A Houston-based construction firm has officially purchased a valuable piece of real estate in Chandler for $8.25 million, according to the East Valley Tribune.
Hines Interests Limited Partnership is moving forward on plans to demolish the old Elevation Chandler site near Chandler Fashion Center. Cassidy Turley Commercial Real Estate Services selected Hines through a bid process in 2012, but the deal is just now going through, after Chandler City Council approved the development agreement last month.
Chris Anderson, Hines’ managing director, said the firm has monitored the property for a decade, and it is the last large open plot in the Price Road Corridor.
“This is the last site available next to the Chandler mall with freeway exposure,” Anderson said. “We knew that this site had to be something special and we needed to do something that would benefit the entire community.”
Demolition is scheduled for January 2015. Hines plans to build a new development named Chandler Viridian. It will consist of office space, a hotel, retail and multifamily residential housing, East Valley Tribune reported.