Pollack Real Estate Investments owner Michael Pollack knows a thing or two about retail space. After redeveloping more than 10 MSF of retail space, Pollack also knows when there’s too much of it.
It’s the reason why Pollack just closed escrow for $2.4M on the 9.61 acres at the NEC of Alma School and Pecos in Chandler. Pollack worked with a buyer and the City of Chandler for the past 9 months to rezone the land from commercial to multi-family housing.
“I originally bought this piece of land about 7-years-ago with the intention of building a retail center and then as time went on too many shopping centers went up around it and I believed we really didn’t need any more shopping centers built along the Alma School Road Corridor. So I felt the highest and best use for this Alma School property should be multi-family housing,” Pollack said.
Pollack added he had multiple offers on the property and ended up going with the buyer, Aerie Land Development LLC of Tucson because he believed they designed the best project for the area.
“I’m very pleased with their plans for the area,” Pollack said. “This is a very unique property and in my opinion it required a creative one-story low density multi-family housing plan. And with this plan we had the complete cooperation of the community and a lot of neighborhood support for a low density single story project.”
Pollack is currently also representing another group in the sale of the NWC of that same intersection at Alma School and Pecos which is about 13 acres. That project is still in escrow, but Pollack said he also assisted in getting the zoning changed from commercial to low-density multi-family housing. That land is being sold to an undisclosed buyer.
“This is another great project for the city of Chandler and the surrounding neighborhood,” he said. “We’re taking a piece of land that was zoned for commercial use and instead of adding more businesses to an overburdened retail area, they will be building some great unique housing options that will bring more residences to the area and give the existing shop owners along Alma School Road more business.”
The new buyer has revealed to Pollack that construction on the NEC will start in the next 30 days.
While Pollack is busy with two sales this month, the Valley redeveloper says he’s also in escrow to buy three new renovation projects also located in the East Valley over the next couple months.
“I’m buying and selling right now,” Pollack said. “It feels great to be active in the market as both a buyer and seller.”
