VIVO is a successor company of Foursite Development LLC, whichacquired the 38-acre site at Gilbert and Ryan roads in 2003 for$3.2 million. In partnership with local developer Jason O'Clair,Foursite is under construction on the project's first phase, whichwill contain 22,000 sf of retail shops, 35,000 sf of office spaceand a 114,000-sf self-storage facility on 12 acres.


Devan Wastchak, VIVO's managing partner, says the new JV shouldbe starting design work for the office component within 90 days.The plan is to break ground in late 2009. He tells thatsome preliminary thoughts are to develop an office suite concept onthe site, then branch out to other locations if the concept issuccessful.


"There are several pads on the entire master plan," Wastchaktells "We could develop those for the right user." Headds that talks are underway with some prospects for the pad sites.The development group includes VIVO partners David Lu and RobertKerwin and Paragon Properties' partner Doug Dragoo.


Wastchak says the land was entitled for up to 640,000 sf ofretail, office and other commercial uses when Foursite acquired it.Future phases will be determined by market demand, he says, addingthe plan extends to land sales, ground leases and build to suits."One of the phases could involve research and development or wetlab space," he adds. "The City of Chandler is trying to promote thearea as ideal for research and development so we might have thosetypes of users in there as well."

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