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Parallel Capital Partners and Angelo Gordon & Co. are planning to add multifamily and hospitality components and make improvements to the 1M SF Arizona Center. The 16-acre property, which the partners acquired for $126M in 2015, can accommodate as much as another 3.9M SF of development, the Phoenix Business Journal reports.
Plans call for adding a boutique hotel and multifamily housing to Arizona Center, which already has two office towers and some retail space. The details of those additions will be announced later. Improvements to the overall property will include shade structures, landscape, lighting, fixtures and finishes, and wayfinding features. The parking garage at Fifth and Fillmore streets also will be upgraded.
Skanska USA will head construction, and Gensler is the architect. PdO will handle interior redesign.
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