The Dealmaker: 4/23/2019

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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

ACC Staff recommends abandoning needed water interconnection between Queen Creek and Johnson Utilities; ‘time to lift moratorium on builders,’ says Rose Law Group Co-Founder Court Rich. In a letter filed late yesterday, ACC Staff took a surprising position urging abandonment of ongoing efforts to interconnect Town of Queen Creek’s water system to the struggling Johnson Utilities’ system. Tap to Rose Law Group Reporter to read the letter along with Court Rich’s comments on why it means there’s no longer any reason to keep the moratorium in place.

Rose Law Group litigator Evan Bolick on Arizona’s new bill banning cellphone use while driving. Certainly, the legislature had good intentions in passing this law. And it is true that distracted driving is problematic and drivers should make conscious efforts to limit cell phone usage. But in adopting a law that is simultaneously overly broad and ill-defined in the extent and type of usage permitted, the government has overstepped. Read Evan’s article in full at RLGR

Why you may want to think twice before buying a home in the exurbs.“Roughly a decade ago, the exurbs were ground zero for the housing crisis, but today, they’re hotter than ever.” But what will happen when the market cools? Will it be Exurbs Housing Crisis 2.0? MarketWatch looks for answers, with exurb insight from real estate consultant Jim Belfiore.

Mortenson will build 259-room hotel in Tempe’s Novus Innovation Corridor. A partnership between Mortenson and Catellus is bringing the eight-story hotel to Veterans Way and 6th St. in Tempe. The dual-branded Hyatt will feature amenities geared toward visitors attending ASU games and events. Check it out in AZRE.

Developer takes steps to annex, bring new homes into Peoria. The developer is seeking to annex 15 acres at 75th Ave. and Acoma Dr. — property that was part of the Challenger Space Center “land swap deal” — in order to build Acoma Estates, a 28-home community “with lot sizes between 11,600 and 12,000 square-feet.” YourValley.

All 11 Frank Lloyd Wright designs in metro Phoenix. Did Frank Lloyd Wright design that? AZCentral has pics and rundown of 10 sites where the answer is most definitely YES!, and one where it’s, “Uh, no, not exactly — but it was definitely influenced by him!”

Princess resort’s benefit to city questioned. City “officials helped jump-start” Fairmont Scottsdale Princess in the ‘80s. “Despite the growth associated with that decision,” some are questioning the benefits of the “99-year land lease,” as well as the “number of resort-friendly amendments to the lease agreement over the years.” Scottsdale Progress.

Where vacation rentals rake in the most cash. If you’re interested in making “bank off your Airbnb rental,” then ARIZONA looks like the place to be, according to®, which “searched out the strongest — and most profitable — short-term rental markets.” ->

SEDONA: 52-unit apartment complex proposed. Zach Richardson and Marc Sterling are looking to develop the project on Andante Dr. Why there? What kind of rent? Any buffering around the complex? Those are some of the questions Richardson fielded recently at a public meeting regarding the “two-story, 52-unit complex.” Red Rock News has his answers.

Will You Be At The Best Party On May 4th?

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

Click here for 2019 Arizona Legislative News

[COMMENTARY] Arizona: The continuing search for a brand. Lemonade has emerged as Arizona’s official state drink. What about a state salad or a slogan? If Arizona is looking, RLGR Senior Reporter/Writer Phil Riske has a few ideas.
States see disappointing tax revenue from legal sports betting. “Six states have legalized sports betting since the Supreme Court’s monumental decision last May, but New Jersey is the only one exceeding revenue expectations.” Dealmaker wonders: Why Jersey? Does Pete Rose live there? The real reason, in Axios. (RELATED: “As tribes voice opposition, new Arizona sports betting bill moves forward with 6-3 vote.”)

Census: Much of the Sun Belt isn’t as booming as it once was. “Counter to national trends, a few smaller areas of the Sun Belt are still adding residents at increasing rates, such as Tucson.” Governing.
Phoenix, Tucson among fastest-warming cities in nation since 1970. “The [Climate Central] report looked at climate change for cities and states since the first
Earth Day in 1970 and found increases in 98% of cities across the country, with four of the top five cities in the Southwest.” Cronkite News.

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April 2019