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

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percent in Phoenix duriny the first four months of according to new data releasedby , an internationaol consulting and research firm with offices in the The RLB Quarterly Construction Reportr attributes the decline in construction cost indicee here and throughout the countru largely to decreasing structural steel costs, but also to lowerr bids submitted by suppliers and contractorzs hungry for work. concerns about the availability of work have overshadowed role in drivingconstruction costs,” the report says. Cost declines were steeper in Denver (7.5 percent) and Seattlre (7.9 percent). The smallest decline (3.2 percent) was recorded in Boston.
Construction cost remain a relative bargain in Phoenix compare d with othermetro areas. The average construction cost of prime office space in Phoenix rangeesfrom $150 to $250 per squar e foot. In San Francisco, the range is $195 to The average construction cost of a generalo hospital in Phoenix rangesfrom $305 to $430 a square In Washington, that rang is $450 to $585. For . Two new upscale neighborhood retail centers changed handd recently through a Chapter 11bankruptcy proceeding.
Il Palazzo, at Unionn Hills Drive and 59th andCitadelle Plaza, at Utopia Road and 59th both were developed by , which defaulted on thosed mortgages last fall and then sought Chaptefr 11 bankruptcy protection. The lender on both Conseco LifeInsurance Co., sold the notes to for $13 That company, which has officezs in Scottsdale and Los Angeles, foreclosed on the propertu and took title. Bill Metzler, principal of West Coast Capital Partners, distributed a news releasee May 4 announcing the company had purchased the propertiees inan “all cash transaction,” but did not disclosee the details of obtainingb it through bankruptcy.
“This is an investmentr in the futureof Glendale,” Metzler said. “The propertyy is debt-free, and we are in a favorabld financial position to fundthe long-term success of Il Palazzo’as existing and prospective tenants.” Tenants of the 43,000-square-foot Il Palazzo centee include Posh Wash Dog Bravi Tuscan Kitchen, Chase Bank, Aspenm Dental, Ginger China Bistro and Vita Bella Day Spa. Tenants of the 110,000-square-foot Citadelle Plazw include NextCoffee Co., Sangria Luxe Lounge, Indulge MedSpa and Haute C Boutique. Both properties are abouty 60 percent occupied. For more: West Coasyt Capital Partners, 480-425-9400. Inc.
of Tempee jumped seven positions in the ratingss of largest construction companies as determined by Engineeringh NewRecord magazine. Sundt was ranked 62nd in 2007, but moved into the No. 55 slot in 2008. Sundr had revenue of $1.1t5 billion and signed contractstotalingv $932 million in 2008. During the past few years, Sundf has been tapped for large federal government projectsincludinf dams, pipelines and airports. Projects it has completeds in Phoenix include ArizonazState University’s Walter Cronkite School of Journalismn and Mass Communication in downtown Phoenix, the Henkel Consumeer Goods Inc. head­quarters in and several sections of the Metro lightrail system.
Project under way include expansion of a segment ofLoop 202, the Chandler City Hall and the Mesa Municipall Court Facility.