florida developer announces plans for new and ambitious mixed-use projects in metro phoenix12/4/2018 ![]() Around $500 million in new real estate development appears to be in the offing for the Valley of the Sun in Arizona. The Miami-based company Related Group says up to three new mixed-use projects are currently being planned for various parts of metro Phoenix, although no specific sites have as yet been disclosed. Those projects would be a combination of residential and retail, with buildings ranging in size from two to ten stories. Related Group is owned by Jorge Perez, who has to date developed an estimated $17 billion in projects throughout South Florida and other locations in the last nearly 40 years. Perez is ranked on the Forbes 400 list with a net worth of $3 billion, and made his initial and most important investments in affordable multi-family housing projects. Early reports indicate that the Related Group wants to build upper scale residential projects in Phoenix, Scottsdale, and Tempe. Also mentioned for development is the Deer Valley area. In an interview with Arizona media, Steve Patterson, chief executive officer of the Related Group, said the company was particularly interested in metropolitan Phoenix because of the large number of younger people who are moving into the area. Perez has said that he would like to launch the Arizona projects sometime in 2019. By Garry Boulard
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![]() Representing a reliable industry segment, lodging construction across the country has seen modest growth in the last year. According to the Portsmouth, New Hampshire-based Consultancy Lodging Econometrics, there are currently nearly 5,400 individual hotel and motel projects in the pipeline nationally. Those projects mean more than 650,000 new rooms, comprising a 7 percent increase from this same third quarter period in 2017. The overall pipeline has grown steadily, if modestly, over the last two years. But the biggest increase now may be seen in projects pushed into development in an effort to get things going before construction materials costs go higher. As of last month some 2,100 projects are definitely scheduled for construction between now and late 2019, a number representing 213,000 new rooms. Overall, the industry has seen a 30 percent increase in new construction projects this year, and a 27 percent jump in new rooms. Projects that are in the early planning stage amount to 26 individual new hotels and motels, with 3,300 new rooms. Despite these strong numbers, notes the CLE report, “pipeline totals are still distant from the all-time high of 5,883 projects/785,547 rooms reached in the second quarter of 2008 and are not expected to reach those records again this cycle.” New York currently leads the nation with 170 projects in the pipeline, followed by Dallas with 112 projects, Houston at 103 projects, and Los Angeles with 92 projects. Smaller numbers are seen in Arizona, Colorado, and New Mexico, although hotel and motel construction projects completed or currently underway in those states have been on the up side throughout the year. By Garry Boulard ![]() A historic Colorado commercial site that for generations was the home to the popular Lafayette Feed and Grain store may soon be redeveloped into a modern wellness center. Plans have been submitted to the City of Lafayette for the creation of a nearly 4,000 square foot building that will be two stories in height and will house a series of massage, yoga, and acupuncture services. The project, at 816 E. Baseline Road on the east side of Lafayette, will additionally include more than 5,800 square feet of new landscaping and the creation of parking spaces for just over 40 vehicles. Designed by Sopher Sparn Architects of Boulder, the project has won the initial approval of the Lafayette Planning Commission. It will be called the Silos Wellness Center, referencing the old grain elevator and silos that were such a conspicuous part of the store’s property and operations. That grain elevator was built more than a century ago and put out of commission in 1992. The silos were constructed in the 1950s. Redevelopment plans for the site call for keeping the grain elevator and silos intact, with the new structure built to their immediate front. By Garry Boulard ![]() Members of the New Mexico Racing Commission are expected to announce on December 6 which proposal for a new racino has received their backing. After months of speculation, five companies have transmitted proposals to the commission, hoping to win the right to build what will be the sixth combined track and casino within New Mexico’s borders. By law, those casinos will be allowed to operate at least 600 slot machines. The new proposed racinos would be located in parts of New Mexico currently without such recreation: Clovis and Tucumcari on the east side of the state, and Lordsburg in the southwest. The project candidates include the Clovis Racetrack and Casino; L&M Entertainment, a joint venture of the Laguna Development Corporation; and FHR-Atlas, owned by the Las Vegas, Nevada-based Full House Resorts. Clovis Racetrack and Casino, L&M Entertainment, and FHR-Atlas, all want to build the racino in Clovis. Coronado Partners wants to build a new racino in Tucumcari; while Hidalgo Downs is hoping to do the same in Lordsburg. The five current operating racinos are in Albuquerque, Farmington, Hobbs, Ruidoso, and Sunland Park. By Garry Boulard ![]() Transportation officials across the country are urging members of the House and Senate to take advantage of what may be only a temporary bi-partisan mood to tackle the nation’s infrastructure problems when the 116th Congress begins on January 3. In an appearance before the U.S. Committee on Environment and Public Works, those officials emphasized the need in 2019 to secure revenue for the Highway Trust Fund, while also addressing regulatory hurdles. The move to increase the federal gas tax has additionally won a significant advocate with the announcement of Mississippi Senator Roger Wicker, who has recently said he would support the increase if President Trump would first come out in favor of the same proposal. Remarked Wyoming Senator John Barrasso: “We depend upon highways, roads, and bridges to move people and goods, to get to our jobs and to visit our loved ones.” “Simply put,” added Barasso, “surface transportation connects all of us.” Carlos Braceras, president of the American Association of State Highway and Transportation Officials, urged the new Congress to keep current the Fixing American’s Surface Transportation funding levels, noting: “Congress has to find $90 billion in additional revenues for a five-year bill or $114 billion for a six-year bill.” Braceras additionally noted that in response to a loss of federal funds for infrastructure projects, some 31 states have taken on their own funding efforts. But he added that such efforts are not enough: “The federal government must step up its share of investment and it will not be easy,” Braceras declared. By Garry Boulard ![]() A battle that has waged for more than 2 years in El Paso regarding plans to build a $180 million downtown arena may finally be settled by the Texas Supreme Court. In the fall of 2016, the City of El Paso proposed construction of the arena, as one of its Quality of Life bond projects, in a section of downtown known as Duranguito. That neighborhood, populated with one and two-story wood framed houses and small businesses, was seen as historic by some preservationists who, joining with community activists, launched a campaign against the proposal. Fought out in both the public arena as well as area courts, the battle saw an Austin district judge ruling that the $180 million could not be applied to the construction of a sports arena because the original ballot language for the proposal never mentioned that use. That decision was subsequently overturned by the Third Court of Appeals. Now, opponents are considering mounting legal a challenge to the Appeals court decision that will be sent to the Texas Supreme Court The petition could be filed before the Texas higher court between now and mid-January. The arena is defined in the 2012 bond ballot as a “multi-purpose performing arts and entertainment facility located in Downtown El Paso.” After a site selection search, city officials determined that the Duranguito neighborhood would be the most practical for the arena, located as it is near the El Paso Convention Center and a number of downtown restaurants and bars. Originally, the city was hoping that the arena could be built and open for business by no later than early 2020, a date that no longer seems practical, given that the first shovel for the project has yet to be put in the ground. By Garry Boulard |
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