Massive expansion In Chandler’s Price Road Corridor
If building 650,000 square feet that is one hundred percent leased in Chandler’s Price Road Corridor wasn’t enough, the Douglas Allred Company now wants to increase that amount nearly fourfold.
To be known as Park Place II, Allred will soon be filing its application with the City of Chandler for up to two million square feet of its business campus, flanking both side of Price Road with high value employers. The project will expand upon what the corridor’s most prolific developer has already built in and around Price and Willis Roads. That current portfolio includes six office buildings with 2,400 employees that are fully leased, representing an investment of some $215 million to date with a seventh building now under construction. Nearly 650,000 square feet is completed of what will ultimately bring Allred’s total development space in Chandler to nearly three million square feet.
Tenants in Park Place include some of the Valley’s most notable technology companies including Infusionsoft which has grown from 40,000 square feet to nearly 260,000.
Several months ago, Allred received unanimous Chandler City Council approval to build the city’s first conference center hotel in this area. In the past nine years they are the only developer of spec buildings on the South Price Road Corridor.
“We build throughout the western United States but we’re as bullish on Chandler and its Price Road Corridor as anywhere we do business,” company CEO David Allred said.
“Thanks to the wisdom of the Chandler City Council and Chandler voters who passed a forward looking idea called “Innovation Zones” in its 2008 General Plan, we intend to build a campus-like environment to help the area stay a premier jobs center as it competes more directly with Tempe, Scottsdale and Phoenix for the jobs of the future,” Allred sad.
He said only two of the 39 employers pursuing office space in the local market today are seeking space over 150,000 square feet which means he and Chandler will need to be more nimble in the future to attract the companies of the future.
Additionally, Allred said companies don’t want to wait months or years to entitle and build offices. They want to move immediately which requires developers to build spec space that are ready to use immediately. Adapting to the changing marketplace has served Allred well as they have been the primary company to have built new buildings in the Price Road Corridor for the past decade.
The company hopes to have all approvals from Chandler by year’s end so it can commence construction on its next phase in the second quarter of 2016.