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GlobeSt.com EXCLUSIVE: $27M Land Buy Sets Up $3B Mixed-Use Project

CHANDLER, AZ-With plans of developing a high-end business park, Cyburt Hall Partners grab 96 acres at the crossroads of Price Road and the Santan Freeway. The plan calls for 1.5 million sf of office space, 200,000 sf of retail product and 300 hotel rooms.

By Jennifer D. Duell | Updated on July 21, 2005

CHANDLER, AZ-A Los Angeles investment group has put up $27 million for a 96-acre cornfield at the intersection of Price Road and the Santan Freeway, opening the door for a $3-billion, mixed-use project for class A office, retail and hospitality uses.

Cyburt Hall Partners LLC acquired the acreage for the Spectrum at Chandler development from a Phoenix land speculator, El Dorado Holdings LLC. Phil Cyburt, a principal with Cyburt Hall, says talks have begun with city officials to finalize the master site plan.

Cyburt tells GlobeSt.com that Cyburt Hall is planning to build 1.5 million sf of office space, 200,000 sf of retail product on 20 acres and two hotels with a combined 300 rooms on an eight-acre tract. Tentatively, the proposal calls for build-out by 2010.

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