Arizona Center parcel sold for residential high-rise development

An artist’s rendering of the Arizona Center mixed-use development. (submitted graphic)

A nearly one-acre parcel within downtown Phoenix’s Arizona Center Project has been sold by Parallel Capital Partners to Florida-based North American Development Group.

The Arizona Center is a mixed-used development at Third and Van Buren streets.

The new owners plan to develop Palm Court Tower, a $100 million, 30-story luxury residential tower featuring 350 luxury residences to be located 440 E. Van Buren Street.

Slated for completion in 2020, Palm Court Tower is being designed by Phoenix-based Will Bruder Architects and Forum Studio, according to a press release. Construction of the tower is set to begin in late 2018.

When complete, the luxury residential tower will be the second tallest residential building in downtown Phoenix, the press release stated.

Rising 22 stories above the swimming pool terrace on the roof of the six-level parking garage, the residences will range from modest studios to three-bedroom units.

“We are excited to have North American Development Group as part of our Arizona Center family,” Matt Root, CEO of Parallel Capital Partners, which owns and operates the Arizona Center complex, said in a prepared statement.

“Palm Court Tower will bring an exciting new dimension to the project, which is transforming the urban neighborhood in Downtown Phoenix into a vibrant place to shop, dine, live, stay and just have fun.”

This is just the latest phase in the ongoing $25 million makeover of the Arizona Center acquired by Parallel Capital Partners and Angelo Gordan & Co in late 2015. Renovations began in 2017 with upgrades to enhance interior and exterior common areas, the press release stated.

Last month, Parallel announced the completion of phase one in the Arizona Center renovation and plans to add a 200-room AC Hotel by Marriott, a development by Las Vegas-based LaPour Partners. Construction of the hotel is set to begin in 2018.

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