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One Chandler Downtown Mixed-use Development

At a glance

  • What: Amended and restated development agreement for One Chandler, a $130 million mixed-use downtown project (291 units multifamily, 13,000 SF office, 16,000 SF ground-floor commercial, 612 parking spaces) at northeast corner of Buffalo Street and Arizona Avenue.
  • Where it stands: Resolution 6034 approved 7-0 on September 17, 2026; project reassigned to Shelter Asset Management (SAM), LLC from Jackson Dearborn Partners with extended timelines.
  • Next: Construction phased through September 2030; minimum improvements completion May 2028 (Tower 1 September 2029, Tower 2 September 2030).
  • Watch: Large downtown development; economic benefit cited as approximately 200 full-time jobs, ~$4 million permitting fees, new retail and office opportunities.

Project overview

Developer and ownership:

  • Originally approved October 27, 2022 with Jackson Dearborn Partners, LLC.
  • Extended December 6, 2024 (one-year extension, commencement of construction extended to March 31, 2026, overall term to March 31, 2030).
  • Reassigned to Shelter Asset Management (SAM), LLC (subsidiary of Drewlo Holdings, 69-year-old company with history of long-term tenant retention; average tenancy 9 years, higher than regional average).
  • CEO Stu Hansen, President of SAM, attended all weekly planning meetings since partnership began.

Site and zoning:

  • Northeast corner of Buffalo Street and Arizona Avenue, downtown Chandler.
  • Planned Area Development (PAD) zoning.
  • One Chandler rezoned with PAD.

Project scope:

  • 291 units multifamily.
  • 13,000 SF office.
  • 16,000 SF ground-floor commercial.
  • 612 self-contained parking spaces.
  • Enhanced features: rooftop pool, gathering space, fitness center overlooking Arizona Avenue, monument signage, cantilever patios.

Negotiated deal points:

  • Reassignment of development agreement to Shelter Asset Management (SAM), LLC.
  • Extended/updated construction deadlines.
  • Design modifications consistent with approved Administrative Design Review (ADR) application.
  • "Right of first refusal" requirement: if project not fully completed (both towers), developer must give City right of first refusal if wanting to sell any of the property.

Construction timelines:

  • 20 business days after closing: initiation of utility relocation work.
  • 9 months: 100% Civil Plans for off-site and on-site improvements completion.
  • May 2028: completion of minimum improvements.
  • September 2029: completion of Tower 1.
  • September 2030: completion of Tower 2.

Economic impact

  • $130 million total investment.
  • Approximately 200 full-time staff to be employed downtown.
  • Permitting fees alone approximately $4 million into city revenue.
  • Expected to create new retail and office jobs.
  • Large economic benefit to Chandler.

Council discussion

  • Kim Moyers, Cultural Development Director, presented on developer's commitment and partnership uniqueness.
  • Councilmember Ellis: commended staff and company representatives for commitment and work on project; expressed enthusiasm for continued partnership; praised Shelter Asset Management's vision and values.
  • Councilmember Orlando: recognized large investment in downtown Chandler; thanked company for investment and hoped for additional future work.
  • Councilmember Poston: praised the developer's business model focused on long-term tenant retention.

Vote

  • Resolution No. 6034 adopted.
  • Motion by Mayor Hartke, seconded by Councilmember Ellis.
  • Passed 7-0.

Sources

Log

2026-09-17 - City Council

Resolution 6034 approving amended and restated development agreement passed 7-0.