$200-million Chandler Echelon.
Within one year, the class A building will be joined by two hotels totaling 260 rooms, a second office building and several pad sites for up to 15,000 sf of retail space on the Loop 202-Price Road land. Lees Mayfield has teamed with Indianapolis-based REI Investments, White Lodging Services of Merrillville, IN and Poe Cos. of Louisville, KY to complete the mixed-use project.
Bob Mayfield, principal with the Scottsdale, AZ-based development firm, says the office building, dubbed Chandler Echelon I, is expected to come on line in late 2008. The second office building, a 190,000-sf twin, is scheduled to begin construction in about a year, he adds.
Both buildings are spec projects. "The construction launch on the second one is market-driven," Mayfield acknowledges. Chandler Echelon I's quoted rate is $30 per sf, full service.
Mayfield tells GlobeSt.com that permitting on the 150-room Courtyard by Marriott and 110-room Fairfield Inn will be completed by May. Construction will begin on both hotels as soon as the permitting process is completed. General contractors have yet to be selected for the projects.
Marketing will begin on retail pad sites by next summer. "All told, the pads will take up about three acres of land," Mayfield explains. "We'll look to either sell or lease the pads. We're looking for quality end-users."
Davis, formerly DFD CornoyerHedrick, in Tempe is Chandler Echelon's architect while Phoenix-based Weitz Co. is the general contractor for the project, except for the hotels. A CB Richard Ellis team in Phoenix is preleasing the office building. Regions Bank of Birmingham, AL, provided construction financing for Chandler Echelon I.
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