The Dealmaker: 01/29/2019

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




Group looks to derail Suns arena renovations with petition push; Rose Law Group Founder and President Jordan Rose comments. (Disclosure: Rose Law Group represents the Phoenix Suns.) PBJ reports on a group that has “filed paperwork… for two potential ballot measures,” and Jordan Rose weighs in on this “mysterious,” “huge money interest” bent on derailing the recently approved Talking Stick Resort Arena renovation deal. (Subscriber Content)

IRS: Welcome back, Opportunity Zones need your attention; still weeks away, says Dan Gauthier, Rose Law Group transactional attorney handling many O-Zone investments. “[T]he IRS’s timely focus on Opportunity Zones will be critical if the program is to become the boon for investors.” Commenting on the Forbes report, Dan Gauthier tells RLGR: “Although the federal government has at least temporarily reopened and investors are clamoring for further Opportunity Zone guidance, the next public hearing date… will occur no earlier than two weeks after appropriations to the Treasury Department are restored.”

New Caesars hotel to be built at Scottsdale Fashion Square. “The 11-story glass structure, with 266 guest rooms, will be called Caesars Republic Scottsdale.” Located at N. Goldwater and E. Highland, it will be Caesars Entertainment Corp.’s “first non-gaming hotel in the U.S.” Check out the rendering and get the rundown in AZCentral

Mayor thinks Maricopa will be ‘powerhouse’ in near future. “The city once described by the Wall Street Journal as a ‘lost paradise’ of foreclosures appears to have bounced back with steady population growth and new home construction. And [Mayor Christian Price] is confident there’s more positive things ahead for his young city.” Maricopa Monitor.

Valley office vacancy rate continues to drop — as rents rise. “The Phoenix area ended the year with a 15.6 percent vacancy rate, its lowest point since the rate reached 14.3 percent in 2007 just prior to the Great Recession…” More Cushman & Wakefield office-market highlights, including Q4’s biggest sale and lease transactions, along with expectations for 2019, in PBJ. (Subscriber Content)

FLAGSTAFF: Student focused development on Lone Tree and JW Powell to go before council. The project from Campus Advantage “would consist of a 196-unit development split into a dozen or so buildings and totaling 702 beds.” Arizona Daily Sun reports, however, that the plans have “proven controversial with residents of the neighboring development, Pinnacle Pines, which borders the undeveloped land.”

Closed big-box stores in Tucson morphing into gyms, entertainment centers. “As shopping centers strive to increase foot traffic, more and more tenants are setting up shop for services that can’t be obtained with a click.” Arizona Daily Star.

Phoenix Suns 3-point shooting benefits U.S. Navy League with Fulton Homes donations. “Each time a Suns player makes a 3-point basket, Fulton Homes donates $100 to the Navy League,” as part of the “ ‘Proud to Own the 3-Point Zone’ sponsorship and promotion.” And great news for the Navy League: The Suns are ahead of last season’s pace when it comes to “Zing go the strings!” from 3-point land! QC Independent.

Pollack: Shutdown slowdown? The Monday Morning Quarterback isn’t too worried about any negative impact the shutdown will have on the overall economy, “assuming that the craziness ends here.” Data ‘Snapshots’ include: U.S.: Employment • Leading Indicators • Mortgage Rates • Existing Home Sales & Prices. AZ: Lodging Performance • Southern Arizona Housing Market – New Home Permits.

[REGIONAL NEWS] Denver’s land scarcity leads builders closer to the airport. “With homes planned from Richmond American Homes, Lennar, and Century Communities, the 3,000-acre community 7 miles south of the Denver International Airport… could have ramifications for builders across the country.” Builder.



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

Immigration’s economic impact on Arizona might surprise. “WalletHubcompared the economic impact of foreign-born populations on the 50 states and the District of Columbia… [Its] data set ranges from median household income of foreign-born population to jobs generated by immigrant-owned businesses as a share of total jobs.”

As tax-filing season begins, Republicans in Arizona Legislature move to add clarity. “The uncertainty hanging over tax-filing season in Arizona received a bit of clarity Monday, as Republicans in the Legislature advanced two bills to ensure taxpayers don’t face increases due to changes at the federal level.” AZCentral.

State senator introduces bill to allow sports betting in Arizona. “When the U.S. Supreme Court struck down a 1992 federal law prohibiting sports betting in May, many in Arizona saw an opportunity for the state to benefit. Now Republican state Sen. Sonny Borrelli has introduced a bill that outlines what legal sports betting in Arizona could look like.” KTAR.

Jeff Flake won’t run against Trump in 2020, signs with CBS News. ” ‘I still hope that somebody does, but that somebody won’t be me.’… The former Arizona Republican made the announcement on CBS in his first appearance in his new role at the network.” Washington Examiner.

Valley makes huge jump in annual ‘best performing cities’ ranking “The Valley’s showing… was bolstered by strong job growth both recently and in the five-year period from 2012-2017.” So how “huge” was the “jump”? Check out the findings from the Milken Institute study in PBJ. (Subscriber Content).

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