It’s better to be alone than to be in bad company.
Jul 21, 2015, 12:35pm MST Updated Jul 21, 2015, 1:00pm MST
Eric Jay Toll Reporter Phoenix Business Journal
Rockefeller Group will build 1 million square feet of office and retail space in Chandler, further bolstering the area’s draw for businesses.
Now in the final design phase, the Chandler 101 office campus will break ground during late first quarter 2016. The campus is expected to cost $250 million to develop. The company is building the first eight-story building on spec with approvals for three six- to eight-story office buildings that will comprise the 250,000 square feet.
The project originally was approved six years ago.
The developer said Chandler 101, on the southeast section of the Price Freeway-Chandler Road interchange, is considered one of Chandler’s high-profile projects. The other is Hines’Chandler Viridian development across the freeway and south of Chandler Fashion Center.
Rockefeller’s project is intended as Class A office space. Davis is the architect and Colliers will hold the lease assignment.
The project is coming out of the starting block with the completion of the Boston Street-Coronado Road loop connecting northbound Price Road to eastbound Chandler Boulevard. The road was a critical component needed before construction could begin.
“With 40,000 employees heading north from the Price Corridor, eastbound traffic will no longer need to sit at the Price-Chandler intersection mixing with Loop 101 traffic,” said Mark Singerman, vice president and regional director of the Arizona office for Rockefeller. “We built the loop road with the capacity to move that traffic and help Chandler break up the congestion at the freeway interchange.”
Economic Development representatives had not responded to requests for comment on the project at press time.
Part of the first phase includes a 1,000-car, six-level parking garage that can be expanded to hold 3,000 vehicles as the project matures.
The time between the 2009 approval and the first shovels of dirt next year was delayed by the Great Recession, a string of 69 kilovolt Salt River Power power lines that had to be relocated, and the need for the loop road.
“We agreed to pay to move the power lines and build the road, if Chandler would buy the right-of-way,” said Singerman. “The city has given us a (government property lease excise tax agreement). The land is part of a redevelopment area, which also provides tax advantages letting us move ahead with the spec development.”
Singerman compares Chandler 101 to the Esplanade retail-office complex at 22nd Street and Camelback Road in Phoenix’s Biltmore neighborhood. Rockefeller said it learned from that project as well.
“Our retail spaces face outward to Chandler Boulevard,” said Singerman. “At the Esplanade, retail has struggled because much of the drive-by traffic does not know stores are present.”
Rockefeller does not see the retail competing with Chandler Fashion Center. The company envisions mostly dining and service-related retail leasing the space and using the 3,000 to 4,000 employees as primary customers. Future phases could include lodging. Residential development could be in the future mix.
“Chandler sees the Price Corridor as primarily an employment center,” Singerman said. “Residential is a distinct possibility if the city agrees.”
I am actively looking to build relationships with Real Estate Investors and Owner / Users for Phoenix – Scottsdale – Tucson – Maricopa County – Pima County – Pinal County – Cochise County – Santa Cruz County –Yavapai County – Gila County – Arizona , USA
WHY PHOENIX ARIZONA : ???
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix.
Investors and owner/users need to really know the market before making a move in commercial investment properties as the market has a lot of moving parts today. What’s going on socio-economically, what’s going on demographically, what’s going on with location, with competing businesses, with public policy in general — all of these things affect the quality of your commercial properties/investment properties. Therefore, you need a broker who understands commercial properties. Please go to my web-site and get all the newsflashes and updates in Commercial Real Estate.
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. I am also a commercial land specialist in Phoenix and a Landspecialist in Arizona. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail email@example.com or call me on my cell 520-975-5207 or Office:480-948-5554
Walter Unger CCIM
Associate Broker, Kasten Long Commercial Group
2821 E. Camelback Rd.
Phoenix, AZ 85016
View my listings and my profile at:
a little about me and my expertise – video
Delivering the New Standard of Excellence in Commercial Real Estate
- Commercial Real Estate Scottsdale
- Commercial Real Estate Phoenix
- Commercial Real Estate Arizona
- Commercial Investment Properties Phoenix
- Commercial Investment Properties Scottsdale
- Commercial Investment Properties Arizona
- Land Specialist Arizona
- Arizona Land Specialist
- Land Specialist Phoenix
- Phoenix Land Specialist
- Land For Sale Phoenix
- Land for sale Arizona
- Commercial Properties For Sale Phoenix
- Commercial Real Estate Sales Phoenix
- Commercial Properties Phoenix
- Commercial Properties Arizona
- Commercial Land Specialist Phoenix
- Commercial Land Phoenix
- Multifamily land Phoenix
- Retail Land Phoenix
- Industrial Land Phoenix
- Land Commercial Phoenix
- Land Retail Phoenix
- Land Industrial Phoenix
- Land Multifamily Phoenix
- Industrial Land for sale Phoenix
- Land Industrial
- Investment Real Estate
Disclaimer of Liability
The information in this blog-newsletter is for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.