By: Cody Weisel | Vizzda
A large portion of vacant land
located near the Chandler Fashion Center has been acquired by Hines Development
and AIG Global Real Estate/Alliance Residential in a series of transactions.
The two properties are located at the northwest corner of State Routes 101
& San Tan 202, and are actively being planned as the Chandler Viridian PAD. The assembled northern property
consists of 11.076 acres and includes the skeleton of a once partially
constructed hotel project known as “Elevation Chandler”; while the southern
property known as “The Residences at Chandler Commons” consists of a recently
split parcel totaling 14.952 acres.
The northern property was
acquired by Hines Development from Howard B Grobstein - the Chapter 7
bankruptcy trustee who represents the fractionalized interests of investors
from Point Center Financial (Bankrupt investor of Elevation Chandler). The
purchase of $8.25m reflects a sale price of $25.17 per SF, and was recorded
with a $7.21m construction loan issued by Western Alliance Bank. In two other
transactions recorded the same day, Hines acquired 14.952 acres (Lots 1 & 2
- Residences at Chandler Commons) just south of this property for $12,170,929
or $18.69 per SF and later resold 11.401 acres (Lot 2) to AIG Global Real
Estate/Alliance Residential. Hines has retained the 3.551 acre portion (Lot 1)
and will assemble it with the acquired 7.525 acres to develop two 4-story
office buildings, a 3-story parking structure, a 6-story Hotel building, and
two single-story retail buildings. The existing structure, Elevation Chandler,
will be demolished as an 8/22/14 judgment on behalf of Hines has annulled the
2003 development agreement.
The Southern property, which was
platted on October 13th as
the Residences at Chandler Commons, consists of 2 lots and 1 tract totaling
20.73 acres, and has been owned by the Propstra family since 1986. The Propstra
Family along with Macerich as developer sold Lots 1 & 2 to Hines
Development. Lot 2 was acquired from Hines same day by a joint venture
consisting of AIG Global Real Estate & Alliance Residential for $14,086,653
or $28.36 per SF. The Lot 2 parcel is planned for a 335 unit apartment complex
in seven 4-story buildings with a density of 29 DU/AC.
My friend suggested me to buy an apartment from Luxury Arizona Luxury Real Estate. So I went to this company and I have shortlisted three apartments and all of these are pretty, I liked them a lot. Now I am getting confused to finalize one out of them. Please help me to select the best one.
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