Lee & Associates Arizona Named Office Leasing Broker for Park Central Redevelopment

Park Central redevelopment continues in midtown Phoenix with new hotel, completed parking garage

Redevelopment at Park Central Mall in midtown Phoenix continues with the completion of a $33.5 million parking structure and a new hotel in the works.

A dual-branded Home2 Suites and Tru by Hilton Hotel will include 207 rooms. Construction on the hotel at Park Central is scheduled to begin in late 2020.

“Park Central’s vision is about connecting the business community, the public sector and the arts, and nowhere is that more apparent than with the Catalina Parking Garage,” Sharon Harper, president and CEO of Plaza Cos., the developer of the project said in a statement. “This will provide not just an important amenity for midtown Phoenix, it will serve as a point of pride with one of the largest public art features in the state. We are very pleased with how it turned out and are looking forward to seeing the completed artwork.”

The art component, called “The New Archive” includes six, 21-foot by 10-foot murals.

The parking garage was a public-private partnership between Plaza Cos. and the city of Phoenix through the creation of a community facilities district, a special taxing district that financed the cost of the facility. Plaza Cos. and Holualoa Cos. were the co-developers of the mall, which underwent a redevelopment to adaptively reuse the mall near Central Avenue and Osborn Road for office space.

“Park Central is a model of transforming a mid-century development into a modern anchor of revitalization,” Christine Mackay, Community and Economic Development director for the city of Phoenix, said in a statement. “Phoenix’s partnership in this parking garage is an investment in Central Phoenix. It now makes possible a top tier medical school, needed housing and lodging in midtown, and a place for businesses to thrive and grow. This is an exciting milestone for the Park Central project and vision for midtown.”

Creighton University’s Health Sciences Campus at Park Central is scheduled to be complete in April 2021. Aspire Park Central apartment complex, which will include 278 units, is also under construction.

“The transformation of Park Central is a shining example of the power of public-private partnerships,” Phoenix Mayor Kate Gallego said in a statement. “The city, the mall owners and the construction and development team worked together to create a beautiful, multi-use hub that will serve an important role in the revitalization of midtown. Park Central will be a model for how modern cities adapt to the needs of both businesses and community members.”

Plaza Cos. and Holualoa Cos. closed on the second phase of Park Central in late 2018, and that phase will include the redevelopment of much of the former mall’s surface parking.

Park Central includes 450,000 square feet of creative office space available for lease. Andrew Cheney of Lee & Associates and Bill Cook of Plaza Cos. are the office leasing brokers for the project. Brent Mallonee of Cushman & Wakefield and Margaret Lloyd of Plaza Cos. are the retail leasing brokers.