But new listings are also continuing to drop — down 20 percent from October — so the number of new listings in November was 1,615, down 20.5 percent from a year ago, which Kimberly Clifton, president of the Multiple Listing Service, said is a good sign toward efforts to clear out inventories.
“Despite the turmoil in the economy, the overall level of pending home sales has been remarkably stable over the past year, holding in a generally narrow range,” said Lawrence Yun, chief economist for the National Association of Realtors. “We did see a spike in August when mortgage conditions temporarily improved, which underscores two things - there is a pent-up demand, and access to safe, affordable mortgages will bring more buyers into the market.”
 Carole Sanderson and Victor Bolduc of Herschman Architects. Joe Pangburn photo |
Two shopping centers at Dove Mountain are growing
Ault Companies LLC, Phoenix, is rolling out the second phase of the Shoppes at Tangerine Crossing and a new center, Villagio, at Tangerine and Thornydale roads.
“Even with the current economic challenges, shopping centers based on sound real estate fundamentals still make sense,” said Ron Ault, principal with the Ault Companies. “Good location is still the strongest key to the success of a project. Our new centers at Tangerine and Thornydale enjoy both a large potential customer base and enviable exclusivity due to a lack of nearby competition.”
The second pages of the Shoppes at Tangerine Crossing will encompass more than 18,000 square feet of retail space and include a McDonalds restaurant and Fletcher’s Tire and Auto Service. McDonald’s opened in late November and the Fletcher’s location is due to begin construction in the Spring. The expansion will also include the previously announced second location for Steak Out Restaurant from Sonoita.
The first phase of the Shoppes at Tangerine Crossing is anchored by a Fry’s Marketplace store and includes Wells Fargo, Tangerine Dental Care and Domino’s Pizza with work finishing up this month on a 7,200-square-foot stand-alone building that will house a Subway restaurant and Exhale Beauty and Wellness Spa.
The Villagio shopping center will be a mixed-use complex of small retailers and office tenants. The first phase, already under construction, will have a Chase Bank and a Circle K.
Brian Harpel and Aaron LaPrise, with the Harpel Company (520) 721-7999, are handling the leasing of the centers.
Ritz-Carlton homes come with larger incentives
The Residences at The Ritz-Carlton, Dove Mountain has an incentive package for the first 25 buyers in the 72-single-family-home community.
The incentives, which are available through Jan. 15, vary by the type of home selected but include:
• $87,500 to $175,000 off the total purchase price, depending on the neighborhood, for using pre-designed homes.
• 20 percent off the purchase price of a custom homesite.
• $30,000 to $75,000 in ‘Dove Mountain Dollars’ that can be used for options and upgrades or club credits toward hotel and spa charges.
• 20 percent off the purchase price of a custom homesite.
• Membership in the Ritz-Carlton Golf Club, a $125,000 value.
The Residences real estate offering is made up of 16 custom estate home sites and 38 villas with prices ranging from $700,000 to $1.8 million for homesites and $1.1 million to $3 million for homes and villas.
The home and sales office is at Model homes and sales office for The Residences at The Ritz-Carlton, Dove Mountain is at 6063 W. Seven Saguaros Circle, online at www.theresidencesdovemountain.com or call (520) 572-2700.
Architectural firm growing Tucson office
Cleveland-based Herschman Architects is expanding its Tucson office after its August acquisition of Paragon Architects, which doubled the staff to 12 employees.
Now, Herschman says it’s looking to expand the Tucson office even more to help it handle clients in Arizona, California, Nevada, Texas Colorado and New Mexico clients.
“Cleveland is pretty well positioned to get to 70 percent of the country and back in a day,” said Carole Sanderson, the CFO and part owner of the company. “Tucson was the perfect place to reach the rest.”
Herschman has designed every OfficeMax store and has other major clients including Z Gallerie, Bed Bath & Beyond, Fred Meyer Jewelers, Petland, Pizza Hut, Ritz Camera locations in the Tucson area.
The Herschman Architects office in Tucson is at 2210 E. Fort Lowell Road.
Grubb & Ellis gets first local management contract
Grubb & Ellis Company landed its first major new property management and leasing services contract since opening a Tucson office in September. The company will be responsible for the six-building Tucson Technology and Industrial complex near Tucson International Airport.
The portfolio of industrial and research and development buildings was acquired for $46.3 million last month by Boston-based Intercontinental Real Estate Corporation.
Current tennants include Ferguson Enterprises, United Parcel Service, Solon AG and United Collections Bureau.
The Grubb & Ellis office, 3333 E. Speedway, is lead by Senior Vice Presidents Bill Divito and Bob Davis and Vice President Howard Kong.
Planning Center wins award for new software
The Planning Center, 110 S. Church Ave. Suite 6320, won the 2008 State Planning Award by the American Planning Association’s Arizona Chapter in the Open category, for its Dream Builder Jurisdiction software.
The software is a planning program that helps determine if a building permit meets architectural design standards. It can incorporate design standards from any jurisdiction allowing for more permits to be reviewed in less time.
Each year the American Planning Association (APA), through its chapters, recognizes the outstanding achievements of organizations and individuals that contribute to the advancement of the planning industry.
Worth noting
• Southwest Commercial Management LLC leased 2,880 square feet of space in Village at Broadway at 2900 E. Broadway from H.L.F. Properties Inc. Southwest Commercial Management LLC, which will do business as Long Commercial Management, plans to relocate in January from 3130 E. Broadway. Nancy McClure of CB Richard Ellis represented the landlord. The tenant was represented in-house by Lynn Kastella.
• Arizona Community Development Corporation Inc. leased 1,224 square feet of office space at 6400 E. Grant Road Suite 120, from La Mirada LLC. Michael Gross of Tucson Realty & Trust Co. represented the landlord.
Submit items for this column to Joe Pangburn at jpangburn@azbiz.com. Real Estate & Construction appears weekly.
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