The Dealmaker: 2/22/2018

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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






Ritz-Carlton Paradise Valley breaks new ground seeking Five Star excellence. “My family always had this running dispute of why nothing had been built here, my mother’s theory was it was an Indian burial ground, my father’s theory was they couldn’t get enough money for it — and my theory was we hadn’t gotten the Ritz-Carlton here yet…” That bit of humor from U.S. Rep. David Schweikert, who was among the speakers at the site-dedication festivities for Five Star Development’s Ritz-Carlton Paradise Valley. Other speakers and/or attendees included: Scottsdale City Council members, Paradise Valley Town Council, PV Mayor Michael Collins and Vice Mayor Jerry Bien-Willner.” Full coverage of the event, which many agreed has been “years-in-the-making,” in Paradise Valley Independent.

Marley Park set to expand: Surprise P&Z advances plan for new 776-lot subdivision. “If approved by the council, the new Homestead at Marley Park subdivision… will include 776 new homes lots on roughly 235 acres… located between Waddell Road and Sweetwater Avenue east of Bullard…” Prelim plat details for this Meritage Homes’ project, and a recap of P&Z’s approval, at YourValley.

20 acres in Peoria sold for development of multi-family community.“Christopher Todd Communities has purchased 20 acres… at Happy Valley Rd. and Vistancia Blvd.,” with plans for Hancock Builders to put up “224 rental homes at the site.” RED News also reports that “the seller has an additional 23 acres immediately west of this site, which is currently in sale negotiations that would result in a project that complements the Christopher Todd development.”

Park Place in Tempe moving forward. “The project… is a  proposed mixed-use development comprised of two, five-story buildings that offer 285 dwelling units, along with 9KSF of commercial space… The parcels, which total 4.45 net acres… sit on either side of Terrance Road at Apache…” KEY FEATURE of this Park7 Group development: “A pedestrian bridge connects the buildings at the fourth floors and runs over Terrace Road.” Rendering and further details at AZBEX.

Habitat Metro plans second apartment project in downtown Mesa. “[Renderings] show a five-story apartment building with space for commercial businesses on the ground floor, along with parking. [Habitat Metro] wants at least 70 market-rate, luxury apartments within the building and 5,000 square feet of commercial space [and] has its eye on a city-owned parking lot on West Pepper Place.” AZCentral also reports on Habitat Metro’s other plans to “bring a 15-story apartment and hotel” to downtown Mesa.

Existing home sales decline, inventory still a big issue. January’s sales pace was “the slowest since last September and the largest annual loss since a 5.5 percent decline in August 2014.” Mortgage News Daily has all the data, plus NAR president Elizabeth Mendenhall and association chief economist Lawrence Yun each weigh in on the “unexpected” negative report.

Fake news: ‘We can’t build for entry-level home buyers.’ “As existing home inventory reaches crisis level lows, new home builders rev their lower-price-tier engines.” Builder’s John McManus on why “new home building at the lower part of the price spectrum is more important this year than it has been in a long time.”

New budget law includes last-minute tax relief for millions of homeowners. “Deep inside the behemoth 654-page bipartisan budget bill recently signed into law by President Trump are little-noticed extensions of key tax-code benefits that expired in 2016 but now can be used for upcoming 2017 tax filings.” TheWashington Post is calling it a “buried treasure for homeowners.” –>

Technologies are changing the future of buildingAzBigMedia takes a look at how “technologies such as building information modeling (BIM)” and “virtual reality (VR)” continue to “transform the way projects are designed, built and experienced,” and how one “nationally-ranked commercial contractor” in particular is putting these cutting-edge technologies to use.

How much could SkyBridge impact PHX East Valley? “As proposed plans for the SkyBridge expansion at Phoenix-Mesa Gateway Airport make their way to the airport authority board in March, local business and political leaders are optimistic cargo could become a big business in the Southeast Valley.” AzBigMedia.

Cactus League brings windfall to East Valley. “The Cactus League long has had a significant economic impact on the East Valley — home to three spring training stadiums in Mesa and Tempe. Even Chandler and Gilbert see significant tax revenue spikes during the spring baseball season.” But as East Valley Tribune makes clear in this report, it’s Mesa that has long reigned supreme as revenue-generating “king of the Cactus League.”

Milwaukee Brewers unveil details of Maryvale Baseball Park renovation, expansion. • New entry plaza • New clubhouse building • New agility field. Those are among the changes that the “Brewers revealed Wednesday.” Check out the 12-image SLIDESHOW and get details on the estimated $60 million major-league makeover, in Milwaukee Business Journal (via PBJ).

House named Pinal supervisors chairman, wants to cut taxes. For the second time in three years, “Todd House is the new chairman of the Pinal County Board of Supervisors.” (‘He was also chairman in 2015.’) The two main goals for chairman House in this second go-round? Ensuring funding for public safety and returning money to taxpayers. San Tan Valley Sentinel.

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

300 Mesa High students, others walk out in support of stricter gun control. “At noon Wednesday, 300 students streamed out of their classes, met at a flagpole and walked half a mile to a nearby park to rally in support of stricter gun control in the wake of last week’s Parkland, Florida, high school shooting… Gilbert High School students also walked out Wednesday, and students at schools in Chandler, Tempe and Phoenix plan similar protests…” (RELATED, also from Cronkite News: “Gun control bills stall in Arizona Legislature.”AZCentral:“Scottsdale police: Teen arrested after posting threat against school online.” KTAR: “Thousands to march on Arizona’s capitol in response to Florida shooting” and “ASU professor: Close schools to force gun control action in Congress.”)

Revenge porn? New details about topless photo sent to Steve Montenegro. “News broke on Tuesday that [a] woman staffer had exchanged flirtatious texts with [the GOP congressional candidate] late last year, and that she also sent him a topless photo of herself.” Phoenix New Times has the latest developments on a “scandal” which “threatens to alter the race for the congressional seat vacated by Trent Franks.”

Expelled legislator Shooter plans to sue the state. Former state lawmaker Don Shooter, “who was expelled from the State House after an investigation found he sexually harassed several women and created a hostile workplace, now claims he has knowledge of scandal and corruption in the Governor’s Office…” Shooter’s “explosive claims” are outlined in an “85-page ‘Black Binder.’ ” Details on the contents of the Black Binder and reactions to the allegations contained within, in this Fox 10 VIDEO report.

Capital gains tax break passes House. “Got stocks, land or similar investments? The state House voted 35-25 Wednesday to give you a tax break when you sell those items. But how much you will pocket depends, quite frankly, on how much you make.” Capitol Media Services’ Howard Fischer breaks down the numbers in Arizona Capitol Times.  

Securing Arizona’s water future. This NEWS RELEASE from the Governor’s Office serves as an intro to a “detailed policy primer” of a plan that would, ultimately, “contribute to higher Lake Mead elevations, reducing the likelihood of a shortage and protecting the State from the economic consequences of water delivery reductions.” In Rose Law Group Reporter.

The crown jewel of golf no longer has a Tiger in its tank. Viewership of televised golf has decreased, and Senior Reporter/Writer Phil Riske nails it as to why. But Phil’s observations and words of wisdom in this piece for Rose Law Group Reporter  “Growlery” may just be enough to bring some “fair-weather golf fans” back into the viewership fold.

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