Mortgage And Real Estate News

Saturday, September 15, 2012

City hopes Chandler site will be revitalized - USATODAY.com

A 7-acre parcel on the southern edge of downtown Chandler has been put on the market, pleasing Chandler officials who say they have long wanted to spruce up that area.
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The site is south of Frye Road between Washington and Delaware streets, just south of the Municipal Court, which is on the northern side of Frye. It is earmarked for high-density residential, 18 to 40 units per acre, and the city would entertain proposals for higher density, said Teri Killgore, Chandler's downtown-redevelopment manager.

"It is a huge boost for downtown," she said.

"Getting a project like that built starts the expansion of downtown south of Frye toward the (Loop) 202, and our ultimate vision is to see this entire area revitalized."

Housing there will bring more evening activity to the eastern side of Arizona Avenue, which now is occupied by offices and city buildings.

That side of the street has two new tenants: a branch of Arizona State University and a promised TechShop lab.

Adding apartments would bring 24/7 vitality, Killgore said.

The property, owned by Texas-based Commercial Metals Co., was last occupied about three years ago for steel fabrication.

"It was not heavy, toxic smelting," Killgore said.

An environmental assessment has not yet been done.

Commercial Metals has other facilities in metro Phoenix, including a large rebar-construction site east of Phoenix-Mesa Gateway Airport.

The broker is Bill Honsaker, managing director of Jones Lang LaSalle.

No sales price is set for the Chandler site.

"Because of the unique attributes of the site, we felt it was most appropriate to allow the marketplace to speak to us about the value of the opportunity," said Honsaker.

"We think it's going to generate a significant amount of interest, create competition and potentially push the price up."

By Luci Scott, The Republic|azcentral.com Sept 1, 2012


City hopes Chandler site will be revitalized - USATODAY.com

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