The Dealmaker: 12/30/2019

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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

[OPINION] Industrial farms invest in Arizona. They don’t pirate its water and resources. In AZCentral, Arizona Farm Bureau CEO Philip Bashaw points out that while farming operations are “not always as flashy as a new car factory or a data center opening its doors,” they do “spur new economic growth” as they invest in “cutting-edge water management technology. How is that not a good thing for Arizona?”

Southbridge referendum could splinter city into opposing citizen factions. (Disclosure: Rose Law Group represents Spring Creek Development.) In championing Southbridge 2.0, community advocate Andrea Alley issues challenges to those who may be considering signing a petition that could halt what Spring Creek Development — a “gift of a development team” — has planned for Old Town. SI.

Belfiore PBJ interview: What next recession will feel like. In a warmup to his 11th Annual Dealmakers event on Jan. 23., real estate consultant Jim Belfiore talks overbuilding, SFRs, hot submarkets, housing affordability, and what to expect in the next recession. (Subscriber Content).

Multifamily is hot in Phoenix — maybe too hot?Belfiore weighs in. Forbes surveys the local MF scene, covering everything from record-breaking rents and affordability, to new projects and notable deals. In RLGR, Jim Belfiore delivers his own snapshot assessment and has a tip for MF builders.

Multi-billion-dollar Akimel 7 planned at Loops 101 and 202. Native American family-owned real estate investment firm The Solanna Group and CamCo Commercial have formed a joint venture to develop Akimel 7 “a multi-billion-dollar next generation sports and new media entertainment destination” on the Salt River Pima Maricopa Indian Community. AZRE.

Are residences in Club West course’s future? “Many homeowners are tired of seeing the barren course and could decide that homes with properly landscaped lots would be preferable.” And, in this case, “a majority vote of all homeowners is not required” to tee off on such a plan. AFN.

Homeowners withdraw Lakes contempt hearing request. “The attorney for two homeowners suing for the restoration of the Ahwatukee Lakes Golf Course has withdrawn his request to proceed with a contempt hearing against owner Wilson Gee.” AFN.

Designs approved for 4 parcels in Legado subdivision of Queen Creek. P&Z recently approved “proposed home designs” for parcels in the Taylor Morrison subdivision of Legado. QCI has details and renderings.

Town manager says building is booming in Florence. “It’s a good time to live in Florence, and it’s a good time to build in Florence,” says Town Manager Brent Billingsley, who highlights the town’s record-setting homebuilding and permitting in a year-end interview with Flo Reminder.  

The top 19 Glendale stories of ’19. The opening of Desert Diamond Casino, the sale of Glen Lakes Golf Course, and talk of redeveloping downtown — those are just a few of the city’s biggest stories in 2019. Glendale Star. 

FH development planning was big in 2019. Highlights include approval of the “largest apartment community ever proposed for Fountain Hills” as well as approval of the town’s very “first hospital.” FHT.

The 2010s were a terrible decade for housing construction. Ten years marked by “historically low housing starts, resulting in higher home prices and rents for some and longer commutes for others.” Blame NIMBYism, says Reason, in its look back at U.S. housing construction.

Downtown Mesa office purchase part of Caliber’s opportunity zone plans. “The $4 million purchase of a Wells Fargo & Co. banking office… was the latest addition to Caliber-The Wealth Development Co.’s portfolio that already includes about 20% of the buildings on Main Street.” PBJ.

Pinal County supervisors chairman, vice chairman chosen for 2020.  There will be new leadership atop the Pinal County BoS beginning on the very first Wednesday of 2020, as Supervisors Anthony Smith and Pete Rios have been elected Chairman and Vice Chairman, respectively. AJI.

Old Town Scottsdale office building to be transformed into new bar and restaurant. Vapid Inc and AV3Design Studio has filed site plans, and reporter Mike Sunnucks has filed this RLGR report with the info.

From land grabs to foreclosures: Arizona’s rich history of land fraud. “Arizona’s land fraud history goes back farther than many people might think… What some have tried to pull off in our state is surprising and even fascinating.” AZCentral  (Subscriber Content).

Dealmaker BONUS:$35 million WYO ranch Is most expensive listing in U.S. “Formerly known at [sic] the Puzzleface Ranch, the 227-acre Jackson Hole retreat features an 18,000 square-foot mansion with 7 bedrooms, 11 bathrooms.” ->

Dealmaker BONUS: 100 years of encores. “Phoenix Theatre Company celebrates its 100th anniversary… with an enticing 2020 program.” Coming attractions include the Jan. 29th world premiere of Americano! — the story of Tony Valdovinos, “a child of immigrants who discovers his undocumented status when he tries to enlist in the Marines.” PHOENIX.

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

Top 10 moments in Arizona solar policy in the last decade. Rose Law Group Co-Founder Court Rich highlights what was a wild and contentious decade for solar policy in Arizona. Court and his Renewable Energy Dept. at RLG have been fortunate enough to have played a major role in each item on this top-ten list.

2019 Story of the Year: The race toward a critical agreement. The drought plan is the most significant piece of water legislation signed in nearly 40 years. By: Phil Riske RLGR Senior Reporter, Writer. (ALSO: “Groundwater-guzzling demands of Trump’s border wall in Arizona threaten fish.” Guardian).

[OPINION] How two guys buried the hatchet and helped Arizona sign a historic drought plan. “Think we’re too polarized to do anything meaningful? Tom Buschatzke and Ted Cooke prove that even those who disagree can work together.” The Republic editorial board. (RELATED: “2019 Story of the Year: The race toward a critical agreement.” RLGR).

Arizona’s medical cannabis market on track for big money; industry growth a draw for investment, says Adam Trenk, Rose Law Group partner, director of cannabis and hemp departments. In 2019, “Arizona raked in an impressive $705 million” in medicinal cannabis sales, a figure  expected to “skyrocket” should recreational use be legalized, reports New Times. But as Adam Trenk tells RLGR: “Whether recreational marijuana passes or not, the steady and sustainable growth of the legal cannabis industry continues to make business investment in this industry desirable.”

The upside to divorce (no really); Rose Law Group family law attorney Audrey Petrolle comments. “After surviving the holidays, many people are preparing to serve their spouse with divorce papers — and, as one expert notes, that can be a good thing for some households.” MarketWatch • In RLGR, Audra Petrolle provides legal perspective on these “shifting cultural norms.”

Arizona attorney general wants U.S. Supreme Court to deny new trial for deported alien. “[AG] Mark Brnovich wants [SCOTUS] to deny a new trial to a man whose says bad legal advice he got in a criminal case resulted in his deportation.” A CMS/Howard Fischer report in Daily Star.

Shooter’s appeal shot down over his expulsion from the legislature. “Arizona lawmakers have no right to challenge in court their expulsion from the Legislature, a state judge has ruled.” Another DS report by Howard Fischer.

Resolution seeks to end cooking the books on education budgets. “A GOP lawmakers [sic] wants voters to ban the state from using an accounting trick that has helped alleviate education budget cuts during fiscal downturns, but has left the state sitting on nearly a billion dollars in unpaid bills.” AZ Mirror.

California sets off privacy scramble. “The law, known as the California Consumer Privacy Act (CCPA), could play havoc with the online economy, since so many companies — from tech giants to ordinary retailers — rely on targeted ads.” Fortune.

Amazon’s race to build a fast delivery network: ‘The human cost of this is too much.’ That according to “a new investigation by ProPublica and BuzzFeed News.”

20 words that helped define the decade. If you’re experiencing FOMO over these words — or if you’re just curious — check ‘em out in Huff Post. (RELATED: “14 Phrases We Should All Give Up in 2020.”).

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December 2019