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11/01/16
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Parallel Capital Partners, which acquired Arizona Center in a joint venture with Angelo, Gordon and Co late last year, will soon embark on a $25 mil renovation of the Class A, 16-acre mixed-use campus in downtown Phoenix. The property contains a mix of office, retail and entertainment uses.
A major metropolitan entertainment destination located at 3rd Street and Van Buren, the complex will undergo a significant transformation beginning early 2017. The property was originally developed in 1989.
Scheduled to break ground in early 2017, the project will take approximately nine months to complete. All current tenants will remain open during the renovation. In addition to the physical improvements, the Arizona Center brand is getting a refresh with a new color palette, logo and website.
The focus of the concept is to take the current introverted space and open it to the surrounding streets and the urban neighborhood, creating a more interactive experience that connects to the existing fabric of downtown Phoenix. The 1 msf, multi-use project will create a 360-degree experience that communicates the unique attributes and identity of Arizona via site furnishings, shade structures, landscape, lighting, new materials, fixtures and finishes, wayfinding and branded signage features. In addition, the current parking garage at 4th and Fillmore streets will be upgraded, and a valet parking element will be added on 3rd St between Van Buren and Fillmore streets.
Parallel Capital Partners and Angelo, Gordon & Co paid $126 mil in December 2015 for the Arizona Center multi-use complex with entitlements for an additional 3.9 msf of improvements. Other developable sites on the property have the potential to double the density and vibrancy of the center and may include a new hotel, office and retail space, education buildings, multi-family housing and other community spaces.
The downtown destination will be a place reminiscent of authentic Arizona, but revitalized with the freshness of water features, greenspaces and parks—a true sanctuary within an urban jungle. New retail tenants may include craft breweries and casual dining, plus additional shopping and entertainment options.
The architect for the retail refresh is Gensler, while PdO is working on the interior redesign for One Arizona Center, and Smith Group JJR is supporting development strategies for the entire property. The branding firm is Tempe, AZ-based, Zion & Zion.
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