Project Update: CAZ 5
The former Kuiper Dairy Farm had 525 cows remaining on the property when it was sold in 2012, making way for the next wave of speculative office construction to take shape along Chandler’s Price Corridor – one of the fastest growing employment hubs in Arizona. The construction of CAZ 5 marks the latest phase of development at Park Place, a 180-acre business park located near the intersection of the Loop 101 and 202 freeways developed by Douglas Allred Company.
The project consists of two separate three-story buildings at 1650 and 1700 S. Price Road, totaling 278,150 square feet, according to Willmeng Project Manager Trevor Stantus. Building One is approximately 127,000 SF and the other building is about 150,000 SF. Both buildings will have three-story lobbies and share an exterior courtyard centered in-between each. Developed by Douglas Allred Company, built by Willmeng Construction, and designed by Balmer Architectural Group, CAZ 5 construction began in March and is slatted for completion in April 2019. Brad Anderson, Luke and Mark Krison and Mike Strittmatter of CBRE handle the buildings’ leasing activity.
Once completed, Park Place’s total annual economic impact is estimated to reach $1.4 billion, according to a report from Scottsdale-based Elliott D. Pollack & Company, and it will create more than 2,000 construction jobs and employ an estimated 9,691 workers when fully occupied. In total Park Place will consist of more than two-million square feet of space on a connected campus with dining, retail, hotels, low-rise and mid-rise office space as well as research and development/flex space.