$7.1 Million Land Purchase to Result in Nine-Story Development
PHOENIX, Arizona – The owners of Park Central have sold off a 1.6-acre chunk of the property to a developer who is planning a mid-rise multifamily residential community on the site.
Plaza Companies and Holualoa Companies sold the parcel along the southern boundary of Park Central to The Dinerstein Companies, a Houston-based developer of multifamily and student housing communities, in a $7.1 million transaction.
The Dinerstein Companies (TDC) will develop Millennium at Park Central, a nine-story, 278-unit multifamily property located on the southern boundary of the Park Central Development. Once complete, Millennium will include collaborative workspace, an outdoor sky deck and best in class amenities and finishes.
“This is an important step in our vision of turning Park Central into a truly dynamic mixed-use project that helps to revitalize central Phoenix,” said Stan Shafer, Chief Operating Officer of Holualoa Companies. “The multifamily project will integrate with the office, educational and hospitality amenities at Park Central to create a hub for activity and an exceptional place to live.”
“We were pleased to partner with a company with the kind of reputation for excellence as The Dinerstein Companies,” said Sharon Harper, Chairman and CEO of Plaza Companies. “The vision for Park Central from Day 1 has been to create an exceptional project that enhances our urban core, and The Dinerstein Companies will help achieve that vision.”
Plaza Companies and Holualoa Companies are teaming up to redevelop Park Central Mall, which once was the city’s first official large-scale shopping mall. The companies are transitioning the expansive space from a retail center to an almost 500,000-square-foot bustling community hub ideal for playing, working, congregating and celebrating the arts.
TDC is one of the country’s largest developers of high-end urban product with a national footprint extending from California to Florida. Since inception, the company has developed over 60,000 apartment units. The Dinerstein Companies has an extensive portfolio of multifamily developments scattered across the country with a particular emphasis on green building — the Phoenix project will be built to LEED standards and include a broad spectrum of green building features.
“We believe that Park Central is the perfect fit for our Millennium brand and the type of exceptional multifamily product that we’ve build across the country,” said Josh Vasbinder, Development Partner of The Dinerstein Companies. “The Park Central location is in the heart of a burgeoning area of the community, with great demographics and a highly educated and talented workforce. It is an ideal location and we are pleased to have the opportunity to enter the Phoenix market there.”
The new Park Central includes 450,000 square feet of Class A creative office and retail 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, convenient bike path and light rail access and ample parking. For more information on the project, visit www.parkcentralphoenix.com.