Park Central owners purchase additional property, announce Phase II of revitalization

A vision of what Park Central will look like, according to parkcentralphoenix.com.

The ownership group that is redeveloping Park Central Mall has purchased an additional 21 acres of property and a 193,000-square-foot building, consolidating ownership of Park Central for the first time in decades.

As part of the purchase, Tucson’s Holualoa Companies and Peoria-based Plaza Companies announced plans for a Phase II for the redevelopment, such as a new nine-story residential complex to go along with a new Creighton University health sciences building, according to a release.

Plaza Companies and Holualoa Companies are teaming up to redevelop Park Central Mall, which once held court as the city’s first official large-scale shopping mall.

The first 337,000 square feet of redeveloped office and retail space is to be done in January 2019. Leasing activity for office and retail space is ongoing at the property, according to the release.

The $28 million purchase of the additional 21 acres from Park Central Mall LLC will enable an expansion of the redevelopment, according to the release. Phase II of the new Park Central is to include:

  • A nine-story multifamily residential development on the southern portion of the property.
  • A 2,000-space parking structure in partnership with the City of Phoenix through a community facilities district.
  • The new $100 million, 200,000-square-foot Creighton University health sciences campus, which will bring a four-year medical school to the property as well as serving several other medical disciplines.
  • Redevelopment of the just-purchased 193,000-square-foot building into modern office and retail space.
  • The potential for additional mixed-use development that could include more multifamily construction, a new hotel, senior living and entertainment uses.

Stan Shafer, chief operating officer for Holualoa Companies, said the purchase of the additional 21 acres at the site is the catalyst for making the new Park Central even more dynamic as part of Phase II.

“We are very pleased with the progress of the first phase of the new Park Central and the impact it will have on the central city,” he said in the release.

“However, with the additional parcel now under our ownership, we have an opportunity to do even more with Park Central to create a true hub for economic development for the region,” he said.

Sharon Harper, president and CEO of Plaza Companies, said the project’s expanded scope will enable it to become a hub for the community as a whole.

“With Phase II now included, the entire property is now put back together with a master vision for its future,” she said in the release.

“The synergies, benefits and impact are much more that they could have ever been if we were only able to do the first phase of the project. Between the impact of the new construction, the Creighton facility and the revitalized former mall space, Park Central will truly become an economic engine for Phoenix’s urban core,” she said.

Vicki Etherton of Landmark Title closed the transaction. Construction on the first phase at Park Central is scheduled to be completed in January 2019, according to the release.

For more information on the project, go to parkcentralphoenix.com.

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