A proposed $2.1 billion entertainment district in Tempe will ultimately be decided upon by voters in a ballot scheduled for this coming May. Members of the Tempe City Council have now voted unanimously to bring the question of the entertainment district before the public as part of a package offered by the Arizona Coyotes hockey team. As proposed, a new 16,000-seat arena would be the centerpiece of any Coyotes facilities plan in Tempe, but so would the building of massive surrounding entertainment district. That district would see the construction of hotels, a theater, and both retail and residential space. Preliminary to the scheduled May 16 special election, the Tempe City Council is also expected to give its approval to a development and disposition agreement, along with a general plan agreement and zoning amendment. By Garry Boulard
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The nation’s construction industry saw only marginal employment gains last month, according to a new report just released by the Associated General Contractors of America. And those increases may be primarily due to firms increasingly being forced to draw from a smaller labor pool, continues the report. In a statement, Stephen E. Sandherr, chief executive officer of the AGC, remarked: “The construction sector would have added more jobs in October if only firms could find people to bring on board.” Sandherr added that “labor market conditions are so tight, however, that the sector barely increased in size even as demand remains strong for many types of construction projects.” An increase of 1,000 new employees last month, for a total of 7.7 million nationally, saw gains primarily with residential building firms. On the other side of the ledger, jobs were off by 4,000 among specialty trade contractors; and a smaller loss of 400 with heavy and civil construction firms. Pay levels, meanwhile, were up to $35.27 in October, up from the $33.41 recorded in October 2021. Average weekly earnings, at the same time, saw increases of $1,372 last month over $1,296 from October 2021. In a separate collection of figures, the new AGC report also indicates that the number of unemployed construction workers jumped from 398,000 in October 2021, to last month’s 419.000. The AGC has repeatedly urged the Biden Administration and Congress to tackle construction workforce shortages through a number of approaches, including allowing for more workers with construction expertise to lawfully enter the country as a means of providing short-term relief. By Garry Boulard A more than 120-year-old structure in Colorado that currently serves as the home to the city’s famous Pioneers Museum, is expected to see a series of long-planned upgrades that may begin next year. Located at 15 S. Tejon Stret, the Pioneers Museum is one of the most historically significant buildings in Colorado Springs. Registered with the National Register of Historic Places, the granite building originally served as El Paso County Courthouse. In the late 1970s, it became the home of the Pioneers Museum, and now houses more than 60,000 individual items related to Native American history, as well as artifacts and documents exploring the city’s economically important mining history. City officials say that on top of initial funding to approve structural work to the building, an additional $2.5 million was green-lit earlier this fall to modernize the Pioneers Museum heating and cooling system, as well as the roofing. Work could begin next year on the updating of the structure, a project that may not be completed until the fall of 2023. By Garry Boulard The City of Albuquerque’s Metropolitan Redevelopment Agency issued a Request for Expressions of Interest to construct new housing projects downtown on Thursday.
According to the request, 50 new housing units in the form of new construction, redevelopment or a mix must be included in proposals by developers for the greater downtown area. The three million in funds would require gap financing structured as equity, loan or grant, said the request. Those proposing the projects would enter future exclusive negotiation agreements with the city where the development process would be directed and financially analyzed. “The City anticipates awarding several projects through this RFP,” said the request. The designated areas include Downtown, East Downtown, Historic Central, Barelas, Sawmill, Railroad, McClellan park, Soldiers and Sailors Park, portions of South Broadway and North Corridor metropolitan redevelopment areas. Projects will be limited to these areas and the required unit count can be met only within three scattered sites. The proposed sites must be in these designated areas where the proposer has site control in the form of a deed or a long-term lease. Evaluation of the projects include a point system which accounts for development experience, environmental sustainability, economic impact and the extent of which it meets housing needs, said the request. On October 17th, Mayor Tim Keller and the city held a press conference announcing a strategic initiative for new housing titled Housing Forward ABQ. The initiative plans to build 5,000 additional housing units using $20 million in gross receipt tax bonds. The optional pre-proposal conference is November 30th, 2022 at 10:00 a.m and can be attended by phone or via Zoom. The deadline for questions is February 17th, 2023 and the deadline to upload proposals electronically is March 3rd, 2023 at 4:00 p.m. By Dane Vaughn Construction could begin by the spring of next year on a an expansive service center in Aurora that will belong to Excel Energy company. Plans call for the building of both office space and a warehouse facility that will go up on land Xcel recently purchased for $2.7 million. The High Point Elevated site encompasses a 5 million square foot industrial development park not far from the Denver International Airport. In remarks to the Denver Post, Robert Kennedy, president of Xcel Energy-Colorado, said the High Point facility will “provide easy access for Xcel Energy to better service our customers in the growing areas of Aurora and further east, as well as Denver International Airport.” Kennedy added that the new Xcel facility will “allow for a faster response time to service calls and will have room to house the equipment needed to grow our operations.” The announcement comes as the High Point Elevated business park, which was launched in 2021, has seen any number of new industrial and logistics space projects. The growing Excel, based in Minneapolis, currently serves a nearly 4 million customer base, stretching from Michigan and Minnesota, to vast reaches of Texas, New Mexico, and Colorado. By Garry Boulard Despite investor concerns about cryptocurrencies, and the ongoing uncertainty regarding which party has won the House and Senate, stocks on Wall Street have seen their greatest increase since April of 2020. Stocks jumped to their biggest gains, reports the Wall Street Journal, in “more than two years, after softer-than-expected inflation data reignited bets that the Federal Reserve would slow the pace of its interest rate increases.” Altogether, the Dow scored a 1,200-point gain on signs that inflation is softening. Analysts also noted that a softer dollar and falling Treasury yields helped to boost stocks. Inflation on a year-to-year basis was additionally down to 7.7%. Investors were particularly impressed with a government report indicating that price increases overall eased last month. This trend was seen as particularly hopeful because it may mean that the Federal Reserve’s interest rates may be lessening inflation. According to news sources, traders now anticipate that the Fed will raise its benchmark lending rate next month, but by a small mark of half a percentage point. By Garry Boulard One of the most durable and popular fast food restaurant franchises in the county is about to build a new location in Tempe. With nearly 380 locations across the country, the White Castle company has long been a market presence on the East coast and throughout the Midwest. The company, founded in 1921 in Wichita, Kansas, has expanded into the West in the last decade, with locations in Las Vegas. Now White Castle has announced plans to build a 2,800 square foot restaurant on the south side of Tempe, Arizona. That location, at the Emerald Center near Interstate 10 and Warner Road, will feature a drive-in service and modern exterior design. The company opened it first Arizona location in Scottsdale some three years ago near Loop 101 and Via de Ventura. If all goes as expected, work on the new Tempe White Castle could begin later this year, with a late spring 2023 opening. White Castle outlets usually measure around 2,200 square feet, although in recent years it has greatly expanded its store sizes, opening a 4,500 square foot property in Orlando earlier this summer. By Garry Boulard In yet one more sign of how hot the southern Arizona residential market is, a more than 40-year-old complex at 15449 N. 25th Avenue has sold for a top dollar in Phoenix. The deal was brokered by the big real estate company Newmark and includes 200 units in a combination of styles ranging from 615 square feet to 967 square feet. The complex, called Cobblestone Apartments, also includes a fitness center, club house, swimming pool, and dog park. According to a statement released by Newmark, the Cobblestone properties was particularly well-situated given its proximity to the Taiwan Semiconductor company and its closeness to Arizona State Route 101. By Garry Boulard Even though final returns have yet to determine which party will control the U.S. House, a top official with the U.S. Chamber of Commerce says the returns thus far point to a victory for the business sector. In a statement, Suzanne P. Clark, chief executive officer of the U.S. Chamber, said the election has seen victories in dozens of both House and Senate races, as well as local contests, helping to “strengthen the business climate in those states.” Clark added that she is hopeful a “new majority in the House will seize the opportunity to fight inflation and crime, rein in regulation and hold agencies accountable through oversight, and put our economic security front and center.” Heading into Tuesday’s elections, the Democrats held a relatively narrow House chamber control of 220 seats, out of a total of 433 seats. Analysts throughout the year have noted that the Republicans only needed to win 218 seats to secure House control. As of Thursday morning, the Republicans have won 210 seats, compared with 192 for the Democrats. “Our government and our country ae as deeply divided as ever,” continued Clark in her statement. “It has never been more important for elected officials to address our nation’s challenges by bridging divides and forging durable solutions—just like business leaders across the country do every day.” By Garry Boulard A ballot proposal that would provide up to $300 million on an annual basis in Colorado for the building and creating of new affordable housing has still not been determined more than one day after the election. As proposed, Proposition 123 would set aside funding from a 0.1% tax each year for such projects. According to an analysis of the measure, it would have a capability of raising $145 million in the current fiscal year, and up to $290 million annually after that. The proposal, which won the backing of the National Association of Realtors and the Caring for Colorado Foundation, among other groups, as well as many local city officials, across the state. The initiative was opposed by the Advance Colorado Action, who said that it will take tax revenue that should otherwise be going to the people of the state. Natalie Menten, board member of the Colorado Taxpayer Bill of Rights Foundation, earlier this year said the measure would “get us more high-density housing and that is not what I want to see more of.” As it now stands, out of more than 1.9 million votes cast, the proposition is leading by a just under 27,000 votes, with the results expected to be certified within days. By Garry Boulard |
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