Despite the economic downturn, work has continued throughout the revitalized Park Central project over the past few weeks, with several significant milestones achieved.
Construction on the new Creighton University Health Sciences Campus is well underway, and the new 2,000-space parking structure on the southern portion of the property is nearing completion in the fall. But additionally, several other key milestones have taken place in recent weeks.
• Construction is completed on the second phase of work on what’s now known as the Burgbacher building, adding dramatic glass features to the 225,000 SF office building. This has restored the same type of mid-century-modern look and feel to the building combined with state-of-the-art amenities seen on the rest of the property.
• Construction is now underway on the nine-story, 278-unit Millennium at Park Central multifamily project, which is being developed by The Dinerstein Companies. A large crane has been moved onto the property specifically for this new construction.
• The new Zipps Sports Grill’s 6,800-square-foot restaurant space is now complete, and the company has opened on a limited basis for takeout orders, in accordance with public health guidelines.
• Tenant improvements are nearing completion on the new West Coast Ultrasound Institute space, a 20,000-square-foot lease in the Lieb Building in the heart of the project.
• Additionally for office tenants, the new dual-branded Home2 Suites/Tru by Hilton hotel from Dallas, Texas-based Fayth Hospitality Group is currently in the design phase. It will add 207 total guest rooms to the Park Central property, spanning five stories and covering a total of 105,000 square feet of space, with construction slated to begin late this year.
• And, construction is underway on an 8,000-square-foot spec suite and shared conference center in the Goldwater Building that will be completed in July.
Stan Shafer, Chief Operating Officer for Holualoa Companies, said the development team is continuing to work to make the project’s vision a reality despite the economic downturn.
“Park Central will continue to be a desirable location once downturn is complete, and we believe it will be well positioned to be a strong part of Phoenix’s economic recovery,” he said. “With the strong mix of uses on the property, including its integration into the healthcare community, we look forward to seeing the positive impact it will create.”
With an eye toward safety and social distancing, five different contractors are currently working on site — Kitchell Construction, Okland Construction, TDC Properties, CR Commercial Contractors and HRW Builders.
Sharon Harper, Chairman and CEO of Plaza Companies, said the new construction activities are not only creating a large number of jobs for five different companies but support the momentum that is continuing at the project.
“It is gratifying to see work continue at Park Central and these continued improvements to the heart of our community,” she said. “The vision for Park Central has been to serve as a hub for business and industry in central Phoenix, and we’re seeing that vision become a reality. We are also pleased to be able to provide so many jobs during this time of economic crisis to the construction workers on site, and thank them for their hard work and commitment to safety.”
Plaza Companies and Holualoa Companies are teaming up to redevelop Park Central, which once held court as the city’s first official large-scale shopping mall. The companies are transitioning the project to a bustling community hub ideal for playing, working, congregating and celebrating the arts. The first 337,000 square feet of redeveloped office and retail is almost complete. Leasing activity for office and retail space is ongoing at the property and interest has been strong in the newly revitalized property.
The new Park Central includes 450,000 square feet of Class A creative office space available for lease with the ability to accommodate tenants ranging from 3,500 square feet to more than 100,000 square feet in size. It features exclusive tenant patios, on-site restaurants and amenities, a stunning mid-century modern design, 15-25 foot ceilings, extensive bike paths and light rail access and ample parking.
For office leasing, tenants and brokers can reach out to Andrew Cheney with Lee & Associates (502.954.3769) or Bill Cook with Plaza Companies (623.344.4526). For Retail leasing contacts are Brent Mallonee with Cushman and Wakefield (602.224.4437) or Margaret Lloyd with Plaza Companies (623.344.4558).
For more information on the project, visit www.parkcentralphoenix.com.