On Thursday evening, the Chandler City Council unanimously approved the Douglas Allred Company’s latest development project in the Price Road Corridor, Park Place II.

Specifically, the City 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.

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Renderings courtesy of Douglas Allred Company

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 928,000 square feet 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 three million square feet. 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.

“We are ecstatic to have the support of the Chandler City Council as we continue to grow Chandler’s technology corridor,” said Allred CEO David Allred. “The unanimous support that we received demonstrates the council’s belief that Park Place II will help Chandler stay a premier jobs center as it competes more directly with Tempe, Scottsdale, and Phoenix for the jobs of the future. Park Place II not only ensures Chandler’s competitiveness, but it will generate massive economic benefits and tax revenues for the entire region, state and school district.”

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 $1.4 billion 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 $1.4 billion annual economic engine.

The Pollack study also found that the Park Place II development will generate millions of dollars in tax revenues that will flow to the State of Arizona, Maricopa County, and the City of Chandler. Based on current tax rates, once built out, Park Place II will generate $19.4 million annually in tax revenue for the State of Arizona, $6.4 million annually for Maricopa County, and $2.5 million annually for the City of Chandler.

Chandler Unified School District also stands to gain a great deal from Park Place II’s beneficial impact on tax revenues. The report observes that the school district would receive an estimated $1.5 million in tax revenue annually. This yearly stream of substantial revenue to the schools will be up dramatically from the few taxes generated today as the property was formerly zoned only for agricultural use and until recently was used as a dairy.

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.