Mar 14, 2017, 11:00am MST
The Arizona Center has begun its facelift.
Parallel Capital Partners and Angelo Gordon& Co., which bought the downtown Phoenix center in 2015 for $126 million, announced plans for renovations to the 1-million-square-foot center, which is projected to cost $25 million.
The companies have plans to add a boutique hotel and multifamily housing on the site as well as a number of other site improvements.
Downtown Phoenix had more than 3,600 apartment units planned or already under construction as of September 2016, and it doesn’t look like that development will slow anytime soon.
The 16-acre Arizona Center could accommodate another 3.9 million square feet of development. The property already includes two office towers. Retail elements include a 24-screen AMC Theatres multiplex and a handful of restaurants, though there are several open retail spaces around the center.
Other planned improvements include site furnishings, shade structures, landscape, lighting, new materials, fixtures and finishes, wayfinding, and branded signage features. The current parking garage at Fif th and Fillmore streets also will be upgraded, and valet parking will be added on Thi rd Street between Van Buren and Fillmore streets.
New York-based Skanska USA will perform construction for the project, and Gensler is the architect. PdO is working on the interior redesign for One Arizona Center, and Smith Group JJR is supporting development strategies for the entire property.
“We are proud to have partnered with Skanska USA as construction managers for this project, said Matt Root, CEO and managing partner for Parallel Capital Partners. “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.”
Rouse Co. first developed the Arizona Center, which opened in 1990. The area has seen its ups and downs over the years with retailers and restaurants coming and going. The property was previously home to St. Mary’s High School.
A number of shopping centers throughout the Valley are undergoing massive renovations similar to the one at Arizona Center, including a $15 million renovation at north Phoenix’s Desert Ridge, as well as Scottsdale Fashion Square.
Steven covers retail, restaurants, hospitality/tourism as well as aviation, small business and nonprofits.
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