By Luci Scott | The Arizona Republic
Elevation Chandler could be torn down by the end of the year.
The abandoned project, an eyesore that has stood for seven years near Loops 101 and 202 as a testament to ego, financial mismanagement and a destructive economy, is under contract with a buyer. Houston-based Hines, a worldwide developer, plans to build about 300 rental units on the 10.5-acre site.
Sale price is $8,250,000 in cash.
“We will demolish the existing concrete superstructure as part of developing the parcel,” Hines spokesperson Kim Jagger said in an e-mail. “Hines is very enthusiastic about working with the city of Chandler, and we look forward to cleaning up the site and delivering a quality project.”
The deal was negotiated by Don Arones, executive vice president of Cassidy Turley, and his team, who are housed in a Hines office building on the southwestern corner of 24th Street and Camelback Road.
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