![]() Three cities in the West are on a new top 10 list as the most affordable cities in America. Although Detroit, with a monthly median housing cost of $734, took the first-place honors, El Paso scored a solid second with exactly $877 in those same costs. The list was compiled by the by the customer review website ConsumerAffairs, which also put Tucson in fifth place and Albuquerque in the number nine slot, focusing on cities with populations of 500,000 or more. Feeding in such factors as utility costs, property insurance, and real estate prices, the top ten list included no cities on the East or West coasts; while, besides Detroit, the cities of Milwaukee, Indianapolis, and Kansas City showed a strong Midwest presence. El Paso, according to the ConsumerAffairs survey, also placed high due to a median home value of $132,800, and median rent of $857. The site also noted that “jobs are plentiful, especially in energy production and health care.” Tucson recorded median housing costs of $890; a median home value of just under $166,000; and a median rent of $861. “The city boasts a strong economy that has a diverse blend of private and public business sectors, including education, aerospace, biotech, defense, information technology, and international trade,” notes the site. Albuquerque made the list with median housing costs of $968; a median home value of $204,100; and median rent of $889. Although the Duke City represents a competitive housing market, “home prices are considerably lower than in many other metropolitan areas.” The ConsumerAffairs survey adds that “Albuquerque is another affordable city that offers plenty of jobs in health care. In recent years, it has also added high-tech manufacturing capacity. The state and federal government are also major employers.” By Garry Boulard
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![]() Plans are moving forward for the construction in Albuquerque of a 20,000 square foot supportive housing center specifically designed for homeless veterans. The project is being spearheaded by the Veterans Integration Centers of Albuquerque, which wants to build the center as part of a 3-acre campus not far from the southeast side of Interstate 26 and Gibson Boulevard. That location is around 3 miles to the southeast of downtown Albuquerque. As proposed, the housing center will have space for 33 residential units, with the larger campus featuring a walking track, basketball court, children’s playground, and dog park, among other amenities. The center will have both room for veterans as well as family members. A separate campus structure will house a wellness center, thrift store, and food pantry. It is expected that it will cost at least $18 million to build the new center and campus. To date, the project has received some $3.2 million from the federal Department of Veterans Affairs, along with another $3 million in behavioral health tax revenue from Bernalillo County. The City of Albuquerque has come forward with $1 million in support. If all goes as expected work on the center and campus could begin in February, with a rough early 2024 completion date. The non-profit Veterans Integration Centers organization was launched in 2005 with the goal of providing food and nutrition, peer support, housing assistance options, and case management services to veterans throughout New Mexico. By Garry Boulard ![]() Net office space absorption for the duration of 2023 is expected to come in at around 8.1 million square feet, according to a new survey published by the NAIOP Research Foundation. That 8.1 million figure is up from the 6.6 million square feet absorbed during the second and third quarters of 2022, during a time in which the nation’s office vacancy rate reached 17.1% -the highest recorded level in three decades. According to press release issued by the foundation the recent completion of new office space has outpaced absorption. “A deeper look into the numbers reveals an appetite specifically for high-quality office buildings, which may support leasing activity in newly completed buildings despite continued weakness across the office sector.” The survey also reveals concerns of a 2023 recession: “Occupiers are growing more cautious, opting to sublease space and choosing smaller footprints when leases come up for renewal.” Hesitation in the commercial office space market comes as a new Gallup poll reveals that 40% of Americans now regard economic issues as the “nation’s most important problem.” That figure is dramatically up from the 10% of who felt the same in late 2020. Despite the recent uptick in recession fears, the most recent Gallup numbers pale in comparison to early 2009, on the cusp of the Great Recession, when a massive 86% said they regarded economic issues as the most important issues in the country. By Garry Boulard ![]() A new luxury planned hotel is being planned for construction in Surprise, Arizona as part of the still-evolving Village at Prasada shopping center. The project belongs to the Aberdeen, South Dakota-based Performance Capital Partners and will see the construction of a 64,000 square foot, four-story building housing 109 rooms. As planned, the hotel will offer in-suite kitchens, a fitness center, bar, laundry facilities, and outdoor patio with grills and fire pits. To go up near Arizona State Route 303 and Waddell Road, the dual-brand Marriott Fairfield Inn & Suites and Marriott TownePlace Suites hotel will, upon completion, offer hotels ranging in price from $140 to $170. Architect for the hotel project is the Salt Lake City-based Richardson Design Partnership. Launched in 2014, Performance Capital Partners specializes in the development of select and full-service hotels and has spearheaded projects primarily in the Midwest and West. The larger Village at Prasada, meanwhile, is being developed by SimonCRE of Scottsdale, and includes a wide variety of restaurant and retail options, including a Sprouts Farmers Market outlet. Altogether, the Village at Prasada comprises more than 700,000 square feet of retail and restaurant offerings, as well as outdoor entertainment space. By Garry Boulard ![]() Members of the El Paso City Council are expected to take up a proposal on January 3 that would put an end to a 6-year struggle to build a modern arena in a historic downtown neighborhood. In the fall of 2016, the council approved construction of a $180 million facility, officially called the Multi-Purpose Cultural and Performing Arts Center, to go up in the more than 100-year-old Duranguito neighborhood. That decision sparked a series of legal battles between preservationists and the City of El Paso, with those opposing the project arguing that the neighborhood in question is historically significant and should not be disturbed. Last year city officials said up to $3 million had been spent in legal expenses related to the project, while also noting that the cost of building materials has nearly doubled since the project was first announced. Now two city council members have proposed an agenda item calling for the city to “re-evaluate and repurpose as appropriate the now-insufficient funds” for building the facility. The agenda item, submitted by City Representatives Alexsandra Annello and Joe Molinar, additionally states that no buildings in Duranguito should be demolished. The item also contends that the council needs to examine the use of funds “specific to what the voters approved within existing city facilities that may be renovated or upgraded to honor the will of the voters.” It is thought that with the addition of several new members recently elected to the council that a majority of the members are now in favor of opposing construction of the arena in Duranguito. By Garry Boulard ![]() The development of more sustainable real estate projects, as well as an increase in farm transactions, are among the most notable trends of the recently concluded 2022. So says a new report compiled by the Washington-based online marketplace LoopNet, which notes that throughout the year office building owners were not only promoting green space as a means for relaxation, but also because such spaces very often have a “meaningful effect on the operation and environmental facets of a property.” At the same time, says the study, more and more property owners displayed an interest in farming properties. That interest could be due to an “increased desire for pastoral beauty” in the wake of the pandemic, or simply a reflection of “investors looking for a new opportunity to achieve meaningful yield.” The increased 2022 interest in farms follows on a near doubling of farm sales from 2020 to 2021. Additional trends: gaming studios, as exemplified by the opening of a 14,000 square foot facility in downtown Washington by the company Monumental Sports & Entertainment; and office co-working spaces in rural areas, a pattern following the design of such spaces in mostly urban areas in the last several years. The year also saw the emergence of more specialty services ranging from pet spas to fertility clinics and cannabis dispensaries in an effort to make traditional commercial properties appealing “in an era dominated by online shopping.” By Garry Boulard ![]() The process of replacing two long-standing schools that are a part of the Flagstaff Unified School District is expected to get underway later this spring. Last year voters in the district approved a $100 million bond package that will fund the demolition of the Kinsey Elementary School, located at 1601 S. Lone Tree Road; and the Marshall Elementary School at 850 N. Bonito Street. Both schools were built in the 1950s and have for several years needed extensive heating, cooling, and electrical upgrades. Deciding that those upgrades would be too expensive, the district instead called for a bond allowing it to build entirely new replacement facilities. According to the bond language, the building of a new Kinsey and Marshall school is expected to cost a combined $50 million. An additional $12 million in bond funding will go for the replacement and rebuilding of the district’s transportation and maintenance facilities. It is thought that the Marshall school project will be completed by the fall of 2025, with the Kinsey school ready for students some 12 months later. By Garry Boulard ![]() Work could begin next summer on one of the more unique structures in recent Denver construction history: a 12-story building nearly entirely made of timber. The project, called “Return to Form,” will go up at 3495 Wynkoop Street in the city’s River North Arts District and will be mostly composed of a series of wood panels glued and laminated together. As designed by the architectural firm of Tres Birds and developed by Katz Development, both based in Denver, the building will house 84 residential units, varying in size between studios and two bedrooms, with ground floor space made up of a lobby, co-working space, a gym, and café. Only a small component of the structure, confined to its foundation, stairwell, and elevator core, will be built with cement. The project is receiving national attention due to its use of timber, which in this case is Douglas fir from the Pacific Northwest. In a profile of the proposed structure, the publication ArchDaily noted that the “interest in mass timber construction is growing as a sustainable alternative to concrete despite the limitations imposed by some local building codes.” The website Vox has observed the same trend, remarking that wood is scoring points with designers and builders for two alluring reasons: its “architectural qualities, and potential to help decarbonize the building sector.” The Return to Form project earlier this year won the 2022 Mass Timber Competition during an American Institute of Architecture conference held in Chicago. By Garry Boulard ![]() More than $93 million in federal funding is now being made available for minority entrepreneurs to both launch and maintain their businesses. The grant funding is coming through the Capital Readiness Program under the auspices of the Department of Commerce and is thought to be the largest program of its kind ever administered by the agency. In a statement, Gina Raimondo, Secretary of the Commerce Department, noted that the program is particularly geared for businesses that endured hardships during the pandemic. “Women and minority-owned businesses and entrepreneurs were among the hardest hit, often lacking the resources they needed to keep their doors open,” said Raimondo. By design, the program is intended to provide the tools for minority businesses to access needed capital and funding, while also connecting them to business experts, vendors, and peer support. The Capital Readiness Program is placing an emphasis on providing advice for minority businesses attempting to receive funding from the State Small Business Credit Initiative, which assists new and growing businesses in traditionally underserved communities. In a move to provide more information about the credit for would-be applicants, a series of webinars sponsored by the Minority Business Development Agency will be conducted on January 10, 17, and 24. By Garry Boulard ![]() Work is expected to begin at the end of 2023 on an extensive combined retail, residential, and entertainment district project in the Arizona town of Oro Valley, some 6 miles to the north of Tucson. The Oro Valley Village Center, which is expected to cost at least $300 million to build, will replace the existing Oro Valley Marketplace at 12155 N Oracle Road, on the northeast side of town, which was built a little over a decade ago. According to town documents, the project, to be built on a more than 100-acre site, may include up to three hotels with a combined 300 rooms, at least two apartment complexes with more than 700 units, and a splash pad, playground, shade structures, and public park in the development’s central recreation area. Plans for the ambitious project have been in the works for more than 2 years, a process that has seen a series of public input meetings. Last month, members of the Oro Valley Town Council gave their approval to zoning amendments for the project. The project belongs to the Tucson-based Town West Realty, which has specialized in office and retail development projects primarily in southern Arizona. The project is expected to serve a growing Oro Valley population that has jumped in the last 25 years from around 8,000 to nearly 49,000. Forecasts call for the town to surpass the 52,000 mark by the end of this decade. By Garry Boulard |
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