In breaking PHX news, Hines Interests is finally moving forward on Chandler Viridian. After two years of legal wrangling, Hines now has permission to tear down the unfinished Elevation Chandler project and officially purchased the 25.5-acre mixed-use site (at the corner of Loop 101/Loop 202 interchange, across from the Chandler Fashion Center) for $8.25M. The project will include a six-story hotel, a 250k SF office plaza and retail that should break ground by Q2 2015.
Alliance Residential also has been tapped by Hines to develop a luxury apartment project on the site. Alliance's Ian Swiergol (snapped at last month's Bisnow Multifamily Summit where he was a panelist) didn't go into detail on this project, but did say that historically Phoenix multifamily developers are still under-developing the average number of units a year that delivered in the past (6,000 units/year). Cassidy Turley's David Fogler, Steve Nicoluszakis, and Don Arones brokered the land sale.
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