Phoenix, AZ – Douglas Allred Company has announced the immediate construction of three new projects in the Park Place office complex, a 150-acre mixed-use development located in the Price Road Corridor in Chandler, Ariz. These projects include a state-of-the-art business hotel, a retail/restaurant project and a 92,000-square-foot cutting-edge, class A office building.
Drury Development Corporation will develop an eight-story, 210-room Drury Inn & Suites with direct freeway visibility at the interchange of the 101 and 202 freeways just south of Chandler Fashion Mall. Construction of the hotel will begin in third quarter of 2015 with delivery in early 2017.
“We are so excited to develop a new flagship hotel in the Park Place office park,” said Larry Hasselfield, chief financial officer with Drury Inn & Suites. “The Chandler location in the center of the Price Road Corridor with immediate freeway access and visability is unbeatable.”
Douglas Allred Company has already started construction on two high-end retail/restaurant buildings within walking distance of the Drury Hotel and the existing Park Place office buildings. Allred is developing the restaurants to accommodate the residential and business community in the area. The restaurant projects will total approximately 10,000 square feet, plus patio areas, and are projected to be finished by summer 2015.
“Our research indicates a need for upscale retail amenities and restaurants with outdoor covered patios that folks can enjoy,” said Dave Allred, President of the Company. “Our goal is to create a unique destination for the people who live and work along the Price Road Corridor and Chandler. We are building restaurant product with a great location that will attract restaurateurs who fit the lifestyle environment Park Place offers is tenants and nearby residents.”
The third development project is a new 92,000-square-foot, class A office building that will offer tenants modern, creative space in a building with freeway exposure at the north end of the Park Place office development. Construction is starting immediately and will be finished in July of 2015.
“The user demand for creative-type office space with high ceilings, open-concept floor plans and abundant parking is significant,” said Mark Krison with CBRE’s Phoenix office, who handles the marketing and leasing of Park Place for Douglas Allred Company. “We already have several companies interested and the freeway visibility is definitely a positive.”
The Park Place office park is the most successful office development in the city of Chandler and is home to notable companies that include Healthways, INSYS and Infusionsoft. Park Place sits on approximately 150 acres and the project’s total value when complete will be approximately $700 million.
Douglas Allred Company is based in San Diego, Calif. and has been developing in the Valley for over 20 years. The company has created corporate office and industrial space for thousands of employees in metropolitan Phoenix through out its development history.
“We really focus on quality buildings that meet market trends,” said Allred. “No matter where we are in the real estate cycle, there has always been demand for the very best locations and projects. That’s one of the reasons we are confident going spec with this phase of development. We know there is demand in the market that current available product can’t meet. With this next phase users won’t have to wait for space and will be able to be operational quickly.”