Arizona Center, once pegged as the catalyst for downtown Phoenix redevelopment, is getting a $25 million makeover.
Parallel Capital Partners and Angelo, Gordon & Co., which acquired Arizona Center in December 2015 for $126 million plan to add a boutique hotel and multi-family housing. The partners also plan to open the center to the surrounding streets to better connect with the urban neighborhood.
Arizona Center opened in the fall of 1990 at Third Street and Van Buren. The mixed-use development of one million square feet was touted as a downtown shopping and dining destination. But after some initial success, retailers and restaurants struggled in a downtown that had far fewer residents than it does today.
Gensler, an architecture and design firm, plans to add shade structures, landscaping, new lighting and finishes. In addition, the parking garage will be upgraded, and a valet parking element is being added along Third Street