PHOENIX – At an event called “Elevating Chandler’s Economic Future” this week, the unfinished local eyesore of Elevation Chandler was razed by Hines, a privately owned international real estate firm. Chandler Viridian, a mixed-use development, is to rise in its place. 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 was able to remove Elevation Chandler to build Chandler Viridian.

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:  24^th at Camelback, a 302,000-square-foot Class A office tower located at 2375 E. Camelback Road in Phoenix; 24^th 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.

The firm’s historical and current portfolio of projects 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.

Alliance Residential to Build  335 Class A Apartments at ‘Chandler Viridian’

PHOENIX – Hines Interests, LP (Gerald Hines, principal) the international real estate firm, announced Wednesday that it has closed on the final assemblage of the 25.5-acre site for Chandler Viridian, a mixed-use property on the northwest corner of the Loop 101/Loop 202 interchange, adjacent to the Chandler Fashion Center. Hines has been working on Chandler Viridian for nearly two years due to the significant legal complications related to the unfinished Elevation Chandler project. With the legal process regarding the site now complete, Hines expects to demolish and remove the structure in December 2014. The property commanded a $20.42 million sale price.

“Chandler Viridian will expand the area’s economic engine by creating a true live, work and play environment. The visibility and walkability of Chandler Viridian exceeds many other mixed-used projects in the area,” said Chris Anderson, Managing Director and local City Leader for Hines. “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.  The support received from the Chandler City Council, city staff and Alliance Bank of Arizona has been instrumental to our success.”

“This is a high-profile site in the midst of the Price Corridor, and the entire community will benefit from having a new project there,” said James Smith, the City of Chandler’s Acting Economic Development Director. “This is the moment our residents have been waiting for – to see that failed structure come down, and new development take its place.”

Alliance Residential is developing the 335-unit Class A multifamily property at the southern portion of Chandler Viridian. Multifamily construction is expected to begin in the first quarter of 2015. Alliance Residential is headquartered in Phoenix with 33 regional offices nationwide.

“Alliance Residential has served as a partner throughout the entitlement and land-closing process, collaborated on the design and plays an important role in delivering on the promise of Chandler Viridian,” says Anderson.

“We are excited to develop the residential component within the well-designed, mixed-use project led by Hines,” said Ian Swiergol, Managing Director of Development, Southwest for Alliance Residential. “This urban community will meet the ever-growing demands of today’s renter profile and will complement the great mix of employment and entertainment options within the Chandler Fashion Center submarket.”

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. Chandler Viridian is located in the heart of the Chandler retail entertainment district.

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.

The retail marketing will be handled by Stan Sanchez and Paul Serafin of De Rito Partners in Phoenix. Sanchez and Serafin can be reached at 602.834.8500.