AIG real estate arm part of Chandler development plans

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Craig Warga | Bloomberg

AIG Global Real Estate is part of a group involved with a development across from Chandler Fashion Center.

Mike Sunnucks

Senior Reporter- Phoenix Business Journal

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The real estate arm of controversial insurance conglomerate AIG is involved in part of a new development project across from Chandler Fashion Center.

AIG Global Real Estate is part of the residential component of the new Chandler Viridian development across from the mall.

The Viridian project is replacing the failed Elevation Chandler development in the East Valley.

AIG Global Real Estate is one of the principals along with Alliance Residential Co. in a group called Broadstone Fashion Center LLC, according to Arizona Corporation Commission records.

Alliance is developing apartments at Viridian development. Houston-based Hines Interests LP is the lead developer for Viridian. A Hines entity bought a parcel for the development from Propoor Associates on Oct. 14 for $12.2 million. Then on the same day that same Hines Entity, Chandler Viridian Property LLC sold the same property to AIG and Alliance's Broadstone Fashion Center for $14.1 million.

A hotel and office space are also planned for the Viridian property.

AIG Real Estate has real estate investments of more than $30 billion worldwide. Investments and holdings range from apartment towers in Shanghai and Brooklyn to office buildings in Moscow and Seoul.

The real estate group is an arm of American International Group. The U.S. government had to bailout AIG in an $85 billion deal during the subprime and mortgage-backed securities debacle in 2008.

Mike Sunnucks writes about residential and commercial real estate, government, law, sports business and workplace issues.