The Dealmaker: 9/4/2018

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





Former U.S. Sen. Jon Kyl will be John McCain’s successor in the U.S. Senate. “Jon Kyl, once one of the most powerful Republicans in the U.S. Senate, will return to Capitol Hill to succeed the late Sen. John McCain, The Arizona Republic has learned.” Gov. Ducey: “There is no one in Arizona more prepared to represent our state in the U.S. Senate than Jon Kyl…”

Arizona Cardinals announce new name for stadium: State Farm Stadium. “The Arizona Cardinals Football Club and State Farm have reached agreement on an 18-year naming rights commitment that results in the team’s home venue becoming State Farm Stadium.” As for University of Phoenix, AZCentral reports that it “will remain heavily connected to the Cardinals as the team’s Official Education Partner.”

Controversial Phoenix Frank Lloyd Wright house for sale: $12.95M. (Disclosure: Rose Law Group represents Peter Sperling, Craig DeMarco, Andy Ogan and Jim Furcini in preserving the residential historical character of Arcadia.) There once was a plan to turn the house into a museum. Later, another plan was hatched to turn the home into a school. Neighbors weren’t happy with either of those ideas. Now, the “2,553-square-foot house built in 1952” is on the market. AZCentral.

Johnson Utilities seeks $450 million in damages from ACC. —> “[F]or damages incurred by the interim manager order. [George] Johnson claims that the ACC has taken Johnson Utilities’ property in violation of the Fifth Amendment…” San Tan Valley Sentinel.

Fulton Homes adds options as other builders narrow theirs. (Disclosure: Rose Law Group represents Fulton Homes.) “In a homebuilding market that is seeing national builders shutter their design centers in favor of the ‘cookie-cutter’ style of building homes, Fulton Homes is giving buyers more choices.” AzBigMedia. 

FARM HOUSES – 2 farms to grow into large housing communities in Avondale, Goodyear. In Avondale, a new MPC called Alamar from Brookfield Residential Properties will include “nearly 3,700 homes” on farmland sold by the Larkin family. In Goodyear, near Camelback and Citrus,, the “Abel Ranch project will turn 218 acres of farmland into 451 homes.” Details on both developments at AZCentral

SUPER ACCOMMODATIONS – 13 new hotels coming to West Valley, from Avondale to Glendale, as region grows. “The rush of new hotel developments in the West Valley could add more than 1,300 rooms to the 5,615 rooms currently available…” A “growing business base” and the upcoming Super Bowl LVII have a lot to do with it. Find out what’s coming and where at AZCentral.

Phoenix housing market picks up while other major markets slow down. “Although the average U.S. home value rose, the rate was slowing in 20 out of 35 of the largest U.S. housing markets, with Phoenix being one of the few exceptions.” Zillow did the report, KTAR has the rundown.

Where does Phoenix rank among Most Valuable Cities in America? “LendingTree researchers analyzed the total value of residential real estate in American cities.” It then “compared the total value to the GDP of countries around the world.” So where does that put us in terms of worth? We’re about on par with Iran. AZ Business Magazine.

How much house can $300,000 buy in the Tucson area? It depends on neighborhood. “Options vary from a 3,400-square-foot home to a 1,600-square-foot condo…” Arizona Daily Star serves up a “sampling of what’s available.” —>

Tapped out, or plenty to tap? Developers argue there’s more water in the Colorado River Basin. “Can the Colorado River watershed have too much water and not enough at the same time? The answer is tied up in multistate agreements governing water that exists on paper but often not in the real world.” KUNC.

Power to the people: 7-mile project offers southeast Valley energy solution, SRP says. (Disclosure. Rose Law Group represents a large group of dairymen in Mesa on placement of this power line.) “Salt River Project is seeking to construct a 7-mile overhead 230-kilovolt power line along a half-mile stretch of Crismon Road into Queen Creek. Town officials are seeking a route that “won’t harm” stakeholders. QC Independent. 

New spec industrial bldg. planned in Mesa. “A new, 85KSF speculative industrial building will be going up at Falcon Field [south of McKellips, sunset-side of Higley].” Project rendering, plus a rundown of the Majestic Realty Co. proposal, at AZBEX

South Central extension continues community discussions. “Phoenix residents met Thursday evening for the first of several neighborhood outreach meetings to discuss the city’s contentious plan to extend the Valley Metro light rail to South Central Phoenix.” The focus of this meeting was on the “differences between the two-lane design and four-lane design and the pros and cons of each.” Downtown Devil has the recap.  

Hopes are regulations don’t hamper solar growth in Pinal County. “The county has three solar projects waiting to be approved, and both local politicians and energy companies are looking to expand solar energy in Pinal County. However, in many cases county regulations are not prepared to smoothly accommodate the projects.” County officials are trying to fix that. PinalCentral. 

Flagstaff: Council’s search of new city manager postponed. The search was rolling along quite smoothly. But then several candidates “withdrew their applications for personal reasons, preventing the council from executing a competitive recruitment process…” Arizona Daily Sun.

18 reasons to check out Scottsdale Polo Championships. The Eighth Annual Bentley Scottsdale Polo Championships: Horses Horsepower returns on November 10-11, 2018 at WestWorld of Scottsdale. AzBigMedia has the “Top 18 Reasons” to attend:

Cameron’s $5M + deals of the day –

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 and a mixer with the finest in AZ Real Estate! Includes an Overview on Housing provided by Jim Belfiore, President of Belfiore Real Estate Consulting. For the full list of ten keynote speakers & panelists plus registration info for the event titled Arizona Housing: Growth, Its Costs, Challenges & Opportunities, tap on! 



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

Cindy McCain wields quiet influence over Senate replacement. “More than a dozen McCain family friends and Republicans familiar with the search said that while Cindy McCain isn’t expected to take an active political role, Arizona Gov. Doug Ducey wants to avoid alienating her as he heads into a tough reelection fight.” POLITICO.

John McCain’s final months: ‘A man in a hurry all the way to the end. “Rick Davis, a longtime member of McCain’s inner circle who visited McCain frequently this year at the McCains’ Cornville property, revealed new details about the final months of McCain’s life out of the public eye.”

‘I can’t believe it’s not a crime’: Brnovich says lawmakers must pass charter school reforms. Arizona Attorney General Mark Brnovich: “When you see public money go to line the pockets of someone who is supposed to help students become a millionaire, I can’t believe it’s not a crime.” AZCentral.

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September 2018