Retail Businesses Remain Open for Business During Construction Process;
Anticipated Completion is Late 2018 to Early 2019
PHOENIX, ARIZ. – If you’ve driven by the old Park Central Mall property in central Phoenix lately, you’ve probably noticed that the construction process is in full swing.
In fact, Plaza Companies and Holualoa Companies have reached the halfway point in the transformation of the property from an outdated retail and office center to a dynamic new mixed-use development. And while the construction process has the buildings looking pretty torn up at the moment, the end goal is very much in sight — and the current restaurant tenants remain open for business.
New grass is in and the iconic yard area is taking shape on the western portion of the property. This new covered outdoor area will provide the community and tenants with a cool covered outdoor area year-round. And during construction, all of the retail and restaurant establishments along Central Avenue are open for business and serving customers on their normal schedules.
Tucson’s Holualoa Companies and Peoria-based Plaza Companies are teaming up to redevelop Park Central Mall, which once held court as the city’s first official large-scale shopping mall. The companies are transitioning the expansive space from a retail center to a bustling community hub ideal for playing, working, congregating and celebrating the arts.
“Park Central is undergoing a very dramatic transformation and you’re certainly seeing that on site right now with all the demolition and construction work being done,” said Plaza Companies President & CEO Sharon Harper. “We are at an exciting point in the process where we can really see the exceptional features these buildings have at their core, and it is easy to envision what the property will look like once the transformation is complete.”
Another change at the property is the closing of the temporary branch of the Burton Barr Library. With the main library reopening earlier this month, the temporary underground space is now available for leasing and on the market. Stan Shafer, Chief Operating Officer for Holualoa Companies, said the library was a welcome addition to the project but congratulated the City of Phoenix for completing renovations and repairs to the main library building.
“Park Central has a rich history, and the redevelopment currently taking place will be a key moment in that history with stories and milestones of its own,” he said. “We are very pleased with the revitalization process at the halfway mark, and are looking forward to bringing the project to completion in the coming months.”
Construction on Park Central is scheduled to be completed in late 2018. For more information on the project, visit www.parkcentralphoenix.com.
With offices in Peoria, Scottsdale and Tucson, Plaza Companies is a full-service real estate firm specializing in the management, leasing and development of medical office and commercial office properties, technology and bioscience facilities, mixed-use properties and senior housing communities. Since 1982, Plaza Companies has established a proud track record as a competitive, connected and conscientious real estate firm with partnerships throughout the industries it serves. For more information, visit www.theplazaco.com.
Holualoa Companies is a real estate investment firm focused on the successful acquisition, repositioning, redevelopment and disposition of real estate assets. Headquartered in Tucson, Arizona, with offices in Phoenix, Santa Monica, Hawaii and Paris, its investments span the United States and Europe and include office, retail, industrial, multi-family, hotel and mixed-use investment properties. Holualoa is an experienced investor for its own account and on behalf of a select group of private investors.