Vizzda – March 13, 2014 – Eight acres of a twelve-acre land parcel just west of Chandler Fashion Center Mall sold last Friday in an event marking the development of this site into apartment homes. The owners of the site, The Statesman Group, conveyed this land for $7,878,000 or $22.48 per square foot to a legal entity in which they are a member along with new member HCW Development. While this reported sales price may give insight at what the owners value this land at, Vizzda uses the term "related sale" to describe transactions of this sort and to distinguish these from "market comparable" or "arms-length" transactions. The Statesman Group possibly would not even describe this as a "sale", but rather as bringing on a partner or investor for this development project.
|Land for an approved project transacts northwest of the Chandler Fashion Square Mall|
The development project at hand is the imminent construction of a three building 303-unit, four-story apartment complex. The approved site plan calls for a unit mix of 172 one-bedroom units ranging in size from 668-744 square feet and 131 two-bedroom units ranging in size from 1,004 to 1,140 square feet. Full details and planning for the site may be found here: LINK.
The HCV Development website says that construction will begin in 2014 and has a picture of what we can expect will soon rise into view along Chandler Boulevard right next to Chandler Fashion Center. LINK
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