PARALLEL CAPITAL PARTNERS ANNOUNCES MAKEOVER OF ARIZONA CENTER
Sydnie Moore | Dec 07, 2016
FOR INFORMATION: Matt Root, Parallel Capital Partners, 858-882-9506
JIm Ingebritsen, Parallel Capital Partners, 858-882-9504
Sydnie Moore, Moore & Moore Communications, 619-823-8448
Parallel Capital Partners Announces Makeover of Iconic Arizona Center
Major Upgrades Announced for Phoenix’s Original Downtown Destination
PHOENIX (Oct. 31, 2016) San Diego-based Parallel Capital Partners, which acquired the Arizona Center in a joint venture with Angelo, Gordon and Co. late last year, will soon embark on a $25 million renovation of the Class A, 16-acre mixed-use campus in downtown Phoenix.
A major metropolitan entertainment destination located at 3rd St. and Van Buren, the complex will undergo a significant transformation beginning early 2017. The property was originally developed in 1989.
“The Arizona Center refresh will create a new model for office, retail, and entertainment in the Southwest -- representing a new era for downtown Phoenix,” said Matt Root, CEO of Parallel Capital Partners. “The plans will inspire a true sense of place that is relevant and fulfilling for everyone who visits, works, or plays there.”
Scheduled to break ground in early 2017, the project will take approximately nine months to complete. All current tenants will remain open during the renovation. In addition to the physical improvements, the Arizona Center brand is also getting a refresh with a new color palette, logo, and website.
The focus of the concept is to take the current introverted space and open it to the surrounding streets and the urban neighborhood, creating a more interactive experience that connects to the existing fabric of downtown Phoenix. The one million-square-foot multi-use project will create a 360-degree experience that communicates the unique attributes and identity of Arizona via site furnishings, shade structures, landscape, lighting, new materials, fixtures and finishes, wayfinding, and branded signage features. In addition, the current parking garage at 4th and Fillmore streets will be upgraded and a valet parking element will be added on 3rd St., between Van Buren and Fillmore streets.
“Adding more points of entry such as valet parking, will allow visitors, workers, students, and downtown residents to access shops and restaurants with ease, and will create a more dynamic experience once there,” added Root.
Parallel Capital Partners and Angelo, Gordon & Co. paid $126 million in Dec., 2015 for the 16-acre Arizona Center multi-use complex with entitlements for an additional 3.9 million square feet of improvements.
According to Root, other developable sites on the property have the potential to double the density and vibrancy of the center and may include a new hotel, office and retail space, education buildings, multi-family housing, and other community spaces.
The downtown destination will be a place that’s reminiscent of authentic Arizona, but revitalized with the freshness of water features, greenspaces, and parks—a true sanctuary within an urban jungle. New retail tenants may include craft breweries and casual dining, plus additional shopping and entertainment options.
The architect for the retail refresh is Gensler, the world’s leading collaborative design firm. PdO is working on the interior redesign for One Arizona Center and Smith Group JJR is supporting development strategies for the entire property. The branding firm is Tempe, Ariz.-based, Zion & Zion.
About Arizona Center
Arizona Center, located in the heart of downtown Phoenix at 3rd St. and Van Buren, is a one million-square-foot multi-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, visit www.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.