(PHOENIX) – Hines, the international real estate firm, has won NAIOP Arizona’s Transaction of the Year for the purchase and entitlement of Chandler Viridian, a mixed-use development at the northwest corner of the Loop 101/Loop 202 interchange.
“Chandler Viridian was an incredibly complicated transaction to complete and involved years of overcoming challenges,” said Brandon Dillingham, director of Arizona Development for Hines. “We are extremely proud that NAIOP recognized our ability to creatively solve problems.”
Chandler Viridian 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.
Hines demolished and recycled the unfinished Elevation Chandler, which stood on the site for almost a decade.
“This mixed-use/office vacant land purchase, partial sale and assemblage was completed in October after two years of navigating legal hurdles and entitlement issues related to the unfinished Elevation Chandler project on site,” NAIOP said in announcing the award.
Alliance Residential of Phoenix is developing the Class A multifamily property at Chandler Viridian. The apartment construction process began in the first quarter.
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.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s portfolio of projects that are completed, acquired or underway includes 1,163 properties representing more than 389 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 402 properties totaling 170 million square feet, which includes 96.5 million square feet for third parties. With offices in 121 cities in 19 countries, and controlled assets valued at approximately $30.7 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.