The Dealmaker: 6/18/2018

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




Q&A with Craig Krumwiede, president and CEO of Harvard Investments.What was the genesis of Craig Krumwiede’s involvement with Harvard Investments? How did the company keep its head above water during the economic downturn? Does he have a favorite project? The Harvard Investments’ leader— and avid cycling enthusiast — discusses these and other topics (including fine foods and crazy cycling road trips) in this latest installment of Rose Law Group Reporter’s continuing Q&A series.

Standing room only hearing: Locals let it be known that Mohave County wants to keep its water. Last week, with a county official proclaiming “This is our water, and it’s our turn to grow”— and much to the “elation of residents” — Central Arizona Project canceled purchase plans for water rights in Mohave County. The Daily Miner reports, however, that some locals believe “they have not seen the last of CAP’s hand in the cookie jar.”

Split vote: Scottsdale paves way for Crossroads East atop 136 acres.“Nationwide Realty Investors is proposing a regional corporate center on 136-acres of the 1,000-acre plot of land.” In a “split vote” of 5-2, finding a “balance between welcoming and maintaining strong economic generators, and increasing density, height and population within municipal boundaries appeared to weigh heavily on some council members.” Get the recap of the “nearly five-hour discussion” in Scottsdale Independent

Phoenix-area cities among best in U.S. for buying investment properties.“Mesa was rated as the second-best market for investment properties in a study of 117 cities…” Gilbert, Glendale and Phoenix also placed high on the SmartAsset list. Why did the Valley “do so well in the rankings”? A SmartAsset exec explains, at KTAR.

Tucson City Council to vote on proposed 20-story tower near UA. “Richard Shenkarow bought the 2.5-acre site… more than 20 years ago with the hopes of one day developing something iconic.” Shenkarow calls the “proposed 20-story tower with retail, office and residential” a “culmination of my life’s work.” To say that the project will dramatically transform the NW corner of Speedway and Campbell would be an understatement. Just check out the BEFORE & AFTER images in Arizona Daily Star

Analysis: 15 percent of mortgages in 2 Arizona counties considered ‘underwater.’ “Cochise and Apache had the highest percentage of property owners with mortgages who owe at least 25 percent more on their loans than their property is worth.” Get a county-by-county rundown and access ATTOM Data Solutions’ full “seriously underwater” analysis at Arizona Business Daily.

A new mixed-use center with medical services is coming to Marana. “The 21-acre project [‘featuring medical, entertainment and hospitality amenities’], at Cortaro Road and Interstate 10, sold its first parcel for $966,650 for construction of a 40,000-square-foot United Healthcare Micro-Hospital.” Arizona Daily Star.  

See what Arizona’s universities are building with millions in new money from the state. “The plan, pushed by Gov. Doug Ducey last year, amounts to $1 billion over its lifetime. Universities will match these funds from their own budgets, allowing for massive investment in capital needs.” AZCentral takes a look at some of the approved projects now under construction at universities using the state bonding money.”

Fort McDowell Casino to double its size by 2020 with new expansion. “The new [166,000 square-foot] casino will replace the existing Fort McDowell Casino once it opens in spring 2020. The current 150,000-square-foot casino space will remain in place, but will be used for another purpose that is yet to be announced.” More on Fort McDowell Yavapai Nation’s plans for the new casino in AZCentral

Cameron’s $5M + deals of the day –

Don’t miss anything… follow multiple winner of the Arizona Republic’s tweet of the week contest, and Senior Partner at Rose Law Group and Director of RLG Renewable Energy Department, Court Rich. 



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

Colorado River drought contingency plan stalled. “Arizona is seeking a unified plan for water supply management to join its Lower Basin neighbors [in order] to preserve water levels in Lake Mead before they run too low.” But a “dispute over who speaks for Arizona has stalled work with California” and “Nevada on” the “drought contingency plan.” Water Education Foundation.

Bribery trial jury hears from defendant Sherry Pierce. “Pierce’s testimony went on for two days, and in that time, she pushed back on the image of herself and her husband painted by prosecutors and their star witness, Kelly Norton.” Arizona Capitol Times has the latest developments in its continuing coverage of what’s being dubbed the “Ghost Lobby” case.

Grass roots growing as midterms approach. “Maricopa County residents have come together in public libraries and other local centers to develop community improvement strategies.” It’s an “organization model” that “could have national implications.” KTAR.

Where are the most aggressive drivers in America? “Phoenicians are the most aggressive on highways and city roads, and Tucsonites are making a strong case in second place on city streets.” And how, exactly, did the blog Automatic Transmissions “figure out which drivers were most aggressive?” —>

The secret to loving your life. “Sometimes life sucks. Bad. Really bad. And you feel like you want a refund.” In THE WEEK, columnist Eric Barker points up the obvious, that  “Life Avenue is going to have its share of potholes,” and accepting them is the key. “But here’s the thing: Some of the wisest people who ever lived take it further than acceptance. A lot further.” Barker attempts to wrap his head around the notion of embracing everything that life brings, “including the truly awful stuff.”

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