![]() Plans are now underway for the construction of a new Dollar General outlet in downtown Clovis. The building will go up at 900 W. Seventh Street at the site of the former Alexander's Fruit Market, which has been demolished to make way for the new Dollar General. The new store will be a free-standing, one-story affair, measuring just under 10,600 square feet. The overall site itself is not quite 1-acre in size. The official address for the new store is 702 N. Reid Street, representing the street that runs up along the side of the Seventh Street property. At 10,600 square feet, the Clovis Dollar General is larger than the average 7,400 square foot store owned by the Goodlettsville, Tennessee-based Dollar General Corporation. Founded originally as a store called J.L. Turner in Scottsville, Kentucky in 1939, Dollar General today has just under 19,000 stores nationally. While saturating the South with more than 9,700 stores, Dollar General has also in recent years been trying to expand its footprint in the West. The chain currently has upwards of 130 stores in Arizona, nearly 70 in Colorado, and around 110 in New Mexico. Although it closed in the 1960s, locals fondly remember the now-levelled Alexander's Fruit Market in Clovis, which provided the area community with a wide variety of produce and fruits from local farmers based in not just in New Mexico, but also south Texas, Arizona, and California. In later decades, the building was also home to an upholstery service, which closed down several years ago. By Garry Boulard
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![]() New proposed Environmental Protection Agency rules governing power plant greenhouse gas performance standards may prove too costly and burdensome, asserts the chair and long-standing member of the House Energy and Commerce Committee. In a letter to Michael Regan, the administrator of the EPA, Representative Cathy McMorris Rogers of Washington said that the proposed "New Source Performance Standards for Greenhouse Gas Emissions," represents a "byzantine network" of standards "across numerous categories for new, modified, and existing coal, natural gas, and oil-fired power plants." In subsequent testimony before the Energy and Commerce Committee, Rogers also remarked that an ongoing EPA effort to shut down the nation's coal-fired power plants could prove economically ruinous. "These efforts to transform the nation's electricity system would have damaging and lasting effects on reliability for Americans across the country and would go well beyond the EPA's Congressionally mandated authority," Rogers said. The EPA has said the new performance standards would apply to greenhouse gas emissions from all matter of fossil fuel-fired electric generation units. The proposed rule, as published in the Federal Register, would importantly require the implementation of carbon capture and sequestration/storage technologies at such plants by the year 2035. The new proposed EPA rules, said Rogers, would “affect the entire U.S. coal generating fleet, all natural gas power plants, as well as existing plants producing more than 300 megawatts of power.” The Congresswoman adds: “These changes will have a chilling effect on American natural gas, which is critical for generating electricity across the country.” Public comments on the EPA’s proposal will be accepted until July 24. By Garry Boulard ![]() Work could begin next year on the building of two structures with a combined footprint of more than 1 million square feet in Avondale, Arizona. The buildings will belong to the Arcadia, Wisconsin-based Ashley Furniture Industries and will go up at the intersection of Interstate 10 and 107th Avenue, across the street from the Avondale Automall. Ashley purchased the site some two years ago for $32.8 million. Founded in 1948, the home furnishings manufacturer and retailer has more than 700 stores both in the U.S. and internationally. With annual revenue of around $6 billion, the company also has manufacturing and distribution facilities in its home state of Wisconsin, as well as California, Florida, Indiana, Mississippi, North Carolina, and Pennsylvania. The Avondale project has been in the talking stage for some time and will see the construction of one building measuring just under 503,500 square feet, housing a showroom, office and call center, and warehouse. The second building will come in at just over 551,000 square feet, and will also include office, manufacturing, and warehouse space. By Garry Boulard ![]() While the residential real estate market in El Paso continues to grow, with the average price now at the $256,000 mark, there are more homes on the market than just twelve months ago, according to a new report from the Greater El Paso Association of Realtors. That report indicates that inventory in May was up by 17% from where it was in May of 2022, with more than 1,000 currently active listings, and houses remaining on the market for an average of 15 days. While the $256,000 figure is low when compared with other Texas cities, such as Houston at $339,000 and Dallas at $412,000, it is still up by 7.5% over where things stood exactly a year ago. Some of the price increase is due to the fact that El Paso remains a popular city, enjoying a nearly 5% growth rate in the last several years for a total historic high now of more than 680,000 residents. But the price increase, according to the site Bankrate, is also attributable to simple market dynamics: home prices are up throughout the Southwest, and El Paso is no different. But Bankrate notes a marked variation in asking prices depending upon the section of the city. In the more urban central El Paso, the median price tag as of last month stood at $180,000, and in the Lower Valley region the price stood at nearly $194,000. In the growing Upper Valley, meanwhile, which has seen substantial new home construction in the last decade, the average asking price came in at just under $350,000. By Garry Boulard ![]() Although enjoying significant growth in the last several years, even during the pandemic, the single-family build-to-rent sector appears currently to be on a more even keel, according to a new study. Noting that the single-family build-to-rent market reached all-time highs in 2022, the report issued by the Northmarq company states that for the rest of this year “deliveries are expected to remain elevated, but starts are forecast to slow by nearly 50%.” Based in Minneapolis, Northmarq provides capital markets information and research for commercial real estate investors. The report, called simply Single-Family Build-to-Rent, additionally notes that the “accelerating pace of deliveries” has created more vacancies in this particular market sector, although “renter demand has remained strong enough to support modest rent growth.” Part of the reason for the cooling-off has to do with simply getting financing: “The debt and equity climate is more conservative than in recent years,” says the report, “but deals are getting done.” Even more, investment activity in this sector has also slowed down, “following a similar trend in the traditional apartment market.” Cap rates, meanwhile, have slowly increased since around mid-2022, averaging close to 5.2%. And then there is always the role played by mortgage rates, which have been on a significant upswing in the last year. The Northmarq report says such rate increases, most recently at around 6.2%, are “twice as high as late-2021 levels.” That rate elevation has caused some would-be buyers “to be priced out of the market, while others remain on the sidelines, hoping rates will retreat further before deciding to buy a home.” Despite such fluctuations, there remains hot single-family, build-to-rent markets throughout the country. Phoenix, according to a new survey conducted by the site Rent Café, emerged last year as the second most vibrant market for such construction in the nation, with Dallas in the number one slot. Notes the Northmarq report: “In the West region, where communities of single-family rental units first began to gain popularity as an alternative to traditional apartments, delivery totals rose 30% in 2022, reaching approximately 13,000 units.” The 2022 numbers marked the fifth year in a row where deliveries in the West topped 10,000 units. By Garry Boulard ![]() A proposal to build a two-story homeless shelter in Fort Collins that would measure around 43,000 square feet is working its way through the city’s approval process with a public input meeting scheduled for next week. The long-standing organization Fort Collins Rescue Mission wants to build on a site at the west end of Hibdon Court near North College Avenue. According to plans, the new facility would have enough space for up to 200 beds, along with dining, kitchen, laundry, and office space. The project would additionally include some outdoor amenity space. A mainstay in Denver reaching back to the late 19th century, the Fort Collins Rescue Mission has administrative offices at 6100 Smith Road, and opened a modern 11,400 square-foot shelter called the Lawrence Street Community Center, complete with a large dining room, showers, bathrooms, and laundry facilities, in 2015. By Garry Boulard ![]() Part of the vast 7-Eleven convenience store chain that now totals more than 82,000 individual locations, three stores under that brand are for sale in Denver with a combined price tag of $19.7 million. The first of the three properties is located at 7260 E 36th Avenue and measures exactly 4,620 square feet. The property features a store with a contemporary design and floor to ceiling glass walls. The second listed structure’s address is at 9590 Federal Boulevard, nearly 10 miles to the north of downtown Denver. The store measures just under 4,000 square feet and sits on an almost 1.4-acre site. The third listing is located at 11099 E. Interstate 25 Frontage Road, and measures around 5,400 square feet, situated on a 3.5-acre parcel. Listed by the real estate company Blue West Capital, which has offices in Denver, the properties are part of more than one hundred 7-Eleven location in metro Denver. The 7-Eleven chain, founded in 1928 in Dallas, is today the largest in the world. According to the site CB Insights, 7-Eleven stores last year served an average of 29 million customers a day. By Garry Boulard ![]() Acquisition, development, and construction financing saw an increase in the first quarter of this year, one more sign that the nation’s construction industry continues to move in a decided post-pandemic direction. But according to a new survey issued by the National Association of Home Builders, the cost of such financing was up over the final quarter of last year, with 43% of the survey’s respondents saying credit for land acquisition had tightened. Another 41% in a separate question thought that credit for land developed had also tightened, while 32% said credit for single-family construction projects had tightened. According to the NAHB’s Survey on Acquisition, Development & Construction Financing, loan interest rate increases during the early part of this year could be attributed to several factors: “Increases in the effective rate may be due to either increases in the contract interest rate charged on outstanding balances or to increases in the initial points charged on the loans.” Noting that the first three months of this year has witnessed some upheaval in both the financial markets and banking industry, the NAHB survey asked respondents if lending had become more difficult due to such factors. The response? Some 60% said that lending had, in fact, “become more difficult due to recent financial market stress” for acquisition, development and construction loans. Another 60% said increased difficulty had come with land acquisition lending, followed by 58% who observed the same trend in land development lending. An equally large 59% asserted difficulty in the speculative single-family construction lending area. Notes the NAHB narrative: “Only 18% reported that pre-sold construction lending had become more difficult” due to the financial markets and banking disruptions. By Garry Boulard ![]() The future of a half-cent sales tax that has been used to fund a wide array of transportation projects in growing Maricopa County may be in doubt as members of the Arizona State Legislature try to decide whether to keep it in place. Approved by county voters in 1985 as Proposition 300 and renewed in 2004 as Proposition 400, the sales tax has helped to fund billions of dollars through the years in key transit and highway projects, including building out the busy Loops 101, 202, and 303 surrounding metro Phoenix. Proposition 400 funding has also been used to build the Valley Metro Rail light rail, as well as Arizona State Route 51 in Phoenix and Arizona State Route 24 in the East Valley. By design, around 56% of all the revenue collected through the sales tax has gone to freeway and highway projects with 33% targeting transit improvements, and 10% for arterial street improvements. Because the initiative is set to expire on December 31, 2025, Maricopa County leaders have been pushing for yet another renewal. But before a renewed sales tax proposal can be taken to the voters, it must first win the approval of the state legislators in the form of authorizing a new election. Not everyone, however, is happy with the proposition, which if approved by lawmakers and voters in Maricopa County would have a 25-year life. Some legislators have charged that the funding mechanism has ended up paying for a variety of transit projects that are only used by a small segment of the county's population. In so doing, the critics of Proposition 400 say, revenue also ends up being spent yearly on transit system maintenance expenses. But supporters counter that the tax is vital to building and maintaining highways and roadways in one of the fastest-growing metro areas in the country. Earlier this year Phoenix Mayor Kate Gallego, speaking during her State of the City address, remarked: “Failure on Proposition 400 is not an option.” “An extension of the half-cent is necessary and county residents overwhelmingly agree,” continued Gallego. “Let’s get it on the ballot and get this done.” According to latest reports, Arizona Governor Katie Hobbs is said to be negotiating directly with legislative leaders in a move to secure passage of a bill authorizing a new sales tax vote. By Garry Boulard Funding Secured for Bureau of Land Management's Restoration of New Mexico's Lower Pecos River6/7/2023 ![]() New funding has been announced for a big and ongoing project in New Mexico: seeing the restoration of an ecosystem stretching from the center to southern part of the state. The funding is coming through the Inflation Reduction Act, which was approved by Congress last summer and allows for the spending of up to $161 million for ecosystem restoration efforts across the West. By design, the restoration work will be overseen by the Bureau of Land Management. According to a BLM document, the latest work will “build on nearly 20 years of experience restoring the Pecos River Watershed.” This latest funding comes on top of around $1.3 million for Pecos River work that was earlier secured through the Infrastructure and Investment Jobs Act. The ongoing Pecos River restoration work, according to the BLM, centers on such initiatives as improving water filtration and groundwater recharge, protecting fragile soils, and reducing sediment loads. “Restoring the landscape will enhance recreation on public lands,” notes the BLM document, “and help fulfill our mission of multiple use and sustained yield.” Altogether, the $161 million in funding announced by the Department of the Interior will support 21 projects in eleven Western states. “The pressures on our public lands, from invasive species, unprecedented wildfires, drought, and increasing uses, are being exacerbated by the climate crisis, degrading landscapes and impacting public uses,” Interior Secretary Deb Haaland said in a statement. “If we are going to ensure America’s public lands are available to everyone, we must invest in their health,” the Secretary continued. The BLM is overseeing and directly involved with all the 21 restoration projects. Those projects, says the BLM in a document titled BLM’s Restoration Landscapes, comprise an investment in “ecosystem restoration and the economic resilience of communities that depend on these lands to support their livelihoods and traditions.” By Garry Boulard |
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