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July 21, 2019
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Renovations on 1 msf Arizona Center Completed

4/24/19

Parallel Capital Partners Inc has finalized construction on over $25 mil in renovations to Phoenix’s Arizona Center, a 1 msf, mixed-use development covering 16 acres in the city’s downtown. The complex is located at the intersection of 3rd St and Van Buren.

The re-habbed Arizona Center boasts a mix of new creative office space, outdoor work stations, shopping, entertainment and casual dining facilities. Complementing the new modern aesthetics is a new logo, website and brand identity.

“The extensive upgrades to the center bring a whole new vibe to the heart of downtown Phoenix,” commented Matt Root, managing partner for San Diego-based Parallel Capital Partners. As we add tenants, Arizona Center will continue to become an even bigger hub for meeting up with friends and family, entertainment, shopping and so much more.”

According to Root, improvements to the multi-use center include opening up the property to surrounding streets – creating a more integrated downtown experience, new modern colors, outdoor furnishings and lounge areas, modern shade structures, new landscape and water features, additional lighting and illuminated signage including a 60-foot LED jumbotron on the corner of 3rd Street and Van Buren. Valet parking was also added as were bike racks and a stage for entertainment.

In addition to the completed property renovations, Arizona Center will house the first upscale select-service boutique hotel in downtown Phoenix, AC Hotel by Marriott, which will break ground next month and is scheduled to be completed in the third quarter of 2020. The 13-story, 199-room, urban-inspired hotel will be steps from the Phoenix Convention Center and will offer a state-of-the-art fitness center, 3.4k sf meeting room, European inspired breakfast and tapas service and an indoor/outdoor lobby lounge and bar that will overlook Arizona Center’s three-acre urban park, the Grotto. Following the groundbreaking of the hotel, construction will commence on a new 31-story residential tower, Palm Tower.

With the renovations complete, Arizona Center is focusing on bringing in new tenants in 2019. To date, new tenants include Kwench Juice Café; Freshii, offering fast casual fresh fare; and Bosa Donut, which just started construction. Additionally, Arizona Center has a variety of mixed-use office space which includes new tenant, Arizona State University's Thunderbird School of Global Management.





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