Business Real Estate Weekly by Rose Law Group
Chandler – Hines Interests Limited Partnership in Houston, Tex. (Gerald Hines, principal) is planning to develop a $150 million residential, office, retail and hotel complex next to the Chandler Fashion Center regional mall. Hines has filed a zoning application in Chandler for the upscale mixed-use project. If approved, Chandler Viridian will be developed on a 25.6-acre site being assembled along the west side of the 101 Loop (Price Road Freeway) and just north of the 202 Loop (San Tan Freeway). Hines has been under contract to acquire 10.55 acres of the tract since last year and is working to expand the site with the purchase of another 15 acres. A site plan from RSP Architects of Phoenix shows 335 apartments units in a four-story building, 240,000 sq. ft. of office space in two, four-story structures, a 10-story, 150,000-square-foot hotel with 180 rooms and two pads for retail/restaurants. Chris Anderson, managing director for Hines in Phoenix, says the company likely will develop the residential and office components and sell the hotel site and retail pads. Anderson stresses that all plans are preliminary and that Hines is carefully evaluating all options. The pedestrian friendly project features gardens, promenades, courtyards and plazas that would be interconnected with 1.5 miles of paths and trails. The commercial components of office, hotel and retail would be developed on the northern portion of the tract and the multi-family residential units would be situated in the southern part of the site. A development timetable has not been determined, but it is expected to be 2015 before any vertical construction is started. Continued
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