep hidden while he has shaped what we eat, transformed California’s landscape, and ruled entire towns. But the one thing he can’t control is what he’s most dependent on — water.” The California Sunday Magazine.

Republicans have one week offer candidates to replace Shooter. “The Arizona House voted 56-3 to expel [Rep. Don Shooter, R-Yuma] from the Arizona House of Representatives… for sexual misconduct.” Cronkite News details what the Arizona Republican Party must do “before Feb. 10” in order to “come up with three people that will fill that particular vacancy.”

Women more addicted to smartphones than men, survey finds. “After surveying about 200 college students on their use of smartphones, a professor at Binghamton University found twice as many women addicted to smartphones, compared to men.” The Daily Courier reports, however, that “Yavapai College students were mixed on the finding that more women were addicted to their smartphones, compared to men.”

The Nunes memo and Jackie visits Melania as covered by “Saturday Night Live.” Steve Doocy (Alex Moffat), Ainsley Earhardt (Heidi Gardner) and Brian Kilmeade (Beck Bennett) INTERVIEW Hope Hicks (Cecily Strong), Louis Farrakhan (Chris Redd) and President Donald Trump (Alec Baldwin). PLUS: Melania Trump (Cecily Strong) is VISITED by former first ladies Jackie Kennedy (Natalie Portman), Hillary Clinton (Kate McKinnon), Martha Washington (Aidy Bryant) and Michelle Obama (Leslie Jones). WATCH both in Rose Law Group Reporter.

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