The Dealmaker: 3/14/2018

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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




Now open: Toll Brothers at Verde River. • 35 luxury homes • 2,889 to 4,217 sq. ft. • 20,000 sq. ft. home sites • Prices from the upper 600,000’s • Design details and renderings at Arizona Foothills Magazine

Phoenix getting apartments, new supermarket where Bashas was. “It will now be [the 190-unit ] Osborn Residences” at 7th Avenue and Osborn, and Sprouts will anchor the adjacent Osborn Marketplace. More on the High Street Residential/MetLife Investment Management development in Patch.

[VIDEO] Housing estimates predict strong revival for Maricopa. “A report by Phoenix-based consulting firm Applied Economics estimates… 1500 new units will be built per year over the next five years” — with tens of thousands more housing sites expected by 2038. Dive into the upbeat housing data in AE’s 40-plus page analysis (PDF), and/or WATCH the video and get the condensed version of the report in just under 2 minutes — at InMaricopa.

A HABITAT SETBACK?  Push back on Verde Valley Habitat for Humanity homes. “The Verde Valley Habitat for Humanity is looking to build a triplex for three needy families in Uptown.” Red Rock News reports that the “city received four letters from nearby residents, all opposed to this request. However, it’s unclear if their concerns were limited to just the setback issue or the project in general…”

Mill Town request for taller building, rent-by-room withdrawn. “[Vintage Partners’] 1,221-bed residential and commercial project will now need to comply with [Flagstaff’s] 65-foot height limit and won’t be approved for the ‘rooming and boarding facility’ designation.” The reaction from Vintage? No sweat. In Arizona Daily Sun.

Apartment security deposits could soon be even harder to get back in Arizona. (And just when we were touting the news in yesterday’s Dealmaker about Arizona being so security-deposit friendly!) Under HB 2263, renters “would have 60 days to challenge a landlord withholding a security deposit… Currently, there is no specific time limit in state law.” But AZCentral reports that the “actual number of days a renter would be able to file a dispute could be even shorter because of the legislation’s wording.”

ASU Downtown Phoenix campus and city experience rapid growth. It is the “university’s fastest growing campus in recent years,” with growth that “mirrored” that of downtown as a whole. Supporters of the campus in this report from Downtown Devil champion it as a “true economic engine,” highlighting it as a development which has “played a big role in the revitalization of downtown Phoenix.”

ASU may receive city assistance for Thunderbird School relocation. “The Downtown, Aviation, Economy and Innovation subcommittee supported an intergovernmental agreement Tuesday with [ASU] to assist in the relocation of the Thunderbird School of Global Management… Christine Mackay, city of Phoenix economic director, said the city can anticipate high tax revenue as a primary return of the city’s investment.” Downtown Devil. 

Quick Quack is back, wants Tempe to reconsider rejection of car wash. (Disclosure: Rose Law Group represents Michael Pollack in this matter.) Last month, “after nearly three hours of debate in a packed council chambers,” Tempe City Council quashed permits for a proposed Quick Quack Car Wash at Baseline and McClintock. Now, the car wash has come back, quacking (via letter) that “the council inappropriately nixed the project based on public opinion, not legal standards…” ‘This is just a complete slap in the face to the residents of Tempe, [remember every homeowner within a mile of the site signed in opposition],” said Rose Law Group attorney Thomas Galvin, who represents Michael Pollack, the owner of the nearby Peter Piper Pizza Plaza and other commercial properties in the East Valley.” AZCentral.

Pre-annexation agreement amended with Banner Health. “An amendment to the pre-annexation development agreement between the town and Banner Health accommodating third-party contractors doing work on behalf of Banner was approved in a 4-2 vote…” Who voted yes, who voted no, and a little bit more on what the amendment is about, in Queen Creek Independent.

Scottsdale, Gilbert happiest in Arizona, Phoenix Tucson not so much. The findings come from WalletHub which “compared more than 180 of the largest U.S. cities across 28 key indicators of happiness.The data set ranges from depression rate to income-growth rate to average leisure time spent per day.” Study highlights at Arizona Daily Independent. 

DON’T WORRY, BE GILBERT – Why Gilbert shows up on all the best places lists. Not only did Gilbert land on WalletHub’s happiest-cities list, but it “also ranks as the top place in Arizona to raise a family, according to a new list by” Gilbert Mayor Jenn Daniels says the rankings “are just a couple of the reasons why so many people choose life in Gilbert…” Phoenix Business Journal.  

Casa Grande mayor chides Maricopa mayor over ‘Battle of the Burbs.’ “The battle’s on with some good-natured ribbing from Casa Grande Mayor Craig McFarland, whose city is squaring off against the city of Maricopa [and Mayor Christian Price] in the quarterfinals of the Battle of the Burbs, an online contest [from KMXP-FM 96.9] that pits suburban cities and towns against one another.” Find out what the prize is for the winner (and what could be at stake for the loser) at Casa Grande Dispatch.

Tempe election results roll in; incumbents show strong lead. “Lauren Kuby, Robin Arredondo-Savage and Jennifer Adams lead in the race for three seats on the Tempe City Council, according to early unofficial returns… Three ballot measures also appear to be on their way to passage by overwhelming margins….” AZCentral (UPDATE: Incumbents Arredondo-Savage and Kuby both WON; Jennifer Adams, Tempe Staff employee for 28 years, still LEADS in the race for the open seat. And if you haven’t yet reached your free-look limit at Arizona Daily Star — or if you SUBSCRIBE— there’s this: “Challengers ahead in South Tucson recall election.”).

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

Court of Appeals rules rental car tax legal for stadiums, other projects. “[T]he judges overruled a lower court decision… which said the Arizona Constitution requires levies connected with driving to be spent only on road and other transportation projects” Capitol Media Services’ Howard Fischer reports in Arizona Capitol Times that this could be headed to the Arizona Supreme Court, since “[a]t issue is a law designed to help counties attract and retain sports teams and spring training by building facilities.”

Don’t count sales tax extension out yet. “House Speaker J.D. Mesnard [is] withdrawing HB 2158… The move removes a legislative obstacle to the bill and breathes new life into an effort to extend [a] sales tax… which funds teacher salary and performance pay.” <— information from Arizona Capitol Times and this RELATED item from same —> “New proposed tax cuts abound as need for K-12 funds persists.”)

Legislation: Students may report suspicious activities via statewide hotline. “[A] Senate panel agreed Tuesday to set up a statewide hotline where students and others can anonymously report dangerous activities and threats.” Howard Fischer reports, however, that “there’s at least one more change that needs to be made to the bill” that would address legal issues involved in the event anonymous callers’ “identities are ever disclosed.” Arizona Capitol Times via Rose Law Group Reporter.

Democrats sink House vote on Goldwater Institute-crafted ‘right to try’ bill. The bill would have given “terminally ill patients access to experimental drugs without FDA authorization…” The FREEDOM to do anything and everything possible to save one’s own life — DENIED by a vote of 259-140. This POLITICO report calls it “an unusual defeat for the libertarian Goldwater Institute…”

[OPINION] The real problem with video games. “Donald Trump has long claimed that exposure to simulated violence in video games begets violent tendencies in real life.” In this New York Times piece, Seth Schiesel argues that the president is “merely engaging in political distraction.”

Estrella Bolsters Home Builder Portfolio With Courtland Communities Debut Read more

Rosewood Homes earns 6-Awards at 22nd Annual Elliant Homebuyers Choice Awards Read more

Multifamily Rental Rates on the Rise in Greater Phoenix Read more

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