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
A decade after the housing bust, the exurbs are back. Rose Law Group Founder and President Jordan Rose and real estate consultant Jim Belfiore talk to The Wall Street Journal about the Pinal County housing market. (Subscriber Content). http://bit.ly/2HIlvDU
Opportunity Zones to encourage investment in distressed communities;Dan Gauthier, Rose Law Group transactional attorney handling many O-Zone investments, comments. “Interested parties from across the country are looking for answers to questions unanswered by the Opportunity Zone law and regulations,” Dan Gauthier tells RLGR. One such “interested party” is NAHB. Check out the trade association’s updated overview of OZ rules and regs in Pro Builder. http://bit.ly/2JEmuGU
ABI Multifamily brokers $22.2M, 180-unit apartment community in Phoenix. • Cabana at the Pointe Apartments • 1829 East Morten Ave. • 180 Units • Built in 1980 • Renovated 2013 • Colorado-based Buyer • Arizona-based Seller • Further details in the news release at RLGR. http://bit.ly/2UWdq1f
Phoenix Multifamily Report – Winter 2019. “Attracted by the market’s strong fundamentals, investors closed a whopping $5.9 billion in multifamily sales in 2018, while developers also marked a high point with the delivery of 8,162 units.” That’s the key takeaway in this MHN rundown of a new Yardi Matrix analysis. For more highlights plus a link to the full report, click on! http://bit.ly/2uu0Jz6
City Council approves rezoning, higher density in north Scottsdale. Thanks to the rezone, the Sonoran Peaks LLC property at Joy Ranch and Boulder View could see a subdivision with 52 lots rather than just 16. But some “nearby residents” were less than delighted about the “new zoning designation.” Scottsdale Independent. http://bit.ly/2TWMNgr
PHX East Valley becomes a hotbed for innovation and a great place to live. And East Valley Partnership “has played an indelible role” in that “growth and development,” says Denny Barney, president and CEO of East Valley Partnership. “AZ Business talked with Barney to get his take on where the PHX East Valley is today and where he sees it going tomorrow.” http://bit.ly/2TAN3MV
Great Wolf Lodge will be latest Indian country entertainment destination. “The state’s first indoor water park, located next to Salt River Fields at Talking Stick, is in the stretch run of construction… The designers and builders of the new Great Wolf Lodge [folks from Mortenson, IMCOR, Gensler among them] have been just as excited about working on it as those who will visit the resort once it’s up and running.” AzBigMedia. http://bit.ly/2TBHfCG
Scottsdale begins to formulate capital improvement funding strategy.“Mayor Jim Lane and his elected colleagues — the Scottsdale City Council — have, through its CIP subcommittee, identified key [‘keeping the lights on’] projects for this upcoming fiscal year’s capital improvement plan.” However, finding enough to fund ALL the projects on the city’s “wish list” is proving a bit more complicated. Scottsdale Independent. http://bit.ly/2HGNRhO
Don Diamond, original Suns’ investor and Tucson developer, dies at 91. “Diamond, who was chairman of Tucson-based Diamond Ventures Inc., was one of the largest landowners in Pima County and one of Arizona’s most influential businessman over the past 50 years.” AZCentral. http://bit.ly/2Ty7Gte
As a supplement to the Dealmaker, we thought you might enjoy these articles!
Rural renewable energy projects pump billions into Arizona economy. “The report by The Western Way… examined the construction of 34 solar and wind energy facilities across rural Arizona between 2001 and 2017.” In addition to contributing billions to the economy, the projects also created thousands of jobs. KTAR. http://bit.ly/2TAnxr9
Rep. Ruben Gallego, averting primary bloodbath, won’t run for the Senate. “Rep. Ruben Gallego will not run for the U.S. Senate in 2020’s special election, he told The Arizona Republic on Monday, clearing the path for retired astronaut Mark Kelly to take on incumbent Republican Sen. Martha McSally without a potentially bruising primary fight.” http://bit.ly/2Oqlipm
Martha McSally confirms 2020 Senate run, likely to face Democrat Mark Kelly. “McSally told KTAR News 92.3 FM’s Arizona’s Morning News on Tuesday that she would run, but did not offer more details…. ‘For crying out loud, the last election is barely over. I’m focused on doing my job and being an effective senator for Arizona and that will remain my focus,’ she said.” http://bit.ly/2UazUP0
