Retail Portion of Arizona Center to Undergo Major Facelift
- Mar 23, 2017
Phoenix—Parallel Capital Partners has broken ground on an $11.6 million refurbishment of the retail component of the Arizona Center, a 16-acre mixed-use campus. The company acquired the property in a joint venture with Angelo, Gordon and Co. back in 2015, for $126 million. The deal included entitlements for an additional 3.9 million square feet of improvements.
As already reported, Parallel Capital Partners broke ground on a $25 million renovation of the entire property. According to company officials, the project will take roughly nine months to complete, with all tenants remaining open during the renovation. The owners have revealed that New York-based Skanska USA will handle construction management for the retail component of the project.
“We are proud to partner with Skanska USA as construction managers for this project. The company’s track record in the commercial construction industry is hard to match, and we look forward to moving through this project quickly to bring Arizona Center back to life,” Matt Root, CEO & managing partner at Parallel Capital Partners, said in prepared remarks.
Upon completion, the multi-use project will feature site furnishings, shade structures, landscape, lighting, new materials, fixtures and finishes, wayfinding and branded signage features. The current parking garage at 5th and Fillmore streets will also be upgraded. Gensler is the architect of the project along with PdO, which is responsible with the interior redesign for One Arizona Center. Smith Group JJR is leading development strategies for the overall property.
Renderings courtesy of Parallel Capital Partners