The Dealmaker: 12/13/2019

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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

What did you do yesterday? Joe Blackbourn, President, CEO & Founder, Everest Holdings. With 25+ years in the industry and over $1 billion in transactions, it would be easy to forgive Joe Blackbourn if he were to kick back and bask in the afterglow of RE accomplishment. But from the looks of a typical, far-from-boring day — highlighted by valuation powwows, a crazy cardio session and two ‘near heart-attacks’ — it’s obvious that Joe will, as they say, “rest when he’s dead.” RLGR.

Another growth spurt in the West Valley. Real estate consultant Jim Belfiore eyes “wide spread” residential development activity coming to the WV. Where, when, what type? Find out in this report by Mike Sunnucks. 

Pollack: Economic expansion ‘late in the game’ but no expectation of recession; more open jobs than workers. Those were the big takeaways from from economist Elliot Pollack at this morning’s Pinal Partnership breakfast event. Reporter Mike Sunnucks was there and has full coverage in RLGR 

What is the vision for downtown Glendale? “Is Glendale more interested in new developments like the Westgate Entertainment District, or will the city try to redevelop its downtown area? GS.

What’s in a name? For these homes, It’s Frank Lloyd Wright. WSJ takes a “look at five homes on the market built by the famous architect,” including the David and Gladys Wright house in Phoenix. (Subscriber Content).

Daybreak: Election in May. The fate of zoning decisions made by Fountain Hills Town Council concerning the controversial Daybreak apartment complex appears headed for the ballot, as enough valid signatures have been gathered for a public vote. FHT.

Spring Creek Ranch rezone Q&A draws 150. “The line of parked cars — more than a quarter mile in length — was a quick indicator as to the interest in a proposed develop­ment off State Route 89A between Sedona and Cottonwood.” RRN.

Supreme Court declines to hear challenge to local inclusionary zoning ordinance. SCOTUS’ “decision leaves intact local governments’ power to force private developers to build affordable housing.” Reason.

Sedona hires company to handle compliance of short-term rentals. The city has hired LODGINGRevs to set up a compliance/complaint hotline and “scrub the online market places to narrow down the number of vacation rentals” and “party’ houses.” RRN.

Airbnb reports $53.3 million in tax revenue in Arizona. That’s how much the STR marketplace says it has generated since 2017. And it’s an amount that only seems to be growing with time, as a good chunk of it came in the first ten months of this year. SI.

Phoenix ranks 9th in nation for best city to start a business. Shout-out to Inc. mag for recognizing why entrepreneurs dig setting up shop here in the Valley: “Phoenix’s low cost of living and low regulations pave the way for new businesses to thrive.” AZCentral.

Buckeye, Queen Creek among big population gainers in Arizona. And “Maricopa was not far behind” with “growth exceeding” that “in Goodyear, San Luis, Marana and Clarkdale.” CMS Howard Fischer breaks down the numbers in YourValley

Avondale hires Director of Development & Engineering Services. Kevin Murphy “joins the city on Jan. 6, filling a vacancy left by former DES Director, Tracy Stevens, who was recently promoted to Deputy City Manager.” WVV.

Transit tax already on table. Surprise “hasn’t gotten its fair share of the pie” when it comes to transportation funding, but “officials are hoping that changes with the possible extension of a transportation sales tax.” YourValley.

Gen Z loves brick-and-mortar: Could they fuel retail boom? Spending at brick-and-mortar stores by those born between 1997 and 2010 has the CRE “market optimistic that this younger generation may help propel physical stores in the future.” REALTORMag.

Dealmaker BONUS – Real estate firm surprises team with $10M in bonuses [VIDEO]. Workers for St. John Properties were stunned — some to the point of tears — when the Baltimore-based RE firm announced that “$10 million in bonuses would be distributed among them.” WATCH!

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

Corporation Commission ruling could spur solar development in Arizona. (Disclosure: Rose Law Group represents the solar developers that prevailed on this issue.) “Arizona could see a surge in renewable energy” following an ACC ruling this week that requires “state-regulated utilities to sign long-term contracts” with “owners of smaller solar, wind and other renewable energy projects.”Daily Star.

Arizona rejects APS push for 2-year PURPA contracts, approving 18-year terms. More coverage and insight on Arizona Corporation Commission solar ruling, courtesy Utility Dive, which calls it “a ‘huge step’ for the state’s renewables sector.

Congratulations to cyber defamation legal pioneer Logan Elia, named Rose Law Group partner! Logan Elia, a national leader in cyber law including cyber defamation and online intellectual property infringements, has been named partner at Rose Law Group. Learn more about Logan in RLGR

No surprise: Arizona reps go party line as U.S. House Judiciary Committee approves impeachment articles. This morning’s party-line approval sets the stage for “a likely vote next week in the full House.” AZ Mirror (RELATED: “Rep. Tom O’Halleran, a moderate Arizona Democrat, says he will vote to impeach Trump.” • “Rep. Debbie Lesko gets into Twitter fight with Bette Midler over impeachment.”)

Democratic fundraising titans prepare for Arizona clash in 2020. “A litany of Democratic PACs… have all announced large investments in the state… gearing up for what could prove to be a watershed election.” ACT (RELATED: “Democratic ballot order set for Arizona presidential preference election.).

Proposal would allow medical marijuana use for autism and opioid use in Arizona. Under Rep. Espinoza’s proposal, marijuana would be allowed as an option to treat “autism spectrum disorder.” HB 2049 also would allow cannabis use in the treatment of opioid addiction. Daily Star.

Will the legislative tax credit review committee actually meet in 2019? The Joint Legislative Income Tax Credit Review Committee, created to do just as its name suggests, “might meet this week for the first time since 2015.” Better late than never? Or more a case of: Why bother? AZ Mirror.

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December 2019