The Dealmaker: 4/24/2018

Supervisors reject incorporation vote in San Tan Valley. “The Pinal County Board of Supervisors has rejected petitions from a citizens group seeking a vote by San Tan Valley residents on whether the community should form a city.” Florence Reminder reports that supervisors rejected the petitions because they “were submitted without a resolution” and because a “high number” had “invalid” signatures. So, does this mean the incorporation effort is dead? Not quite. But it is on life support. http://bit.ly/2HnWs9n

Iconic Arizona Biltmore resort in Phoenix sold for $403 million. “Friday’s sale [to New York-based Blackstone Real Estate Advisors] is the biggest individual resort sale in Phoenix since The Phoenician was sold to Host Hotels & Resorts for $400 million in 2015.” READ ON at AZCentral. http://bit.ly/2qU39Wf

Statesman Group launches $200M Desert Ridge project. The Luxe, 233 condos • The Montreux, 335 apartments • For-sale and for-rent luxury developments next door to one another • Near Deer Valley Road between 52nd and 56th streets • Details on both at AZRE. http://bit.ly/2HKG2Y1

Landlords, associations take aim at marijuana; ‘Get it in writing’ says Rose Law Group Partner and Director of Medical Cannabis Laura Bianchi. Medicinal and recreational marijuana is legal in many states, but REALTORMag reports that this hasn’t stopped HOAs and landlords from “cracking down on residents who use or grow marijuana inside their units or in common areas.” Commenting on the article, Laura Bianchi says it’s one of “numerous complexities and hurdles” that can arise “in any new and evolving industry,” and stresses that “if you are leasing and occupying property owned by a third-party, any action and/or use involving legal cannabis must be addressed ahead of time and in writing.” http://bit.ly/2r0tUJ1

Phoenix real estate in March: Sales up 3%, inventory down 13% YoY. CalculatedRISK’s Bill McBride fills us in on Greater Phoenix Residential Sales and Inventory figures for March – a month which Bill boldly notes was the “seventeenth consecutive… with a YoY decrease in inventory.” http://bit.ly/2Kaz0Kk

As demand for rental units around downtown Tucson grows, developers step in. “As demand for rental units around the university and downtown continues to grow, developers are looking to upgrade or add units in small infill pockets to lure young professional tenants.” Arizona Daily Star looks at some of the projects currently under construction. http://bit.ly/2Hntjv8

Existing home sales beat headwinds, score small gains. Up 1.1 percent from February, the “second consecutive gain after two straight months of declines.” In Mortgage News Daily, NAR’s Lawrence Yun points to the “Northeast and Midwest” for helping “overall sales activity rise” but also grumbles about “speedy price growth” and how it’s “squeezing overall affordability in several markets – especially those out West.” http://bit.ly/2vLRy0A

Ironwood Drive section rezoned to attract development. “The Apache Junction [P&Z] at a recent meeting voted 7-0 to recommend that the city council approve the city-initiated rezoning” for a stretch along “Ironwood Drive between Apache Trail and Broadway.” It’s a move that should help ease “setback, parking and landscaping requirements” for “future commercial development and redevelopment.” Details in Apache Junction Independent.  http://bit.ly/2Fdnbj4

Maricopa plans to hire Horst as new city manager. Maricopa Monitor reports that the city “will vote on a contract to hire Ricky Horst as the Maricopa city manager.” Horst, who is “currently the city manager of Rocklin, California,” says he is not going to be any kind of “status quo city manager.” Much more on Ricky Horst here: http://bit.ly/2qXCJlF

Bill to fund White Mountain Apache water project stalls – again. “[It] stalled in the Senate over language added in the House that would exempt businesses run by any tribe… from NLRB oversight. Republicans say the NLRB language is needed to correct an overreach by the agency into an area where it has no business, while Democrats accuse the GOP of holding water rights hostage to weaken labor protections.” Cronkite News. http://bit.ly/2qVctcN