The Chandler City Council adopted the provisions of a development agreement and purchase agreement between One Chandler Owner, LLC, and the City of Chandler at their meeting on October 27. The agreement is for the sale and redevelopment of nearly 1.7 acres of City-owned property located at the northeast corner of Arizona Avenue and Buffalo Street, known as Site 7. This parcel is currently vacant and used for parking.
In December 2021, Jackson Dearborn Partners, now known as One Chandler Owner, LLC, acquired the parcels immediately north and adjacent to Site 7. The City Council directed staff to begin negotiations with One Chandler Owner, LLC, for a development agreement which would assemble Site 7 and the parcels immediately north, allowing for a more robust, mixed-use project.
“We are extremely excited to work with the City of Chandler to build a true landmark mixed-use project at this pre-eminent corner in Downtown Chandler,” said Ryan Tobias, Partner, Jackson Dearborn Partners.
The development agreement includes a proposed 290 units of housing, 13,000 square feet of office space, 16,000 square feet of retail space and a self-contained parking structure. Per the agreement, the City will sell Site 7 to One Chandler Owner, LLC, for its appraised value of $2.94 million. Deadlines within the development agreement include the commencement of construction no later than 24 months from the effective date of the agreement and completion of construction no later than 54 months after the effective date. One Chandler Owner, LLC, has also agreed to improve the alleys between the project and Jack in the Box, located at 141 N. Arizona Avenue. Should One Chandler Owner, LLC, not fulfill the obligations of the agreement, the City has the right to reacquire Site 7.
These agreements allow for the sale of the land. The project will need to go through the planning process, including public comment and approval by the Planning and Zoning Commission and City Council before construction will begin.
*Rendering provided by One Chandler Owner, LLC
Original source can be found here.
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