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The Dealmaker: 5/7/2018

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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



Former U of A professor, Dr. Carey Herbert, named Chair of Rose Law Group’s Business and Corporate Transactions Department. Dr. Carey Herbert has served as President and Assistant General Counsel for a real estate investment sponsor, spent eight years as a member of the corporate securities department of an international law firm, and also worked with the Enforcement Division of the Securities and Exchange Commission. Additionally, Dr. Herbert was a professor in the Eller Business College at the University of Arizona. Rose Law Group Founder and President Jordan Rose on Dr. Herbert: “This Department demands someone with a diverse background in law and business and Dr. Herbert certainly meets that demand and then some. Indeed, when it comes to overseeing the constantly changing landscapes involving corporate and business transactions, the doctor is in.” More in Rose Law Group Reporter. http://bit.ly/2I16QQx

Massive Mesa Temple plan could transform downtown. “Using Pioneer Park and the revamped Temple as its anchor, that transformation could attract an unparalleled revival.” Maricopa County Supervisor and East Valley Partnership President Denny Barney calls it “a catalyst for future investment.” Details are “trickling out” in East Valley Tribunehttp://bit.ly/2rwqRIP 

408-unit development planned in Gilbert. The Crossing at Cooley Station would be a “gated multifamily luxury development” near Wade and Williams Field. Whitneybell Perry Architects representing Frankel Family Trust “requested approvals for the development plans and details.” For info on key design features of this 25-acre development, tap to AZBEX. http://bit.ly/2I1bUV3

Developer eyeing Dells-area project to hold open house May 8. At the meeting, the public will have an opportunity to receive info and give feedback on Arizona Eco Development’s plans for a “3,850-home development that would include annexation of two parcels of land, totaling more than 3,000 acres, as well as a parcel that is already within [Prescott] city limits.” Much more on the project in The Daily Courier. http://bit.ly/2rqFfSP

Builder honors Lennar as 2018 Builder of the Year. “After inking home building’s deal of the century, the production builder doubles down on creating value for both itself and its customers, with a sharp focus on what comes next.” By John McManus, in Builder. http://bit.ly/2rq9UQa

The draw of Downtown Tucson has some suburban dwellers downsizing.“The desire for urban living is growing across the country as people look for walkability and downsizing, saving on car expenses and upkeep of large homes. Developers are building everything from luxury apartments to affordable housing and even dorm-style living units.” As for Tucson, the Arizona Daily Star reports that “1,400 new homes are proposed or under construction in the downtown area by 2019…” http://bit.ly/2KIx2RH

13 cities where you can live comfortably on less than $60,000 a year. “As cost of living rises across most of the country, the number of affordable major cities is declining… Affordable cities might be getting rarer, but they’re not completely gone.” One Arizona city lands in the top 5 on this Forbes’ list. (Note: It takes several click-throughs of the other cities on the list to find out which one it is. Fun times, though!) http://bit.ly/2rsKikE

Home buyers beware: Most expensive housing markets in some states average $750,000-plus. “24/7 Wall Street reviewed median home values of 3,119 counties and county equivalents as of the second quarter of 2017 from the National Association of Realtors.” USA Today has the state-by-state results. http://bit.ly/2KKjx43

The great housing reset. “The U.S. appears to be undergoing a gradual, long-term shift from a society of mostly homeowners to more of a mix of homeowners and renters.” And it’s the Sunbelt that has experienced the biggest drop in homeownership. Phoenix Maryvale gets a homeownership-dip shout-out in this CityLab report, which examines some of shift factors. http://bit.ly/2IoLnEH

Here’s an inside look at Chandler Viridian. “The eyesore that was once Chandler Elevation is a thing of the past and in its place is rising a six-story masterpiece,” reports AZRE, which received an invite from Hines and Whiting-Turner construction to “tour the construction site to see the progress on the building.” Check out the snaps.—> http://bit.ly/2IfMZkf

Legacy Traditional Schools building huge east Mesa campus. • Nearly 90,000 sq. ft. • 47 classrooms • 1,200 K-8 students • On Guadalupe near Signal Butte • Legacy’s fifth East Valley school • More in East Valley Tribune. http://bit.ly/2jH1YFQ

CityGate rebranded for proposed furniture outlet. “On Thursday, Casa Grande [P&Z] voted to approve a zone change for the property that soon will be officially known as CityGate, the former outlet mall near Jimmie Kerr Boulevard and Interstate 10. The property currently is owned by AZ Sourcing, which also owns PhoenixMart” — and it could soon be home to a “furniture assembly and sales operation.” PinalCentral. http://bit.ly/2rqQ4nT

Paradise Valley mulls public responsibility of private investment.“Following the [PV] Town Council’s April 26 study session and regular meeting, the council regrouped around the board table to discuss identified capital improvement projects… However, the kibosh came quickly during an astute observation of Councilman David Sherf curious as to why the municipality was paying for private projects.” Paradise Valley Independent. http://bit.ly/2KHf3Ly

Surprise asks voters’ permission to buy water company to plan for more growth. “A May 15 special election asks Surprise voters for permission to purchase Circle City Water Company… An acquisition would add Circle City Water’s lines to Surprise’s and increase the city’s share of Colorado River water.”  How much would it increase? Who would pay for the acquisition? Why the special election? Answers at AZCentral. http://bit.ly/2HXREro

LEAVE THE ZONING TO US’ – Greyhound bus terminal gets red light from Casa Grande panel. “The owner of [the] Chevron gas station on Trekell Road is seeking a zone change to allow the Greyhound bus terminal to be located on-site. Greyhound has been loading and unloading passengers at the location since July.” Reps for the Trekell Chevron “implored the commission to approve” the change. P&Z hasn’t budged. Casa Grande Dispatch. http://bit.ly/2FVqGLu


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

Arizona Legislature left work undone this session, but had some big wins too. Capitol Media Services’ Howard Fischer assesses the “just-completed legislative session” as if it were a “school year,” handing out “A”s, “F”s, and “incompletes” for everything from the “comprehensive plan to deal with opioid abuse,” to a pay raise for teachers, to water legislation which was left on the cutting room floor. In Arizona Daily Starhttp://bit.ly/2K1K0sy

Facebook hires Arizona’s Kyl to advise on anti-conservative bias. “Former Arizona GOP Sen. Jon Kyl… is partnering with the tech giant as lawmakers hammer it for a lack of transparency, not doing enough to combat fake news ahead of the 2016 election, and — if you ask many Republicans — having a built-in bias in its codes and personnel that shuts out conservative voices.” Dems call the “notion” of bias a “hoax.” Roll Call. http://bit.ly/2jF98uo

REAL FAKE NEWS: Arizona politicos #starttheirownrumors. “House Speaker Kirk Adams [has] decided to fire back at the political railbirds who have been speculating about a potential congressional run for the Mesa Republican…. He started a Twitter hashtag for facetious buzz, aptly tagged #startyourownrumor,” and he “kicked it off with a few fake rumors of his own…” Arizona Capitol Times has a sampling. http://bit.ly/2jFKwBC

DOUBLE FEATURE: Stormy Daniels trolls Trump with ‘Saturday Night Live’ appearance; Giuilani mocked. “Adult-film star Stormy Daniels mocked President Trump” and SNL “mocked Rudy Giuliani for his bombshell revelation that President Trump reimbursed his personal lawyer, Michael Cohen, for a payment to” Stormy. Watch BOTH and get The Hill recaps here: http://bit.ly/2FRjPTf

No laughing matter: Rose Law Group Hero of the Day. “Page Ken Jeong and he comes to the rescue. Even if the physician-turned-comedian is in the middle of his comedy routine.” USA Today reports that is what “happened at the Stand Up Live Comedy Club in Phoenix on Saturday” when “ABC’s Dr. Ken jumped from the stage to help a woman in the third row who required medical assistance.” READ ON: http://bit.ly/2I0iI9x

Life gets better after 50: Why age tends to work in favour of happiness. “When Jonathan Rauch fell into the doldrums in his 40s, he had no idea why. Life was good: he had a successful career, a solid relationship, good health and sound finances. Then he learnt about the happiness curve and it all became clear.” There is “increasing evidence that happiness through adulthood is U-shaped…” The Guardian. http://bit.ly/2HXy9zu

Declining vacancy spurs new developments in Phoenix office market Read more

Rosewood Homes awarded “Small Volume Builder of the Year” at the 33rd Annual Phoenix metro Mame Awards  Read more

Consumers’ Interest Trends Towards Sustainability, say Realtors® Read more

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