WINLEE to Develop ±24,000-Sq.-Ft. Specialty Restaurant & Retail Project
Phoenix – December 4, 2015 –CBRE/UCR has been awarded the marketing and leasing assignment for Chandler Viridian PRIMEGATE @ Fashion Center, the distinctive restaurant and retail component of the $150,000,000 mixed-use Chandler Viridian development in Chandler, Ariz. Chandler Viridian is located at the northwest corner of the intersection of the Loop 202 & Loop 101 Freeways. A consortium of Hines, Alliance Residential, WINLEE Development and Concord Hospitality is developing the multi-use project.
In addition to the PRIMEGATE amenities, upon completion the integrated mixed-use project will also feature a 335-unit Broadstone luxury multi-family community, a 250,000 square foot six-story Class-A office building and a 140-room Cambria Hotel all interconnected via 1.5 miles of jogging trails and grand pedestrian promenades. The project is currently under construction.
LeDonna Spongberg and Traci Russell, the specialty retail team from CBRE/UCR, have been tapped to head the restaurant and retail marketing and leasing efforts for the curated PRIMEGATE collection.
WINLEE Development, a division of Winfield Lee Investments, is developing PRIMEGATE and recently closed on the land for the project for $4,828,000. Chandler Viridian PRIMEGATE @ Fashion Center is located at the southwest corner of the Loop 101 Freeway/Price Road and Frye Road at the gateway to the Price Road employment corridor.
“We are very excited to be working with WINLEE Development on Chandler Viridian PRIMEGATE @ Fashion Center,” said CBRE’s Russell. “PRIMEGATE will offer a unique, sophisticated experience and will capitalize on the pent-up demand for a dynamic mixed-use, urban environment in the Price Road Corridor.
PRIMEGATE is situated on the hard corner of the Loop 101 Freeway/Price Road and Frye Road at the east main entry to Chandler Fashion Center and offers direct freeway visibility and access. The project offers a mix of shop and restaurant opportunities together with dedicated freestanding restaurant spaces. The development successfully integrates into Chandler Viridian through use of walking and jogging trails, while an august pedestrian esplanade provides enhanced pedestrian connectivity to Chandler Fashion Center at its entertainment hub of other restaurants and movie theatres.
“There is nothing else like PRIMEGATE in the area. PRIMEGATE’s preeminent location directly at the front door to both Chandler Viridian and Chandler Fashion Center, and at a major freeway access point, offers a rare platform for distinctive restaurant and retail opportunities. WINLEE Development’s design direction for the project enhances that essence with progressive, bold, statement architectural,” said Spongberg.
Peter Nelson, President of WINLEE, commented, “Beyond the obvious A+ location, we believe the site benefits from the newly constructed direct access off the Loop 101 Freeway’s Frontage Road. It is a game-changer for the intersection. For the first time there now exists easy, unfettered access from all directions, which together with the other Viridian improvements, has turned Frye Road into a better alternative to Chandler Boulevard. Additionally, we were enthused to have solved the challenge of designing a project that compliments the aesthetic of the greater mixed-use project, while simultaneously provides abundant parking and monument signage for PRIMEGATE tenants and their off-site patrons.”
Spongberg continued, “The market is already responding with overwhelming positivity to the project and negotiations with tenants have already begun. Potential users will offer a strategic mix to serve both daytime and evening consumers, creating a vibrant environment unmatched in the immediate area.”
WINLEE, which does not require use of debt financing, expects delivery of users in 2016.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.