The Dealmaker: 4/18/2019

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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

Microsoft buys up more Phoenix-area land for $37 million. (Disclosure: Rose Law Group represents Microsoft.) “The Washington-based tech giant bought about 147 acres of Goodyear land on the southeast corner of Indian School and Citrus roads near Loop 303,” AZCentral reports.

See the zero-emissions heavy trucks that Nikola will build in Arizona — and that could revolutionize the industry. Here’s more on the unveiling of Nikola’s “new lineup of zero-emissions vehicles amid an electrically charged, rock concert-like atmosphere this week in Scottsdale.” As AZCentral notes, “If Nikola lives up to the hype, all the hoopla will be deserved.”

Phoenix approves $231 million mixed-use development for downtown transit hub. Medistar’s plans to transform the Central Station Transit Center received the nod yesterday from Phoenix City Council. The dual-tower development will feature 1.1 million sq. ft. of apartments, retail and offices. Read on in New Times.

Cullum begins construction at Seven Desert Mountain. Dealmaker got wind of Cullum Homes’ plans for this collection of golf estates nearly a year ago. They’re now underway! Thirty-three custom estates — all but 5 directly on Desert Mountain’s new No. 7 golf course. Get design details, view renderings via the news release in RLGR

Taylor Morrison teams up with National Wildlife Federation. The partnership seeks to “restore and protect wildlife habitat” in TM’s communities. NWF “will advise the home builder on open spaces, parks and other outdoor amenities” and “leverage its educational resources to help connect community members with nature,” Builder reports.

Phoenix remains among cheapest for real estate construction despite cost increases. Due primarily to an “ ‘exceptionally busy’ construction market” during 2018, Phoenix saw “one of the largest increases in construction costs” among major cities (even more than Vegas!), according to an RLB report. But are we about to experience a construction “cooldown”? PBJ (Subscriber Content).

Homebuilding across states in two graphics. With the help of USA-shaped visuals, FIXr  looks “at the number of building permits authorized by state, comparing both totals and per capita rates, to assess growth across the country.”

Solar homes sell for more. Findings from Zillow fly in the face of the “common” argument that “solar systems devalue homes and the homes around them.” In pv magazine

Arizona’s top water official not worried yet about lawsuit involving drought plan. “The lawsuit [‘filed by California’s Imperial Irrigation District] seeks to block California’s Metropolitan Water District from signing the legal papers to be part of the drought plan.” So far, though, it’s “no worries” from ADWR Director Tom Buschatzke. A Cap Media Services/Howard Fischer report in Arizona Daily Star

Freeway, ADOT loom large over Quik Trip plan. At the Ahwatukee Foothills Village Planning Committee meeting, ADOT became the main target [of ‘criticism and anxiety’] when it was disclosed that it will not give Quik Trip access to and from 40th Street — forcing all service station traffic onto two-lane Cottonwood Lane, the only way in and out of Foothills Paseo II.” AFN.

Meck: ‘The state of the city of Buckeye is excellent.’ “With only 5% of its 640 square miles developed, the city of Buckeye’s room for growth was a theme of Mayor Jackie Meck’s recent State of the City.” Among projects highlighted: I-11, Broadway Road Water Campus, Buckeye Municipal Airport, Cardinal Glass, Parker Fasteners and Bio-Gro. A recap of Mayor Meck’s “excellent” addressed in West Valley View.

Leone tenders resignation after 20 years on Peoria council. “Councilman Carlo Leone announced his resignation effective April 16, due to ongoing health issues. Mayor Cathy Carlat made the announcement at Tuesday night’s City Council meeting.” YourValley.

Arizona city ranks 12th among “The Most Successful Small Cities in America.” With a population of “41,468,” this “vibrant, tourist-friendly” city has an average home price of $350,000. So what small city is it? Find out via SLIDESHOW in Work + Money.

Hemp in, spinach out as investors throw money at newly legal CBD. “When Patrick Horsman… purchased 10,000 acres in Yuma County… organic spinach and lettuce were on the menu. Then [came] the 2018 Farm Bill… Now, he’s growing hemp instead.” And “companies and investors” are “jumping in’ with “hundreds of millions of dollars.” Bloomberg.

[REGIONAL] New York lawmakers tee up tax bill that takes a swing at golf courses. “The proposed legislation would give local governments the option to assess and tax golf courses based on ‘highest and best use.” Industry advocates, freaked out over the bill’s potential to raise property taxes on golf-course owners, are screaming FORE! WSJ (Subscriber Content).

Drink & be merry at AZ’s best Kentucky Derby party –

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

Click here for 2019 Arizona Legislative News

Feds investigating hedge fund that seeks to purchase Gannett properties, including ‘The Arizona Republic.’ The hedge fund [which already ‘controls more than 100 newspapers’] caught the eye of Department of Labor investigators after it moved nearly $250 million in employee pension savings into its own accounts…” The Hill.

[COMMENTARY] As a public health crisis looms, anti-government beliefs fuel counterproductive vaccination policies.Arizona Mirror reporter Jim Small takes several shots at conservative parents and policymakers, holding them and their “small-government” mindset largely accountable for the “dramatic uptick in unvaccinated students in Arizona.”

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April 2019