(PHOENIX) – Hines, the international real estate firm, razed Elevation Chandler today, 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.
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 said.
"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 said. "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.
Hines has developed and/or owns several other high-profile projects in the Valley, including:
24th at Camelback, a 302,000-square-foot Class A office tower located at 2375 E. Camelback Road in Phoenix; 24th at Camelback II, a 307,000-square-foot office building located at 2325 E. Camelback Road in Phoenix; Renaissance Square, a 965,000-square-foot, two-building office complex located at 2 N. Central Ave. and 40 N. Central Ave. in Phoenix; Kierland One, a 175,000-square-foot office building at 16430 N. Scottsdale Road in Phoenix; the 600,000-square-foot Glendale Multi-Purpose Arena at 9400 W. Maryland Ave. in Glendale; and U.S. Airways Headquarters, a 382,000-square-foot office building at 4000 E. Sky Harbor Blvd. in Tempe.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,317 properties representing more than 541 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 391 properties totaling 161 million square feet, which includes 89.1 million square feet for third parties. With offices in 115 cities in 18 countries, and controlled assets valued at approximately $28.2 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.