San Diego-based Parallel Capital Partners, which acquired the Arizona Center in a joint venture with Angelo, Gordon and Co. in late 2015, has broken ground on the $11.6 million renovation for the retail component of the iconic property, a16-acre mixed-use campus in downtown Phoenix.
Phoenix’s original metropolitan entertainment destination is located at 3rd Street and Van Buren in the heart of downtown and spans one million square feet. Parallel announced last year that it would embark on a $25 million renovation of the entire project, originally developed in 1989.
During a ceremony held last week at Arizona Center, Parallel Capital Partners’ senior vice president of operations, Jamie Cronemeyer, along with Phoenix mayor, Greg Stanton, took sledgehammers to flagstone, knocking giant holes in the current façade, which will be given a significant facelift beginning immediately. Arizona Center owners also announced New York-based Skanska USA would handle construction management for the retail portion of the project.
“We are proud to partner 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.”
According to Root, the project will take approximately nine months to complete, and all current tenants will remain open during the renovation.
Cronemeyer also announced a boutique hotel and multi-family housing will be added amenities at Arizona Center. Final negotiations of these partnerships are underway and will be announced soon.