By Eric Jay Toll for The Arizona Builder’s Exchange
“In all likelihood, the Elevation Chandler is going to be demolished,” says Donald M. Arones, Executive Vice President of Cassidy Turley BRE Commercial. “We have a buyer doing their diligence right now.” No one is naming the developer or local architect yet. If Chandler likes the new plans, there will be a construction underway before the end of 2013 at the long-abandoned skeleton near the junction of Loops 101 and 102 in Chandler.
“We’ve had discussions with a strong national developer,” Christine Mackay, Chandler Economic Development Director said, “and it wouldn’t be appropriate to identify them this early in the discussions. It’s going to be a well-recognized name when an announcement is made.”
Arones says that working with a local design team, the prospective buyer of the Elevation will be bringing some concept plans to Chandler officials within a matter of weeks. The forlornly advertised “luxury condo” on the sign in front of the recession-stalled project is not a sign of things to come. Chandler’s reaction and review time will be the determining factor to estimate both a completed sale transaction and groundbreaking date.
“It won’t be luxury condos,” says Arones. The concepts being floated will result in the shell coming down.
Following a stalled project, foreclosure, tainted auction and protracted legal battle, Point Center Financial ended up owning the property on the south side of Chandler Fashion Mall. The initial site development started in 2005 and screeched to a halt in April 2006. Since that time, the building has been an open-air blight at the gateway to Chandler’s Price Corridor.
In the AZBEX August 15th interview with Mackay and Mayor Jay Tibshraeny, the pair were coy, but optimistic that something good was coming down the pike.
“We’re close to something happening,” echoes Arones. “This is a serious prospect and not a tire kicker.”
Chandler officials are open to a variety of ideas, and if the interested prospect has the resources, Chandler believes this is a site to develop with an iconic project.