Parallel Capital Partners Completes $25 Million in Renovations at Arizona Center; Gears up for Hotel Ground Breaking

Phoenix Commercial Real Estate News

Iconic Mixed-Use Development Transformed into Urban-Contemporary Center Hosting Offices, Education, Entertainment, Shopping and Casual Dining

PHOENIX, ARIZ. San Diego-based Parallel Capital Partners, Inc. has finalized construction on over $25 million in renovations to Phoenix’s iconic Arizona Center, completing new creative office space, outdoor work stations, shopping, entertainment and casual dining facilities. Downtown Phoenix’s original entertainment destination, the newly rehabbed mixed-use development spans 1 million square feet, occupying 16-acres at the intersection of 3rd Street and Van Buren. Complementing the new modern aesthetics is a new logo, website and brand identity.

Phoenix Commercial Real Estate News

“We are thrilled to debut the newly renovated Arizona Center,” said Matt Root, managing partner for Parallel Capital Partners, which owns and manages the center. “The extensive upgrades to the center bring a whole new vibe to the heart of downtown Phoenix. 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 3rdStreet and Van Buren. Valet parking was also added as were bike racks and a stage for entertainment.

In addition to the completed property renovations, the 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, 3,400-square-foot meeting room, European inspired breakfast and tapas service and an indoor/outdoor lobby lounge and bar that will overlook Arizona Center’s 3-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. New leases are also in the works. 

About Arizona Center

Arizona Center, located in the heart of downtown Phoenix at 3rd St. and Van Buren, is a one million-square-foot mixed-use project. It’s where entertainment, shopping, events, dining and prime office space create a unique, centralized hub for all that downtown Phoenix has to offer. Amidst many Phoenix points of pride including the Phoenix Convention Center, many hotels, Talking Stick Resort Arena and Chase Field, the new Arizona Center is an urban downtown oasis. For more information, visitwww.arizonacenter.com.

About Parallel Capital Partners, Inc.

Parallel Capital Partners, Inc. is a private, fully integrated real estate investment and operating company focused on acquiring value-added and core-plus opportunities for its own account in primary and secondary markets west of the Mississippi, including Hawaii. For more information visit www.parallelcapitalpartners.com.

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