By Keith Loria, Contributing Editor
Hines, the master developer of Chandler Viridian, a planned mixed-use development in Chandler, Ariz. that will include a hotel, a central plaza with 240,000 square feet of Class A office space, a luxury multi-family complex, retail options and a pedestrian promenade, has sold the hotel pad to Concord Hospitality Enterprises to develop a Cambria Hotels & Suites.
In October 2014, Hines announced plans for the mixed-use development near Chandler Fashion Center, after the acquisition of a 25.5-acre site at the northwest corner of the Loop 101 and Loop 202 Interchange.
“The overall appeal of the project is the integration of the various uses, both from a site planning perspective as well as the architecture theme,” Chris Anderson, Hines’ managing director and city leader, told Commercial Property Executive. “Residents, hotel guests and retail shoppers, as well as office-using employees will be able to access the 3/4 mile perimeter walking trail, the tranquil central plaza, and the vast dining and shopping amenities without having to drive a vehicle, unless they choose.”
The Cambria Hotel & Suites will feature between 130 and 150 suite style keys with amenities including a pool, sundeck, breakfast bar and business meeting space.
“Concord Hospitality is a best-in-class hotel owner, developer and operator. They are very strong financially because this is its core business nationwide and, operate with efficiency while consistently receiving high ratings from their guests,” Anderson said. “Hines has done business with them in other markets and they understand the vision of Chandler Viridian as well as Hines’ dedication to building high-quality projects.”
Hines will control the architectural theme of the entire project as well as build certain pieces of Chandler Viridian that best suits its portfolio.
“This sale is right in line with our strategy to bring in a premier owner who specializes in building and operating hotels,” Anderson added. “We are excited to have dynamic firms involved in Chandler Viridian that see our vision and will execute top-performing developments and operate them in a first-class manner. We look forward to future announcements regarding the office building and the retail buildings.”
Alliance Residential was previously named to handle the apartment portion of the project and has broken ground on the 335-unit, Class A multi-family property called Broadstone Fashion Center. The community will include a mix of studio, one- and two- bedroom units with attached direct access garage parking for many of the units. Amenities will include a large fitness center, a pool with sun deck, outdoor grills, and resident gathering spaces.
“Alliance is a strong multi-family owner and operator of high-quality projects throughout the Valley. Their ability to cross-market with their other projects made them a great choice to drive value for future residents,” Anderson concluded. “Hines set the multi-family architectural tone and integration into the entire Chandler Viridian project, which gave Alliance and Concord confidence that the project will be a Class A development.”