PHOENIX, March 26, 2019 /PRNewswire/ -- Arizona Center, Phoenix's original downtown entertainment destination located at 3rd Street and Van Buren, recently completed construction on its $25 million makeover, which includes new creative office space, outdoor work stations, shopping, entertainment and casual dining. Complementing the new modern aesthetics is a new logo, website and brand identity.
"We are thrilled to debut the newly renovated Arizona Center," said Matt Root, managing partner for Parallel Capital Partners, owner and manager of the center. "The 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."
Improvements to the one million-square-foot 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 ft. LED jumbotron on the corner of 3rd Street 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 first upscale select-service boutique hotel in downtown Phoenix, AC Hotel by Marriott, 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 sq ft. 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 will also be the beginning of construction on a new 31-story residential tower, Palm Tower.
With the renovations complete, Arizona Center is focusing on bringing in new tenants in 2019. So far, Kwench Juice Café moved in, Freshii, fast casual fresh and nutritious food, opened yesterday and Bosa Donuts just started construction for a tentative opening in early June. 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.
For retail leasing information at Arizona Center contact Brent Mallonee of Cushman Wakefield at 602-224-4437, [email protected]. For office leasing information contact John Bonnell at 602-282-6256, [email protected]. For additional leasing information visit www.arizonacenter.com/leasing-information/.
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, visit www.arizonacenter.com.
About Parallel Capital Partners, LP
Parallel Capital Partners, LP 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 in the Pacific Southwest, including Hawaii. Parallel's current property holdings include over three million square feet and a valuation of more than $1 billion with over 1.5 million square feet in the greater Phoenix metro area. For more information visit www.parallelcapitalpartners.com.
SOURCE Arizona Center