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The Dealmaker: 9/12/2018

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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

 

 

 

 

ADEQ wants info on Johnson Utilities before approving STV developments; Rose Law Group Senior Partner Court Rich quoted. “Arizona Department of Environmental Quality Director Misael Cabrera said the agency would not be issuing approvals for construction in the Johnson Utilitiesservice area until they get more information from the new interim manager [EPCOR].” But Court Rich, who represents “area home builders Shea Homes, Fulton Homes and Community Southwest,” tells Pinal Central that ADEQ’s development freeze is “potentially devastating.” http://bit.ly/2p4TACx

The Stewart nears completion in Downtown Phoenix. (Disclosure: Rose Law Group represents Aspirant Development.) The “final structural concrete” has been poured on the “19-story, 312-unit luxury” building. AZRE has a slideshow of the topping off ceremony, along with a complete rundown on the Aspirant Development project, including how The Stewart was able to incorporate “architectural details” from the building that once housed The Stewart Motor Company and, later, Circles Records & Tapes. http://bit.ly/2N96fCX

Nikola Motor Co. backs out of West Valley truck plant, settles in Coolidge. (Disclosure: Rose Law Group represents Saint Holdings as the landowner.) A couple weeks ago, Dealmaker had news from PBJ on Nikola Motor Co. selecting Coolidge for its massive truck plant after the company decided it wanted the facility to be “functional earlier than it could have been in Buckeye.” Now, AZCentral covers it, filling in a bit more detail on: The selection, Coolidge’s unanimous approval of the development agreement, and the positive economic impact it will have for the city. http://bit.ly/2CPLxn0

NAHB asks IRS to clarify key questions on Opportunity Zones; Daniel Gauthier, a Rose Law Group associate focusing on Opportunity Zones, comments. Per NAHBNow, guidance includes “defining qualified investments, clarifying the oversight process for investment funds and clarifying and defining the vague terms included in the statute.” Daniel Gauthier: “Although further guidance from the IRS is surely forthcoming, investors of all sizes can immediately position themselves to qualify for substantial tax incentives by investing in Opportunity Zones.” http://bit.ly/2x4H6OU

Tax breaks for luxury towers spur redevelopment, and backlash.“Incentives have fueled downtown redevelopment in many cities, and officials are using them to attract more residents to their districts.” Phoenix is one such city and is among the metros of focus in this New York Times report. http://bit.ly/2x79HU4

Homebuilder pays $13.25M for land in Gilbert. Maracay has closed on the purchase of premium townhome sites at the last remaining parcel of The Lakes at Annecy, a partially developed master plan community located near the San Tan Village area north of the 202, east of Val Vista. Full news-release details in Rose Law Group Reporterhttp://bit.ly/2MoI1PZ

Scottsdale homebuilder breathing new life into abandoned community in Gilbert. (Disclosure: Rose Law Group represents Raintree Investment Corp.) PBJ (subscriber content) with more on Maracay’s Lakes at Annecy deal, a purchase it made from Raintree Investment Corp. “Chris Janson, executive vice president of Raintree Investment in Phoenix,” says that “he was glad to be a part of bringing the project back to life.” And Chris Janson tells Rose Law Group Reporter, “The Lakes at Annecy has been a great project for us in the heart of Gilbert. Our team at Raintree will enjoy watching it be completed by two great builders over the coming years. We very much appreciate the help from Rose Law and the town of Gilbert in making it a success.” http://bit.ly/2OejHlu

Horton drives express lanes, seeing no reason to tap the breaks before 2020. Builder’s John McManus looks at the “once and would-be future No. 1 home builder in America,” D.R. Horton, and what it is that “sets the Horton team apart from most of the rest.” http://bit.ly/2Ofj8rU

Survey: Americans’ ideal home. “A waterfront home in the suburbs that has nearly 5,000 square feet and a one-story ranch may be at the top of American consumers’ real estate wishlists, according to findings from a Porch survey…” Explore the main findings via REALTORMag. http://bit.ly/2MpaOUo

7 fantastic Frank Lloyd Wright homes on the market right now. And the David and Gladys Wright House, right here in Phoenix, tops this Realtor.com® now-on-the-market rundown. http://bit.ly/2xcf9Vs

Strong demand boosts average rent to a new high. “U.S. multifamily rents in August maintained the year’s torrid pace,” with Phoenix among the month’s “year-over-year rent growth leaders.” Highlights from the Yardi Matrix Multifamily National Report for August 2018, along with a link to the whole thing, at AZRE. http://bit.ly/2NHQbrg

Phoenix, Arizona rates on home loan delinquency, foreclosure continue decline“Phoenix-area mortgage delinquency and foreclosure rates continued to fall in June, and they are seeing lower levels around the state as well, according to a [CoreLogic] report out Tuesday.” Pay a visit to PBJ for the data. http://bit.ly/2O9mEns

Ten years gone: Eight graphs that show the unexpected ways the financial crisis changed the world. Redfin CEO Glenn Kelman recalls “the great financial crisis” that began on September 15, 2008. Kelman looks at the changes that resulted — many of which were not what Redfin “anticipated.” http://bit.ly/2x4LVaY

Minnesota window maker to build Goodyear manufacturing campus.“Andersen Corp…. will open a $105 million manufacturing and distribution campus in Goodyear, company officials said Tuesday.” Chairman and CEO Jay Lund: “This new manufacturing campus is an exciting opportunity for us to… expand our presence in the western United States where we are experiencing significant growth…” PBJ. http://bit.ly/2oZOtUa

2 Mesa buildings to double as office/whse space. “Orsett Properties, LTD has submitted a rezoning request and project proposal… to build two industrial office buildings in the Ray Road Commerce Center North… Each of the two office buildings is planned to be 32.7KSF.” Further details, including illustrated elevations, at AZBEXhttp://bit.ly/2OfZqfo

Flagstaff: New three story hotel to be built on Milton and Butler.“Demolition of the historic Knights Inn motel on the corner of South Milton Road and West Butler Avenue began this week, and a new three-story hotel is planned to take its place.” Arizona Daily Sun reports, however, that the property owner has yet to “acquire the construction permits” — but he’s “working” on it. http://bit.ly/2CQFmzf

Court rejects $500K claim against Pinal County. “NGU Contracting filed a lawsuit last year, accusing Pinal County of breaching a contract by not paying extra labor and material costs for a public works project near Maricopa. On Aug. 28, the Arizona Court of Appeals reversed a Pinal County judge’s decision not to dismiss NGU’s lawsuit.” Maricopa Monitor. http://bit.ly/2p3NYbG

New legal action tries to block Gee from Club West. “Inter Tribal Golf Association and its CEO Richard Breuninger accused Gee of foreclosing on the course Sept. 4 despite ‘deep discussions’ with what they claimed was a new owner of the association to hold off on the trustee sale.” As for Willson Gee, AFN reports that he is “mystified by the latest claims.” http://bit.ly/2OdFV7k

Queen Creek annexes quarter-mile stretch of Riggs Road, adding right-of-way. “The ultimate goal [of the annexation and extension] is to make a roadway with two westbound lanes, one eastbound, bike lanes, a curb and a sidewalk on the north end of the street. There are plans to expand to six lanes as developments occur in the area.” QC Independent. http://bit.ly/2x83BCD 

Babbott elected chair of Coconino County Board of Supervisors. For this news writeup Dealmaker introduces the very first installment of a feature we’re calling “Captions Without Photos”: “Outgoing Coconino County Board of Supervisors Chair Matt Ryan, left, shakes the hand of new board chair Art Babbott after handing off the gavel.” See the photo that caption came from and learn a bit about Babbott’s plans as board chair, in Arizona Daily Sunhttp://bit.ly/2p0SR5u


10th Annual AZ DealMakers – January 11, 2019. Don’t miss out on the BIGGEST homebuilding industry event for real estate forecasting and analysis, featuring the best speakers in the industry, including Rose Law Group founder and president Jordan Rose and Lennar division president Alan Jones. Plus, Belfiore Real Estate Consulting president Jim Belfiore provides an Overview on Housing. For the full list of speakers & panelists, along with registration info for Arizona Housing: Growth, Its Costs, Challenges & Opportunities, tap on!  http://bit.ly/2LAvclq 

 

 

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

 

2 frozen heads in Scottsdale. A recent report on a lawsuit filed against a cryogenics company has Senior Reporter/Writer Phil Riske thinking back on his uneasy tour of the ‘life extension’ facility. Rose Law Group Reporter. http://bit.ly/2N7U1KY 

Google’s location privacy practices are under investigation in Arizona.“The probe, initiated by Republican Attorney General Mark Brnovich and confirmed by a person familiar with his thinking but not authorized to speak on the record [but Google probably knows who it is], could put pressure on other states and the federal government to follow suit, consumer advocates say…” The Washington Post. http://bit.ly/2NGf32E

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The Land Agency brokers 113 finished lots within Encantada Estates in Buckeye, Arizona  Read more

The Land Agency brokers 1,500 acre, 4,926 planned lot, master planned community in Pinal County Read more

New custom homes at Talking Rock – Outlaw series Read more

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