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.