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The Dealmaker: 10/3/2018

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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





Phoenix City Council kills medical marijuana tax; a ‘victory against bad policy,’ says Rose Law Group land-use & regulatory attorney Thomas F. Galvin. (Disclosure: Rose Law Group represents multiple medical-marijuana dispensaries in Phoenix and was hired to help kill the potential tax.) Council voted yesterday to kill a tax proposal that “could have cost dispensaries millions of dollars each year.” The unanimous backtrack came after a backlash from dispensary owners and MMJ patients who “packed council chambers.” AZCentral • Tom Galvin: “Yesterday was a victory for a true grassroots effort against a last-minute tax ambush… If there’s another attempt to impose a tax on sick patients then the outcry and response will be even larger than what we saw on Tuesday evening.” You can read Tom’s entire comment in Rose Law Group Reporter. http://bit.ly/2NoY80E

Shea Homes to host Azure Paradise Valley grand opening. (Disclosure: Rose Law Group represents Shea Homes at Azure in Paradise Valley.) “This guard-gated community will include 66 homes on 23 acres, adjacent to the upcoming Ritz-Carlton Paradise Valley.” PV Independent has the details along with a rendering of one of the Azure residences. Is that a fire feature situated smack in the middle of the pool? Awesome! http://bit.ly/2Ov6Wql

Toll Brothers opens Legacy at Seville Golf Course Community. • 61 home sites • Four home designs • Basement options • Starting in the mid $500,000s • More on this “final new home neighborhood within the Seville Golf & Country Club community” at AZRE. http://bit.ly/2yez3js

Plans for 100 Mill Avenue in Tempe taking shape. “The 2.5-acre site will include a new 15-story modern office tower, and also a hotel or apartment complex…” RED News has a rendering and more on this Hines-Cousins joint venture, including info on what they have in store for Hayden House, the former home of Monti’s La Casa Vieja. http://bit.ly/2NkibwX

Taylor Morrison completes AV Homes acquisition. Taylor Morrison Chairman and CEO Sheryl Palmer: “The combined business broadens our target market with more options for first-time and 55-plus buyers, two consumer groups AV Homes served well.” See the projected numbers for “The New Taylor Morrison” — revenue, market expansion — in Builderhttp://bit.ly/2OxniP6

Valley home prices still on rise; outpace national average in August. Is the Phoenix housing market “overvalued”? CoreLogic thinks so, noting in its latest “price report” that the “region saw a 7.43 percent price increase compared with August 2017.” However, Phoenix Business Journal reports that we’re still a ways off from the “peak value” of 2006. http://bit.ly/2DTVeBf 

The hidden costs of buying a home. Down payment. Closing costs. Moving expenses. Where are these “one-time fees” the highest? And how does Phoenix stack up to other metros? RealEstate.com and Thumbtack teamed up for the analysis. Builder has the results. http://bit.ly/2DU3QrO

Avondale makes list of Top 100 cities for rentrepreneurs. Coming in at No. 84 on the iPropertyManagement list, Avondale “is projected to have a return on investment of 14.86 percent for rental property investments, a percentage significantly higher than the rest of the nation.” AzBigMedia. http://bit.ly/2yeCVRw 

YAM Circle announces full occupancy ahead of opening. Bob Parson’s YAM Properties announced that YAM Circle, the “17,800-square-foot shopping and dining complex in North Scottsdale” and the “first project the firm is building and developing from the ground up,” is all filled! See who’s taking up space, at AZREhttp://bit.ly/2OtGrS7

Family entertainment ctr. planned for Longbow. “FatCats bills itself as a ‘center where most of the popular forms of family entertainment are all located under one roof’ ” — and that includes “an eight-screen ‘recline and dine’ movie theater.” AZBEX has details on this “new 61.4KSF” family fun facility set to go in at Recker and Longbow Pkwy. http://bit.ly/2O4UkGQ

Offices look for competitive edge to attract and retain tenants. From “basic, must-have amenities,” to those that “draw and hold the best tenants and provide a winning office environment,” AzBigMedia takes a look at what brings home the Bronze, Silver and Gold when it comes to office features and amenities. http://bit.ly/2DSiCPG

New whse/industrial coming to Scottsdale. Capital Industrial Holdings seeks to build Outlook 99, a four-building, 53KSF industrial project in the DC Ranch Corporate Center. AZBEX has a rendering along with development details, including how the site’s “FEMA-defined AO flood zone” designation will impact project design. http://bit.ly/2zO66fW

Buckeye Elementary votes to name school after late Sen. John McCain.“John S. McCain III Elementary will be the district’s eighth elementary school” and is “expected to open in 2020 or 2021…” AZCentral. http://bit.ly/2yekE6A

[VIDEO] ADOT drone captures view of I-10 interchange work near Eloy.“State transportation officials have released an aerial video of the construction site of the new interchange being built at the junction of State Route 87 and Interstate 10.” Take in and enjoy the one-minute flyover here: http://bit.ly/2O2TZED 

Be a part of Scottsdale Polo Party history, November 10 and 11 – http://bit.ly/2P6fwsm

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!

Despite so-so tax climate, Arizona lures business relocations and expansions. “Arizona has attracted a steady stream of company relocations and expansions this year despite a tax climate ranked as only 27th-best in the nation.” AZCentral. http://bit.ly/2NZFFwJ

Facing shortage as November approaches, Maricopa County scrambles to find poll workers. “As the busier November election approaches, the Recorder’s Office is working to resecure the few thousand primary election poll workers — many of whom reported unpleasant experiences — and find hundreds more.” AZCentral. http://bit.ly/2DWXsQr

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