PHOENIX—Hines razed Elevation Chandler November 20, an unfinished structure and local eyesore, and kicked off the rise of Chandler Viridian, a mixed-use development, during an event called “Elevating Chandler's Economic Future.” The event included Chris Anderson, managing director and local city leader for Hines, and Chandler Mayor Jay Tibshraeny.
Hines has been working on Chandler Viridian, located on the northwest corner of the Loop 101/Loop 202 interchange and adjacent to the Chandler Fashion Center, for nearly two years due to the significant legal complications related to the incomplete Elevation Chandler project on site. With the legal process regarding the site now complete, Hines is removing Elevation Chandler to build Chandler Viridian. Removal of the unfinished structure is expected to take 24 hours barring any construction delays.
Cassidy Turley was awarded the listing for the property in 2010, and originally had it under contract in 2011, but due to the litigation that was the result of a flawed trustee sale that contract was cancelled. Over the past four years the property has overcome numerous legal obstacles, including a fight that eventually led to an Arizona Supreme Court Ruling regarding ownership and the right to sell. Cassidy Turley put the property back on the market and through a bid process; Hines was selected and put the property under contract in November 2012.
“Hines put all that together,” Cassidy Turley managing director Don Arones told GlobeSt.com. “It was four years in process. There was a litany of legal issues, an older legal structure that you just don't see anymore. It was amazing; one of the hairiest deals I've seen in a long time. Kudos to Hines for putting a lot of time and money into the project; it's the type of project and sponsorship that elevates other projects for Chandler.”
Chandler Viridian, a mixed-used development, will include a luxury multifamily complex, a six-story modern brand hotel, a central plaza with 250,000 square feet of Class A office space, and retail options along with a pedestrian promenade to the Chandler Fashion Center. Chandler Viridian is located in the heart of the Chandler retail entertainment district and is the last available site adjacent to the Chandler Fashion Center.
“After following through with our commitment to remove the unfinished Elevation Chandler structure, Hines is thrilled to move forward with Chandler Viridian, an exciting mixed-used development that promotes walkability with a pedestrian promenade to the Chandler Fashion Center,” Anderson says.
"This is a great day for Chandler residents and I'm glad that we can finally begin looking towards the future on this site," Tibshraeny says. "This is a signature intersection for our city, and Chandler residents deserve to have a quality project located there."
Alliance Residential of Phoenix is developing the Class A multifamily property at Chandler Viridian. Apartment construction is expected to begin in the first quarter of 2015.
Construction on the horizontal infrastructure for the commercial properties is expected to begin in the second quarter of 2015. The hotel, office and retail projects will begin construction later in 2015 and into 2016.
RSP Architects of Minneapolis serves as the architect of record for Chandler Viridian. A general contractor has not been selected. CBRE has been hired to market the Class A office space and DeRito has been hired to market the retail sites.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
