A Wisconsin-based hotel developer closed a deal Wednesday to build two Hilton company brand hotels in a mixed-use business park planned along Price Road in Chandler.
The North Central Group bought eight acres of land near where Loop 101’s Price Freeway and Loop 202’s Santan Freeway meet for $5.2 million, said Frank Demeter, a local commercial broker representing the Madison, Wis., company.
It’s the first land sale for the 96-acre Park Place business park being developed by Cyburt Hall Partners LLC, said Phil Cyburt of the Los Angelesbased real estate investment and development firm.
“We’re excited about the sale with North Central Group,” Cyburt said. “They’ve done a good job of hanging in there and working through the planning process.”
On the northeast corner of Price and Willis roads, Park Place will include the two, fourstory hotels, more than 1.5 mil- lion square feet of office space and another 30,000 square feet of retail, he said.
Cyburt Hall bought the property from El Dorado Holdings for $27 million last year.
With 20,000 or more jobs along the Price Road corridor, it’s an ideal spot for businesses that provide services for larger corporations, Cyburt said.
The planned hotels will both have more than 100 rooms, though the exact number hasn’t been set, and will cater to a business clientele, Demeter said. The hotel brands also haven’t been finalized, the broker said.
Hilton’s brands include Homewood Suites, Embassy Suites and Doubletree Hotels.
Demeter said he couldn’t comment on a timeline for construction.
The hotels still have zoning processes to go through, but the city is excited about the projects, said Harry Paxton, economic development specialist for Chandler.
Other businesses in the park may include retail stores, restaurants, bank branches and speciality food shops, said Brad Hall with Cyburt Hall.
Roadways, sewer lines and other infrastructure for the park are expected to be completed by mid-2007, Hall said.
The business park will be the largest development of its size in that area, said Kevin Mayo, senior city planner.
“It’s definitely an economic engine for Chandler,” Mayo said. “It’s going to provide a lot of positive things for balancing out our business community.”