Plaza Companies, Holualoa Companies Complete Purchase of 337,000 Square Feet; Purchase and Improvements Valued at $57 Million
Plaza Companies and Holualoa Companies have completed the purchase of a significant portion of the iconic Park Central Mall in Phoenix, and have unveiled plans for renovation of the property.
The overall price of the purchase and expected renovations is approximately $57 million, and construction work will begin on the transformation effort in the coming weeks. The new ownership group is working with architect richärd+bauer and DPR Construction to reinvent Park Central by converting it into a modern, mixed-use, competitive economic engine for the Valley of the Sun.
Already, the team has developed a new brand identity for Park Central that will be implemented throughout the site as part of the redevelopment — the new look, along with extensive renderings and the new project site plan, can be viewed on the project’s new web site, www.parkcentralphoenix.com.
“Our goal is to transform Park Central into a truly innovative and exceptional work environment for companies in the ‘New Economy,’” said Sharon Harper, President & CEO of Plaza Companies. “Park Central benefits from such an exceptional location and from some truly unique features thanks to its retail history.”
Phoenix Vice Mayor Laura Pastor said that the revitalized Park Central will be a tremendous boost to nearby neighborhoods and the midtown Phoenix area as a whole.
“This sale is a big step in the right direction for Midtown and Central Phoenix, especially as this growing area continues to develop and transform,” she said. “I am optimistic to see what more is in store, and how this and further investment ushers in a new era of endless opportunities.”
The buildings have large floor plates and high ceilings with a variety of fascinating exposed roof structures, as well as an opportunity to create ground level indoor/outdoor work experiences and authentic, non-traditional office experiences.
The project features office space ranging from 8,000 to 80,000 square feet, with a variety of configurations available. Margaret Lloyd and Bill Cook of Plaza Companies are teaming up with Mark Stratz and Scott Baumgarten of Transwestern to provide leasing services for the new Park Central.
Holualoa and Plaza have teamed up on a number of other properties in the Valley, most notably SkySong, The ASU Scottsdale Innovation Center.
Stan Shafer, Chief Operating Officer of Holualoa Companies, said that the group continues to work closely with the City of Phoenix and other nearby property owners to ensure Park Central’s revitalization is a boost to the area.
“The potential of this property to not only succeed, but to be an economic engine for the community, is truly limitless,” Shafer said. “This is a tremendous opportunity to create a project that will celebrate its mid-century-modern design roots while incorporating all of the state-of-the-art features that innovative and entrepreneurial companies are seeking in their office space.”