Arizona Center Begins $25M Renovation

The joint venture paid $126 million to acquire the 16-acre complex, which has entitlements for an additional 3.9 million square feet of improvements.
Arizona Center
Arizona Center

Phoenix—Arizona Center, a downtown mixed-use development at 3rd St. and Van Buren in Phoenix, has kicked off its $25 million makeover. The property comprises two office towers, a 24-screen AMC Theatres multiplex, as well as retail and restaurant space.

Owners Parallel Capital Partners and Angelo, Gordon & Co. tapped Skanska USA to handle construction management for the renovation. The joint venture paid $126 million for the 16-acre complex, which has entitlements for an additional 3.9 million square feet of improvements. 

Gensler will serve as the architect, with PdO working on the interior redesign and Smith Group JJR  is supporting development strategies for the property. The 1 million square-foot property will include updates on site furnishings; shade structures; landscaping; lighting; new materials, fixtures and finishes; wayfinding and branded signage features. In addition, the current parking garage at Fifth and Fillmore Streets will be upgraded and a valet parking element is being added on Third Street. A boutique hotel and multifamily housing will also be added at Arizona Center.

“Gensler is excited to be a part of this landmark project, which represents a major step forward in the continued revitalization of downtown Phoenix,” said Jay Silverberg, principal & design director for Gensler, in prepared remarks. “The design, inspired by the legacy of the Arizona Center itself, is aimed at creating an authentic Arizona experience, a compelling mixed-use destination, and further asserting its prominence into the urban fabric of downtown.”

Image courtesy of Arizona Center