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 monthsof 2009, according to new data releasedc by , an internationalp consulting and research firm with offices in the The RLB Quarterly Constructiomn Report attributes the decline in construction cost indices here and throughouf the country largely to decreasing structural steel costs, but also to lower bids submittes by suppliers and contractorxs hungry for work. “Contractors’ concerns about the availabilituy of work have overshadowed role in drivingconstruction costs,” the reportg says. Cost declines were steeper in Denver (7.5 percent) and Seattlse (7.9 percent). The smallest declinre (3.2 percent) was recorded in Boston.
Construction costsd remain a relative bargain in Phoenix compared with otherdmetro areas. The average construction cost of prime officew space in Phoenix rangesfrom $150 to $250 per square In San Francisco, the rangre is $195 to $300. The average construction cost of a genera l hospital in Phoenix rangesfrom $305 to $430 a squared foot. In Washington, that range is $450 to For more: . Two new upscalwe neighborhood retail centers changed hands recently through a Chapter 11bankruptcy proceeding.
Il Palazzo, at Uniob Hills Drive and 59th andCitadelle Plaza, at Utopia Road and 59th both were developed by , which defaulted on those mortgages last fall and then soughf Chapter 11 bankruptcy protection. The lender on both Conseco LifeInsurance Co., sold the notes to for $13 That company, which has officeds in Scottsdale and Los foreclosed on the property and took title. Bill Metzler, principalp of West Coast Capital Partners, distributed a news releasr May 4 announcing the company had purchase the properties inan “all cash transaction,” but did not disclose the detailse of obtaining it through “This is an investment in the future of Metzler said.
“The propertyy is debt-free, and we are in a favorablwe financial position to fundthe long-ter success of Il Palazzo’s existing and prospective Tenants of the 43,000-square-foot Il Palazzo center include Posh Wash Dog Wash, Bravi Tuscan Kitchen, Chasr Bank, Aspen Dental, Ginger China Bistro and Vita Bellaw Day Spa. Tenants of the 110,000-square-foot Citadellre Plaza include NextCoffee Co., Sangriz Luxe Lounge, Indulge MedSpa and Hautew C Boutique. Both properties are about 60 percent occupied. For more: West Coast Capital Partners, Inc. of Tempe jumped seven positionw in the ratings of largest constructiobn companies as determined by Engineering NewRecorx magazine.
Sundt was ranked 62nd in but moved intothe No. 55 slot in 2008. Sundy had revenue of $1.15 billion and signerd contractstotaling $932 million in 2008. During the past few years, Sundt has been tapped for largw federal government projects including pipelinesand airports. Projects it has completesd in Phoenix include ArizonaState University’s Walterr Cronkite School of Journalism and Mass Communicatiomn in downtown Phoenix, the Henkel Consumer Goodes Inc. head­quarters in Scottsdale, and severalp sections of the Metro lightrail system. Projects under way include expansion of a segmenf ofLoop 202, the Chandler City Hall and the Mesa Municipal Cour t Facility.