The Dealmaker: 5/23/2019

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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

Has the question about leases been answered in the new O-Zone guidance? Dan Gauthier, Rose Law Group transactional attorney handling many Opportunity Zone investments, answers. Recent guidance has answered several questions about leased property and Dan Gauthier has the O-Zone lowdown. Check out Dan’s two-pronged response in RLGR

East Valley leads housing rally, demand improves. “It’s a significant jump month to month,” says real estate consultant Jim Belfiore, who has plenty more to say on the area’s home-sales bounce in this Mike’s Sunnucks’ report.

New high-rise apartment tower opens downtown. (Disclosure: Rose Law Group represents the developer of The Stewart.) It’s PBJ’s turn to go inside The Stewart in a 29-pic slideshow tour of the 19-story Aspirant Development project. Shots of the “Bird Cage” staircase and fitness center, plus patio and poolside views of the city are among our favs.

1st phase of X Phoenix breaks ground downtown. “The 20-story apartment, retail and office project will be the first high-rise built west of 1st Avenue on Van Buren Street since City Hall was constructed in the mid-‘90s.” For a closer look at the PMG/X Social Communities’ project, including its “Rent By Bedroom” option, tap to AZRE

$300M Grande Vita project breaks ground in Mesa. Mesa Mayor John Giles calls the 20-acre BioCity Campus at Crismon and Hampton “the future of senior living,” with “residential, entertainment, medical and other quality of life amenities in a single campus.” And if that’s not enough, the “project by Khangura Development, also celebrated the ribbon-cutting for the new Residence Inn by Marriott.” AzBigMedia.

Queen Creek approves water agreements for Legado development. The agreements between QC, Sossaman Holdings and Taylor Morrison clear the way for landscaping, lake and water line for the 119-acre Harvest Queen Creek, a 700-home subdivision at buildout. QCI.

Phoenix, Buckeye top fastest growing U.S. cities lists. And it’s the third year in a row for Phoenix to hold the fastest growing city title! Mike Sunnucks has the new numbers, courtesy the Census Bureau, in RLGR

West Valley development the focus of summit. Development strategies involving water, transportation and tech were among the topics at the 2019 WESTMARC Economic Development Summit. The event featured insight and input from Sunbelt Holdings John Graham, Glendale Councilwoman Lauren Tolmachoff and Peoria planning official Cape Powers. WVV.

Goodyear looks at big increase in economic development funding. How big? A 166 percent increase, reports Mike Sunnucks, who takes a closer look at Goodyear budgets, past and proposed, in RLGR

Lakes Course case before state appeals panel. “At issue is Superior Court Judge John Hannah’s January 2018 decision that the covenants, conditions and restrictions governing the use of the 101-acre site, closed since 2013, required the property owner to maintain a golf course.” Get up to speed on the case, which got underway Wednesday, plus learn a bit about the three jurists presiding — at AFN

Protests mount against two South Tempe projects. Proposals for an oil change place and chicken joint on adjacent corners at Warner and McClintock have neighbors in the area all a-cluck. But as far as raising enough Cain to put a stop to ONE of the developments, it may be time to stick a fork in it. Because, as Wrangler News Reports, “it’s a done deal.”

Popular Gilbert restaurant closes, potentially opening up Heritage Square spot. Grubstak has shut down the stove for good at its location in downtown Gilbert’s popular restaurant row area. But elsewhere in the Heritage Square area, development plans heating up! A Mike Sunnucks report in RLGR

SRP purchasing TransCanada’s Coolidge Generating Station. “Salt River Project is in the process of closing on a $465 million deal to purchase the Coolidge-based power plant.” So what happened to TransCanada’s December plans to sell the generating station to Southwest Generation Operating Co., and why is SRP now purchasing it? Coolidge Examiner.

House panel includes funding for Pinal farmers in bill. “Rep. Ann Kirkpatrick, D-Tucson, led the effort to secure the funding from her position on the Energy and Water Appropriations Subcommittee. The language included in the report provides $40 million in areas experiencing extended drought conditions…” CG Dispatch.

Fountain Hills hires James Smith as economic development director.“Smith has more than 21 years of municipal government experience, primarily in business/economic development.” A bit of background info on James Smith and some of what he’s accomplished over the past two decades plus, in The Fountain Hills Times.

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

Click here for 2019 Arizona Legislative News

[OPINION]Amid climate crisis, renewable energy poised for rapid growth. In a piece for The Hill, Lynn Jurich — co-founder and CEO of Sunrun, the nation’s largest residential solar, battery storage, and energy services company — champions technology and polices that would “maintain our country’s clean energy momentum.”

Nascar buys International Speedway in Phoenix for $2 billion in cash. -> “More tightly combining two companies already controlled by the France family.” Although Bloomberg nowhere mentions the Valley of the Sun in this report, an article in yesterday’s LA Times was kind enough to do so, noting Phoenix ISM Raceway as among the venues included in the merger.

Senate kills effort to study realigning Santa Cruz, Cochise counties. “The vote is a setback for Rep. Gail Griffin, R-Sierra Vista, who has pushed HB 2486 following what she said were complaints from area residents that their taxes are too high and the level of service they are getting is too low.” A Cap Media Services/Howard Fischer report in Daily Star

Keep politics out of the classroom or she won’t vote for education budget. “Rep. Kelly Townsend says she won’t vote for the K-12 education portion of the proposed budget unless the legislature passes her plan to crack down on politicking in the classroom by teachers.” AZ Mirror.

Budget would force Flagstaff to pay state for minimum wage costs.“Flagstaff voters who twice approved a $15 minimum wage may soon find their city on the hook to pay for some of the extra costs that state is incurring because of it.” And if Flag won’t pay? Penalty info in AZ Mirror.

House, Senate committees approve budget. Cap Media Howard Fischer reports that the  “$11.8 billion state budget cleared its first hurdles Wednesday as the package of spending and tax cuts was approved” by appropriation committees in both chambers.

Arizona voters are now nearly a month closer to the next election. “Gov. Doug Ducey on Wednesday signed legislation setting the primary for state and local elections on the first Tuesday in August.” The measure “drew bipartisan support,” so everyone’s all good with the new date, right? Not quite. Daily Star. 

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