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The Dealmaker: 10/1/2018

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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

 

 

 

U.S. Supreme Court ready to hear 2 important cases; Rose Law Group Founder and President Jordan Rose comments. Weyerhaeuser v. United States Fish and Wildlife Service involves “the dusky gopher frog,” while Knick v. Township of Scott deals with forcing “private property owners to allow the public on their land when there is evidence of a gravesite.” NAHBNow • Jordan Rose: “If the Federal Government can take private property for frogs that haven’t been seen on the land for 50 years, then all private landowners should be concerned about government overreach.” http://bit.ly/2Ot5vZj

Phoenix Mayor proposes massive taxes on medical-marijuana dispensaries; Rose Law Group land-use & regulatory attorney Thomas F. Galvin calls the tax ‘arbitrary and capricious.’ Phoenix New Times looks at a possible MMJ tax that could “decimate the city’s dispensaries and raise costs for patients.” • Tom Galvin: “There are thousands of Phoenix residents who suffer from chronic illness who benefit today from the law passed by Arizona voters nearly a decade ago. And all businesses in Phoenix will wonder – ‘are we next?’ ” Read Tom’s complete comment and access the New Times report in RLGRhttp://bit.ly/2Qlv5wu

Phoenix looks to tax medical-marijuana industry $50 million per year to fund public safety. AZCentral has more on the tax, “which would be charged to companies based on the size of each of their dispensary and cultivation sites” and “could cost some medical-marijuana distributors more than $1 million per year.” http://bit.ly/2NhDzmN

Scope of Mormon Temple-area project in Mesa to be doubled. The church’s real estate arm, City Creek Reserve, is “expanding its mixed-use, transit-oriented redevelopment” to include “[n]ew townhomes and single-family homes,” nearly doubling the “project from the original 4.5 acres to 8.2…” East Valley Tribune. http://bit.ly/2zJ4eFt

New housing for Tempe’s Broadway Road Corridor. (Disclosure: Rose Law Group represents Virtua Partners in some of their properties.) “Quyp Development Services, LLC has submitted a rezoning request” for “a four-story, 100KSF” multifamily build on the NWC of Broadway & Country Club Way. Details and rendering of the new 90-unit “Broadway Apartments” project, at AZBEX. http://bit.ly/2OsMfuY

New ASU developments will fund Sun Devil Stadium, other athletic facilities. AZCentral looks at the “first wave of development” of “more than 10 million square feet of apartments, offices, hotels, shops and restaurants” planned for the “350-acre Novus Corridor,” a project which is “expected to generate as much as $500 million for ASU athletics over the next two decades…” http://bit.ly/2IuX0aB

Design contract OK’d for 2 wells in Fulton Homes’ Barney Farms project. (Disclosure: Rose Law Group represents Fulton Homes.) QC Town Council has approved a “contract with Clear Creek Associates for design, construction management and evaluation services for two new wells to be drilled at the Barney Farms residential development…” QC Independent. http://bit.ly/2y7x5ku  

P&Z commissioner quits over Casa Grande lot size dispute. Mike Henderson has resigned following P&Z’s approval of amendments for two PADs. The changes, one to Bella Vista, another for G Diamond Ranch, “would result in allowing a mix of multifamily and single-family housing.” PinalCentral reports that “it’s a change in the single-family lot width that remains a point of contention between city staff and Henderson.” http://bit.ly/2Ot7BIF

New apartments considered at Old Jerome High School. “Jerome Town Officials opened” a recent “public meeting in the courtyard of the old high school with representatives of Verde Exploration,” which is seeking to “convert two spaces” in the high school into “residential apartments.” CV Bugle. http://bit.ly/2IwrclR

Hancock Builders celebrates 40th anniversary with new name. “Greg Hancock’s company has a new name, Hancock Builders, and an innovative new rental home model.” AZ Business Magazine. http://bit.ly/2NhA4g9 

Most annoying neighbors in America. Home improvement website Improvenet“set out to identify the cities in America where neighbors roil each other most, and a laundry list of the most common complaints.” KEY TAKEAWAY: Four of the five “most annoying cities” are in hot climates. That’s gotta mean somewhere right here in the VOTS, right? http://bit.ly/2y3TEqy

Paradise Valley evaluates pending deliberation of SmokeTree application. “The property owner’s request for redevelopment includes 150 traditional hotel guest room keys [and] 30 resort residential units…” Last week, PV Town Council “discussed and evaluated a Statement of Direction to guide the planning [and] revitalization.” This week, PV Independent has the recap. http://bit.ly/2RcL0Pj

94 acres including Anglin Dairy may be annexed into Queen Creek. “In 2017 the land owners in the proposed area held discussions with the Town of Queen Creek about annexation. Recently, the land owners proceeded with… a planned area development rezone application [in] association with the proposed annexation request.”QC Independent. http://bit.ly/2y2XlNd

Flagstaff Mall redevelopment pushes some businesses out. “At least two businesses… have had their leases suddenly terminated, seemingly without having violated their lease in any way.” But mall owner Cypress Equities tells Arizona Daily Sun that the terminations “are necessary to accomplish our goals in redeveloping the shopping center.” http://bit.ly/2DNKgxd

ABOR approves NAU parcel purchase, capital improvement plan. “With Thursday’s unanimous passing of the Arizona Board of Regent’s consent agenda came the board’s approval of Northern Arizona University’s $7.9 million purchase of land and of the university’s capital development plan, which includes the construction of a $139 million STEM building.” Arizona Daily Sun. http://bit.ly/2ItjAAt

Approved CIPs show sustained growth in sector“Publicly funded construction projects are hitting a big upswing in Arizona, fueled by increased tax revenue and a broad-based positive economic outlook.” The revenue rundown along with a look at the capital projects at AZBEX. http://bit.ly/2NdukDT

Latino home, business ownership bolstering Arizona economy. “Latinos are spending big bucks in Arizona [including when it comes to homeownership], and their buying power is expected to continue growing, according to a new report by the Arizona Hispanic Chamber of Commerce.” KTAR. http://bit.ly/2IvjisW

Gilbert among top 50 fastest growing cities; other Arizona cities far behind, survey reports. “WalletHub compared 515 cities of varying population sizes based on 15 key measures of both growth and decline over a period of seven years. [The] data set ranges from population growth to unemployment rate decrease to growth in regional GDP…” http://bit.ly/2DL9rQW 

Horses and Horsepower Party gets even better: APEX Cup to debut At 8th Annual Bentley Scottsdale Polo Championships, November 10th and 11th – http://bit.ly/2y0cCOu


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!


U.S. Supreme Court declines to hear industry challenge to Grand Canyon uranium mining ban. “The National Mining Association and the American Exploration and Mining Association claimed the Interior Department’s ban is based on an unconstitutional provision of federal law. Today’s decision means that the Supreme Court will not review December’s appeals court decision that rejected industry arguments and upheld the ban.” The Center for Biological Diversity. http://bit.ly/2QoEjs5

Tucson Water mistakenly sent contaminated water to thousands of residents. “Shortly after making that discovery, utility officials also learned that they had mistakenly thought for some time that uncontaminated water was coming out of the plant, which has long treated south-side water pollution.” Arizona Daily Star. http://bit.ly/2P3WoeI

Arizona Realtors behind Prop 126 to ban future taxes. Citizens for Fair Tax Policy, a campaign “financed by Arizona Realtors and their national parent organization,” aims to “put a provision in the state constitution to forever preclude the Legislature from expanding the current sales tax base to services that are not already taxed.” A Cap Media Services/Howard Fischer report. http://bit.ly/2zIUTgE

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