Phoenix Arizona Center to Undergo $25M Revamp
- Nov 02, 2016
by Evelina Croitoru
Phoenix—San Diego-based Parallel Capital Partners has revealed plans for a $25 million renovation of the Arizona Center, a major metropolitan entertainment destination in downtown Phoenix. Parallel Capital Partners in a joint venture with Angelo, Gordon & Co. acquired the multi-use complex with entitlements for an additional 3.9 million square feet of improvements for the purchase price of $126 million.
Located at 3rd Street and Van Buren, the Class A, 16-acre mixed-use campus originally developed in 1989 will undergo an extensive facelift scheduled to commence in early 2017. Throughout the renovation, all current tenants will remain open. In addition to the physical upgrades, the Arizona Center brand will receive a new color palette, logo and website.
“The Arizona Center refresh will create a new model for office, retail, and entertainment in the Southwest—representing a new era for downtown Phoenix. The plans will inspire a true sense of place relevant and fulfilling to everyone who visits, works or plays there,” Matt Root, CEO of Parallel Capital Partners, said in prepared remarks.
The redevelopment project is expected to change the current introverted space into a more interactive one that will boast the connection with the existing fabric of downtown Phoenix. The one-million-square-foot complex’s upgrades include site furnishings, shade structures, landscape, lighting, new materials, fixtures and finishes, wayfinding and branded signage features. In addition, the current parking garage located at at 4th and Fillmore streets will be improved with the adjoining of a valet parking element.
“Adding more points of entry such as valet parking, will allow visitors, workers, students and downtown residents to access shops and restaurants with ease and will create a more dynamic experience once there,” added Root.
The architect of the redevelopment project is San Francisco-based Gensler and PdO will lead the interior redesign team for One Arizona Center, a 20-story Class A building located within the Arizona Center. In addition, Smith Group JJR will support development strategies for the entire property and Zion & Zion is the project’s branding firm.
Rendering courtesy of Parallel Capital Partners