![]() A one year-old commercial and retail center in the Pima Reservation entertainment corridor in Scottsdale is hitting the market with a $24.1 million price tag. Located in northeast Scottsdale at 9210 to 9240 E Via de Ventura, the one-story Block at Pima Center makes up nearly 38,000 square feet and is defined as Class B building space. The center was built last year and is currently entirely leased. Listed by Newmark Knight Frank realtors of Phoenix, the property is part of a growing part of Scottsdale seeing the construction of new office and retail centers in the last several years. The direct vicinity includes the Talking Stick Resort and OdySea Aquarium. Tenants at the center include a Starbucks outlet, White Castle restaurant, Spinato’s Pizza, and Texas Roundhouse steakhouse. By Garry Boulard
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![]() State and federal funding is expected to pay for construction of a series of new electric charging stations across New Mexico, say sources. At least $10 million for the effort is coming through funds earlier approved by the New Mexico State Legislature. But additional funds to the tune of $38 million are coming through the big federal Infrastructure Investment and Jobs Act. In a statement, Governor Michelle Lujan-Grisham remarked that New Mexico has a “once-in-a-generation opportunity to make truly transformative investments in communities large and small around our state.” As planned, the new stations will be built at intervals of 50 miles along Interstate 10, Interstate 25, and Interstate 40. The first station is planned for the city of Socorro in south central New Mexico, on city property off Interstate 25. Federal funding of upwards of $5 billion has been made available for charging station construction projects across the country, with those funds to be used in the next 5 years. Earlier this year, Jerry Valdez, director of the New Mexico Department of Transportation, said efforts are under way to work with “federal, state, tribal, local, regional, and a wide range of private sector stakeholders to deploy and expand access to electric vehicle infrastructure with an emphasis on equity in rural areas.” According to the site Stacker.com, there were more than 2,600 registered electric vehicles in New Mexico as of late this spring. By Garry Boulard ![]() The service sector, providing goods and materials to various industries, is reporting growth in June, continuing a trend that has been on the upside since the spring of 2020. According to the Tempe, Arizona-based Institute for Supply Management, all of the 18 sectors it follows also reported an increase in the cost of materials. The construction industry saw price increases in basic building materials, as well as diesel fuel, paint and polyvinyl chloride, steel products, and transformers, among other items. Respondents in the Institute’s most recent ISM Report on Business pointed to a wide variety of challenges, including increased interest rates, inflation, and ongoing supply chain problems. But despite the overall supply chain problems, a growing number of factory managers, according to the survey, said their suppliers were picking up the pace of deliveries. The survey also revealed that electrical components, microchips, baby formula, needles and syringes, and paper products are among the commodities most often listed as being in short supply. In a statement, Timothy Fiore, chair of the Institute for Supply Management’s manufacturing business survey committee, said, “The U.S. manufacturing sector continues to be powered, though less so in June, by demand, while held back by supply chain constraints.” At the same time, “companies improved their progress on addressing moderate-term labor shortages at all tiers of the supply chain.” The Institute for Supply Management is the largest supply management association in the world with more than 50,000 members worldwide. The ISM Report on Business has been in continual publication since 1923. By Garry Boulard ![]() One of Denver’s oldest high-rises is set to go to auction later next month. Located at 518 17th Street, what is called the DC Building was built in 1954 and sits on the site of the original Denver Club mansion. With 24 floors, the structure measures just under 275,000 square feet. For years the structure, which was built by legendary Texas oilmen John D. and Clint Murchison, Jr., has served as the office home to any number of attorneys, realtors, and business associations. A chapel on the building’s second floor was dedicated in honor of President Dwight Eisenhower in 1955 who was recovering in Denver at the time from a heart attack. Regarded as one of the city’s first modern high-rises, the structure was designed in the sleek International Style and is regarded as one of Denver’s architectural treasures. In recent years the building has seen up to $10 million in upgrades, and additionally houses a lounge with a two-lane bowling alley, a fitness center and common area conference rooms. The auction for the building, which is listed with the Los Angeles-based Newmark realtors, will begin on August 22 with a minimum starting bid of $9 million. By Garry Boulard ![]() In a move to alleviate an ongoing workforce housing shortage, city officials in Glenwood Springs, in far western Colorado, are seeing great potential in reconverted motel and hotel rooms. Members of the Glenwood Springs City Council have given their unanimous approval to an ordinance making it possible to transform such rooms into extended-stay residential units. An amendment to the ordinance would additionally require that motel and hotel owners renting out rooms for such purposes must have kitchenettes with each unit, along with on-site laundry facilities, and adequate exterior lighting. The ordinance is said to be particularly geared for older motels and hotels, and properties otherwise classified as motor lodges. As earlier discussed by city officials, the use of such spaces could require some reconversion, as well as the retrofitting of fire suppression and fire sprinkler systems. The project has long been discussed by those same city officials, as well as developers and residents, in a city where the average rent for a one-bedroom apartment is now at roughly the $1,700 mark, above the state median of $1,200. A Glenwood Springs ad hoc committee formed to explore the city’s housing needs recently noted that given the current rate of rents, such professionals as police officers, teachers, and nurses would be hard pressed to find adequate housing in the city. “These are people and jobs we need for a healthy community and economy,” a Glenwood Springs Planning and Zoning Commission report noted. By Garry Boulard ![]() Exactly 85 airports across the country are in line to receive nearly $1 billion in grant funding for a wide array of terminal improvement projects. The funding is coming from the US Transportation Department and the Federal Aviation Administration, and is part of a larger plan to spend upwards of $5 billion on such facilities through the Infrastructure Investment and Jobs Act. The grants will specifically fund a series of airport sustainability projects, Americans with Disabilities Act improvements, and access upgrades for airports in rural and disadvantaged communities. Two grants will fund the construction of new air traffic control towers. Specific projects will see the building of more gate capacity, new baggage claim areas and bathrooms, as well as the reconfiguring of security checkpoints. In announcing the grants, Transportation Secretary Pete Buttigieg remarked, “Americans deserve modern airports that meet the needs of their families and growing passenger demands.” He added that the funding will help “improve airport terminals while also creating good jobs in communities across the country.” Mitch Landrieu, White House infrastructure coordinator, remarked that airport terminals are “not something the federal government has historically invested in.” Such investments have typically been made by local airport owners and airlines, continued Landrieu, adding that the “need is evident.” Just over $14.4 million will go for the long-planned expansion and updating of terminal space at the Phoenix-Mesa Gateway Airport. The largest projects to receive funding include the building of four new gates at the Orlando International Airport, which is receiving $50 million; and construction of a zero-carbon central electrical utility facility at the Dallas-Fort Worth International Airport, securing $35 million. Funding for such projects is more specifically coming through the Airport Terminal Program, which is structured to provide $1 billion in funding for airport improvement projects annually for the next 5 years. More than 530 airports submitted applications for grants from this round of funding. By Garry Boulard ![]() Two extended space buildings that in a variety of capacities have for generations served professionals in downtown Albuquerque are being listed for sale with a combined price of $550,000. Located between 501 and 515 5th Street NW, the structures comprise just over 2,700 square feet and are classified as Class B buildings. The space at 501 Roma Avenue NW, around the corner, has been the long-standing home to the Roma Bakery & Deli, a popular eatery known for its breakfast and lunch offerings, as well as fresh-baked pastries. The buildings between 503 and 515 5th Street, sitting on a less than one-acre site, have been the home to a barber shop, Gerald Madrid Bail Bonds, and the New York House of Fashion clothing outlet. Dating to the late 1950s, the structures are the last of a kind in a part of downtown that dominated by modern multi-level office structures. Listed with the Albuquerque offices of Colliers, the property also features basement storage space, and one second-level apartment unit. By Garry Boulard ![]() Up to $1.2 billion in Arizona funding is being committed to the building and upgrading of the state’s water infrastructure. Governor Doug Ducey has put his signature on legislation that will provide that funding to the Water Infrastructure Finance Authority with the goal of developing new water sources for the state. “This legislation is crucial for our continued growth and prosperity,” Ducey remarked. By design, the funding will be spent over a three-year period, and will provide grants and loans to water providers with the goal of importing water into the state, while also funding desalination projects. The funding will also allow WIFA to purchase, store, and sell new imported water, while developing new technologies for the reuse of water. The legislation will additionally allow WIFA to finance the design and construction of any number of water and wastewater infrastructure projects throughout the state; with support also going to water augmentation and supply development projects. Coming on the heels of efforts to create a statewide farm irrigation efficiency pilot program, the bill is thought to be a needed step in the direction of preserving and maintaining Arizona’s water supply. According to the site Earth.org, roughly 72% of all water in Arizona goes for agricultural purposes, with 22% targeting municipal use; and 6% for industries. By Garry Boulard ![]() New jobs surpassed the forecasts of most employment analysts in June, adding 372,000 workers to the nation’s payrolls, according to the latest Bureau of Labor Statistics report. In a statement, William Beach, commission of the BLS, remarked that “notable gains occurred in professional and business services, leisure and hospitality, and health care.” The nation’s unemployment rate at 3.6%, meanwhile, was unchanged from May. The category of unemployed workers classified as “discouraged,” which is often higher that the overall unemployment rate, dropped from 7.1% in May to 6.7% last month. The construction industry saw a gain of 13,000 new workers in June, contributing to a total of 7.6 million. Nonresidential construction firms were up by an additional 16,600 employees, with 11,400 listed as nonresidential specialty trade contractors, and 4,500 new heavy and civil engineering workers. Ken Simonson, chief economist with the Associated General Contractors of America, noted that “although nonresidential contractors were able to add employees in June, the industry needs more as demand for projects is outpacing the supply of workers.” In a statement, Simonson added: “With industry employment at a record low for June and openings at an all-time high for May, it is clear contractors can’t fill all the positions they would like to.” The transportation and warehouse sectors saw an increase of more than 36,000 new workers; with manufacturing up by 29,000, and information technology employment seeing a 25,000 gain. The latest numbers, said the New York Times, point to a “hotter-than-expected labor market,” with the private sector now having regained most of its jobs lost as a result of the Covid 19 outbreak. Said the Wall Street Journal: “Employers continued to snap up workers in June—though at a slower pace than earlier in the year.” In a statement from the White House, President Biden cautioned that “having added a record number of new jobs, and achieved historically low levels of unemployment, additional job growth from this strong position will be slower.” The President added: “That is not a bad thing, because our economy should move to stable growth for the years ahead.” By Garry Boulard ![]() A business space condominium located in Denver’s popular River North Art District is scheduled for auction beginning on July 25. The condo is housed in a structure at 3457 Ringsby Court and measures around 12,500 square feet. Amenities include conference room space, private office and huddle rooms, a kitchen, and multiple workstations. Classified as Class B office space, the condo is housed in a four-story, 100,000 square foot modern-designed structure built in 2008. That building, in turn, is part of a campus that incudes a community garden, volleyball court, and dog park. The property, officially called the Taxi Campus, was once the site of a Yellow Cab Depot and later a remediated brownfield site, just one block from the banks of the South Platte River. The campus is advertised as a “mixed-use community of creative residents, innovators, entrepreneurs, and businesses,” with a special focus on social enterprise and sustainability firms. Listing agent for the condo is the Denver-based Column Commercial Partners. By Garry Boulard |
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