The Dealmaker: 1/17/2020

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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?Keith Mishkin, Cambridge Properties President & CEO. Since 2003, Cambridge Properties has closed over $1B in deals. Based on the kind of days Keith puts in, this one highlighted by a transaction that literally goes down to the ‘wire,’ Cambridge’s dealmaking won’t be slowing down anytime soon! RLGR.

Congratulations, Pinal County, on your hard-fought victory! Analysis of appellate court’s upholding of Pinal road tax. (Disclosure: Rose Law Group represents a coalition of property and business owners throughout Pinal County who have worked to bring new transportation infrastructure to the county.) RLG Founder and President Jordan Rose and RLG attorney Jonathan Udell break down yesterday’s unanimous decision from the Arizona Court of Appeals that reversed a tax court ruling and found Prop. 417 to be valid. RLGR.

Court of Appeals validates Pinal road tax. Jordan Rose tells RLGR: “The Court of Appeals’ decision is well reasoned and respects the wishes of the taxpayers. Great ruling for Pinal County and our state.” For PinalCentral’s coverage of the decision, tap on!

Affordability, housing demand highlight Belfiore’s big AZ Dealmakers event. Real estate consultant Jim Belfiore is gearing up for his 11th Annual AZ Dealmakers next Thursday at the Westin Kierland Resort & Spa, where more than 900 are expected to attend. Reporter Mike Sunnucks has a preview of the event in RLGR

Housing market in 2020: Here’s what to expect. A “renewed confidence in the economy has most Arizona experts bullish on Arizona’s residential housing market.” One of those experts, Jim Belfiore, shares his insight with AzBigMedia

Records reveal compensation behind Scottsdale Southbridge referendum movement. (Disclosure: Rose Law Group represents Spring Creek Development.) SI looks into campaign financials of a PAC bent on killing Southbridge 2.0 and finds that it “paid a professional signature gatherer nearly $60,000,” plus “Councilman Guy Phillips’ wife, Cora, was also paid to gather signatures.”

Proposed hemp regulations would be a nightmare for farmers. “The federal government is considering various regulations on the commercial harvesting of hemp, and hemp farmers are none too thrilled.”Reason.

Opportunity Zones: Your 180-day clock isn’t what you think it is. When it comes to reinvesting your capital gains into qualified O-Zones, the timeframe to do so ”may seem straightforward,” but “might not be if your gains are from the sale of Section 1231 property.” Forbes.

Landsea Homes acquires Garrett Walker Homes. John Ho, CEO of Landsea and Jeff Garrett, CEO of Garrett Walker, each weighs in on an acquisition that makes Landsea “one of the top homebuilders in Arizona.” AZ Business Magazine.

New BoS chairman shares vision for Maricopa County. “I’m honored my colleagues chose me for this role in such an important year for our region, and I wanted to share my vision for the county as a whole — and the West Valley in particular — in 2020.” By: Clint Hickman in YourValley

Lakes Course case heading for yet another showdown. The attorney for homeowners seeking to “have the Ahwatukee Lakes Golf Course restored” has asked Arizona’s highest court to reject “the appeal filed by owner Wilson Gee and former owner The True Life Companies.” AFN.

Eloy ends agreement with development that never progressed. In 2004, Eloy entered into a development agreement for the proposed 1,728-acre Rancho Del Sol Brillante near Phillips and 11 Mile Corner. Monday, the city “provided formal notice that it would terminate” that agreement. EE.

Seeking a revival: Metrocenter may get a new owner, but redevelopment will cost millions. “Metrocenter was once the Valley’s power mall. Now Phoenix officials are seeking a new owner willing to invest in the property’s redevelopment in a project that could take years.” PBJ (Subscriber Content).

Last holdout building at Fiesta Mall sells. “A real estate investor paid $7 million for the… building at Mesa’s once bustling Fiesta Mall, the Dillard’s Clearance Center, earlier this month.” AZCentral (Subscriber Content).

Brnovich vs. Gallego vs. DiCiccio on Phoenix’s higher fees on Uber, Lyft rides to Sky Harbor. AG Mark Brnovich says higher fees run afoul of state law, Councilman Sal DiCiccio backs Brnovich, Mayor Kate Gallego defends the fees, and reporter Mike Sunnucks files a full report on the tripartite tussle in RLGR

Flagstaff considers new water plan. Water Resource Manager Erin Young: “We only have so much water… What’s the best use of that water in terms of commercial development, industrial development, more residential.” Flag hopes a new water plan will address that. Daily Sun. 

State of the Town of Carefree: January, 2020. In a letter to Sonoran News, Mayor Les Peterson looks at “some of the more significant efforts the Council and Staff will be tackling over the next year.”

Origin of the names of Pinal County roads and streets. Thornton and McCartney in CG. Smith-Enke and Honeycutt in Maricopa. Ruggles and Pinkly in Florence and Coolidge. So what’s the deal with these and the names of other thoroughfares throughout Pinal County? Find out in CGD

Dealmaker BONUS – An Arizona ‘Dreamer’ watches his life become a Phoenix Theatre musical, ¡Americano!. Is Broadway next? Tony Valdovinos’ “dream of being a Marine died because he was undocumented. Now a ‘Dreamer’s’ life is a musical that Phoenix Theater Company aims to take to Broadway.”
Rose Law Group is looking to hire a full time Planner/Project Manager to join the Zoning and Land Use Law team. Duties include managing entitlement and permit processes for clients, creating exhibits and presentations, neighborhood relations, research, problem-solving and more. Pay is competitive. The work is fun, exciting, challenging, and often includes some of the most high-profile projects in the state. More info here:

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

Your collector car should have a cool license plate. Arizona offers several specialty license plate options for owners of collector cars, and eligibility depends on your particular car. RLG attorney Eric Hill, who works in the fields of automotive investment and renewable energy, explains those options.

Ducey’s proposed infrastructure upgrades road to bipartisanship. “Spending part of a one-time windfall to build new roads and bridges was a rare idea in Gov. Doug Ducey’s… State of the State Address that won plaudits from both liberal and conservative lawmakers.” ACT • (RELATED, in AFN: “Residents seek independent tests for freeway noise.”).
Governor urges law to keep insiders off regulatory panels. “In an effort to ‘chip away at the deep-rooted cronyism’ and clean up government, Gov. Doug Ducey wants to put more members of the public on state regulatory boards and commissions.” ACT.
Arizona lawmaker wants police posted at every polling place. The proposed measure from Rep. Jay Lawrence, R-Scottsdale, stems from “possible violence he fears could result because of the current divisive and angry political atmosphere.” A CMS/Howard Fischer report in DS
Arizona one of seven state legislatures Democrats target for takeover. The state “has been in Republican hands for decades,” but CN reports that “Democrats plan to ‘fight like hell’ to turn the state government from red to blue in 2020.”

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