Hines, an international real estate firm, has been working on plans for Chandler Viridian for nearly two years because of significant legal complications related to the unfinished Elevation Chandler project.
Those legal barriers are now gone, and Hines expects to demolish and remove the structure in December and announced Wednesday it has closed on the purchase of the 25.5-acre site, a mixed-use property on the northwest corner of the Loop 101/Loop 202 interchange, adjacent to the Chandler Fashion Center.
Alliance Residential is developing the Class A multifamily property at Chandler Viridian (tweet this). Multifamily construction is expected to begin in the first quarter of 2015.
In addition to the luxury apartments, Chandler Viridian will include a six-story modern brand hotel, a central plaza with 250,000 square feet of Class A office, and retail options along with a pedestrian promenade to the Chandler Fashion Center.
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, a news release states.
“Hines is excited to develop the last available site adjacent to the Chandler Fashion Center and complete the master plan envisioned by the Chandler City leadership and citizens over 15 years ago,” said Chris Anderson, managing director for Hines.
James Smith, Chandler’s acting economic development director, said the entire community will benefit from the new project.
“This is the moment our residents have been waiting for — to see [Elevation] come down, and new development take its place.”
RSP Architects of Minneapolis serves as the architect of record for Chandler Viridian. A general contractor has not been selected.
