31-story, $100M apartment tower planned for downtown Phoenix

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“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “  

 

May 16, 2017, Mike Sunnucks and Steven Totten  Phoenix Business Journal

A Florida developer is buying land at the Arizona Center in downtown Phoenix with plans for a 31-story, $100 million apartment tower.

West Palm Beach-based North American Development Group is buying a 39,970-square-foot parcel at the downtown development on Fifth and Van Buren streets.

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The planned apartment tower will have 350 units and would be the second tallest building in the state after only Chase Tower.

“The addition of a residential tower to Arizona Center will truly set it apart as a downtown destination,” said Matt Root, CEO and managing partner for Parallel Capital Partners, which owns the Arizona Center. “We know North American Development Group will maintain the character and vibrancy of the brand and we look forward to seeing this project come to life.”

The apartment tower will have a six-level parking garage and 25 floors of apartments.

“This residential tower will help define the reinvention of the Arizona Center as a vibrant and fresh pedestrian-oriented live, work, shop precinct at the heart of Phoenix,” said Chris Chamberlain, a principal with North American Development Group. “We are looking forward to having roots in the core of downtown at the iconic Arizona Center.”

Architects for the residential tower project are Phoenix-based Will Bruder Architects.

Skanska USA is managing construction for the project.

The retail portion of Arizona Center is also going through some renovations, with plans for a $25 million facelift. 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.

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. Minnesota-based Mortenson Co., who recently began work on the nearby 11-story, 210-room Hampton Inn & Suites hotel at Central Avenue and Polk Street, has proposed plans to build a 20-story apartment next to the new hotel.

Mike Sunnucks writes about stocks and financial markets, real estate, government and sports business.

SEE IT ALL: http://www.bizjournals.com/phoenix/news/2017/05/16/31-story-100m-apartment-tower-planned-for-downtown.html?ana=e_ae_set1&s=article_du&ed=2017-05-16&u=lQ2E7queaIzizvtydl7vaENwvei&t=1494974077&j=78186831

 

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  • DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
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Why Phoenix?  This is a very interesting article, you should read it, amazing, there were only 350 K people living in Phoenix in 1950

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