
Real Estate Daily News Buzz is designed to give news snippets to readers that our (yet to be award winning) editors thought you could use to start your day. They come from various business perspectives, real estate, government, the Fed, local news, and the stock markets to save you time. Here you will find the headlines and what the news buzz of the day will be.
Thursday, the Standard & Poor's 500 index fell 20.99 points, or 0.9 percent, to 2,419.70. The Dow Jones industrial average slid 167.58 points, or 0.8 percent, to 21,287.03. The Nasdaq composite lost 90.06 points, or 1.4 percent, to 6,144.35. Benchmark U.S. crude rose 19 cents to settle at $44.93 a barrel in New York. Brent, the international standard, gained 9 cents to close at $47.63 in London. Wholesale gasoline held steady at $1.48 per gallon. Heating oil added 1 cent to $1.45 per gallon. Natural gas slipped 5 cents to $3.04 per 1,000 cubic feet.
21st ANNUAL “A” MOUNTAIN FIREWORKS CELEBRATION – TUCSON -- The 21st Annual “A” Mountain Fireworks Celebration sponsored by Desert Diamond Casinos and Entertainment will start at approximately 9:15 p.m., Tuesday, July 4. Residents may enjoy the “A” Mountain Fireworks Celebration from the Tucson Convention Center’s (TCC) Parking Lot B (off Cushing Street between Granada and Church Avenue) or Parking Lot C (off Granada between Broadway Boulevard and Cushing Street). Parking will be free. There also will be entertainment and food vendors (burgers, hot dogs, ice cream, and refreshments) available from 7-9 p.m. in Lot B sponsored by Azteca The Sun Link streetcar provides convenient access to the TCC at the Cushing Street stops. Parking will be available at the TCC and throughout downtown. The last streetcar will leave the Avenida del Convento stop 30 minutes following the conclusion of the fireworks show. Beginning at 5 p.m. on July 4, Mission Road will be closed from Starr Pass Boulevard to Congress Street. Mission Road will reopen approximately one hour following the completion of the fireworks show. Additionally, the eastbound exit ramp at I-10 and Congress and the westbound I-10 exit ramps at Silverlake and Congress will be closed from 9-11 p.m. to ease congestion. In order to accommodate the fireworks display, there will be restricted access to Sentinel Peak Park. Sentinel Peak Road will close at 6 p.m. on Monday, July 3, and will reopen to all traffic Wednesday, July 5. For more information, including ADA-related accommodations at the above-listed locations, call the Tucson Convention Center at 791-4101.
PACC services will change for Marana and Sahuarita residents on July 1 -- PIMA COUNTY –Starting July 1, 2017, Pima Animal Care Center will no longer provide animal care services to residents of Marana and Sahuarita. Town residents must contact their municipal animal care divisions for all animal related inquiries. Earlier this year, the towns of Marana and Sahuarita opted out of their intergovernmental agreements with Pima County for the animal care services provided by PACC. Since then, both jurisdictions have established their own animal care services and contracted with the Humane Society of Southern Arizona to house their communities’ homeless pets. Marana Animal Services and Sahuarita Animal Services Division will handle the following animal care services for its town residents: Animal bites, Animal welfare concerns, Noise and animal waste complaints, Reports of stray pets within the town limits, Owner surrenders, Rabid animals, New dog licenses and renewals. For other service-related inquiries, residents should call Marana Animal Services at (520) 382-8020 if they reside in the Town of Marana or Sahuarita Animal Services Division at (520) 445-7877 if they live in the Town of Sahuarita.
Sewer User Fee Amnesty Program ends June 30 - - PIMA COUNTY -- Unauthorized sewer users must sign up before the deadline to avoid back bills and penalties –The deadline to apply for a one-time Sewer User Fee Amnesty Program, offered by the Pima County Wastewater Reclamation Department (RWRD), is Friday, June 30. After the deadline, users connected to the sewer system and not paying for services will be responsible for any back bills and additional penalties or other related fees. This one-time Amnesty Program will forgive back user fees charges plus related interest, administrative charges, and penalties. The program is open to anyone without a sewer user account who discharges into the Pima County sanitary sewage system. Nearly 400 unauthorized customers have signed up since RWRD began the program earlier this year. However, there’s still a remaining 700 unauthorized users identified who have not contacted RWRD to find out how they could benefit from the program and avoid back bills and penalties. For more information on the one-time Amnesty Program or to determine if you qualify, please visit the RWRD website or contact the RWRD Director’s Office at (520) 724-6511.
Pima County Youth Employment Center will open July 3 in new location -- Pima County’s Community Services, Employment and Training Department (CSET) is moving its Youth Employment Center to the second floor of the Sentinel Building, 340 N. Commerce Park Loop, effective July 3. CSET is the administrative entity that operates the ARIZONA@WORK Pima County One-Stop workforce development system. The move will enable the county to operate its summer youth program from the new location, as well as the ongoing activities focusing on employment resources for in-school youth age 14-21 and out-of-school, disconnected youth age 16-24. Outreach activities include employability skills workshops, case management, and small job fairs. Several of the agencies that the county contracts with will have a presence in the 6,400-square-foot space, including the Tucson Urban League; SER-Jobs for Progress; Portable, Practical Educational Preparation; Goodwill; Community Outreach Program for the Deaf; and Tucson Youth Development. In addition, the Sentinel Building location puts the Youth Employment Center right next door to the county’s Rio Nuevo Service Center, which assists unemployed adults and provides key services to job-seekers, notably adult education services, employment services, vocational rehabilitation, and Job Corps programs. The Youth Program is designed to get young adults “work ready” either through post-secondary education and training opportunities or other skills workshops. The new facility offers more space than the current Youth Employment location at 2723 S. Park Ave., as well as easy access to the bus line and Pima Community College’s Community Campus.
Work program for homeless expands (VIDEO) - The Tucson Homeless Work program is only 6 months old, but it's already growing. Starting next month, the one-year pilot program will be expanding to three days a week and will include two more partners. Sister Jose Women's Center and Pima Animal Care Center will join the program to serve a more diverse group of people and help animals in need. Since the program began last December, 166 homeless workers have cleaned more than 55 miles of roadways and picked up about 37,000 pounds of trash. Seventeen people who participated in the program have found housing. The program, which allows homeless people to join a day-labor crew to clean streets and medians for $10 an hour in cash, was made possible by initial contributions from the City of Tucson, Pima, County, and HSL Properties.
Tucson Water seeks candidates for two administrator positions – Tucson Water is looking for two professionals to oversee the utility’s Water Quality and Operations Division and the Maintenance Division. Applicants should have the technical knowledge and skills necessary to be a leader at a large water system serving more than 722,000 customers. The application deadline is July 28.
Summer movie series continues tonight - The Cinema La Placita summer movie series hosts classic movies in an outdoor setting every Thursday night at 7:30, May through August. This year, the movies are shown in the plaza at the Tucson Museum of Art, 140 N. Main Ave. Hundreds of Tucsonans enjoy the summer evenings with a different movie each week for $3 per person (includes popcorn). Tonight's movie is The Manchurian Candidate (1962), starring Frank Sinatra, Janet Leigh, Lawrence Harvey, and Angela Lansbury.
Summer Safari nights program continues at Reid Park Zoo - Summer Safari Nights 2017 continues tomorrow at Reid Park Zoo. Members of the military (active and retired) will get free admission tomorrow and Friday, July 7. The program runs 6-8 p.m. every Friday until Aug. 4. Visit the Zoo during cooler evening temperatures, and enjoy the added benefits of live music, family-friendly animal features, special dining options, and gift shop discounts. Each night will feature face painting, glitter tattoos, enrichment stations, artifact stations, the carousel, camel rides, and animal encounters. Regular admission applies, but some activities require an additional fee. Tomorrow's theme will focus on the power of primates.
GDP Beats Estimates as Consumers Spend More “The US economy grew faster than initially thought in the first quarter, according to the Commerce Department. Gross domestic product, the value of everything produced in America, increased by 1.4%, a third estimate released Thursday showed. Consumer spending, the largest part of the economy, and exports were revised higher, though the broader picture of economic growth remained the same.” (Business Insider)
Tax Reform is Coming in September, Trump Economic Advisor Gary Cohn Says “Tax reform is coming in September, regardless of what happens with health care, says Gary Cohn, director of the National Economic Council. President Donald Trump has promised tax reform since taking office in January, but some have questioned whether he can accomplish it this year, especially if Congress' attempts to repeal and replace the Affordable Care Act fail. Cohn dismissed concerns, telling MSNBC on Thursday that the White House will ‘absolutely’ get tax reform done.” (CNBC)
Treasury Official: The Next Financial Crisis Could Look Nothing Like the Last One “The first of four reports from the U.S. Treasury meant to provide a comprehensive review of U.S. banking and financial services regulation, much of which was put in place in response to the financial crisis, hews closely to the Financial CHOICE Act passed by the Republican-controlled House on June 8. Craig Phillips, who joined Treasury in January from asset manager BlackRock, Inc. as a counselor to Treasury Secretary Steven Mnuchin and is leading these reviews, said most of the report’s more than 100 recommended changes to financial regulations can be implemented without Congressional approval.” (MarketWatch)
Staples Is Being Bought for $6.9 Billion “Sycamore Partners said on Wednesday it would acquire U.S. office supplies chain Staples for $6.9 billion, a rare bet by a private equity firm this year in the U.S. retail sector, which has been roiled by the popularity of internet shopping. Buyout firms largely have refrained from attempting leveraged buyouts of U.S. retailers in the past two years, amid a wave of bankruptcies in the sector that have included Sports Authority, Rue21, Gymboree and BCBG Max Azria.” (Fortune)
U.S. Retail Mall Vacancies Edge Up in Second Quarter: Reis “U.S. retail mall vacancies increased in the second quarter and rents were slightly higher, real estate research firm Reis said in a report. The national retail vacancy rate rose to 10 percent in the second quarter from 9.9 percent in the first quarter, partly due to new construction that was only partially absorbed by new leasing, Reis said. The mall vacancy rate inched up 0.2 percent to 8.1 percent in the quarter from the earlier quarter due to confirmed closings of Macy's stores, the research firm added.” (Reuters)
China Emerges as a Player in Industrial Real Estate and That is Good News for the Sector “According to a new report on industrial capital markets by Avison Young, foreign investors bought $4.3B in U.S. industrial real estate assets between Q1 2016 and the first three months of 2017. Foreign entities bought 79 industrial properties across the country in Q1 2017, totaling $1.3B in trade volume. But the most surprising information from the report is the amount of capital being deployed by Chinese investors, which bought $284.9M in industrial real estate in Q1 2017, compared to $5.2M for the same time frame last year, a 540% increase year-to-year.” (Forbes)
Paul Massey Drops Out of NYC Mayoral Race “Paul Massey abruptly ended his campaign for mayor Wednesday. The Cushman & Wakefield executive, who ran on a platform of fiscal responsibility as a Republican, said the cost of sustaining a campaign against Mayor Bill de Blasio was prohibitive. ‘Unfortunately, the cost of running for office is extraordinary, and I do not see a path to raising the necessary funds to beat an incumbent mayor,’ Massey said in a statement Wednesday. ‘I am forever indebted to my family, team and my friends for their support.’ Massey’s decision to drop out was seen by some industry insiders as a surprise.” (The Real Deal)
With Retail Writhing, What’s the Secret of a Successful Mall? “Acadia Realty Trust and Washington Square Partners would prefer not to call their new Brooklyn development City Point a ‘mall.’ But, respectfully, it has all the trappings: There’s the large department store anchor—Century 21—which opened last fall. There are the nationally recognized retailers like Target and Trader Joe’s, both opened this year. But two things set City Point aside from the shopping arcades of middle America that seem to be reeling right now.” (Commercial Observer)