Arizona Center to Add 350 Residential Units
North American Development Group to Build 31-story Tower.
Arizona Center, Phoenix’s original downtown entertainment destination located at 3rd St. and Van Buren, will add a planned 31-story residential tower on the southeast corner of Arizona Center at 5th St. & Van Buren. The 39,970-square foot parcel is under contract to purchase by Florida-based North American Development Group (NADG) for an undisclosed amount.
“The addition of a residential tower to Arizona Center will truly set it apart as a downtown destination,” said Matt Root, CEO and managing partner for Parallel Capital Partners. “We know North American Development Group will maintain the character and vibrancy of the brand and we look forward to seeing this project come to life.”
A $100 million project, the planned 31-story tower will be the second tallest residential building in downtown Phoenix. Rising 25 stories above the swimming pool terrace on the roof of the six-level parking garage, will be 350 residences ranging from modest studios to one, two, and three bedroom units. Eight different floor plans will provide for innovative and functional contemporary living with a variety of unit sizes from 550 square feet to 1,650 square feet.
“This residential tower will help define the reinvention of the Arizona Center as a vibrant and fresh pedestrian oriented live/work/shop precinct at the heart of Phoenix,” said Chris Chamberlain of North American Development Group. “We are looking forward to having roots in the core of Downtown at the iconic Arizona Center.”
Carefully inserted into the palm-lined walkways of Arizona Center’s southeastern corner at 5th St. & Van Buren, the residential tower will provide a shaded arcade/courtyard experience for residents and visitors alike. In addition to a generous ‘lobby living room’ at its base, spaces for coffee, wine, and food will enliven the walkways with indoor and outdoor activity.
Architects for the residential tower project are Phoenix-based Will Bruder Architects.
Construction started on the retail renovation of Arizona Center in March, with Phoenix Mayor Greg Stanton, along with development owners, Parallel Capital Partners, taking sledgehammer to flagstone marking the beginning of a significant facelift for the heart of Downtown. New York-based Skanska USA is managing construction for the retail center project.
For retail leasing information, contact Brent Mallonee of Cushman Wakefield at 602-224-4437 or brent.mallonee@cushwake.com.
For office leasing information, contact John Bonnell at 602-282-6256 or john.bonnell@am.jll.com.