Small rural community in Far West Valley slated for industrial growth & master plan commuinty
About 200 acres of a 1,314-acre site in Tonopah could be re-designated and rezoned for industrial development could see massive industrial growth in the coming years.
Last year, Phoenix-based Vermaland started efforts also to develop a 1,100-acre master-planned community in Tonopah, which will include 2,500 single-family homes, 500 multifamily units and commercial and industrial space.
A 1,314-acre master-planned development comprised of state trust and privately owned land in Tonopah, a rural community located west of Buckeye, was once slated for mostly residential growth.
But with plans for multiple master-planned communities nearby, an Interstate 11 and limited water, most of the site, called Hidden Waters Ranch, could see commercial and industrial development, according to documents submitted to Maricopa County. The overall property is located between 339th and 351st avenues and I-10 and Buckeye Road in Tonopah.
In March, the Maricopa County planning commission recommended approval to redesignate and rezone about 200 acres of privately owned land from residential to industrial. The county said the items will be voted on by the Board of Supervisors on April 20.
Austin-based RVi Planning + Landscape Architecture applied for the redesignation and rezoning on behalf of landowner 339th & I-10 LLC, which is connected to Scottsdale-based Emmerson Holdings.
If approved, this would add to the 400-plus acres already zoned for industrial development within Hidden Waters Ranch.
The original master plan was approved by the county Board of Supervisors in 2007. The area mostly consists of vacant land, scattered homes and a truck stop, county documents said. It comprises 660 acres of state trust land.
'Primely located' siteIn anticipation of I-11, which would run from Nogales to Nevada and be within 10 miles of Hidden Waters Ranch, RVi Planning said this sets up the area to become a major industrial hub for the West Valley.
“The current market in this part of Maricopa County is strong for large industrial users as it is primely located in the Phoenix metro with excellent roadway access,” documents submitted to the county said. “The current site provides the capability to serve both water and sewer more favorably to industrial users versus residential development.”
The proposed 37,000-acre Douglas Ranch community, which is slated for 300,000 residents if built, will also be located about 10 miles north of Hidden Waters Ranch.
Documents submitted to the city said Global Water Resources is installing major infrastructure like sewer and water along 339th Avenue through the master planned area, which is expected to stay within Maricopa County planning jurisdiction.
The county said it received one letter opposing any form of development in the area, while two others at a neighborhood meeting said they would like it to remain a rural area but expected development to reach Tonopah, RVi Planning said at the March planning commission meeting.
Tonopah has continued to attract land investors and developers in the past several years. Last year, Phoenix-based Vermaland started efforts to develop a 1,100-acre master-planned community in Tonopah, which will include 2,500 single-family homes, 500 multifamily units and commercial and industrial space.
About 200 acres of a 1,314-acre site in Tonopah could be re-designated and rezoned for industrial development could see massive industrial growth in the coming years.
Last year, Phoenix-based Vermaland started efforts also to develop a 1,100-acre master-planned community in Tonopah, which will include 2,500 single-family homes, 500 multifamily units and commercial and industrial space.
A 1,314-acre master-planned development comprised of state trust and privately owned land in Tonopah, a rural community located west of Buckeye, was once slated for mostly residential growth.
But with plans for multiple master-planned communities nearby, an Interstate 11 and limited water, most of the site, called Hidden Waters Ranch, could see commercial and industrial development, according to documents submitted to Maricopa County. The overall property is located between 339th and 351st avenues and I-10 and Buckeye Road in Tonopah.
In March, the Maricopa County planning commission recommended approval to redesignate and rezone about 200 acres of privately owned land from residential to industrial. The county said the items will be voted on by the Board of Supervisors on April 20.
Austin-based RVi Planning + Landscape Architecture applied for the redesignation and rezoning on behalf of landowner 339th & I-10 LLC, which is connected to Scottsdale-based Emmerson Holdings.
If approved, this would add to the 400-plus acres already zoned for industrial development within Hidden Waters Ranch.
The original master plan was approved by the county Board of Supervisors in 2007. The area mostly consists of vacant land, scattered homes and a truck stop, county documents said. It comprises 660 acres of state trust land.
'Primely located' siteIn anticipation of I-11, which would run from Nogales to Nevada and be within 10 miles of Hidden Waters Ranch, RVi Planning said this sets up the area to become a major industrial hub for the West Valley.
“The current market in this part of Maricopa County is strong for large industrial users as it is primely located in the Phoenix metro with excellent roadway access,” documents submitted to the county said. “The current site provides the capability to serve both water and sewer more favorably to industrial users versus residential development.”
The proposed 37,000-acre Douglas Ranch community, which is slated for 300,000 residents if built, will also be located about 10 miles north of Hidden Waters Ranch.
Documents submitted to the city said Global Water Resources is installing major infrastructure like sewer and water along 339th Avenue through the master planned area, which is expected to stay within Maricopa County planning jurisdiction.
The county said it received one letter opposing any form of development in the area, while two others at a neighborhood meeting said they would like it to remain a rural area but expected development to reach Tonopah, RVi Planning said at the March planning commission meeting.
Tonopah has continued to attract land investors and developers in the past several years. Last year, Phoenix-based Vermaland started efforts to develop a 1,100-acre master-planned community in Tonopah, which will include 2,500 single-family homes, 500 multifamily units and commercial and industrial space.
Youngtown House Apartments sold for a over $10 million!
Youngtown House Apartments, a 64-unit apartment property at 11141 W Arizona Ave # B11 in Youngtown, sold for $10 million, according to Marcus & Millichap’s Phoenix office, which brokered the deal.
Richard Butler, senior vice president investments in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller.
The seller was Radu Tomuta, according to real estate database Vizzda, and the buyer was EDGE Capital. The deal closed on May 13.
The seller bought the property in 2019 for $4.1 million.
“The seller decided to exit the multifamily market due to identifying a higher yielding, alternative product investment opportunity in central Phoenix,” Butler said in a statement.
The buyer was represented in the deal by Andrew Tate from Keller Williams Commercial Realty.
“The buyer plans to upgrade this C-grade property to include en-suite washers and dryers, new kitchens, bathrooms, doors, windows, exterior paint, roofs and landscape. They were able to secure a bridge loan for the acquisition and future improvements,” Butler added.
All units are studios and one-bedrooms with master-metered utilities and a chiller system. The property will be rebranded as South Edge Apartments.
Youngtown House Apartments, a 64-unit apartment property at 11141 W Arizona Ave # B11 in Youngtown, sold for $10 million, according to Marcus & Millichap’s Phoenix office, which brokered the deal.
Richard Butler, senior vice president investments in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller.
The seller was Radu Tomuta, according to real estate database Vizzda, and the buyer was EDGE Capital. The deal closed on May 13.
The seller bought the property in 2019 for $4.1 million.
“The seller decided to exit the multifamily market due to identifying a higher yielding, alternative product investment opportunity in central Phoenix,” Butler said in a statement.
The buyer was represented in the deal by Andrew Tate from Keller Williams Commercial Realty.
“The buyer plans to upgrade this C-grade property to include en-suite washers and dryers, new kitchens, bathrooms, doors, windows, exterior paint, roofs and landscape. They were able to secure a bridge loan for the acquisition and future improvements,” Butler added.
All units are studios and one-bedrooms with master-metered utilities and a chiller system. The property will be rebranded as South Edge Apartments.
First phase of massive industrial park in El Mirage moves forward
The first phase of a massive industrial park is planned for about 107 acres in El Mirage. A massive industrial park has been proposed for El Mirage, a small West Valley city that has landed more industrial projects in recent years.
The first phase of LogistiCenter at Copperwing will comprise approximately 1.8 million square feet between four mid-sized buildings that will be developed at the northeast corner of Dysart Road and Olive Avenue.
The 108-acre project is part of Nevada-based Dermody Properties' plans to build a $1.5 billion industrial park with up to 10 million square feet of space across 1,000 acres. Marketing materials for the project show the overall park will be developed in multiple phases.
The architect for the speculative warehouse and light manufacturing facility is Irvine, California-based HPA Architecture, according to city documents. Dan Calihan and Pat Feeney of CBRE Group Inc. are listed as the brokers for the property.
The city of El Mirage planning commission is scheduled to vote on a site plan for the project the evening of Aug. 9. The fast-growing city is located west of Phoenix and has more than 35,000 residents.
Employers, industrial construction gearing up in El Mirage
The city recently gave its support to designate half of the overall park, or nearly 700 acres, as a Foreign Trade Zone magnet site, a government designated site that significantly reduces property taxes in addition to other benefits. The overall industrial park is located along El Mirage Road between Northern Parkway and Peoria Avenue northeast of Luke Air Force Base.
On about 70 acres of farmland within the industrial park, LGE Design Build is currently developing a 1.2 million-square-foot speculative warehouse called G3 at Copperwing. The facility will be located on the southwest corner of Peoria Avenue and Dysart Road and include rail spur that will be integrated into the building for loading and unloading of goods.
Other companies that have made plans to build facilities in the industrial area include Microsoft, Cavco West, Cives Steel Co. and Ti Cold Development. Glendale-based Avanti Windows and Doors is also in the process of expanding with a new 261,000-square-foot manufacturing, distribution and office facility on about 30 acres in the industrial park. Avanti will be one of the top five employers in the West Valley city.
The city said in its recent newsletter that companies such as Cives Steel and Consolidated Resources Inc., which is building a 47,000-square-foot facility, will bring hundreds of jobs to El Mirage as companies get closer to opening their doors.
The El Mirage industrial park could see strong leasing activity due to its proximity to the Loop 303, Northern Parkway and other industrial corridors such as the Woolf Logistics Center and the booming Loop 303 area.
The West Valley submarkets have continued to dominate much of the record industrial construction and leasing in recent months in the Phoenix metro.
The first phase of a massive industrial park is planned for about 107 acres in El Mirage. A massive industrial park has been proposed for El Mirage, a small West Valley city that has landed more industrial projects in recent years.
The first phase of LogistiCenter at Copperwing will comprise approximately 1.8 million square feet between four mid-sized buildings that will be developed at the northeast corner of Dysart Road and Olive Avenue.
The 108-acre project is part of Nevada-based Dermody Properties' plans to build a $1.5 billion industrial park with up to 10 million square feet of space across 1,000 acres. Marketing materials for the project show the overall park will be developed in multiple phases.
The architect for the speculative warehouse and light manufacturing facility is Irvine, California-based HPA Architecture, according to city documents. Dan Calihan and Pat Feeney of CBRE Group Inc. are listed as the brokers for the property.
The city of El Mirage planning commission is scheduled to vote on a site plan for the project the evening of Aug. 9. The fast-growing city is located west of Phoenix and has more than 35,000 residents.
Employers, industrial construction gearing up in El Mirage
The city recently gave its support to designate half of the overall park, or nearly 700 acres, as a Foreign Trade Zone magnet site, a government designated site that significantly reduces property taxes in addition to other benefits. The overall industrial park is located along El Mirage Road between Northern Parkway and Peoria Avenue northeast of Luke Air Force Base.
On about 70 acres of farmland within the industrial park, LGE Design Build is currently developing a 1.2 million-square-foot speculative warehouse called G3 at Copperwing. The facility will be located on the southwest corner of Peoria Avenue and Dysart Road and include rail spur that will be integrated into the building for loading and unloading of goods.
Other companies that have made plans to build facilities in the industrial area include Microsoft, Cavco West, Cives Steel Co. and Ti Cold Development. Glendale-based Avanti Windows and Doors is also in the process of expanding with a new 261,000-square-foot manufacturing, distribution and office facility on about 30 acres in the industrial park. Avanti will be one of the top five employers in the West Valley city.
The city said in its recent newsletter that companies such as Cives Steel and Consolidated Resources Inc., which is building a 47,000-square-foot facility, will bring hundreds of jobs to El Mirage as companies get closer to opening their doors.
The El Mirage industrial park could see strong leasing activity due to its proximity to the Loop 303, Northern Parkway and other industrial corridors such as the Woolf Logistics Center and the booming Loop 303 area.
The West Valley submarkets have continued to dominate much of the record industrial construction and leasing in recent months in the Phoenix metro.
Construction, hiring on schedule at Taiwan Semiconductor's company says
It’s been two years since Taiwan Semiconductor Manufacturing Company announced plans to build a massive factory in north Phoenix and, in a rare update, the company now says it is still on track to start production in 2024.
Development is progressing as planned, with structural construction of the factory buildings and all support structures nearing completion. Installation of the central chipmaking tools is now expected to start in early 2023, a key step in bringing the factory, or fab, online.
TSMC is continuing to hire for the forthcoming fab, which is expected to employ thousands in the future. There are currently 500 Arizona employees training in Taiwan, following the initial batch of 250 employees the company sent overseas in April 2021. T
“We broke ground just over a year ago, and we are making great progress – from the structural construction of the fab to the utilities infrastructure and the surrounding roadways,” TSMC spokeswoman Nina Kao said in a statement. “This enormous construction project remains on schedule to start operations in 2024.”
TSMC spent $89 million to buy 1,128 acres of undeveloped land just north of the Loop 303 in Phoenix at the end of 2020. In its public communications, TSMC says the first factory will cost $12 billion to construct, but the company may build additional fabs at the site, bumping the project cost up to $35 billion.
Structural work completedTSMC said it has completed structural work on the support buildings for the first major sector of Fab 21, including the office building. About half of the glass has also been installed in the office building.
Work continues on site infrastructure, including fire protection piping, ducting and electrical switches and transformers. Outside the fab itself, the company is developing the surrounding roadways, streetlights, underground piping and high voltage power lines with help from Arizona Public Service.
Click here to read more about how the TSMC deal came together and here to see a timeline of development events.
All recruiting for the Arizona fab is happening domestically, the company said, despite Taiwanese media reports to the contrary. The company has 100 people working now at offices in Phoenix and it expects to employ more than 2,000 on its Arizona team by 2023.
“Given the increased focus on semiconductors around the world, there is a ton of interest from potential recruits about coming to work for one of the world’s leaders in this industry,” Kao said. “We are very impressed and pleased with both the diversity and quality of the talent pool and the enthusiasm from our newest TSMC Arizona employees.”
Nearby manufacturers are facing stiff competition for manufacturing talent and TSMC has the additional challenge of competing with fellow chipmaker Intel, which is spending billions to expand its longstanding facilities in Chandler.
TSMC is the most advanced chipmaking company in the world, and its decision to build in Arizona means its suppliers are tagging along, including some that have not been previously reported.
Taiwan Puritic Corporation has signed new leases in both Phoenix and Glendale; Kokusai Semiconductor Equipment Corporation has set up distribution, training centers and offices in Glendale; Rinchem is expanding to Surprise, and CTCI has set up a new office in Phoenix.
The Business Journal has previously reported on other suppliers setting up shop nearby, including Sunlit Chemicals and its $100M site in Phoenix, EMD Electronics’ new facility in Chandler and a new gas plant to support the site. Universal Instruments Corporation (UIC), an existing supplier with a footprint in Arizona, will also work with TSMC at the new fab.
Suppliers are also planning operations in Casa Grande and elsewhere in Pinal County.
“One of the reasons we chose Arizona was because of the existing semiconductor supplier base. But we knew that our plans to build TSMC Arizona would drive more investment from the leading vendors in the state – and we are seeing that already,” Kao said.
“Some are starting their first U.S. operations in Arizona, and others are expanding their local operations. While these moves are strengthening the state’s economy, it’s also a great thing for the entire industry as the U.S. has a focused effort to ramp leading-edge chip-manufacturing in the country."
Housing developers are already buying up land in Peoria, Surprise and Phoenix to get ahead of housing needs for the growing workforce.
It’s been two years since Taiwan Semiconductor Manufacturing Company announced plans to build a massive factory in north Phoenix and, in a rare update, the company now says it is still on track to start production in 2024.
Development is progressing as planned, with structural construction of the factory buildings and all support structures nearing completion. Installation of the central chipmaking tools is now expected to start in early 2023, a key step in bringing the factory, or fab, online.
TSMC is continuing to hire for the forthcoming fab, which is expected to employ thousands in the future. There are currently 500 Arizona employees training in Taiwan, following the initial batch of 250 employees the company sent overseas in April 2021. T
“We broke ground just over a year ago, and we are making great progress – from the structural construction of the fab to the utilities infrastructure and the surrounding roadways,” TSMC spokeswoman Nina Kao said in a statement. “This enormous construction project remains on schedule to start operations in 2024.”
TSMC spent $89 million to buy 1,128 acres of undeveloped land just north of the Loop 303 in Phoenix at the end of 2020. In its public communications, TSMC says the first factory will cost $12 billion to construct, but the company may build additional fabs at the site, bumping the project cost up to $35 billion.
Structural work completedTSMC said it has completed structural work on the support buildings for the first major sector of Fab 21, including the office building. About half of the glass has also been installed in the office building.
Work continues on site infrastructure, including fire protection piping, ducting and electrical switches and transformers. Outside the fab itself, the company is developing the surrounding roadways, streetlights, underground piping and high voltage power lines with help from Arizona Public Service.
Click here to read more about how the TSMC deal came together and here to see a timeline of development events.
All recruiting for the Arizona fab is happening domestically, the company said, despite Taiwanese media reports to the contrary. The company has 100 people working now at offices in Phoenix and it expects to employ more than 2,000 on its Arizona team by 2023.
“Given the increased focus on semiconductors around the world, there is a ton of interest from potential recruits about coming to work for one of the world’s leaders in this industry,” Kao said. “We are very impressed and pleased with both the diversity and quality of the talent pool and the enthusiasm from our newest TSMC Arizona employees.”
Nearby manufacturers are facing stiff competition for manufacturing talent and TSMC has the additional challenge of competing with fellow chipmaker Intel, which is spending billions to expand its longstanding facilities in Chandler.
TSMC is the most advanced chipmaking company in the world, and its decision to build in Arizona means its suppliers are tagging along, including some that have not been previously reported.
Taiwan Puritic Corporation has signed new leases in both Phoenix and Glendale; Kokusai Semiconductor Equipment Corporation has set up distribution, training centers and offices in Glendale; Rinchem is expanding to Surprise, and CTCI has set up a new office in Phoenix.
The Business Journal has previously reported on other suppliers setting up shop nearby, including Sunlit Chemicals and its $100M site in Phoenix, EMD Electronics’ new facility in Chandler and a new gas plant to support the site. Universal Instruments Corporation (UIC), an existing supplier with a footprint in Arizona, will also work with TSMC at the new fab.
Suppliers are also planning operations in Casa Grande and elsewhere in Pinal County.
“One of the reasons we chose Arizona was because of the existing semiconductor supplier base. But we knew that our plans to build TSMC Arizona would drive more investment from the leading vendors in the state – and we are seeing that already,” Kao said.
“Some are starting their first U.S. operations in Arizona, and others are expanding their local operations. While these moves are strengthening the state’s economy, it’s also a great thing for the entire industry as the U.S. has a focused effort to ramp leading-edge chip-manufacturing in the country."
Housing developers are already buying up land in Peoria, Surprise and Phoenix to get ahead of housing needs for the growing workforce.
Landsea Homes breaks ground on 600 homes across Valley
Landsea Homes is breaking ground for more than 600 new homes across the Valley including The Villages at North Copper Canyon in Surprise
Landsea Homes Corp. (Nasdaq: LSEA) has broken ground to build more than 600 new homes in three communities across the Valley.
The Newport Beach, California-based homebuilder will build these homes at El Cidro in Goodyear, Rev at Eastmark in Mesa and The Villages at North Copper Canyon in Surprise — three areas where it has had much success selling homes, said Kaylee Smith, Arizona division president for Landsea Homes.
"Demand is at an all-time high," she said. "We're very excited to offer the opportunity for our homebuyers to purchase homes. We believe there will be a continuation of high demand in this area."
Some of the new homes being built will be an extension of Landsea's current product line that already has seen success.
"Last year, we closed 145 homes at North Copper Canyon," she said. "We had huge success so this will be an extension of current product."
However, new product will be introduced at Rev at Eastmark, she said.
All three areas — Goodyear, Mesa and Surprise — have been high growth areas for the homebuilder.
"If the folks want it, we want to build it for them," she said.
El Cidro in Goodyear will feature 201 homes ranging between 1,776 and 3,240 square feet with options for three to six bedrooms and two to five bathrooms. Sales are expected to begin in May.
The Villages at North Copper Canyon in Surprise — where Landsea has sold more than 700 homes since 2018 — will include 315 homes ranging between 1,315 to 3,240 square feet, with the ability to convert three-car garages into extra rooms or storage.
Landsea Homes is breaking ground for more than 600 new homes across the Valley including The Villages at North Copper Canyon in Surprise
Landsea Homes Corp. (Nasdaq: LSEA) has broken ground to build more than 600 new homes in three communities across the Valley.
The Newport Beach, California-based homebuilder will build these homes at El Cidro in Goodyear, Rev at Eastmark in Mesa and The Villages at North Copper Canyon in Surprise — three areas where it has had much success selling homes, said Kaylee Smith, Arizona division president for Landsea Homes.
"Demand is at an all-time high," she said. "We're very excited to offer the opportunity for our homebuyers to purchase homes. We believe there will be a continuation of high demand in this area."
Some of the new homes being built will be an extension of Landsea's current product line that already has seen success.
"Last year, we closed 145 homes at North Copper Canyon," she said. "We had huge success so this will be an extension of current product."
However, new product will be introduced at Rev at Eastmark, she said.
All three areas — Goodyear, Mesa and Surprise — have been high growth areas for the homebuilder.
"If the folks want it, we want to build it for them," she said.
El Cidro in Goodyear will feature 201 homes ranging between 1,776 and 3,240 square feet with options for three to six bedrooms and two to five bathrooms. Sales are expected to begin in May.
The Villages at North Copper Canyon in Surprise — where Landsea has sold more than 700 homes since 2018 — will include 315 homes ranging between 1,315 to 3,240 square feet, with the ability to convert three-car garages into extra rooms or storage.
Apricus Health LLC, is adding two surgery centers in the West Valley.
A fast-growing Scottsdale health tech company, is spending $6.7 million in total development costs for a surgery center in Avondale and another $5 million for one in Surprise.
Those two surgery centers are expected to open by this summer, each equipped to serve 5,000 patients each year as the West Valley is projected to grow at twice the national rate over the next five years. By 2030, the area will be home to 2.1 million residents, up from 1.7 million today, according to Westmarc data.
Apricus Health Surgery Center of Avondale will take 10,320 square feet of the first floor of the newly constructed Akos Medical Campus on 107th Avenue and McDowell Road. The new surgery suite will feature three operating rooms, two procedure rooms and 16 patient care bays staffed by 40 clinicians and administrative employees.
Meanwhile, Apricus Health Surgery Center of Surprise will take 11,196 square feet at Bell and El Mirage roads in a joint venture with Peak Heart & Vascular, a Surprise-based medical group providing cardiology care. That surgery center will employ 60 staff members and will include three operating rooms, one catheterization laboratory and 13 patient care bays.
The architect for those projects is Cotton Architecture and the general contractor is Venn Construction.
Both surgery centers will be equipped for non emergency surgeries, and procedures and will be Medicare-certified and fully accredited by the Joint Commission.
Plans are in the works for another surgery center in Flagstaff and yet another one around the Mesa area, Anand said.
The cardiologist started the Apricus model in 2019 in an effort to create a value-based ecosystem of care that includes telehealth care, 20 medical groups and a network of 1,400 primary and specialty providers in Arizona.
"We all use health care every day," he said. "We're doing anything we can do to improve that experience — make it more value based."
A fast-growing Scottsdale health tech company, is spending $6.7 million in total development costs for a surgery center in Avondale and another $5 million for one in Surprise.
Those two surgery centers are expected to open by this summer, each equipped to serve 5,000 patients each year as the West Valley is projected to grow at twice the national rate over the next five years. By 2030, the area will be home to 2.1 million residents, up from 1.7 million today, according to Westmarc data.
Apricus Health Surgery Center of Avondale will take 10,320 square feet of the first floor of the newly constructed Akos Medical Campus on 107th Avenue and McDowell Road. The new surgery suite will feature three operating rooms, two procedure rooms and 16 patient care bays staffed by 40 clinicians and administrative employees.
Meanwhile, Apricus Health Surgery Center of Surprise will take 11,196 square feet at Bell and El Mirage roads in a joint venture with Peak Heart & Vascular, a Surprise-based medical group providing cardiology care. That surgery center will employ 60 staff members and will include three operating rooms, one catheterization laboratory and 13 patient care bays.
The architect for those projects is Cotton Architecture and the general contractor is Venn Construction.
Both surgery centers will be equipped for non emergency surgeries, and procedures and will be Medicare-certified and fully accredited by the Joint Commission.
Plans are in the works for another surgery center in Flagstaff and yet another one around the Mesa area, Anand said.
The cardiologist started the Apricus model in 2019 in an effort to create a value-based ecosystem of care that includes telehealth care, 20 medical groups and a network of 1,400 primary and specialty providers in Arizona.
"We all use health care every day," he said. "We're doing anything we can do to improve that experience — make it more value based."
Foreign investors bought $1.2B in Valley office properties in last 3 years
Over the past three years, the Valley saw about $1.16 billion worth of foreign investment in office properties, showing a major increase in interest from international buyers in the market.
The $1.16 billion spent from foreign investors from 2019 to 2021 is almost equal to the total spent by foreign investors in the market over the previous 10-year period, Chris Marchildon, first vice president for CBRE Group Inc. in Phoenix, said.
“Phoenix is on the map in a very big way for foreign investors,” he said.
Many of the office buildings purchased by foreign investors are brand new or nearly new and are located in desirable submarkets. Singapore-based Manulife bought Allred Park Place in Chandler and Diablo Technology Park in Tempe for a combined total of $167.75 million. Downtown Phoenix’s newest office tower, Block 23, was purchased by Canada-based City Office REIT for $150 million.
Marchildon said many foreign investors are interested in larger office transactions, worth $100 million or more. Between foreign and domestic buyers, Phoenix saw seven office transactions worth $100 million or more in 2021, up from only one in 2020.
“It is important for new money to flow into a local economy,” Barry Gabel, executive vice president of CBRE said of the influx of new-to-market foreign investors making moves in Phoenix. “When foreign capital is interested in a market, they do a tremendous amount of underwriting. This is a signal that the economy in which they are investing is stable, there’s growth and there’s other opportunities.”
Diversification, growth Gabel said foreign investors have been attracted to Phoenix lately after seeing the diversification in the economy and population growth in the region.
“Foreign capital sees the growth here and has made significant bets here,” he said.
As more foreign investors are active in Phoenix, it generates more interest from other international investors as well, building on the momentum.
“We believe we will continue to see foreign investment in Phoenix in 2022,” Gabel said. “There are several large portfolios that will be available for purchase. When we meet with foreign investors, they come to Arizona to see the sustainers and the drivers in the economy. They often come five, seven or 10 times to learn before they make an investment.”
Gabel and Marchildon noted that for investors and tenants, there has been a “flight to quality” for buying and leasing in new buildings or buildings that are in the most desirable locations.
“Investors are making bets on a significant scale on properties that are brand new,” Marchildon said.
For the Valley as a whole, over $3 billion worth of office properties were sold in 2021, including foreign and domestic buyers. The 2021 year was only the third year in history for the Valley to see over $3 billion in office investment, with 2007 and 2015 being the others, Marchildon said.
The two are tracking about $1 billion worth of office properties that will hit the market in 2022.
Over the past three years, the Valley saw about $1.16 billion worth of foreign investment in office properties, showing a major increase in interest from international buyers in the market.
The $1.16 billion spent from foreign investors from 2019 to 2021 is almost equal to the total spent by foreign investors in the market over the previous 10-year period, Chris Marchildon, first vice president for CBRE Group Inc. in Phoenix, said.
“Phoenix is on the map in a very big way for foreign investors,” he said.
Many of the office buildings purchased by foreign investors are brand new or nearly new and are located in desirable submarkets. Singapore-based Manulife bought Allred Park Place in Chandler and Diablo Technology Park in Tempe for a combined total of $167.75 million. Downtown Phoenix’s newest office tower, Block 23, was purchased by Canada-based City Office REIT for $150 million.
Marchildon said many foreign investors are interested in larger office transactions, worth $100 million or more. Between foreign and domestic buyers, Phoenix saw seven office transactions worth $100 million or more in 2021, up from only one in 2020.
“It is important for new money to flow into a local economy,” Barry Gabel, executive vice president of CBRE said of the influx of new-to-market foreign investors making moves in Phoenix. “When foreign capital is interested in a market, they do a tremendous amount of underwriting. This is a signal that the economy in which they are investing is stable, there’s growth and there’s other opportunities.”
Diversification, growth Gabel said foreign investors have been attracted to Phoenix lately after seeing the diversification in the economy and population growth in the region.
“Foreign capital sees the growth here and has made significant bets here,” he said.
As more foreign investors are active in Phoenix, it generates more interest from other international investors as well, building on the momentum.
“We believe we will continue to see foreign investment in Phoenix in 2022,” Gabel said. “There are several large portfolios that will be available for purchase. When we meet with foreign investors, they come to Arizona to see the sustainers and the drivers in the economy. They often come five, seven or 10 times to learn before they make an investment.”
Gabel and Marchildon noted that for investors and tenants, there has been a “flight to quality” for buying and leasing in new buildings or buildings that are in the most desirable locations.
“Investors are making bets on a significant scale on properties that are brand new,” Marchildon said.
For the Valley as a whole, over $3 billion worth of office properties were sold in 2021, including foreign and domestic buyers. The 2021 year was only the third year in history for the Valley to see over $3 billion in office investment, with 2007 and 2015 being the others, Marchildon said.
The two are tracking about $1 billion worth of office properties that will hit the market in 2022.
Why a national developer is building one of Arizona's largest industrial parks in El Mirage
Nevada-based Dermody Properties recently purchased nearly 1,000 acres with plans to build one of Arizona's largest industrial parks.
In late summer, Nevada-based Dermody Properties learned of a nearly 1,000-acre site in the small West Valley city of El Mirage that had the zoning and support it needed for its first project in Phoenix metro.
Just a few months later, on Dec. 17, the developer closed on the site for $52 million after deciding it wanted to move forward with plans to build one of the largest industrial parks in the state for a total private investment of more than $1.5 billion.
“What made it move quickly was that much of the work that normally we would have to do as a buyer has already been done by the previous owners,” Douglas Kiersey Jr., president of Dermody Properties, told the Phoenix Business Journal.
“The heavy lifting on entitlements, on road infrastructure, utilities, and much of that work has already been done, so we’re inheriting a site that is much more fully improved than what we normally buy," he said.
Dermody Properties purchased the site from the John F. Long Family Trust, which is known for developing more than 30,000 homes over four decades.
Over the next decade, Dermody could build about 10 million square feet of speculative space and develop about 300 acres for other third-party owners/users or for build-to-suit customers.
A robust marketSince a lot of the roadwork and utilities are in place, Kiersey said they have a speed to market advantage as well.
“It’s a big blank slate with lots of great parcels. We can build-to-suit for our targeted logistics companies, we can build spec space and we can sell land to firms that want to build their own building,” he added.
The company said it expects the overall property to be absorbed in the next three to five years. The property makes up most of the Copperwing Logistics Center industrial park.
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In addition to a quick process, Kiersey said the company liked that the Phoenix metro was one of the fastest-growing areas in the country. a larger sense, demand for logistics property is robust,” he said. “The market fundamentals in the Phoenix market are strong.
We see good absorption, rent growth and other factors that make it an attractive investment opportunity.”
Like many other developers building in the area, Kiersey said they liked that the West Valley has a one-day turnaround to the ports of Los Angeles and Long Beach.
“That’s an important metric for us,” he said. “It’s also a great place for labor – the availability of quality labor and transportation advantages of the West Valley make that area attractive.”
Kiersey said a major driver of demand for the company’s logistics facilities is population growth such as the Phoenix metro. “There’s that many more consumers that have to be served," he said.
The large property is located near El Mirage Road and Peoria Avenue close to Northern Parkway, as well as the Loop 101 and 303 freeways. The park is expected to attract large distribution users, data centers and manufacturers, but Dermody’s target customers are logistics-focused.
“If you look at the combination of e-commerce, transportation firms, regular distribution companies, you’ll find in that basket a lot of our targeted customers. We tend to do business with many of the same people over and over again in multiple markets,” he said. “That will be the focus of the project.”
So far, a couple of companies are interested in the site. Kiersey said they’re currently in the letter of intent stage, but that he was unable to release the name of any companies. Dermody Properties said it would like to have additional investments in the Phoenix market and is open to ideas to compliment the Copperwing project.
Dermody Properties is a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector. It has invested more than $6.2 billion of total capital across all platforms nationwide, having acquired and developed about 100 million square feet of industrial facilities.
Nevada-based Dermody Properties recently purchased nearly 1,000 acres with plans to build one of Arizona's largest industrial parks.
In late summer, Nevada-based Dermody Properties learned of a nearly 1,000-acre site in the small West Valley city of El Mirage that had the zoning and support it needed for its first project in Phoenix metro.
Just a few months later, on Dec. 17, the developer closed on the site for $52 million after deciding it wanted to move forward with plans to build one of the largest industrial parks in the state for a total private investment of more than $1.5 billion.
“What made it move quickly was that much of the work that normally we would have to do as a buyer has already been done by the previous owners,” Douglas Kiersey Jr., president of Dermody Properties, told the Phoenix Business Journal.
“The heavy lifting on entitlements, on road infrastructure, utilities, and much of that work has already been done, so we’re inheriting a site that is much more fully improved than what we normally buy," he said.
Dermody Properties purchased the site from the John F. Long Family Trust, which is known for developing more than 30,000 homes over four decades.
Over the next decade, Dermody could build about 10 million square feet of speculative space and develop about 300 acres for other third-party owners/users or for build-to-suit customers.
A robust marketSince a lot of the roadwork and utilities are in place, Kiersey said they have a speed to market advantage as well.
“It’s a big blank slate with lots of great parcels. We can build-to-suit for our targeted logistics companies, we can build spec space and we can sell land to firms that want to build their own building,” he added.
The company said it expects the overall property to be absorbed in the next three to five years. The property makes up most of the Copperwing Logistics Center industrial park.
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In addition to a quick process, Kiersey said the company liked that the Phoenix metro was one of the fastest-growing areas in the country. a larger sense, demand for logistics property is robust,” he said. “The market fundamentals in the Phoenix market are strong.
We see good absorption, rent growth and other factors that make it an attractive investment opportunity.”
Like many other developers building in the area, Kiersey said they liked that the West Valley has a one-day turnaround to the ports of Los Angeles and Long Beach.
“That’s an important metric for us,” he said. “It’s also a great place for labor – the availability of quality labor and transportation advantages of the West Valley make that area attractive.”
Kiersey said a major driver of demand for the company’s logistics facilities is population growth such as the Phoenix metro. “There’s that many more consumers that have to be served," he said.
The large property is located near El Mirage Road and Peoria Avenue close to Northern Parkway, as well as the Loop 101 and 303 freeways. The park is expected to attract large distribution users, data centers and manufacturers, but Dermody’s target customers are logistics-focused.
“If you look at the combination of e-commerce, transportation firms, regular distribution companies, you’ll find in that basket a lot of our targeted customers. We tend to do business with many of the same people over and over again in multiple markets,” he said. “That will be the focus of the project.”
So far, a couple of companies are interested in the site. Kiersey said they’re currently in the letter of intent stage, but that he was unable to release the name of any companies. Dermody Properties said it would like to have additional investments in the Phoenix market and is open to ideas to compliment the Copperwing project.
Dermody Properties is a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector. It has invested more than $6.2 billion of total capital across all platforms nationwide, having acquired and developed about 100 million square feet of industrial facilities.
California developer plans to add office, warehouse building at Surprise business park
A California-based developer is seeking approval to build a light industrial building in the Skyway Commons Phase 2 business park, a few miles east of the Loop 303 in Surprise.
A site plan submitted to the city’s planning and zoning commission call for a proposed 135,896-square-foot, single-story office and warehouse building near Cactus and Dysart roads, planning documents said.
The city said the site plan will be reviewed by the commission on Sept. 2 while the final plat will be voted on by Surprise City Council on Sept. 21.
The planned facility will sit on about 8.5 acres and be an addition to two other buildings that were approved this year in the business park, city documents said.
The property is near the railway industrial park across from two certified railway sites, Cactus Commerce Center and Summit Business Park, and is next to other businesses such as IRIS USA, a Japanese manufacturing facility, and manufacturer Southwest Products.
Employment Area
The site is in one of Surprise's significant employment areas. Available land, infrastructure and rail access can support sectors such as warehouse distribution, light or heavy manufacturing, research and development or select business services, according to the city.
Skyway LLC, which is associated with Ventura, California-based Silagi Development & Management, is the current owner and developer of the site. Moshe Silagi, president of Silagi Development & Management, declined to share the cost of the proposed industrial building.
Real estate database Vizzda shows that Skyway LLC sold two industrial buildings just south of the new site to MDH F1 Phoenix 1 LLC, which is connected to MDH Partners, for $14.5 million. The sale was completed in April 2020.
Skyway LLC, which is associated with Ventura, California-based Silagi Development & Management, submitted plans for a proposed office and warehouse facility near Dysart and Cactus roads in Surprise.
CITY OF SURPRISE
It’s unclear who the broker for the proposed development will be. Cawley Architects is the architect for the project, according to planning documents.
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Silagi told the Business Journal that the proposed facility will be a speculative building and that construction is expected to start in about four months if approved. He said the industrial building will be built for a small-to-midsize manufacturing and distribution user.
The site will also have an excess of land for trailers, according to Silagi.
“Most of the time, buildings that size, they don’t have that excess of land, so that will be unique for this building,” he said.
A total of 144 parking spaces will be on the site and are located in close proximity to the building for employees and customers. The proposed building colors and material palette will match the existing buildings and complement the surround area, documents said.
Industrial construction has hit records in Phoenix metro and boomed in the West Valley this year along with the rest of the nation. According to a third quarter industrial report by NAIOP, demand for industrial real estate continued to be strong with demand for e-commerce.
Since the start of the year, nearly 100 million square feet was delivered across the nation. About 450 million square feet was under construction with another 450 million planned in the third quarter, according to NAIOP.
In the West Valley, about 14.1 million square feet of industrial projects were under construction in the second quarter, according to Colliers International.
A California-based developer is seeking approval to build a light industrial building in the Skyway Commons Phase 2 business park, a few miles east of the Loop 303 in Surprise.
A site plan submitted to the city’s planning and zoning commission call for a proposed 135,896-square-foot, single-story office and warehouse building near Cactus and Dysart roads, planning documents said.
The city said the site plan will be reviewed by the commission on Sept. 2 while the final plat will be voted on by Surprise City Council on Sept. 21.
The planned facility will sit on about 8.5 acres and be an addition to two other buildings that were approved this year in the business park, city documents said.
The property is near the railway industrial park across from two certified railway sites, Cactus Commerce Center and Summit Business Park, and is next to other businesses such as IRIS USA, a Japanese manufacturing facility, and manufacturer Southwest Products.
Employment Area
The site is in one of Surprise's significant employment areas. Available land, infrastructure and rail access can support sectors such as warehouse distribution, light or heavy manufacturing, research and development or select business services, according to the city.
Skyway LLC, which is associated with Ventura, California-based Silagi Development & Management, is the current owner and developer of the site. Moshe Silagi, president of Silagi Development & Management, declined to share the cost of the proposed industrial building.
Real estate database Vizzda shows that Skyway LLC sold two industrial buildings just south of the new site to MDH F1 Phoenix 1 LLC, which is connected to MDH Partners, for $14.5 million. The sale was completed in April 2020.
Skyway LLC, which is associated with Ventura, California-based Silagi Development & Management, submitted plans for a proposed office and warehouse facility near Dysart and Cactus roads in Surprise.
CITY OF SURPRISE
It’s unclear who the broker for the proposed development will be. Cawley Architects is the architect for the project, according to planning documents.
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Silagi told the Business Journal that the proposed facility will be a speculative building and that construction is expected to start in about four months if approved. He said the industrial building will be built for a small-to-midsize manufacturing and distribution user.
The site will also have an excess of land for trailers, according to Silagi.
“Most of the time, buildings that size, they don’t have that excess of land, so that will be unique for this building,” he said.
A total of 144 parking spaces will be on the site and are located in close proximity to the building for employees and customers. The proposed building colors and material palette will match the existing buildings and complement the surround area, documents said.
Industrial construction has hit records in Phoenix metro and boomed in the West Valley this year along with the rest of the nation. According to a third quarter industrial report by NAIOP, demand for industrial real estate continued to be strong with demand for e-commerce.
Since the start of the year, nearly 100 million square feet was delivered across the nation. About 450 million square feet was under construction with another 450 million planned in the third quarter, according to NAIOP.
In the West Valley, about 14.1 million square feet of industrial projects were under construction in the second quarter, according to Colliers International.
Developer closed on land this week for massive West Valley lagoon water park, entertainment venue
ECL Glendale LLC bought land this week, according to Maricopa County public records. ECL Glendale is the developer of the 48-acre project.
This project will be help the entire West Valley and will the region's newest tourism assets!
The project is planned to include an 11-acre lagoon by Florida-based Crystal Lagoons USA, which started using its lagoons as a private amenity for residential communities but has grown to add lagoons that are accessible to the general public. The Glendale one will be part of the larger, mixed-use development that is planned to include experiential retail, amusement park rides, a 4D theater, a themed hotel and other hotel uses on the site. In total, 630 new hotel rooms are planned to be added to the area between three new hotels.
The project will also include an “aero bar,” a bar in the middle of the lagoon on a vertical structure that becomes elevated 135 feet in the air so patrons can get a 360-degree view. It also will include “the world’s largest helium balloon,” according to Phelps. The balloon will be on a tether with a gondola that raises riders 400 feet in the air. A wind study showed the balloon will be able to operate an average of 300 days per year, Phelps said.
As part of the deal with the city, the project will be developed in a single phase and is expected to be operational by October 2022, ahead of when the city will host the Super Bowl in early 2023.
The lagoon project will be granted a permit and plan fee waiver up to $1 million and will be developed with a 25-year “partial” GPLET, or government property lease excise tax agreement, on the restaurant, theater, amusements, retail and lagoon concessions. The developer will pay an annual fee of $120 for rent on the project.
According to an analysis done by Applied Economics, the GPLET incentive is worth $29.7 million over the 25-year period, and the project will generate $700.8 million over the same amount of time. In total, the development will include 978,000 square feet of development and cost about $260.24 million to construct.
Glendale's lagoon is the second such project planned in the Valley. In Mesa, developer Cole Cannon is planning a surfing lagoon called Cannon Beach. Construction on that project has started and is expected to be complete in summer 2022.
ECL Glendale LLC bought land this week, according to Maricopa County public records. ECL Glendale is the developer of the 48-acre project.
This project will be help the entire West Valley and will the region's newest tourism assets!
The project is planned to include an 11-acre lagoon by Florida-based Crystal Lagoons USA, which started using its lagoons as a private amenity for residential communities but has grown to add lagoons that are accessible to the general public. The Glendale one will be part of the larger, mixed-use development that is planned to include experiential retail, amusement park rides, a 4D theater, a themed hotel and other hotel uses on the site. In total, 630 new hotel rooms are planned to be added to the area between three new hotels.
The project will also include an “aero bar,” a bar in the middle of the lagoon on a vertical structure that becomes elevated 135 feet in the air so patrons can get a 360-degree view. It also will include “the world’s largest helium balloon,” according to Phelps. The balloon will be on a tether with a gondola that raises riders 400 feet in the air. A wind study showed the balloon will be able to operate an average of 300 days per year, Phelps said.
As part of the deal with the city, the project will be developed in a single phase and is expected to be operational by October 2022, ahead of when the city will host the Super Bowl in early 2023.
The lagoon project will be granted a permit and plan fee waiver up to $1 million and will be developed with a 25-year “partial” GPLET, or government property lease excise tax agreement, on the restaurant, theater, amusements, retail and lagoon concessions. The developer will pay an annual fee of $120 for rent on the project.
According to an analysis done by Applied Economics, the GPLET incentive is worth $29.7 million over the 25-year period, and the project will generate $700.8 million over the same amount of time. In total, the development will include 978,000 square feet of development and cost about $260.24 million to construct.
Glendale's lagoon is the second such project planned in the Valley. In Mesa, developer Cole Cannon is planning a surfing lagoon called Cannon Beach. Construction on that project has started and is expected to be complete in summer 2022.
Land investor plans $50 million sports complex in West Valley
Another regional tourism asset is arriving to the West Valley! Tony Mangat is planning a sports complex in Glendale that will include outdoor fields, restaurants and hotels.
When Tony Mangat moved to the United States from India in 1992, he settled in California and began training to be a truck driver, learning from a relative who drove trucks there.
He and his relative started a truck driving company and began buying trucks, eventually growing the fleet to about 70 trucks within the United States.
Mangat moved to Arizona in 1998 and continued the trucking business, eventually moving to real estate. Over the past six months, Mangat has invested about $35 million in land purchases, growing his holdings to about 1,000 acres in the Phoenix area.
Mangat closed on land near Loop 101 and Northern Avenue in Glendale for his “passion project,” on April 12. The project is a 36-acre planned development that he anticipates will include outdoor sports fields for field hockey, soccer and tennis, restaurants, hotels and a media center. The $50 million project is planned to hold between 700 and 900 people.
Mangat, who moved to the United States to flee religious violence in India, wants to use the sports development to honor Sikh religious leader Jarnail Singh Bhindranwale. Bhindranwale was killed in 1984, when Mangat still lived in India, but was a revolutionary who advocated for creating a Sikhism-based theocratic state. Some consider him a martyr, while the Indian government and others consider him an extremist.
“I wanted to leave a legacy for him, all while providing an area for children to develop and learn good values so they don’t go down the wrong path,” Mangat said. “I have hopes this will inspire kids to play more sports so they stay off drugs and live a healthier lifestyle. I wanted to improve the community by providing those opportunities.”
The zoning process for the sports facility will take about six months, then construction for the sports facilities will probably take another six to eight months, he said. After that, four or five restaurants will be developed around it.
Some of Mangat’s projects remain close to his trucking roots, including a 16-acre truck stop in Black Canyon City, where Mangat has land in escrow, and an 80-acre project that will include a truck stop, restaurants and gas station in Tonopah. His bigger plan is a solar farm in Tonopah,” Mangat said. “It is going to be crazy here for solar in the next few years, so we are trying to stay ahead of that.”
Mangat also owns 315 acres of residential land in Buckeye, as well as two sites where he plans to develop self-storage projects.
Another regional tourism asset is arriving to the West Valley! Tony Mangat is planning a sports complex in Glendale that will include outdoor fields, restaurants and hotels.
When Tony Mangat moved to the United States from India in 1992, he settled in California and began training to be a truck driver, learning from a relative who drove trucks there.
He and his relative started a truck driving company and began buying trucks, eventually growing the fleet to about 70 trucks within the United States.
Mangat moved to Arizona in 1998 and continued the trucking business, eventually moving to real estate. Over the past six months, Mangat has invested about $35 million in land purchases, growing his holdings to about 1,000 acres in the Phoenix area.
Mangat closed on land near Loop 101 and Northern Avenue in Glendale for his “passion project,” on April 12. The project is a 36-acre planned development that he anticipates will include outdoor sports fields for field hockey, soccer and tennis, restaurants, hotels and a media center. The $50 million project is planned to hold between 700 and 900 people.
Mangat, who moved to the United States to flee religious violence in India, wants to use the sports development to honor Sikh religious leader Jarnail Singh Bhindranwale. Bhindranwale was killed in 1984, when Mangat still lived in India, but was a revolutionary who advocated for creating a Sikhism-based theocratic state. Some consider him a martyr, while the Indian government and others consider him an extremist.
“I wanted to leave a legacy for him, all while providing an area for children to develop and learn good values so they don’t go down the wrong path,” Mangat said. “I have hopes this will inspire kids to play more sports so they stay off drugs and live a healthier lifestyle. I wanted to improve the community by providing those opportunities.”
The zoning process for the sports facility will take about six months, then construction for the sports facilities will probably take another six to eight months, he said. After that, four or five restaurants will be developed around it.
Some of Mangat’s projects remain close to his trucking roots, including a 16-acre truck stop in Black Canyon City, where Mangat has land in escrow, and an 80-acre project that will include a truck stop, restaurants and gas station in Tonopah. His bigger plan is a solar farm in Tonopah,” Mangat said. “It is going to be crazy here for solar in the next few years, so we are trying to stay ahead of that.”
Mangat also owns 315 acres of residential land in Buckeye, as well as two sites where he plans to develop self-storage projects.
Limited Cactus League attendance has ripple effect on local businesses
Booty’s Wings Burgers and Beer previously had some tables closed off and distanced, but has since returned to its normal layout as Covid-19 restrictions were lifted. Despite the change, the business has not been able to operate at full capacity due to understaffing.
By Josh Iversen – Cronkite News
In a strange way, baseball bookended the Covid-19 pandemic, at least in Arizona. While the NBA was the first league to act and suspend its season on March 11, 2020, the virus’s ripples were not truly felt in the desert until the remainder of the Cactus League schedule was called off the next day.
A year later, the pandemic now a part of our everyday lives, the Cactus League returned. With vaccine rollout off to a promising start, limited numbers of fans were allowed to attend. Covid-19 isn’t over, but we’ve now reached Opening Day and the end appears to be within sight.
Spring training baseball sandwiched the worst months of the pandemic. And its return, alongside numerous new orders from Gov. Doug Ducey, signaled the beginning of a return to normalcy for many local businesses that rely on the boost in sales that Cactus League tourists bring.
Booty’s Wings Burgers and Beer has three locations, including two near spring training ballparks in Goodyear and Surprise. Business usually sees a boost every March, co-owner Andy LiButti said, but that spike was mitigated this year by limited fan attendance and team restrictions on off-field activities.
“We’ve definitely seen a drop-off in that business,” LiButti said. “Plus, we rely a lot on the people associated with the team coming in. The sports writers, trainers, announcers, a lot of the players, they would all come in. So with them not being allowed to really come out, that’s definitely affected us also.”
LiButti added that his takeout business has done well throughout the pandemic, but initially, he could only afford to keep his restaurants open for three hours per day. Ingredient costs have risen as well. LiButti said chicken wings that used to cost him $1 per pound have tripled in price.
Another local restaurant owner, Erick Geryol, said his business usually sees a 30% increase every spring. Geryol runs Boulders on Broadway, a bar and grill with locations in Tempe and Mesa. He mentioned that sales are down this year compared to last spring, despite the 2020 Cactus League’s premature ending.
Reduced impact According to a study by the L. William Seidman Research Institute at Arizona State University’s W. P. Carey School of Business, the shortened 2020 Cactus League season generated an estimated economic impact of $363.6 million. Of that total, $213.7 million contributed to Arizona’s gross domestic product.
While seemingly large, those figures pale in comparison to Seidman’s 2018 estimates of $644.2 million total and $373 million to Arizona’s GDP. The 2021 totals were likely even lower – while a full Cactus League schedule was played this year, the shortened 2020 season averaged 6,568 fans per game. In 2021, no stadium allowed more than 4,000 fans per game, and few allowed more than 2,000.
Additionally, tourism likely decreased significantly. In 2020, 1,446 of the 2,344 fans Seidman surveyed were non-Arizona residents, or just under 62%. These out-of-state fans had a median visit length of five days, excluding single-day visitors. Safety concerns mitigated interstate travel, likely impacting not only local restaurants, but the hospitality industry as well.
Booty’s Wings Burgers and Beer (Goodyear location pictured) is one of many local restaurants that rely on annual revenue boosts from spring training crowds. But with Cactus League attendance limited this year, business has been slower than usual.
LiButti has noticed the decrease in travelers, specifically the “snowbirds” that typically come to Arizona in the winter and spring months to escape local climates.
“I think Surprise is a very right-leaning community,” he said. “So you get a lot of people that are, you know, ‘To heck with the masks. I’m not wearing these masks, they’re stupid,’ and everything. And I feel like there’s a lot of snowbirds that are kind of terrified, you know, ‘I don’t want to get sick and die.’ So we’ve definitely felt it, not just for spring training, but for all of the snowbird season. People just aren’t traveling.”
Despite these limitations, one owner has actually seen an increase in sales. Dillon McClelland runs Goldwater Brewing Co., which has brewery and tap room locations in Scottsdale and East Mesa. McClelland was able to get creative, opening his back patio usually only used as a seasonal “beer garden” to provide additional outdoor space.
But most importantly, they introduced canned beer sales. Previously, the business had only sold beers in-house. But they began marketing exclusive canned beer releases, which led to many online orders and long lines at the door to pick them up.
“Starting out, that’s basically how we were able to keep all our staff, stay afloat, and basically come out of this pandemic kind of better than we came in,” McClelland said. “Because we actually have another platform to sell our beer.
“We kind of took it as a learning opportunity and basically came out of it with a grown opportunity to sell our beers on a different platform, in cans, for to-go beers,” he added.
Each of the three businesses have also seen significant demographics changes. Most older customers have shifted to online order and pick-up at Goldwater, while LiButti and Geryol have seen sharp decreases in that age group at Booty’s and Boulders respectively.
“Our Tempe location is close to campus and most people that are 30 and up, especially some of the professors that have come out for years, they won’t come out at all,” Geryol said. “They’re very, very cautious. They don’t want to put themselves at any type of risk. But then a lot of the students, they come in and we have to ask them to please wear a mask, you know, kind of keep them at their own tables and stuff like that.”
Safety guidelines Geryol said some guests have become aggressive with managers when asked to follow safety guidelines, while others have left Google reviews criticizing the restaurant for being unsafe. He also noted that guests have been “more cavalier” at his Mesa location than in Tempe, possibly due to political leanings.
With Ducey lifting Covid-19 restrictions on businesses on March 25, each owner is now left to decide how to handle safety measures going forward. Masks have never been mandated state-wide, but the new order prohibits counties and cities from enforcing their own mask laws on private entities. It also removes distance and capacity guidelines.
This might not be a problem for Geryol, who said he hasn’t been receiving enough business at Boulders to warrant the increase to full capacity. LiButti no longer requires masks for customers, but is unsure if he will be able to return to full capacity because Booty’s is now understaffed.
“With the extra money that people are getting, you know, the extra $300 a week, nobody wants to work,” he said. “I mean, we constantly have had ads out for the past, gosh, I want to say six months, and applications just trickle in. It’s unreal. I would love to seat every table and chair in my restaurant, but I can’t because I don’t have the staff to take care of the guests.”
For McClelland, the decision is much more difficult. For now, he is still enforcing CDC guidelines. But with Goldwater succeeding as is, he knows he needs to balance safety, profits and what is sure to be a divided public reaction.
“I guess we don’t have a decision on that yet,” McClelland said. “I think we’re trying to figure that out currently. But we’ve been doing kind of the same. Our staff is still wearing masks, we usually have masks ready for people that walk in and I believe we are still enforcing them at the moment. It’s kind of hard because you’re damned if you do, damned if you don’t. You’re always going to have the people that, you know, ‘Good job, keep the masks on, keep going with that,’ and then you have the other people that are basically saying, ‘I won’t support you, it should be a freedom of the person to decide if they want the mask or not.’
“So it’s kind of a sticky decision that whatever decision we make, it’s going to affect other people. But you can’t make everyone happy.”
Booty’s Wings Burgers and Beer previously had some tables closed off and distanced, but has since returned to its normal layout as Covid-19 restrictions were lifted. Despite the change, the business has not been able to operate at full capacity due to understaffing.
By Josh Iversen – Cronkite News
In a strange way, baseball bookended the Covid-19 pandemic, at least in Arizona. While the NBA was the first league to act and suspend its season on March 11, 2020, the virus’s ripples were not truly felt in the desert until the remainder of the Cactus League schedule was called off the next day.
A year later, the pandemic now a part of our everyday lives, the Cactus League returned. With vaccine rollout off to a promising start, limited numbers of fans were allowed to attend. Covid-19 isn’t over, but we’ve now reached Opening Day and the end appears to be within sight.
Spring training baseball sandwiched the worst months of the pandemic. And its return, alongside numerous new orders from Gov. Doug Ducey, signaled the beginning of a return to normalcy for many local businesses that rely on the boost in sales that Cactus League tourists bring.
Booty’s Wings Burgers and Beer has three locations, including two near spring training ballparks in Goodyear and Surprise. Business usually sees a boost every March, co-owner Andy LiButti said, but that spike was mitigated this year by limited fan attendance and team restrictions on off-field activities.
“We’ve definitely seen a drop-off in that business,” LiButti said. “Plus, we rely a lot on the people associated with the team coming in. The sports writers, trainers, announcers, a lot of the players, they would all come in. So with them not being allowed to really come out, that’s definitely affected us also.”
LiButti added that his takeout business has done well throughout the pandemic, but initially, he could only afford to keep his restaurants open for three hours per day. Ingredient costs have risen as well. LiButti said chicken wings that used to cost him $1 per pound have tripled in price.
Another local restaurant owner, Erick Geryol, said his business usually sees a 30% increase every spring. Geryol runs Boulders on Broadway, a bar and grill with locations in Tempe and Mesa. He mentioned that sales are down this year compared to last spring, despite the 2020 Cactus League’s premature ending.
Reduced impact According to a study by the L. William Seidman Research Institute at Arizona State University’s W. P. Carey School of Business, the shortened 2020 Cactus League season generated an estimated economic impact of $363.6 million. Of that total, $213.7 million contributed to Arizona’s gross domestic product.
While seemingly large, those figures pale in comparison to Seidman’s 2018 estimates of $644.2 million total and $373 million to Arizona’s GDP. The 2021 totals were likely even lower – while a full Cactus League schedule was played this year, the shortened 2020 season averaged 6,568 fans per game. In 2021, no stadium allowed more than 4,000 fans per game, and few allowed more than 2,000.
Additionally, tourism likely decreased significantly. In 2020, 1,446 of the 2,344 fans Seidman surveyed were non-Arizona residents, or just under 62%. These out-of-state fans had a median visit length of five days, excluding single-day visitors. Safety concerns mitigated interstate travel, likely impacting not only local restaurants, but the hospitality industry as well.
Booty’s Wings Burgers and Beer (Goodyear location pictured) is one of many local restaurants that rely on annual revenue boosts from spring training crowds. But with Cactus League attendance limited this year, business has been slower than usual.
LiButti has noticed the decrease in travelers, specifically the “snowbirds” that typically come to Arizona in the winter and spring months to escape local climates.
“I think Surprise is a very right-leaning community,” he said. “So you get a lot of people that are, you know, ‘To heck with the masks. I’m not wearing these masks, they’re stupid,’ and everything. And I feel like there’s a lot of snowbirds that are kind of terrified, you know, ‘I don’t want to get sick and die.’ So we’ve definitely felt it, not just for spring training, but for all of the snowbird season. People just aren’t traveling.”
Despite these limitations, one owner has actually seen an increase in sales. Dillon McClelland runs Goldwater Brewing Co., which has brewery and tap room locations in Scottsdale and East Mesa. McClelland was able to get creative, opening his back patio usually only used as a seasonal “beer garden” to provide additional outdoor space.
But most importantly, they introduced canned beer sales. Previously, the business had only sold beers in-house. But they began marketing exclusive canned beer releases, which led to many online orders and long lines at the door to pick them up.
“Starting out, that’s basically how we were able to keep all our staff, stay afloat, and basically come out of this pandemic kind of better than we came in,” McClelland said. “Because we actually have another platform to sell our beer.
“We kind of took it as a learning opportunity and basically came out of it with a grown opportunity to sell our beers on a different platform, in cans, for to-go beers,” he added.
Each of the three businesses have also seen significant demographics changes. Most older customers have shifted to online order and pick-up at Goldwater, while LiButti and Geryol have seen sharp decreases in that age group at Booty’s and Boulders respectively.
“Our Tempe location is close to campus and most people that are 30 and up, especially some of the professors that have come out for years, they won’t come out at all,” Geryol said. “They’re very, very cautious. They don’t want to put themselves at any type of risk. But then a lot of the students, they come in and we have to ask them to please wear a mask, you know, kind of keep them at their own tables and stuff like that.”
Safety guidelines Geryol said some guests have become aggressive with managers when asked to follow safety guidelines, while others have left Google reviews criticizing the restaurant for being unsafe. He also noted that guests have been “more cavalier” at his Mesa location than in Tempe, possibly due to political leanings.
With Ducey lifting Covid-19 restrictions on businesses on March 25, each owner is now left to decide how to handle safety measures going forward. Masks have never been mandated state-wide, but the new order prohibits counties and cities from enforcing their own mask laws on private entities. It also removes distance and capacity guidelines.
This might not be a problem for Geryol, who said he hasn’t been receiving enough business at Boulders to warrant the increase to full capacity. LiButti no longer requires masks for customers, but is unsure if he will be able to return to full capacity because Booty’s is now understaffed.
“With the extra money that people are getting, you know, the extra $300 a week, nobody wants to work,” he said. “I mean, we constantly have had ads out for the past, gosh, I want to say six months, and applications just trickle in. It’s unreal. I would love to seat every table and chair in my restaurant, but I can’t because I don’t have the staff to take care of the guests.”
For McClelland, the decision is much more difficult. For now, he is still enforcing CDC guidelines. But with Goldwater succeeding as is, he knows he needs to balance safety, profits and what is sure to be a divided public reaction.
“I guess we don’t have a decision on that yet,” McClelland said. “I think we’re trying to figure that out currently. But we’ve been doing kind of the same. Our staff is still wearing masks, we usually have masks ready for people that walk in and I believe we are still enforcing them at the moment. It’s kind of hard because you’re damned if you do, damned if you don’t. You’re always going to have the people that, you know, ‘Good job, keep the masks on, keep going with that,’ and then you have the other people that are basically saying, ‘I won’t support you, it should be a freedom of the person to decide if they want the mask or not.’
“So it’s kind of a sticky decision that whatever decision we make, it’s going to affect other people. But you can’t make everyone happy.”
Texas burger chain wants to open 20 locations in Phoenix Mooyah Burgers, Fries & Shakes
Plano, TX
Restaurant
$58M Revenue
2,000 Employees
Mooyah Burgers, Fries & Shakes, a Texas-based fast casual restaurant chain that describes itself as a “better burger franchise” is looking to open up to 20 new stores in the Phoenix area.
The chain was started in 2007 in Plano, part of the Dallas-Fort Worth metroplex, and has grown significantly since then. Today there are a total of 87 locations, including 10 that are operating outside the U.S. Mooyah has restaurants in 21 states and recently just signed a multiunit franchise deal in Las Vegas marking the brand’s entrance into Nevada.
The business is completely operated by franchisees, and the Mooyah’s president, Tony Darden, told the Business Journal he’d like to get three or four different franchisees in Phoenix, all of which would open multiple locations.
“We’d love to achieve a certain penetration level right away,” Darden said.
The company has talked with a few potential Valley franchisees, but Darden referred to them just as “early discussions.”
Mooyah wants to have between 15 and 20 locations in Phoenix in the next seven to 10 years.
The total investment to open a franchised Mooyah location is between $403,750 and $639,100, along with a $40,000 franchise fee, according to the company.
Plenty of competition Darden said Mooyah’s entrance in the Phoenix market could have a significant impact on the local economy, adding 20 to 45 jobs per location, and the company’s franchisees would make a significant investment in real estate.
A Mooyah location could open in a ground-up build or take over a former restaurant space, Darden said. The company usually opens restaurants around 2,300 square feet, but there is some wiggle room.
“Flexibility is something that makes us competitive,” Darden said. “Our ideal square footage is 2,300-square-footage, but we have the ability to flex up for flex down as needed.”
The Valley is already home to a number of local, regional and national hamburger chains. Whattaburger, Farmer Boys and Eegee’s have recently started expanding into the Phoenix area.
While Mooyah’s menu items won’t be completely new to anyone, Darden said the way his company executes those products is what sets it apart.
“We are burgers, fries and shakes. We push to be the very best in each of those categories,” Darden said.
Some of the ways Mooyah’s food is better than the competitors, according to Darden, include baking its burger buns in-house, hand punching the fries every day and using real ice cream in its milkshakes.
Plano, TX
Restaurant
$58M Revenue
2,000 Employees
Mooyah Burgers, Fries & Shakes, a Texas-based fast casual restaurant chain that describes itself as a “better burger franchise” is looking to open up to 20 new stores in the Phoenix area.
The chain was started in 2007 in Plano, part of the Dallas-Fort Worth metroplex, and has grown significantly since then. Today there are a total of 87 locations, including 10 that are operating outside the U.S. Mooyah has restaurants in 21 states and recently just signed a multiunit franchise deal in Las Vegas marking the brand’s entrance into Nevada.
The business is completely operated by franchisees, and the Mooyah’s president, Tony Darden, told the Business Journal he’d like to get three or four different franchisees in Phoenix, all of which would open multiple locations.
“We’d love to achieve a certain penetration level right away,” Darden said.
The company has talked with a few potential Valley franchisees, but Darden referred to them just as “early discussions.”
Mooyah wants to have between 15 and 20 locations in Phoenix in the next seven to 10 years.
The total investment to open a franchised Mooyah location is between $403,750 and $639,100, along with a $40,000 franchise fee, according to the company.
Plenty of competition Darden said Mooyah’s entrance in the Phoenix market could have a significant impact on the local economy, adding 20 to 45 jobs per location, and the company’s franchisees would make a significant investment in real estate.
A Mooyah location could open in a ground-up build or take over a former restaurant space, Darden said. The company usually opens restaurants around 2,300 square feet, but there is some wiggle room.
“Flexibility is something that makes us competitive,” Darden said. “Our ideal square footage is 2,300-square-footage, but we have the ability to flex up for flex down as needed.”
The Valley is already home to a number of local, regional and national hamburger chains. Whattaburger, Farmer Boys and Eegee’s have recently started expanding into the Phoenix area.
While Mooyah’s menu items won’t be completely new to anyone, Darden said the way his company executes those products is what sets it apart.
“We are burgers, fries and shakes. We push to be the very best in each of those categories,” Darden said.
Some of the ways Mooyah’s food is better than the competitors, according to Darden, include baking its burger buns in-house, hand punching the fries every day and using real ice cream in its milkshakes.
Denver homebuilder set for splashy Arizona debut with huge projects, including 303 area and Surprise
The nation's ninth-largest publicly traded homebuilder is making a big splash in its Arizona debut.
Denver-based Century Communities Inc. (NYSE: CCS) quietly has been buying land in metro Phoenix and now has about 1,400 lots that will begin development this year — with more than 1,000 more lots in escrow for future development.
Eric Montgomery, who was named Phoenix division president in September 2020, said he is bullish on the Phoenix housing market.
"We've got land in escrow in Avondale, Goodyear, the Laveen area, the south Phoenix area and we're targeting more land in Maricopa, Casa Grande and up along the Loop 303 corridor," he said.
COMMERCIAL REAL ESTATE
Executive Voice: Linda Purdy, Tri Pointe Homes' first female division president
"I spent the first three months on my own buying land — being the land guy," Montgomery said. "We've been able to bring in a director of land and recently a director of construction joined us. We put out an offer for our first salesperson. Now it all seems real. We are hitting the operational stage. It's a real business at this point."
While the company's Century Complete brand has been active in the metro Phoenix market focusing on online home sales, its namesake brand — Century Communities — is being introduced to the Phoenix market with the launch of the new Phoenix division that Montgomery is leading.
Montgomery expects the first community to come out of the gate is North Copper Canyon in Surprise.
"We bought 205 finished lots, which will be our first community," he said. "We are hoping we get our first permits this week and will be starting our first homes up there."
Homes will range from 1,300 square feet to 3,100 square feet, with RV garages included on some of the larger lots, he said. Prices will start in the upper $200,000s to the mid $300,000s.
"We'll hopefully be open for sales within the next couple of months," he said.
More lots in escrow
Montgomery has another 282 lots in escrow at North Copper Canyon that he expects to close later this year.
"We will have a really significant presence in North Copper Canyon," he said.
The property is near Loop 303 and Grand Avenue, near Lennar Homes' 3,500-acre Asante master-planned community and Fulton Homes' 350-acre Escalante master-planned community.
"That submarket of Surprise is just on fire right now," Montgomery said. "All the big builders have a presence up in that area. It's just a very dynamic market right there."
Jim Belfiore, founder of Phoenix-based Belfiore Real Estate Consulting, said the supply of existing lots is dwindling in metro Phoenix.
"As ready homesite supply dwindles further, builders will be required to contract for lots that must be developed — a situation that will further constrain home supply," Belfiore said.
The nation's ninth-largest publicly traded homebuilder is making a big splash in its Arizona debut.
Denver-based Century Communities Inc. (NYSE: CCS) quietly has been buying land in metro Phoenix and now has about 1,400 lots that will begin development this year — with more than 1,000 more lots in escrow for future development.
Eric Montgomery, who was named Phoenix division president in September 2020, said he is bullish on the Phoenix housing market.
"We've got land in escrow in Avondale, Goodyear, the Laveen area, the south Phoenix area and we're targeting more land in Maricopa, Casa Grande and up along the Loop 303 corridor," he said.
COMMERCIAL REAL ESTATE
Executive Voice: Linda Purdy, Tri Pointe Homes' first female division president
"I spent the first three months on my own buying land — being the land guy," Montgomery said. "We've been able to bring in a director of land and recently a director of construction joined us. We put out an offer for our first salesperson. Now it all seems real. We are hitting the operational stage. It's a real business at this point."
While the company's Century Complete brand has been active in the metro Phoenix market focusing on online home sales, its namesake brand — Century Communities — is being introduced to the Phoenix market with the launch of the new Phoenix division that Montgomery is leading.
Montgomery expects the first community to come out of the gate is North Copper Canyon in Surprise.
"We bought 205 finished lots, which will be our first community," he said. "We are hoping we get our first permits this week and will be starting our first homes up there."
Homes will range from 1,300 square feet to 3,100 square feet, with RV garages included on some of the larger lots, he said. Prices will start in the upper $200,000s to the mid $300,000s.
"We'll hopefully be open for sales within the next couple of months," he said.
More lots in escrow
Montgomery has another 282 lots in escrow at North Copper Canyon that he expects to close later this year.
"We will have a really significant presence in North Copper Canyon," he said.
The property is near Loop 303 and Grand Avenue, near Lennar Homes' 3,500-acre Asante master-planned community and Fulton Homes' 350-acre Escalante master-planned community.
"That submarket of Surprise is just on fire right now," Montgomery said. "All the big builders have a presence up in that area. It's just a very dynamic market right there."
Jim Belfiore, founder of Phoenix-based Belfiore Real Estate Consulting, said the supply of existing lots is dwindling in metro Phoenix.
"As ready homesite supply dwindles further, builders will be required to contract for lots that must be developed — a situation that will further constrain home supply," Belfiore said.
Can employers require workers to get a Covid-19 vaccine? HR, law experts weigh in.
As health and political leaders craft strategies for distributing Covid-19 vaccines nationwide, questions about workforce implications of the rollout are top of mind for many employers.
The first and perhaps most obvious of these questions: Can I require my employees to get vaccinated? According to Diane Hoffmann, a professor at the University of Maryland School of Law, the answer is yes.
A vaccination is legally considered a medical procedure, which employers can require their employees to receive if deemed necessary to perform their jobs safely and successfully, said Hoffmann, who serves as director of the school's Law and Health Care Program. Given the highly infectious nature of Covid-19, a vaccine mandate may be considered particularly in workplaces where employees must work on site and in close proximity to one another, or in those where they interact extensively with the public.
But just because employers can legally mandate getting a coronavirus vaccination doesn't mean they all will.
There is some precedent for large-scale vaccine mandates, Hoffmann said. For example, most K-12 schools across the country require children to provide proof of certain immunizations before they can attend, and health care organizations such as hospitals and nursing homes often require their employees to get several vaccinations, including an annual flu shot.
However, vaccine mandates in other areas of private industry are relatively unprecedented. Hoffmann said some employers may worry about the legal repercussions of mandating a vaccination, including exposing themselves to a lawsuit if a certain employee has an adverse reaction to the vaccine. Additionally, employers who do opt to require their employees to be vaccinated will have to allow exceptions for people with a religious belief or medical condition that legally precludes them from receiving vaccines. Employers may have to make special accommodations for those who cannot be vaccinated if they establish a mandate.
However, there is also a risk that employees will sue if they are required to come back to a workplace without a vaccine mandate, and they end up contracting Covid-19, Hoffmann pointed out. "For a lot of businesses, this will be uncharted territory," Hoffmann said. "I expect lots of employers will be talking to their lawyers about the legal frameworks here."
The vaccine formulations being distributed are reported to be more than 90% effective, and are cleared for use under the U.S Food and Drug Administration's "emergency use authorization," a system that expedites the availability of certain health interventions during public health emergencies. Hoffmann said employers may want to wait until the vaccines have received full standard FDA approval before they consider making vaccination a job requirement.
That seems to be the route that regional health system MedStar Health is taking. MedStar CEO Kenneth Samet said although his was one of the first health systems in the country to mandate flu vaccinations for its workers, it is not requiring Covid vaccinations for now.
He discussed MedStar's approach to vaccine distribution during a panel event in December hosted by the Greater Baltimore Committee. At that point, MedStar leaders were strongly encouraging employees to get the vaccine if they can. Samet said he would be "first in line" if he were among the essential workers at the front of the distribution hierarchy, but he understands some people may be nervous about the vaccines and will want to wait until more data is in.
While employers mull their options with counsel, human resources expert Amy E. Polefrone said every employer should at least be developing a game plan for when vaccines are widely available. "These vaccines have big implications for everyone getting back to work," said Polefrone, who is CEO of Ellicott City's HR Strategy Group. "Employers should be preparing, and doing everything they can to encourage employees to get the vaccine."
Polefrone said for many companies, the Covid vaccines represent a path to getting truly back to business. She said business owners should be laying plans for how a phased return-to-work strategy might go, and maintaining open communication with their employees. She recommended employers share educational materials about vaccines and invite science and health experts to speak to workers about any questions or concerns they may have.
She also advised that business owners make the process of getting vaccinated as burden-free as possible for employees. Health insurers are expected to cover the costs of Covid vaccinations for their individual and group policy holders. But for those businesses that do not offer health benefits, Polefrone said employers may want to consider subsidizing or covering the costs of vaccinations.
Polefrone said it will take many more months before we have mostly vaccinated workforces, but she is excited to see the first steps in that direction happening. In the meantime, she said companies should expect to continue operating with mask and social distancing requirements, as well as increased cleaning schedules for the foreseeable future.
As health and political leaders craft strategies for distributing Covid-19 vaccines nationwide, questions about workforce implications of the rollout are top of mind for many employers.
The first and perhaps most obvious of these questions: Can I require my employees to get vaccinated? According to Diane Hoffmann, a professor at the University of Maryland School of Law, the answer is yes.
A vaccination is legally considered a medical procedure, which employers can require their employees to receive if deemed necessary to perform their jobs safely and successfully, said Hoffmann, who serves as director of the school's Law and Health Care Program. Given the highly infectious nature of Covid-19, a vaccine mandate may be considered particularly in workplaces where employees must work on site and in close proximity to one another, or in those where they interact extensively with the public.
But just because employers can legally mandate getting a coronavirus vaccination doesn't mean they all will.
There is some precedent for large-scale vaccine mandates, Hoffmann said. For example, most K-12 schools across the country require children to provide proof of certain immunizations before they can attend, and health care organizations such as hospitals and nursing homes often require their employees to get several vaccinations, including an annual flu shot.
However, vaccine mandates in other areas of private industry are relatively unprecedented. Hoffmann said some employers may worry about the legal repercussions of mandating a vaccination, including exposing themselves to a lawsuit if a certain employee has an adverse reaction to the vaccine. Additionally, employers who do opt to require their employees to be vaccinated will have to allow exceptions for people with a religious belief or medical condition that legally precludes them from receiving vaccines. Employers may have to make special accommodations for those who cannot be vaccinated if they establish a mandate.
However, there is also a risk that employees will sue if they are required to come back to a workplace without a vaccine mandate, and they end up contracting Covid-19, Hoffmann pointed out. "For a lot of businesses, this will be uncharted territory," Hoffmann said. "I expect lots of employers will be talking to their lawyers about the legal frameworks here."
The vaccine formulations being distributed are reported to be more than 90% effective, and are cleared for use under the U.S Food and Drug Administration's "emergency use authorization," a system that expedites the availability of certain health interventions during public health emergencies. Hoffmann said employers may want to wait until the vaccines have received full standard FDA approval before they consider making vaccination a job requirement.
That seems to be the route that regional health system MedStar Health is taking. MedStar CEO Kenneth Samet said although his was one of the first health systems in the country to mandate flu vaccinations for its workers, it is not requiring Covid vaccinations for now.
He discussed MedStar's approach to vaccine distribution during a panel event in December hosted by the Greater Baltimore Committee. At that point, MedStar leaders were strongly encouraging employees to get the vaccine if they can. Samet said he would be "first in line" if he were among the essential workers at the front of the distribution hierarchy, but he understands some people may be nervous about the vaccines and will want to wait until more data is in.
While employers mull their options with counsel, human resources expert Amy E. Polefrone said every employer should at least be developing a game plan for when vaccines are widely available. "These vaccines have big implications for everyone getting back to work," said Polefrone, who is CEO of Ellicott City's HR Strategy Group. "Employers should be preparing, and doing everything they can to encourage employees to get the vaccine."
Polefrone said for many companies, the Covid vaccines represent a path to getting truly back to business. She said business owners should be laying plans for how a phased return-to-work strategy might go, and maintaining open communication with their employees. She recommended employers share educational materials about vaccines and invite science and health experts to speak to workers about any questions or concerns they may have.
She also advised that business owners make the process of getting vaccinated as burden-free as possible for employees. Health insurers are expected to cover the costs of Covid vaccinations for their individual and group policy holders. But for those businesses that do not offer health benefits, Polefrone said employers may want to consider subsidizing or covering the costs of vaccinations.
Polefrone said it will take many more months before we have mostly vaccinated workforces, but she is excited to see the first steps in that direction happening. In the meantime, she said companies should expect to continue operating with mask and social distancing requirements, as well as increased cleaning schedules for the foreseeable future.
Maricopa tops list for talent attraction among nation's largest counties, report shows
Continued growth in skilled jobs has propelled Maricopa County to first place among large U.S. counties for talent attraction, according to a new report by labor analytics firm Emsi.
Maricopa County topped the 2020 list, with data collected right before the start of the Covid-19 pandemic, rising from second place in 2019, according to Emsi's Talent Attraction Scorecard. The county, which recorded an 18% increase in skilled jobs from 2015-19, also took the top spot in 2018 and 2017. Clark County, which is home to Las Vegas, ranked second in 2020 and Collin County, home to McKinney, Texas, ranked third.
Caifornia-based Intel Corp. is a major skilled job creator mentioned in the Emsi report. The semiconductor maker continues to grow in Chandler with a $7 billion expansion opening earlier this year and a workforce of more than 12,000.
According to the report, Phoenix is one of only a few of the largest cities in the country that is not seeing an exodus of residents. Manhattan, Brooklyn, Chicago, San Francisco and Los Angeles ranked highest for population losses from February to July 2020, with Manhattan losing 110,978 people due to moving.
Los Angeles County, the most populous county in the nation, ranked last among large counties, those with 1 million or more people, for talent attraction. Cook County, which is home to Chicago and is second largest in terms of population, placed second-to-last among large counties. Maricopa County is the country’s fourth-most populous county.
“Greater Phoenix has always been about bucking the trend,” Chris Camacho, president and CEO of the Greater Phoenix Economic Council, said. “It comes down to job creation and opportunities, plus decades of pro-business or anti-business policy.”
Continued growth in skilled jobs has propelled Maricopa County to first place among large U.S. counties for talent attraction, according to a new report by labor analytics firm Emsi.
Maricopa County topped the 2020 list, with data collected right before the start of the Covid-19 pandemic, rising from second place in 2019, according to Emsi's Talent Attraction Scorecard. The county, which recorded an 18% increase in skilled jobs from 2015-19, also took the top spot in 2018 and 2017. Clark County, which is home to Las Vegas, ranked second in 2020 and Collin County, home to McKinney, Texas, ranked third.
Caifornia-based Intel Corp. is a major skilled job creator mentioned in the Emsi report. The semiconductor maker continues to grow in Chandler with a $7 billion expansion opening earlier this year and a workforce of more than 12,000.
According to the report, Phoenix is one of only a few of the largest cities in the country that is not seeing an exodus of residents. Manhattan, Brooklyn, Chicago, San Francisco and Los Angeles ranked highest for population losses from February to July 2020, with Manhattan losing 110,978 people due to moving.
Los Angeles County, the most populous county in the nation, ranked last among large counties, those with 1 million or more people, for talent attraction. Cook County, which is home to Chicago and is second largest in terms of population, placed second-to-last among large counties. Maricopa County is the country’s fourth-most populous county.
“Greater Phoenix has always been about bucking the trend,” Chris Camacho, president and CEO of the Greater Phoenix Economic Council, said. “It comes down to job creation and opportunities, plus decades of pro-business or anti-business policy.”
New Report Shows Dramatic Floor Traffic Drops
The data is provided Gravy Analytics a market research used by leading brands to measure foot traffic and other market intelligence.
According to the Business Journal, while most businesses saw foot traffic drop dramatically in April, the fitness, hospitality and entertainment sectors are still hurting due to restrictions put on them by state governments, but with the November surge in Covid-19 cases, health officials have warned that in-person shopping could exacerbate the spread of the virus.
Gravy Analytics' latest data was compiled from February, before shutdowns were put in place, through mid-November by aggregating billions of location records collected through mobile phone applications for national brands. In fact, Gravy Analytics tracks consumer foot traffic changes for 200 leading brands across 50 major cities, including Phoenix.
According to its latest data, Hyatt Regency in downtown Phoenix saw the biggest decrease in foot traffic — a whopping 93% drop — since February. This makes sense as the Hyatt Regency is convention hotel and with no major events happening, the number of hotel guests has dwindled.
Movie theater chain AMC Theaters has seen foot traffic decrease 92% since February, and boutique fitness studio Orangetheory Fitness is down 90%, according to Gravy.
The data is provided Gravy Analytics a market research used by leading brands to measure foot traffic and other market intelligence.
According to the Business Journal, while most businesses saw foot traffic drop dramatically in April, the fitness, hospitality and entertainment sectors are still hurting due to restrictions put on them by state governments, but with the November surge in Covid-19 cases, health officials have warned that in-person shopping could exacerbate the spread of the virus.
Gravy Analytics' latest data was compiled from February, before shutdowns were put in place, through mid-November by aggregating billions of location records collected through mobile phone applications for national brands. In fact, Gravy Analytics tracks consumer foot traffic changes for 200 leading brands across 50 major cities, including Phoenix.
According to its latest data, Hyatt Regency in downtown Phoenix saw the biggest decrease in foot traffic — a whopping 93% drop — since February. This makes sense as the Hyatt Regency is convention hotel and with no major events happening, the number of hotel guests has dwindled.
Movie theater chain AMC Theaters has seen foot traffic decrease 92% since February, and boutique fitness studio Orangetheory Fitness is down 90%, according to Gravy.
Restaurants
Hotels
Retailers
Phoenix Business Journals Releases a Special Report
Undersupply drives demand for logistics space in the entire metro area
The industrial logistics space in the Loop 303 corridor in Glendale and Goodyear is expected to grow by more than 200%, from 15 million square feet to 50 million square feet in the next five to six years.
“The Loop 303 corridor is the place that offers development and employment land site solutions,” said Tony Lydon, managing director of Jones Lang LaSalle Inc. in Phoenix.
Land that is zoned or can be rezoned for industrial uses is limited in the metro, so readily available spaces in the West Valley are highly desirable, he said. Plus, companies already in that part of the region need to scale, and the need for additional industrial space already exists.
While demand for industrial space was growing prior to the Covid-19 pandemic, the explosive rise of e-commerce and the strain on the supply chain over the past eight months has put fuel to the fire.
Due to increased e-commerce demand, by 2025 the U.S. will need more than 1 billion square feet of industrial space, which would mean the top submarkets, Phoenix included, would need 6.5 to 7 million square feet of new space per year for the next five years to keep up with the demand, Lydon said.
Tony Lydon, managing director of JLL in Phoenix, said the average market has 88 square feet of industrial space per capita, but Phoenix only has 58 square feet per capita, meaning that even during record-high industrial construction, there is still a need for more space.
“Phoenix has historically been underserved,” Lydon said. “But, with re-shoring, I think Phoenix will be a winner.”
Amazon leads the way
E-commerce giant Amazon Inc. announced massive expansion plans in Phoenix this year, and by 2021 will be the largest employers with with nearly 3,000 employees in Goodyear alone and 20,500 in total across the Valley.
Matthew High, regional director of fulfillment for Amazon, said the talent and workforce in the Phoenix area has been consistently strong. “The workforce, community partners, an abundance of talent and being close to our customers are some of the contributing factors to site selection,” he said.
Undersupply drives demand for logistics space in the entire metro area
The industrial logistics space in the Loop 303 corridor in Glendale and Goodyear is expected to grow by more than 200%, from 15 million square feet to 50 million square feet in the next five to six years.
“The Loop 303 corridor is the place that offers development and employment land site solutions,” said Tony Lydon, managing director of Jones Lang LaSalle Inc. in Phoenix.
Land that is zoned or can be rezoned for industrial uses is limited in the metro, so readily available spaces in the West Valley are highly desirable, he said. Plus, companies already in that part of the region need to scale, and the need for additional industrial space already exists.
While demand for industrial space was growing prior to the Covid-19 pandemic, the explosive rise of e-commerce and the strain on the supply chain over the past eight months has put fuel to the fire.
Due to increased e-commerce demand, by 2025 the U.S. will need more than 1 billion square feet of industrial space, which would mean the top submarkets, Phoenix included, would need 6.5 to 7 million square feet of new space per year for the next five years to keep up with the demand, Lydon said.
Tony Lydon, managing director of JLL in Phoenix, said the average market has 88 square feet of industrial space per capita, but Phoenix only has 58 square feet per capita, meaning that even during record-high industrial construction, there is still a need for more space.
“Phoenix has historically been underserved,” Lydon said. “But, with re-shoring, I think Phoenix will be a winner.”
Amazon leads the way
E-commerce giant Amazon Inc. announced massive expansion plans in Phoenix this year, and by 2021 will be the largest employers with with nearly 3,000 employees in Goodyear alone and 20,500 in total across the Valley.
Matthew High, regional director of fulfillment for Amazon, said the talent and workforce in the Phoenix area has been consistently strong. “The workforce, community partners, an abundance of talent and being close to our customers are some of the contributing factors to site selection,” he said.
SBA Ordered to Release PPP Loan Details
The Small Business Administration is being ordered to release more detailed Paycheck Protection Program loan information — and experts say that could deter fraud and abuse in a future round of PPP loans approved by Congress.
That transparency, which comes in the form of a federal judge ordering the agency to release more details by Nov. 19 absent an appeal, might have a chilling effect on small businesses applying to any future programs, but would help deter future fraud in any new round, said Tenley Carp, a partner at law firm Arnall Golden Gregory.
“The publication of names and PPP loan amounts might very well have a chilling effect on PPP applications during a second round, but I don’t think that is necessarily a bad thing,” Carp said in an email, adding private businesses might not want anyone to know they needed help. “I think the obvious good that public disclosure would do to prevent fraud and abuse in the PPP outweighs even that very legitimate concern.”
And that fraud in the $525 billion that went out in more than 5.2 million loans appears to be widespread, according to a recent Wall Street Journal report. The Government Accountability Office also weighed in with an Oct. 1 report that the program was ripe for abuse, and Thompson Reuters said that recent reporting showed that $4 billion in PPP loans had already been flagged for such abuse.
“If people know up front their names and PPP loan amounts will be 'public knowledge,' that might very well reduce the number of individuals and/or companies committing some form of fraud to obtain PPP funds,” Carp said.
In July, the SBA released data on PPP loans above $150,000, as well as information about the lenders who made them. But it argued in legal filings that detailed information about loans should not be made public, citing federal laws that exempt some government records from disclosure, such as trade secrets and personnel and medical files. The ordered disclosure would include names of businesses that received smaller loans, and exact amounts for larger loans, which had been disclosed as ranges of dollar amounts.
The Small Business Administration is being ordered to release more detailed Paycheck Protection Program loan information — and experts say that could deter fraud and abuse in a future round of PPP loans approved by Congress.
That transparency, which comes in the form of a federal judge ordering the agency to release more details by Nov. 19 absent an appeal, might have a chilling effect on small businesses applying to any future programs, but would help deter future fraud in any new round, said Tenley Carp, a partner at law firm Arnall Golden Gregory.
“The publication of names and PPP loan amounts might very well have a chilling effect on PPP applications during a second round, but I don’t think that is necessarily a bad thing,” Carp said in an email, adding private businesses might not want anyone to know they needed help. “I think the obvious good that public disclosure would do to prevent fraud and abuse in the PPP outweighs even that very legitimate concern.”
And that fraud in the $525 billion that went out in more than 5.2 million loans appears to be widespread, according to a recent Wall Street Journal report. The Government Accountability Office also weighed in with an Oct. 1 report that the program was ripe for abuse, and Thompson Reuters said that recent reporting showed that $4 billion in PPP loans had already been flagged for such abuse.
“If people know up front their names and PPP loan amounts will be 'public knowledge,' that might very well reduce the number of individuals and/or companies committing some form of fraud to obtain PPP funds,” Carp said.
In July, the SBA released data on PPP loans above $150,000, as well as information about the lenders who made them. But it argued in legal filings that detailed information about loans should not be made public, citing federal laws that exempt some government records from disclosure, such as trade secrets and personnel and medical files. The ordered disclosure would include names of businesses that received smaller loans, and exact amounts for larger loans, which had been disclosed as ranges of dollar amounts.
New Fintech Platform For Companies Seeking Investors
A new financial technology company currently in its beta phase is positioning itself as the Match.com for private companies looking to raise capital, according to its founder.
WealthVP, founded by entrepreneur Leif Hartwig, raised over $500,000 from private investors in a seed funding round that closed at the end of September to build the software as a service platform that matches qualified companies — software and sustainability companies to start — with family office investors from all over the world. Hartwig declined to comment about a second funding round.
Accepting applicants
WealthVP is currently accepting applications from 100 qualified companies and at least 25 purpose-driven family offices that are a good match for those companies during the beta phase through the end of 2020, Hartwig said. The official launch date is Jan. 2.
The said he hopes most of the first 100 companies will be based in Arizona.
Qualified companies are required to be generating revenue, have a total addressable market in the world of $100 million, have already received some funding and are seeking at least $1 million in new funding. The companies must submit an executive summary of the business, a pitch book, pro forma and a video to be posted on WealthVP.
Because of the disparity in funding, WealthVP is guaranteeing 25% to 30% of the companies selected to be on WealthVP will be women, veteran and minority founded.
Hartwig, who also serves as WealthVP’s CEO, said he came up with the concept for his new company after realizing that the $2 trillion spent by investors each year in funding businesses is all done through word of mouth and pitch contests.
“In the U.S. alone, hundreds of thousands of cutting-edge companies need capital investment to fully realize market potential,” he said. “Less than 10% will be fully funded, and most will fail due to lack of capital. Through WealthVP, we’re making it easy for world-bettering companies and family office investors to find one another.”
The need is especially critical in Arizona.
“I believe we are one of the top three states in the country for startups, however, we have almost no venture capital money in town,” Hartwig said.
This means many startups won’t get the investor funding they need, or they will get funding from an out-of-state investor and may get asked to relocate the company, he said.
“We truly need this national and international investor community that can see these companies that we have in Arizona,” he said.
The CEO of Phoenix business accelerator Coplex agreed.
"One of the biggest barriers to growth for promising early-stage companies is raising capital,” Brenda Schmidt, CEO of Coplex, said in a statement. “WealthVP reduces the time and complexity of raising funds for founders and reduces the risk of finding qualified startups of investors. This is a game-changer."
WealthVP’s internal advisory board vets any company looking to be on the platform to make sure they meet the minimum qualifications. An analytics firm will then verify the information provided by the applicants.
Once accepted onto WealthVP, companies and investors are matched through the platform’s proprietary algorithm, Hartwig said. Either side can also search for entities by location, financial needs or investment goals, type of company and more. Once a match is made, investors control the conversation and can reach out directly to the companies they are interested in via a secure messaging tool, according to WealthVP.
'The industry needs us'Hartwig said WealthVP doesn't ask for a percentage of the companies seeking investors. Companies will pay to be on the WealthVP platform on a monthly basis.
Next year, he said he expects WealthVP will open the platform to more accredited investors and private companies in varying sectors.
“We want to grow the company to significant value, but we are grounded in values," Hartwig said. "The industry needs us, needs companies like us."
A new financial technology company currently in its beta phase is positioning itself as the Match.com for private companies looking to raise capital, according to its founder.
WealthVP, founded by entrepreneur Leif Hartwig, raised over $500,000 from private investors in a seed funding round that closed at the end of September to build the software as a service platform that matches qualified companies — software and sustainability companies to start — with family office investors from all over the world. Hartwig declined to comment about a second funding round.
Accepting applicants
WealthVP is currently accepting applications from 100 qualified companies and at least 25 purpose-driven family offices that are a good match for those companies during the beta phase through the end of 2020, Hartwig said. The official launch date is Jan. 2.
The said he hopes most of the first 100 companies will be based in Arizona.
Qualified companies are required to be generating revenue, have a total addressable market in the world of $100 million, have already received some funding and are seeking at least $1 million in new funding. The companies must submit an executive summary of the business, a pitch book, pro forma and a video to be posted on WealthVP.
Because of the disparity in funding, WealthVP is guaranteeing 25% to 30% of the companies selected to be on WealthVP will be women, veteran and minority founded.
Hartwig, who also serves as WealthVP’s CEO, said he came up with the concept for his new company after realizing that the $2 trillion spent by investors each year in funding businesses is all done through word of mouth and pitch contests.
“In the U.S. alone, hundreds of thousands of cutting-edge companies need capital investment to fully realize market potential,” he said. “Less than 10% will be fully funded, and most will fail due to lack of capital. Through WealthVP, we’re making it easy for world-bettering companies and family office investors to find one another.”
The need is especially critical in Arizona.
“I believe we are one of the top three states in the country for startups, however, we have almost no venture capital money in town,” Hartwig said.
This means many startups won’t get the investor funding they need, or they will get funding from an out-of-state investor and may get asked to relocate the company, he said.
“We truly need this national and international investor community that can see these companies that we have in Arizona,” he said.
The CEO of Phoenix business accelerator Coplex agreed.
"One of the biggest barriers to growth for promising early-stage companies is raising capital,” Brenda Schmidt, CEO of Coplex, said in a statement. “WealthVP reduces the time and complexity of raising funds for founders and reduces the risk of finding qualified startups of investors. This is a game-changer."
WealthVP’s internal advisory board vets any company looking to be on the platform to make sure they meet the minimum qualifications. An analytics firm will then verify the information provided by the applicants.
Once accepted onto WealthVP, companies and investors are matched through the platform’s proprietary algorithm, Hartwig said. Either side can also search for entities by location, financial needs or investment goals, type of company and more. Once a match is made, investors control the conversation and can reach out directly to the companies they are interested in via a secure messaging tool, according to WealthVP.
'The industry needs us'Hartwig said WealthVP doesn't ask for a percentage of the companies seeking investors. Companies will pay to be on the WealthVP platform on a monthly basis.
Next year, he said he expects WealthVP will open the platform to more accredited investors and private companies in varying sectors.
“We want to grow the company to significant value, but we are grounded in values," Hartwig said. "The industry needs us, needs companies like us."
El Mirage to Get First New Home Development in Years
Two land deals recently closed in El Mirage!
Scottsdale-based Meritage Homes Corp. (NYSE: MTH) paid $5.45 million for a 24-acre parcel, while Phoenix-based NexMetro Communities paid $5.9 million for a 32-acre parcel, according to Vizzda LLC, a Tempe-based real estate database.
Meritage purchased its parcel at the northeast corner of Williams Drive and El Mirage Road from Kimco Realty Corp. and De Rito Partners, while NexMetro bought its parcel from an entity tracing to Herb Dreiseszun, according to Vizzda.
Meritage's parcel is called Camino Crossing, which has 123 lots sized 45 feet by 115 feet. Brian Rosella, broker with Kidder Matthews, represented Meritage.
Plans call for building single-story homes starting at 1,500 square feet, with prices starting under $300,000, said Fred Hermann, Phoenix division president for Meritage. A variety of home designs will range up to 2,500 square feet for two-story homes.
"The West Valley is an exciting market for Meritage to open a new community," Hermann said. "With recent price appreciation it is difficult to find a new home at entry-level pricing."
Camino Crossing will be the first new home development in El Mirage in years, said Jim Belfiore, founder of Belfiore Real Estate Consulting in Phoenix. "With no new supply and little resale supply to be had in the immediate area, Meritage Homes is likely to wish it had more than the 123 homes the builder has to offer," Belfiore said. "Meritage has become a go-to metro Phoenix area turnkey homebuilder offering home shoppers a one-stop shop for their piece of the American dream."
Belfiore said he expects Meritage to find instant success at Camino Crossing, similar to its success at Ellison Trails in Laveen, where Meritage sold 30 homes in the first 30 days of offering them.
At the same time, NexMetro's move into supply-constrained, affordable El Mirage just makes sense, Belfiore said.
"The area has had no new rental product, and as such, lease-up is likely to be rapid," he said.
By Angela Gonzales – Senior Reporter, Phoenix Business Journal
Oct 7, 2020, 1:00pm EDT
Two land deals recently closed in El Mirage!
Scottsdale-based Meritage Homes Corp. (NYSE: MTH) paid $5.45 million for a 24-acre parcel, while Phoenix-based NexMetro Communities paid $5.9 million for a 32-acre parcel, according to Vizzda LLC, a Tempe-based real estate database.
Meritage purchased its parcel at the northeast corner of Williams Drive and El Mirage Road from Kimco Realty Corp. and De Rito Partners, while NexMetro bought its parcel from an entity tracing to Herb Dreiseszun, according to Vizzda.
Meritage's parcel is called Camino Crossing, which has 123 lots sized 45 feet by 115 feet. Brian Rosella, broker with Kidder Matthews, represented Meritage.
Plans call for building single-story homes starting at 1,500 square feet, with prices starting under $300,000, said Fred Hermann, Phoenix division president for Meritage. A variety of home designs will range up to 2,500 square feet for two-story homes.
"The West Valley is an exciting market for Meritage to open a new community," Hermann said. "With recent price appreciation it is difficult to find a new home at entry-level pricing."
Camino Crossing will be the first new home development in El Mirage in years, said Jim Belfiore, founder of Belfiore Real Estate Consulting in Phoenix. "With no new supply and little resale supply to be had in the immediate area, Meritage Homes is likely to wish it had more than the 123 homes the builder has to offer," Belfiore said. "Meritage has become a go-to metro Phoenix area turnkey homebuilder offering home shoppers a one-stop shop for their piece of the American dream."
Belfiore said he expects Meritage to find instant success at Camino Crossing, similar to its success at Ellison Trails in Laveen, where Meritage sold 30 homes in the first 30 days of offering them.
At the same time, NexMetro's move into supply-constrained, affordable El Mirage just makes sense, Belfiore said.
"The area has had no new rental product, and as such, lease-up is likely to be rapid," he said.
By Angela Gonzales – Senior Reporter, Phoenix Business Journal
Oct 7, 2020, 1:00pm EDT
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Eight of America’s 400 Richest Live in Arizona!
It still takes at least $2.1 billion, unchanged for the past three years, to make the Forbes cut! Even in these trying times mega-fortunes are still being minted. This year there are 18 new members to the ranks, and eight of the richest people who made their piles in everything from electric trucks to the now-ubiquitous Zoom.
According to the Phoenix Business Journal here are the Eight for Arizona:
Carvana founder Ernest Garcia II and his son, Carvana CEO and co-founder Earnest Garcia III were the wealthiest, with net worths of $9.6 billion and $4.2 billion, respectively. That’s a jump from $5.7 billion and $2.3 billion, respectively, in 2019.
Anaheim Angels owner Arturo Moreno rounded out the top three in Arizona, coming in at No. 238 in the nation with a net worth of $3.4 billion, up from $3.3 billion in 2019, an amount that was enough to make him the richest Arizonan on Forbes’ April list of the richest people in the world, where he ranked No. 590.
The Arizona cohort included one newcomer: Trevor Milton, the founder and former executive chairman of zero-emissions vehicle maker Nikola Corp. which went public at the beginning of June as part of a reverse-merger with
The net worth of Bennett Dorrance, who owns a 15% stake in Campbell Soup, went from $2.8 billion in 2019 to $3 billion this year, landing at No. 278 on Forbes’ list. Dorrance is the grandson of John T. Dorrance, who invented condensed soup.
The three other Arizonans on Forbes’ list saw their wealth decline since 2019.
Mark Shoen, who owns about a fifth of U-Haul parent company Amerco, had a drop from $3.3 billion in 2019 to $2.7 billion in 2020.
Joe Shoen, the president and chairman and 21% stakeholder of Amerco, had a net worth drop from $2.7 billion in 2019 to $2.3 billion in 2020. Mark Shoen ranked 319th on Forbes’ list and E. Joe Shoen ranked 359th.
Bob Parsons, the founder of web hosting firm GoDaddy who has since sold his stake in the company and retired from the board, saw a net worth drop from $2.7 billion in 2019 to $2.2 billion in 2020, ranking him No. 378 among the nation’s wealthiest.
Jerry Moyes, the founder of Swift Transportation, now part of Knight-Swift Transportation Holdings Inc., had made the grade when Forbes released its annual list of the world's wealthiest people in March of this year when he had a net worth of $1.2 billion, but fell off the latest ranking
Forbes used stock prices from July 24 in its calculations of wealth.
It still takes at least $2.1 billion, unchanged for the past three years, to make the Forbes cut! Even in these trying times mega-fortunes are still being minted. This year there are 18 new members to the ranks, and eight of the richest people who made their piles in everything from electric trucks to the now-ubiquitous Zoom.
According to the Phoenix Business Journal here are the Eight for Arizona:
Carvana founder Ernest Garcia II and his son, Carvana CEO and co-founder Earnest Garcia III were the wealthiest, with net worths of $9.6 billion and $4.2 billion, respectively. That’s a jump from $5.7 billion and $2.3 billion, respectively, in 2019.
Anaheim Angels owner Arturo Moreno rounded out the top three in Arizona, coming in at No. 238 in the nation with a net worth of $3.4 billion, up from $3.3 billion in 2019, an amount that was enough to make him the richest Arizonan on Forbes’ April list of the richest people in the world, where he ranked No. 590.
The Arizona cohort included one newcomer: Trevor Milton, the founder and former executive chairman of zero-emissions vehicle maker Nikola Corp. which went public at the beginning of June as part of a reverse-merger with
The net worth of Bennett Dorrance, who owns a 15% stake in Campbell Soup, went from $2.8 billion in 2019 to $3 billion this year, landing at No. 278 on Forbes’ list. Dorrance is the grandson of John T. Dorrance, who invented condensed soup.
The three other Arizonans on Forbes’ list saw their wealth decline since 2019.
Mark Shoen, who owns about a fifth of U-Haul parent company Amerco, had a drop from $3.3 billion in 2019 to $2.7 billion in 2020.
Joe Shoen, the president and chairman and 21% stakeholder of Amerco, had a net worth drop from $2.7 billion in 2019 to $2.3 billion in 2020. Mark Shoen ranked 319th on Forbes’ list and E. Joe Shoen ranked 359th.
Bob Parsons, the founder of web hosting firm GoDaddy who has since sold his stake in the company and retired from the board, saw a net worth drop from $2.7 billion in 2019 to $2.2 billion in 2020, ranking him No. 378 among the nation’s wealthiest.
Jerry Moyes, the founder of Swift Transportation, now part of Knight-Swift Transportation Holdings Inc., had made the grade when Forbes released its annual list of the world's wealthiest people in March of this year when he had a net worth of $1.2 billion, but fell off the latest ranking
Forbes used stock prices from July 24 in its calculations of wealth.
Lagoon Water Park, Entertainment Venue Headed to West Valley.... A new regional tourism asset for the NW Valley!
A beach party in Arizona might not be such a wacky idea in a couple of years because the West Valley will soon be home to an 11-acre beach lagoon, planned to include scuba diving, windsurfing and water jet packs as part of a 48-acre entertainment destination. TV News Story The planned project be near the Westgate Entertainment, near E 95th Avenue and Cardinals Way, near the State Farm Stadium. The developer of the project is ECL Glendale LLC. Crystal Lagoons Island Resort, will have a similar feeling to Downtown Disney, with experiential retail, amusement park rides, a 4D theater, a themed hotel and other hotel uses on the site. The project will also include an “aero bar,” a bar in the middle of the lagoon on a vertical structure that becomes elevated 135 feet in the air so patrons can get a 360-degree view. It also will include the world’s largest helium balloon. The balloon will be on a tether with a gondola that raises riders 400 feet in the air. The 4D theater will incorporate sensory elements like smell, temperature or moisture into the viewers’ experience. The theater will be in conjunction with SimEx-Iwerks Entertainment, which has access to Disney proprietary character and products. |
Industrial Construction Report
Phoenix is on track for a record level of new industrial supply to be completed in 2020, but so far new supply has outpaced demand, according to CoStar research. According to data compiled by Jessica Morin, director of market analytics for CoStar “Phoenix ranks ninth for U.S. markets with the most industrial space under construction. When the space under construction is completed, it will expand the market’s existing stock by 3.1%. That being said, Glendale and Goodyear have the most space under construction as compared to their existing space. Glendale will add about 40% to its inventory and Goodyear will add about 20% when the space under construction is completed. Nationwide, industrial net absorption was forecast to remain negative through the remainder of 2020 and into the beginning of 2021, according to a study done by NAIOP. However, Arizona has not seen the steep decline some other markets have suffered, Suzanne Kinney, president and CEO of the Arizona chapter of NAIOP said. “There have been a handful of large deals that have gone our way,” Kinney said, adding that several manufacturers have recently moved or expanded in Phoenix recently, and users like food and beverage makers are also growing in the area. Some of the growth, such as the pivot by Honeywell in Phoenix to make personal protective equipment, were directly related to the Covid-19 pandemic, Kinney said, but other moves were “a continuation of the positive trends we’ve seen over the past few years.” |
Arizona Supreme Court refuses to take up lawsuit from bar
According to the Phoenix Business Journal
08-26-2020
The Arizona Supreme Court has denied hearing a lawsuit filed by more than 100 bar owners against Gov. Doug Ducey over the manner in which he closed bars down this summer.
The growing group of bar owners took the matter straight to the state’s highest court, but Supreme Court Chief Justice Robert Brutinel wrote in the Aug. 25 order that the issue should first be reviewed by a lower court.
The ruling seems to be based more on procedure than the content of the lawsuit.
Ilan Wurman, the attorney representing the bar owners and a law professor at Arizona State University, has already filed another suit in Arizona Superior Court.
In the lawsuit, Wurman and the bar owners argued that Ducey’s order to close down bars to slow the spread of Covid-19 did not actually close down all bars in the state, but targeted just the owners with series 6 or 7 liquor licenses.
Under Ducey’s executive order hotel bars, casino bars, microbreweries, wineries, private clubs, distilleries and restaurants with bars were allowed to stay open because they operate with a different series of liquor licenses.
Wurman argues that the distinction between liquor license series has nothing to do with public health.
Besides asking for the court to deem Ducey’s executive order unlawful, the lawsuit is seeking damages for bar owners including for revenue that was lost when these businesses were forced to close but competitors could stay open.
According to the Phoenix Business Journal
08-26-2020
The Arizona Supreme Court has denied hearing a lawsuit filed by more than 100 bar owners against Gov. Doug Ducey over the manner in which he closed bars down this summer.
The growing group of bar owners took the matter straight to the state’s highest court, but Supreme Court Chief Justice Robert Brutinel wrote in the Aug. 25 order that the issue should first be reviewed by a lower court.
The ruling seems to be based more on procedure than the content of the lawsuit.
Ilan Wurman, the attorney representing the bar owners and a law professor at Arizona State University, has already filed another suit in Arizona Superior Court.
In the lawsuit, Wurman and the bar owners argued that Ducey’s order to close down bars to slow the spread of Covid-19 did not actually close down all bars in the state, but targeted just the owners with series 6 or 7 liquor licenses.
Under Ducey’s executive order hotel bars, casino bars, microbreweries, wineries, private clubs, distilleries and restaurants with bars were allowed to stay open because they operate with a different series of liquor licenses.
Wurman argues that the distinction between liquor license series has nothing to do with public health.
Besides asking for the court to deem Ducey’s executive order unlawful, the lawsuit is seeking damages for bar owners including for revenue that was lost when these businesses were forced to close but competitors could stay open.
According the the Phoenix Business Journal
Nine Arizona companies, all of them based in the Valley, made the cut for Inc. magazine’s list of the top 500 fastest-growing firms in the nation for 2020.
Topping the state list was last year’s national leader and Inc.’s 2019 cover story, Freestar LLC, a company that helps publishers boost revenue by optimizing their online advertising. This year, Freestar dropped to No. 36 overall on a still-staggering growth rate of 7,239%.
The Inc. 500 is the top tier of the larger Inc. 5000 list, which ranks the 5,000 fastest-growing, privately held U.S. companies.
Counting the nine Arizona companies on the Inc. 500, the state had 107 companies on the full Inc. 5000 list. This is up from the 104 that made the list last year.
Here are the nine companies that made the upper tier of the Inc. 5000 to land a ranking in the 2020 Inc. 500:
- No. 36, Freestar, Phoenix, 7,239% growth
- No. 148, Handwrytten, Phoenix, 2,572%
- No. 196, CellTrust Corp., Scottsdale, 2,145%
- No. 210, Attribytes, Chandler, 2,062%
- No. 258, Maverick Performance Products, Chandler, 1,724%
- No. 319, Simple Living Solutions, Scottsdale, 1,421%
- No. 337, Titan Solar Power, Mesa, 1,348%
- No. 432, Exerscribe, Scottsdale, 1,064%
- No. 448, Centauri Health Solutions, Scottsdale, 1,019%
Landlords sue, say Ducey lacks authority to stop evictions
According to the Arizona Capitol Times Landlords and mobile home park owners from around the state are asking the Arizona Supreme Court to void an executive order by Gov. Doug Ducey blocking evictions of tenants who do not pay their rent.
The lawsuit claims the governor lacks the constitutional authority to tell constables around the state not to process eviction orders, even those issued legally by judges. It also contends that the gubernatorial directive is violating both the property rights of landowners as well as their right to enter into contracts.
In seeking review, the lawsuit acknowledges that the governor can exercise certain powers in a public health emergency. But attorney Kory Langhofer, who prepared the legal filing, said that Ducey, in unilaterally barring landlords from enforcing the terms of lawful lease agreements, created “an indefinite economic welfare and redistribution program, rather than a public health measure to contain the COVID-19 contagion.”
According to the Arizona Capitol Times Landlords and mobile home park owners from around the state are asking the Arizona Supreme Court to void an executive order by Gov. Doug Ducey blocking evictions of tenants who do not pay their rent.
The lawsuit claims the governor lacks the constitutional authority to tell constables around the state not to process eviction orders, even those issued legally by judges. It also contends that the gubernatorial directive is violating both the property rights of landowners as well as their right to enter into contracts.
In seeking review, the lawsuit acknowledges that the governor can exercise certain powers in a public health emergency. But attorney Kory Langhofer, who prepared the legal filing, said that Ducey, in unilaterally barring landlords from enforcing the terms of lawful lease agreements, created “an indefinite economic welfare and redistribution program, rather than a public health measure to contain the COVID-19 contagion.”
PPP Loans helped nearly 1,500 local businesses
A new Surprise Regional Chamber of Commerce report showed almost 1,500 small businesses in the Northwest Valley have received $155 million in PPP loan assistance.
Based the Chamber’s latest data, the PPP loans helped to retain 6,879 workers in the region (El Mirage, Sun City, Sun City West, Surprise, Waddell and Youngtown.) However, several small businesses in Surprise and surrounding areas are still suffering from the COVID-19 slowdown and waiting for Congress to act on additional bailout money.
“When the previous bailout programs were rolled out there was much confusion and turbulence, and small businesses did not initially fair well,” Chamber President and CEO Raoul Sada said. “The Chamber wants to do its part, making sure that does not happen again, and we are lobbying Capitol Hill for a packages that favor small businesses.”
Key Points:
•The SBA has just released a massive trove of data on PPP loans. This was a significant step forward in transparency by the government, prior to this the SBA resisted requests to share the recipients of the funds. This is why it is so important for the Chamber to hold government officials accountable, and for us to demand transparency at all levels of government (local, state and federal!)
•More than 81,000 Arizona businesses and nonprofits have received forgivable loans through the federal government's Paycheck Protection Program totaling $8.6 billion, according to the U.S. Small Business Administration.
•The Paycheck Protection Program, which was designed to avert mass layoffs during the Covid-19 pandemic.
•PPP loans are not made by SBA. PPP loans are made by lending institutions and then guaranteed by SBA.
•According to the data, 58 businesses in Arizona received between $5 and $10 million, the maximum amount allowed under the program. But the vast majority of loans, approximately 86%, are valued under $150,000.
•Close to 1500 small businesses received PPP loans in the six cities that make up the Chambers service territory. The amount of cash infused into our local economy was over $154 million dollars! Based on application data, the loans help to retain 6,879 workers in our region.
•Approximately 42 businesses were non-profits (2.8% of the recipients)
Based the Chamber’s latest data, the PPP loans helped to retain 6,879 workers in the region (El Mirage, Sun City, Sun City West, Surprise, Waddell and Youngtown.) However, several small businesses in Surprise and surrounding areas are still suffering from the COVID-19 slowdown and waiting for Congress to act on additional bailout money.
“When the previous bailout programs were rolled out there was much confusion and turbulence, and small businesses did not initially fair well,” Chamber President and CEO Raoul Sada said. “The Chamber wants to do its part, making sure that does not happen again, and we are lobbying Capitol Hill for a packages that favor small businesses.”
Key Points:
•The SBA has just released a massive trove of data on PPP loans. This was a significant step forward in transparency by the government, prior to this the SBA resisted requests to share the recipients of the funds. This is why it is so important for the Chamber to hold government officials accountable, and for us to demand transparency at all levels of government (local, state and federal!)
•More than 81,000 Arizona businesses and nonprofits have received forgivable loans through the federal government's Paycheck Protection Program totaling $8.6 billion, according to the U.S. Small Business Administration.
•The Paycheck Protection Program, which was designed to avert mass layoffs during the Covid-19 pandemic.
•PPP loans are not made by SBA. PPP loans are made by lending institutions and then guaranteed by SBA.
•According to the data, 58 businesses in Arizona received between $5 and $10 million, the maximum amount allowed under the program. But the vast majority of loans, approximately 86%, are valued under $150,000.
•Close to 1500 small businesses received PPP loans in the six cities that make up the Chambers service territory. The amount of cash infused into our local economy was over $154 million dollars! Based on application data, the loans help to retain 6,879 workers in our region.
•Approximately 42 businesses were non-profits (2.8% of the recipients)
Surprise Independent News Coverage
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See What Businesses are Open and Their COVID-19 Safeguards Based on a self -reported survey, as on 05/11/2020. Information is subject to change without notice. The collection and dissemination of the data was a combined effort between the City of Surprise and the Surprise Regional Chamber of Commerce. ShopSurprise Receive Special Deals, Promotions and Community Messages from Local Merchants, and your Chamber of Commerce. All messages are sent Directly to Your Phone! Get advance notice of new restaurants, grand openings, community events and more. It's FREE! Enroll Now |
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Chamber’s NW Valley COVID-19 Consumer Survey Results Are In
Survey Results Make the Paper-Click Here to Read the Article Consumers, not the government, will ultimately decide when the economy will open—that is why it is important for citizens and businesses to know what people are thinking. Please share your comments on our Facebook page! Government leaders and public health officials will make decisions, and issue guidance on when we return to work, but truly regaining some semblance of normalcy will be determined by how people feel and what motivates them to act or not act. The Chambers recent survey sheds more light about what consumers are thinking in the NW Valley . Share your comments on our Facebook page Take Our 1-Minute Survey |
Business COVID-19 Survey Results
Survey Makes Front Page of Surprise Independent- Read the Story
CEOs across the globe are coming to terms with the reality that business will be anything but normal over the coming months as the impact of the coronavirus pandemic continues to escalate.
But while revenues are set to suffer a short-term hit, the majority of leaders remain confident that their companies will be back on solid footing within the year, according to a new study on the business impact of the outbreak of COVID-19.
The survey results found that 82% of business leaders expect declines in revenues over the next six months, but more than half (54%) anticipate revenues will be back to normal in a year’s time. And 61% of CEOs expect their total fixed investments to remain unchanged year on year.
How Business Owners are Responding
Among the industries seeing the greatest impact from the fallout are hospitality and travel (89%), education (87%) and media and entertainment (80%). Meanwhile, production firms in agriculture, factories, mines and utilities reported some uptick in revenues.
Nevertheless, business leaders across the board (95%) said they’re taking new measures curb the impact of the virus. That includes communicating more regularly with employees (68%), adopting new health and safety procedures (67%), cancelling major events (64%) and halting business travel (53%).
Meanwhile, other respondents, when asked for their advice for business leaders, recommended the following:
Citation: The Survey was conducted by YPO a global leadership community of more than 29,000 chief executives in 130 countries. Full Press Release
Survey Makes Front Page of Surprise Independent- Read the Story
CEOs across the globe are coming to terms with the reality that business will be anything but normal over the coming months as the impact of the coronavirus pandemic continues to escalate.
But while revenues are set to suffer a short-term hit, the majority of leaders remain confident that their companies will be back on solid footing within the year, according to a new study on the business impact of the outbreak of COVID-19.
The survey results found that 82% of business leaders expect declines in revenues over the next six months, but more than half (54%) anticipate revenues will be back to normal in a year’s time. And 61% of CEOs expect their total fixed investments to remain unchanged year on year.
How Business Owners are Responding
Among the industries seeing the greatest impact from the fallout are hospitality and travel (89%), education (87%) and media and entertainment (80%). Meanwhile, production firms in agriculture, factories, mines and utilities reported some uptick in revenues.
Nevertheless, business leaders across the board (95%) said they’re taking new measures curb the impact of the virus. That includes communicating more regularly with employees (68%), adopting new health and safety procedures (67%), cancelling major events (64%) and halting business travel (53%).
Meanwhile, other respondents, when asked for their advice for business leaders, recommended the following:
- Focus on the facts
- Communicate regularly with employees and stakeholders/customers
- Stabilize supply chains
- Make short-term and long-term plans
Citation: The Survey was conducted by YPO a global leadership community of more than 29,000 chief executives in 130 countries. Full Press Release
USMCA AGREEMENT IS A WIN FOR THE NORTH WEST VALLEY
By any measure, the push to get the U.S.-Mexico-Canada Agreement (USMCA) passed — which preserves and strengthens our economic ties with our neighbors and top two export markets — was a three-year-long process. And it did not happen by accident.
The U.S. Chamber, the Surprise Regional Chamber as well thousands of chambers from around the country put the full weight of our alliances behind this historic effort. A special thank you to all local businesses in our region who contacted their elected officials and encouraged them to support the agreement. The new U.S.-Mexico-Canada Agreement is expected to usher tangible benefits for the NW Valley including agriculture, technology, manufacturing, and other business sectors, industry analysts say.
Here’s a brief overview of what’s in it:
- Country of origin rules: Automobiles must have 75 percent of their components manufactured in Mexico, the US, or Canada to qualify for zero tariffs (up from 62.5 percent under NAFTA).
- Labor provisions: 40 to 45 percent of automobile parts must be made by workers who earn at least $16 an hour by 2023. Mexico agreed to pass new labor laws to give greater protection to workers, including migrants and women. Most notably, these laws are supposed to make it easier for Mexican workers to unionize.
- US farmers get more access to the Canadian dairy market: The US got Canada to open up its dairy market to US farmers, a big issue for Trump.
- Intellectual property and digital trade: The deal extends the terms of copyright to 70 years beyond the life of the author (up from 50). It also includes new provisions to deal with the digital economy, such as prohibiting duties on things like music and ebooks, and protections for internet companies, so they’re not liable for content their users produce.
- Sunset clause: The agreement adds a 16-year sunset clause — meaning the terms of the agreement expire, or “sunset,” after 16 years. The deal is also subject to review every six years, at which point the US, Mexico, and Canada can decide to extend the USMCA.
First-Ever Scorecard Released
Who Made the List? Our first-ever scorecard evaluates the votes of each state senator and representative and represents the positions of the West Valley Chamber Alliance that were communicated to our state lawmakers throughout the 2019 Regular Session. The scorecard helps the business community know where their elected officials stand on issues that affect us all. Click Here for Full Report
The Surprise Regional Chamber of Commerce (Districts 13, 21 and 22) would like to recognize Rick Gray, Frank Carroll, Tim Dunn and Joanne Osborne for having 100% scores in support of pro-business policies.
As a Chamber, we commend those elected leaders with scores above 80% and recognize them as Free Enterprise Champions for recognizing the vital role businesses play and supporting those businesses through common sense, pro-business, and growth-oriented public policy. All elected officials in Districts 13, 21 and 22 earned the Free Enterprise Champion designation which included Rick Gray, Ben Toma, Frank Carroll, Kevin Payne, Tony Rivera, David Livingston, Tim Dunn, Joanne Osborne and Sine Kerr.
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TAKE THE SURVEY NOW
2020 Business Climate Census Survey
Many in our business community are experiencing both challenges and successes as our economy grows. As we work to secure the NW Valley's future, it is crucial that the Surprise Regional Chamber of Commerce understand what issues are most important to businesses. The purpose of the Business Climate Survey is to track trends and issues affecting businesses and to inform elected officials about the issues and concerns of the local business community.
Click Here Now, To Take Our Annual Business Climate Survey
2020 Business Climate Census Survey
Many in our business community are experiencing both challenges and successes as our economy grows. As we work to secure the NW Valley's future, it is crucial that the Surprise Regional Chamber of Commerce understand what issues are most important to businesses. The purpose of the Business Climate Survey is to track trends and issues affecting businesses and to inform elected officials about the issues and concerns of the local business community.
Click Here Now, To Take Our Annual Business Climate Survey
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