Source: City of Chandler
Chandler City Council unanimously approved the Douglas Allred Company’s latest development project in the Price Road Corridor, Park Place II. Specifically, the council approved a rezoning to Planned Area Development (PAD) and a Preliminary Development Plan (PDP) for an employment business park campus, which will allow the Allred Company to build the Park Place II development.
In addition to the project’s proposed conference center hotel that will serve as the “HUB” of the master campus plan, the Park Place II development will bring approximately 928KSF of office and employment space, and will flank both sides of Price Road with high value employers and will expand upon what the corridor’s most prolific developer has already built on Price Road from the 202 Freeway down to Willis Roads and Park Place I.
Park Place II will ultimately bring Allred’s total development space in Chandler to nearly 3MSF. Park Place I’s portfolio includes six office buildings with 2,400 employees that are fully leased. Current tenants in Park Place I include some of the Valley’s most notable companies, such as Healthways and Infusionsoft.
According to a recently published economic and fiscal impact report from Scottsdale-based Elliott D. Pollack & Company, Park Place II will have both one-time construction impacts as well as long-term benefits for the Chandler community.
Once completed, Park Place II’s total annual economic impact is estimated at $1.4B in direct, indirect, and induced economic activity. Even though much of the region will benefit from this economic impact, the report found that the City of Chandler will derive much of the benefits from this $1.4B annual economic engine.
In addition to these economic impacts and valuable tax revenue impacts, Park Place II will have a positive effect on employment in the region. The report estimated that during the construction phase, Park Place II development will generate 2,088 jobs. Once built, Park Place II’s businesses will have an estimated 9,691 jobs.