The Dealmaker: 9/14/2018

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




Customers to get refund for paying Johnson Utilities’ income taxes; ‘ACC got it right,’ says Rose Law Group Senior Partner Court Rich. “San Tan Valley residents will receive a refund from Johnson Utilities for the money that was being recovered from ratepayers to pay the company’s income tax.” — PinalCentral• Court Rich: “This is the welcome end to at least one Johnson Utilities saga…” Read the rest of Court’s comment and access the PinalCentral report here: 

Housing report: Numbers show steady gains in metropolitanmarketplace. A data-filled market report from Scottsdale Independent, featuring local insight focusing on Phoenix, Scottsdale and Paradise Valley. Here’s the upbeat keynote that kicks it off: “Phoenix metropolitan housing market is on even footing and economic indicators suggest good times are here to stay…” Read on!

Competition sparks re-imagination of the Salt River and John McCain’s vision. “The Phoenix-metro chapter of the American Institute of Architects has partnered with Arizona State University and the late Sen. John McCain’s office to create a competition for redevelopment of the Salt River. The competition is part of the “Rio Reimagined” project, a vision based on McCain’s idea to redevelop the banks and riverbed of the Salt River as an untapped economic resource.” AZCentral.

Gilbert likely to lose $4.4 million in sale of land it bought without a formal appraisal. “Not long after the [2009, well-over-market-value] purchase, town leaders were blasted for buying the land from dairy farmer Bernard Zinke without getting a certified appraisal.” Now it looks like Gilbert’s loss will be Desert Vista’s gain, as the town has already given the homebuilder a green light to purchase 58 acres, and “[n]ext week the council will consider another bid from Desert Vista for 80 acres.” AZCentral. 

Four historic buildings in Evans Churchill proposed for demolition. True North Holdings owns the buildings, which are “located between two parcels on North First Street.” Downtown Devil reports that “the land is expected to be used for the developer’s future projects on Second Street.” So far, knock-down plans are proceeding without a hitch. No official objections have been lodged to bulldozing these buildings that have been deemed “a hazard to the community.”

Most expensive home sales in Phoenix. That wild and wacky week-ending favorite from Arizona Foothills Magazine is back! Only this week’s installment isn’t so wild, nor is it that wacky. Oh, sure, there’s a house in Lafayette Villa featuring a “sparkling pool” that’s nowhere to be found in the photo. But besides that, all other home features mentioned in the slideshow captions are fairly conspicuous. As for sales, 9.3.18- 9.9.18, they totaled “over $21 million,” FALLING OFF like the weekly take-home pay of Les Moonves, some $5 mil from the previous week.

Maximizing value on multifamily’s lower floors. What’s a multifamily developer to do when “the lowest floors of a building aren’t bringing in the revenue they used to”? Forbes examines this “podium problem,” and the “creative ways multifamily developers can reimagine the first few floors of multifamily assets to improve their renters’ experience and increase revenue.”

SkySong project in Scottsdale adds more tenants, plans further expansion. “Occupancy continues to grow at SkySong, the Arizona State University Scottsdale Innovation Center, as developers plan the sixth phase of the office complex.” Phoenix Business Journal.

Windmill Winery expansion to occur in phases. (Disclosure: Rose Law Group represents Windmill Winery.) “The Windmill Winery’s expansion to the south side of Butte Avenue is still in the works, but will happen more slowly than previously announced last year.” See what Windmill owner Harold Christ says are “the main reasons for the stall,” in Flo Reminder.

Driverless cars will dramatically change where and how we live. And “too many small and large municipalities are not planning for the budgetary or zoning problems that will come with the widespread adoption of AVs.” In  this Forbes report, one East Coast CEO puts it this way: “It could affect home prices and land development patterns in cities that aren’t prepared for any of that.”

Queen Creek USD breaks ground on new elementary school in Mesa. “The new school, which is not yet named, is in the Cadence at Gateway community…” Rendering along with design details for “QCUSD elementary School No. 7,” plus pics of folks having a great time at the groundbreaking ceremony, in QC Independent.

Grijalva, Bishop craft surprise deal to save fund for public lands. “The House Natural Resources approved two bipartisan bills Thursday, to save the Land and Water Conservation Fund and to fund national park repairs, what Rep. Ruben Gallego, D-Phoenix, called ‘one of our best bipartisan efforts so far.’ ” Cronkite News.

Litchfield Park officials take part in League’s conference. “Among those in attendance were Litchfield Park Mayor Tom Schoaf, Vice Mayor Paul Faith, Councilwoman Ann Donahue and City Manager Bill Stephens.” Conference highlights in West Valley View.

Cameron’s $5M + deals of the day –

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

Colorado farmers hurt by drought worry it could get worse. “Just about all the water that feeds Arizona, Nevada and southern California originates in Colorado and the Centennial State’s largest users of that water toil harder with every passing season to eke savings from the gushing supply.” The Colorado Sun via Albuquerque Journal.

Trump condemned over plans to allow drilling near national parks.“President’s ‘energy first’ agenda means vast tracts of public land up for sale — without proper consultation, critics say.” The Guardian.

Justice Bolick starts ‘boring website’ amid political clamor. “Arizona Supreme Court Justice Clint Bolick has a website featuring his written opinions and articles, a rare step for a judge but one that becomes more explicable in an election year.” Arizona Capitol Times (Subscriber Content)

Candidates for top education office have concerns about charter schools.“Republican Frank Riggs and Democrat Kathy Hoffman met at the forum hosted by the Arizona Association of School Business Officials… Charter schools, insufficient public school funding and Proposition 305 were some of the topics…” Arizona Capitol Times.

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September 2018