Hines Buys Suburban Phoenix Site with Plans to Replace Eyesore with M-U Project
- Oct 17, 2014
Hines has made a purchase that will soon bring a sigh of relief to many residents of the City of Chandler, roughly 25 miles outside of Phoenix. The real estate firm just completed the acquisition of a 25.5-acre site–currently blemished by the half-finished shell of the failed Elevation Chandler residential project–that will become home to the mixed-use Chandler Viridian development.
The future of the site, located in a coveted position adjacent to the popular Chandler Fashion Center, has been somewhat of an ongoing saga. The would-be home to Elevation Chandler has sat abandoned for nearly a decade, and Hines has been working diligently to navigate the accompanying legal issues standing in the way of the purchase of the land for almost two years. Now, with Hines in possession of the site, the path to the development of Chandler Viridian will soon be cleared–literally.
Per a development agreement with the Chandler City Council, Hines will demolish the existing Elevation Chandler skeleton by mid-March 2015. But Hines has decided to do the City one better, by scheduling the removal of the structure for December of this year. The development that will later unfold on the spot will serve as a veritable 24/7 destination.
Chandler Viridian will be home to a bevy of offerings, including a luxury multi-family segment to be developed by Alliance Residential. Hines will also erect 250,000 square feet of premier office space on a central plaza, as well as retail square footage and a six-story hotel.
“This is a high-profile site in the midst of the Price Corridor, and the entire community will benefit from having a new project there,” James Smith, acting economic development director for the City of Chandler, said in a prepared statement. “This is the moment our residents have been waiting for–to see that failed structure come down, and new development take its place.”
RSP Architects is spearheading the design of Chandler Viridian, and while a general contractor has not yet been brought aboard, construction of the project’s horizontal infrastructure is expected to commence in the second quarter of 2015.