City officials in Tempe continue to review plans by the Arizona Coyotes hockey team to not only build a new 16,000-seat arena, but also a much more expansive entertainment district. The city has been conducting a series of public input hearings on the roughly $2 billion project, which will also include the building of new hotels, restaurants, shops, and residential space. The project is being spearheaded by Bluebird Development LLC, which has corporate offices in Phoenix. Bluebird is owned by Alex Meruelo and the Meruelo Group, which also own the hockey team. The project could end up being built along the south bank of the Salt River on a 46-acre site that was formerly a landfill. The team earlier pledged to spend up to $40 to pay for the remediation of that site. According to some reports, toxic landfill materials could be buried up to 37 feet below the surface. The Coyotes have been involved in negotiations with city officials as well as the Tempe City Council since last summer, going over the details of the project. It is thought that that council may vote sometime next month on the proposed development. By Garry Boulard
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The Gross Domestic Product, after turning in desultory performances for most of 2022, came roaring back in the quarter ending in September, registering a 2.6% rate of growth. That figure, just released by the Bureau of Economic Analysts, exceeded most economists’ expectations, and was fueled by an increase in manufacturing and consumer spending. The 2.6% increase was particularly impressive when compared with the 1.6% recorded in the first quarter of this year, and the minus 0.6% from April to June. Measuring the value of all goods and services produced over a three-month period, the Gross Domestic Product is seen as both a retrospective look at where the country has been in the last quarter, as well as a hopeful harbinger in terms of where it may be going. The 2.6% increase, according to the BEA, reflected increases in “both goods and services.” According to a press released issued by the agency, “within exports of goods, the leading contributors to the increase were industrial supplies and materials.” In the consumer spending category, the increase was led by health care and other services, although someone offset by a decrease in goods. Meanwhile, the quarter also saw an increase in federal government spending, led by the Department of Defense, and state and local government spending reflecting an “increase in compensation of state and local government employees.” In a statement, President Biden hailed the new numbers, remarking: “Today we got further evidence that our economic recovery is continuing to power forward.” In digesting the new numbers, the New York Times said that while the new numbers were hopeful, “key components continue to show an economic slowdown.” The Wall Street Journal, meanwhile, remarked that “economists don’t expect the third-quarter rise in exports to endure, given a stronger dollar and weakening global economy.” In an interview with the publication Vox, Mark Zandi, chief economist at Moody’s Analytics, noted that while the latest numbers show “the economy is not in recession,” there remains a 50% chance that a recession will be underway by next year. By Garry Boulard A busy shopping center with a variety of tenants in what is known as the Southwest Mesa of Albuquerque is being listed for sale for $6.4 million. The Sage Marketplace is located at 9550 Sage Road SW, just a little over 6 miles to the southwest of downtown Albuquerque in a part of the city that makes up one its oldest sections, yet has seen a substantial amount of new suburban residential construction. Construction on the one-story L-shaped retail center began in late 2005 and was completed the following year. The center makes up around 21,100 square feet of space and is classified as a Class B building. The Sage Marketplace is home to such tenants as Domino’s pizza, a Family Dollar store, an H&R Block office, and Shared Fitness studio. The property is being listed by the Phoenix-based realtors Marcus & Millichap. By Garry Boulard The Phoenix-based Nikola Corporation, known for its production of zero-emission commercial trucks, has announced plans to build a massive hydrogen production hub that will encompass just over 900 acres. The project will go up at 28702 W. Patterson Road in the town of Buckeye, Arizona, roughly 37 miles to the southwest of Nikola’s corporate office. As planned, the facility will support a Nikola goal of producing 30 metric tons of hydrogen supply per day, increasing through the completion of the plant to up to 150 metric tons. The hydrogen will be used primarily to serve those who have previously purchased a Nikola truck. Nikola earlier spent $16.5 million acquiring the site, located across the street from the Arizona Department of Corrections’ Lewis Prison, and hopes to see construction begin on the site later this year. Launched in Salt Lake City in 2014, Nikola set up operations in southern Arizona three years ago. By Garry Boulard For the eighth month in a row, existing home sales are on the downside, indicating an increasingly sluggish market, says a new survey published by the National Association of Realtors. The survey shows that sales were off by 1.5% in September, compared to the month before, and a big 23.8% off over September of 2021. In a press release accompanying the survey, the NAR noted that “three out of four major U.S. regions noted month-over-month sales contractions, while the West held steady.” But looking at things from the perspective of the fall of 2021, the survey shows that “sales dropped in all regions.” In a statement, Lawrence Yun, chief economist with NAR, noted that the “housing sector continues to undergo an adjustment due to the continuous rise in interest rates, which eclipsed 6% for 30-year fixed mortgages in September and are now approaching 7%.” Yun added that “expensive regions of the country are especially feeling the pinch and seeing larger declines in sales.” Home sales in the Northeast were off by 1.6% for an average price of $418,500; with the Midwest off by 1.7% for an average price of $281,500. The South, meanwhile, saw a drop of 1.9% for a median price of nearly $352,000. Conditions were most stable in the West, where there was no drop in the home sale price. The median price in the West, at the same time, is now the highest in the nation at nearly $600,000. By Garry Boulard A project that could take nearly 30 years to complete may get a green light next month by voters in Denver. An advocacy group in the city has put on this year’s ballot Ordinance 307, otherwise known as the Denver Deserves Sidewalks initiative, which is designed to raise up to $40 million annually to repair, upgrade, and build hundreds of miles of new sidewalks. Studies have shown that Denver currently has a deficit of up to 300 miles of sidewalks that are simply missing in places where one section of a sidewalk ends and just feet away, another begins. Those same studies have documented more than 800 miles of existing sidewalks that are regarded as too narrow. Reports have indicated that, altogether, up to 40% of Denver’s sidewalks are either nonexistent or nonfunctional. The campaign behind the ordinance has noted that a significant number of unsafe and poorly maintained sidewalks are in the city’s lower income neighborhoods. Missing, narrow, or inadequate sidewalks are also a particular challenge to residents with disabilities. A Denver Deserves Sidewalks promo, noting that sidewalk improvements would also make it safer for kids to walk to school, additionally references studies showing that children who walk to school have “higher academic performance and lower levels of stress during the school day.” The ballot ordinance has won the support of a variety of groups, including the non-profit Denver Foundation and Denver Regional Mobility & Access Council. But it has also generated controversy because homeowners would be required to pay an annual fee, with those owning larger properties hit the hardest. While agreeing with the need to repair the city’s sidewalks, the Denver Post recently remarked that it “sees too many flaws in the Denver Deserves Sidewalks proposal to support it at this time.” By Garry Boulard New wastewater, drainage, and wastewater system projects are expected to be undertaken across Bernalillo County, depending upon the results of the November election. The most populous county by far in the state, Bernalillo has an ongoing need for new infrastructure construction and upgrade projects. Voters in the county will decide on three separate bond proposals, with the first asking for general obligation bonds not to exceed $1.5 million to purchase new materials in Bernalillo’s big library system. A second question proposes bonds of just below $13 million for planning, designing, and building any number of public facilities. Depending upon the need, those facilities could include everything from courthouses to detention centers to fire stations. Two other proposals are calling for general obligation bonds not to exceed $11 million for park and recreational facility improvements; and $10.2 million to both build and rehabilitate roads, sidewalks, and trails, among other transportation projects. The final bond proposal, at $4.3 million, would pay for the acquiring of property, as well as planning, designing, and building of water, drainage, and wastewater systems throughout Bernalillo County. The $4.2 million may also go for the equipping, repairing, and general improvement of those systems. County officials have said that the bonds will particularly be applied to eliminating flooding in the North and South Valleys, as well as the north side of Albuquerque. By Garry Boulard The confidence level of chief executive officers has decreased in anticipating a possible coming recession, says a new industry survey. Published by the Conference Board, which has offices in New York, as well as in Europe and Asia, the Measure of CEO Confidence survey shows a decline of two whole points from the group’s summer survey. That drop, according to a press release issued by the Conference Board, reveals a lack of confidence not seen since 2009 during the depths of the Great Recession. Questioning nearly 140 chief executive offices from around the country, the survey showed a massive 98% anticipating a recession sometime between now and early 2024. In a statement, Dana Peterson, chief economist with Conference Board, noted that only 5% of respondents said that "business conditions were better today than they were six months ago.” That same low percentage applied to those who said they expected conditions to improve by next spring. But, continued Peterson, despite expectations of slower growth, tight labor market conditions and wage pressures, “hiring plans remained robust.” An equally bullish figure was seen in the number of chief executive officers, at 86%, who said they expect to either increase their capital budgets or keep them at current levels. Feelings regarding exactly what kind of recession the country may be facing remained decidedly mixed among the chief executive officers. Most respondents said they thought the U.S. recession would be “short and shallow.” But at the same time upwards of 70% thought it was likely that Europe will see a “deep recession with serious global spillovers.” The confidence index for the chief executive officers was mostly on the upside and above 50 between the end of the Great Recession and the early 2021 onset of Covid-19. The numbers swiftly dropped to the upper 30s during the spring months of 2021, only to jump back up again, when the nation was experiencing a post-pandemic economic boom in late 2021 and early this year. By Garry Boulard One of the classic motels in the central Colorado vacation resort city of Manitou Springs, is being listed for sale for $3 million. The Park Row Lodge is located at 54 Manitou Avenue on the east side of the city and was built in 1948. With 21 motel rooms, the Park Row Lodge has long been a favorite for visitors who come to Manitou Springs for its various natural mineral springs, clean mountain air, and hiking paths. Measuring around 10,500 square feet, the motel, defined as a Class C building, sits on a 1.3-acre site, and includes two cottages. The Park Row Lodge, according to author Deborah Harrison in her 2012 book Manitou Springs, is “representative of the roadside architecture that dominates eastern Manitou Springs.” The author also made note of the motel’s distinctly post-World War neon sign, which she called a “fine reminder of a bygone era.” The property is being listed by Re/Max Commercial of Colorado Springs. By Garry Boulard A series of park upgrades and new park construction are in line for El Paso if city voters two weeks from now approve a $20.8 million bond proposal. That question is part of an overall package of three bonds totaling $272.5 million that will also fund street and sidewalk projects throughout El Paso and implement a climate control initiative. The parks proposal, officially Proposition B, will see the building of up to 18 shade structures in El Paso’s parks. To date, some 77 shade structures have been erected citywide, with the goal of at least one shade structure in all eight of El Paso’s council districts. Uniquely, Proposition B will also fund the building of what are known as accessible playgrounds, allowing for children both with and without disabilities to play together. Accessible parks include such features as flat surfaces better designed for wheelchair use, wide paths, and accessible bathrooms. In recent years such parks have increasingly been built in cities across the country, as well as within the U.S. National Park System. By Garry Boulard |
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