The Dealmaker: 12/27/2018

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



City owned Talking Stick Resort Arena gets tenant (Phx Suns) to pay for part of renovation ….other part paid with money from TOURISTS (existing tax on hotel rooms and rental cars). (Disclosure: Rose Law Group represents the Phoenix Suns.) The city owns Talking Stick Resort Arena, the Phoenix Suns games are only 33% of the events at the Arena., “There’s a deal on the table and the Suns are willing to double down on Phoenix.” AZCentral reporter Jessica Boehm walks through the options facing the City in maintaining the City-owned Arena with a tax that was created nearly 30 years ago for this very reason…

Goodyear approves rezoning of Microsoft site. (Disclosure: Rose Law Group represents the PHX 10-11 project.) PBJ reports on Goodyear City Council’s recent zoning approval “to allow for light industrial uses, 60-foot metal buildings and chain link fences on the property.” Goodyear Mayor Georgia Lord: “[The project is] kind of one of those things where I want to stand up and say ‘Yippee,’ but I won’t.”

Council bans development, demolition in east Boulder opportunity zone;  Dan Gauthier, Rose Law Group transactional attorney handling many Opportunity Zones, comments. “Super indiscriminate” and “mind boggling” is how one member of the Boulder City Council characterized his colleagues’ move last week to “temporarily ban development” in a federally designated O-Zone. Commenting on the Daily Camera report for RLGRDan Gauthier says: “While many local governments are strongly in favor of greater investment in their communities, this moratorium clearly signals that Boulder is not one of them, preferring instead to remain loyal to its existing development plans.”

The significance of investing In Opportunity Zones; Rose Law Group transactional attorney Dan Gauthier comments. Why we need O-Zones and why invest in them — by Elie Rieder, a member of Forbes Real Estate Council. • Dan Gauthier says in RLGR: “The Investing in Opportunity Act and, in particular, the Opportunity Zone program will drive investment into affordable workforce housing in markets across the country, due to the increased demand for high-quality rental housing.”

Rose Law Group names Trenk as partner, adds Fisher to masthead. “Attorney Adam Trenk has been named partner at Rose Law Group, while partner Kaine Fisher’s name has been added to the firm’s masthead.” After we broke this news late last week, Scottsdale Independent is now spreading the word — which is fantastic — since it gives all of us here at Dealmaker HQ an opportunity to once again to say CONGRATULATIONS! to both of these highly accomplished attorneys.

Land deal: $23M for TU, 197 homes for Ahwatukee. “Desert Vista 100, a subsidiary of Blandford Homes, completed the sale of a 62-acre parcel on the [SW] corner of Desert Foothills Parkway and Frye Road and announced it will start selling homes on the tract by mid-2019 for a community it is calling Palma Brisa.” Details — including how the deal “gives the newly reconstituted Tempe Union governing board a big decision to make next year” — AFN.

Related Group submits plans for first Phoenix development. “After announcing plans for $500 million worth of Phoenix-area projects, Related Group has submitted plans for its first proposed development near Scottsdale and Thunderbird” — “a 293-unit apartment complex, called Manor Scottsdale, at the site of an LA Fitness, which is soon to be vacant.” PBJ (Subscriber Content).

Kauffman Homes subdivision OK’d near Apache Junction landfill. “A total of 40 acres south of the freeway and surrounded by Arizona State Trust land can be developed with a 259-lot Kauffman Homes housing subdivision, the Apache Junction City Council decided recently.” AJ Independent reports the property is “east of the landfill, which, when closed in December 2035, is to be turned into a regional park.”

Residents begin moving in to Cadence at Gateway community in Mesa. AJ Independent delivers a brief update on phase one of Cadence at Gateway, with comments from Craig Krumwiede, president of Harvard Investments, the project developer.

Camelot opens model home at Lane’s End in North Scottsdale. It’s a 3,401 sq. ft. “urban farmhouse model” on a 10,000 sq. ft. lot — the first of two models Camelot Homes plans to open in its “upcoming gated community of 15 homes.” Builder.

Shope: Pinal farmers won’t be forgotten in drought plan. “The long-term drought plans have envisioned Pinal County farmers getting and using less Colorado River in the future.” State Rep. T.J. Shope (R-Coolidge) discusses this and other major issues facing the region, in a PinalCentral report and podcast.

[COLUMN] Time for Legislature to take groundwater decline seriously.“The Legislature will have trouble just passing the deal to keep water in the Colorado River, but it ought to go on and confront the groundwater problem, even if it means tangling with entrenched interests.” By Arizona Daily Star columnist Tim Steller.

Water plant opening signals major east Mesa growth. “The Signal Butte Water Treatment Plant, the largest capital project in Mesa history, has officially been dedicated a few months after it began serving the city’s residents.” Mayor John Giles: “Mesa would not be able to continue to grow and prosper without the new Signal Butte Water Treatment Plant and other investments in infrastructure.” EV Tribune.

Scottsdale developers push boundaries of Paradise Valley Ritz-Carlton heights. “Five Star Development officials [recently] deliberated with the town’s Planning Commission once again to discuss a special use permit amendment for a minimal height increase on five of its buildings.” PV Independent has a recap of the public hearing.

3 road improvement projects in Chandler will make your commute easier. “City officials say the projects will help address residential and commercial growth in south Chandler, where many of the roads are one- and two-lane arterials that can no longer handle the amount of traffic.” AZCentral.

Can this link to Phoenix’s past be preserved? “One of very few homes left from the West Capital Addition, a 19th-century subdivision of similarly stately structures, Norton House has been a mess for decades.” However, former owner William Link still has “high hopes for the future of the beleaguered mansion at 22nd Avenue and Washington.” New Times.

Downtown Phoenix’s Van Buren venue lands on national historic list.“The buzz over the downtown Phoenix concert venue and bar The Van Buren is usually about the latest band or artist to play there. But the historic building that looked like ‘two old shoe boxes stuccoed over’ five years ago is now getting national recognition for its architecture.” AZCentral.

New top-of-the-line sports facility expected to generate millions for Tucson. “The [Kino Sports Complex] expansion is poised to change the face of sports in Pima County while generating millions of dollars in hotel stays, as the upgraded facility will put Tucson in the running to host regional and national tournaments in soccer, football, lacrosse and rugby.” Arizona Daily Star.

[GUEST COLUMN] Pace: An inside of look at Paradise Valley Town Council. In PV Independent, Town Councilmember Julie Pace provides an “ ‘inside baseball’ look at the internal dynamics of service on the council with six colleagues.”

Arizona one of the fastest-growing states, Census says. The influx “places Arizona at No. 4 on the list of fastest-growing states.” As PBJ notes, the “higher rankings this year match up with the state’s strong and growing economy, which finally got to stretch its legs this past year.”

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 Meritage Homes Chairman & CEO Steven J. Hilton and Christopher Todd Communities CEO Todd Wood. Plus, Belfiore Real Estate Consulting President & Founder 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! 

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



HAVE A SEAT – Arizona would gain one House seat in 2020 based on 2018 census data. <—That, according to the “political consulting firm” Election Data Services, which also “said in a press release Wednesday that projections for census data in 2020 show a possibility for even greater change.” KTAR.

Crowd of Democrats jockey over Arizona Senate special. “Four candidates are laying groundwork for campaigns, and two are already sparring, which could signal a long and difficult primary in 2020.” POLITICO.

Do you know who the governor is? Can you name your state representative/senator? “A new survey reveals how little the public knows about their state government. Media coverage is partly to blame.” Governing.

Tax conformance is not a tax increase, governor says. “Instead, it’s part of [Gov. Ducey’s] plan to conform Arizona’s tax code to changes enacted in federal law.” This is an issue we’ve been following — last week in coverage courtesy Arizona Mirror; now, Howard Fischer takes a whack at it, via PinalCentral.

Arizona regulators adopt electric-vehicle policy. “But at the end of a marathon, two-day open meeting, the Arizona Corporation Commission didn’t get around to approving Tucson Electric Power Co.’s latest energy-efficiency plan, which includes new incentives for electric-vehicle owners and home-builders to install home charging systems.” Arizona Daily Star.

2 utility regulators say APS making too much money. “[Boyd Dunn and Bob Burns] filed a document with the [ACC] citing what they say have been a ‘substantial’ number of complaints from customers that their bills have gone up far more than the average $6 a month the company claimed. And they said there’s also some question of whether those higher bills are resulting in APS… taking in more [money than allowed].” By Howard Fischer in PinalCentral.

How all this happened. “Things were very uncertain, then they were very good, then pretty bad, then really good, then really bad, and now here we are.” Let’s call that the SUPER short story of “what happened to the U.S. economy since the end of World War II.” Collaborative Fund also has the LONGER (“5000 words”), short-story version.

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December 2018