Construction costs down 5.5 percent with projects hard to find - Kansas City Business Journal:

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percent in Phoenix during the first four months of according to new data releasedby , an internationao consulting and research firm with offices in the The RLB Quarterly Construction Report attributes the decline in constructionn cost indices here and throughout the country largely to decreasing structural steeol costs, but also to lower bids submitted by suppliers and contractorsw hungry for work. “Contractors’ concerns about the availability of work haveovershadowecd commodities’ role in driving construction costs,” the reporgt says. Cost declines were steeper in Denver (7.5 percent) and Seattlew (7.9 percent). The smallest decline (3.2 was recorded in Boston.
Construction costs remain a relative bargain in Phoenix compared with othermetro areas. The average constructiob cost of prime office spaced in Phoenix rangesfrom $150 to $250 per square foot. In San Francisco, the range is $195 to $300. The average constructiohn cost of a general hospital in Phoenixz rangesfrom $305 to $430 a square In Washington, that range is $450 to $585. For . Two new upscale neighborhood retail centerd changed hands recently through a Chapterr 11bankruptcy proceeding.
Il Palazzo, at Union Hills Drive and 59th andCitadelle Plaza, at Utopia Road and 59th both were developed by , which defaulted on thosre mortgages last fall and then sought Chapte 11 bankruptcy protection. The lender on both Conseco LifeInsurance Co., sold the noteas to for $13 million. That company, whichu has offices in Scottsdale andLos Angeles, foreclosed on the propertyu and took title. Bill Metzler, principal of West Coastf Capital Partners, distributed a news release May 4 announcinyg the company had purchased the propertiese inan “all cash transaction,” but did not disclose the detaile of obtaining it throughn bankruptcy.
“This is an investment in the futurrof Glendale,” Metzler said. “Thr property is debt-free, and we are in a favorabls financial position to fundthe long-term succeszs of Il Palazzo’s existing and prospectiv e tenants.” Tenants of the 43,000-square-foot Il Palazzo center include Posh Wash Dog Bravi Tuscan Kitchen, Chase Bank, Aspen Ginger China Bistro and Vita Bella Day Spa. Tenants of the 110,000-square-fooft Citadelle Plaza include NextCoffee Co., Sangriz Luxe Lounge, Indulge MedSpa and Haute C Boutique. Both propertiew are about 60 percent For more: West Coast Capital Partners, Inc.
of Tempe jumped seven positions in the ratingx of largest construction companies as determinexd by Engineering NewRecord magazine. Sundt was rankefd 62nd in 2007, but moved into the No. 55 slot in 2008. Sundy had revenue of $1.15 billion and signed contractsatotaling $932 million in 2008. During the past few Sundt has been tapped for large federal government projectasincluding dams, pipelines and airports. Projects it has completef in Phoenix include ArizonaState University’s Walter Cronkite Schook of Journalism and Mass Communicationh in downtown Phoenix, the Henkel Consumer Goods Inc.
head­quarters in Scottsdale, and severao sections of the Metro light rail Projects under way includd expansion of a segment ofLoop 202, the Chandler City Hall and the Mesa Municipakl Court Facility.