By Roland Murphy for Arizona Builder’s Exchange
The next phase in the Arizona Center’s repurposing and rejuvenation was announced this week when it was announced North American Development Group will purchase nearly 40KSF at the NWC of 5th Street and Van Buren to create a $100M, 31-story residential tower.
Will Bruder Architects will serve as project architect.
“The addition of a residential tower to Arizona Center will truly set it apart as a downtown destination,” said Matt Root, CEO and managing partner for Parallel Capital Partners, owner of the Arizona Center. “We know North American Development Group will maintain the character and vibrancy of the brand and we look forward to seeing this project come to life.”
When completed, the tower will be the second tallest residential building in downtown. It will feature 350 units with eight different floor plans ranging from 550SF-1,650SF. One-, two- and three-bedroom configurations will be available. The development will feature a six-level parking garage with a rooftop swimming pool terrace and 25 stories of living space.
Arizona Center itself is currently undergoing a $25M renovation. Skanska is managing construction, and Gensler is the architect. Ground on that phase of the project was broken in March.
Arizona Center is considered “Phoenix’s original downtown entertainment destination.” Constructed in 1990, it was downtown’s first mixed-use development, and one of the few draws to the area for the many years when downtown turned into a virtual ghost town after 6 p.m. The revitalization of downtown following the introduction of light rail has brought massive investment – up to $9B by estimates – across the entire area.
Much of that development has been fueled by the technology sector’s attraction to the area, a circumstance largely fueled by light rail accessibility. According to comments by Phoenix Mayor Greg Stanton at a conference earlier this week, the number of tech companies in the Phoenix area has exploded from 67 in 2012 to 273 today, most of which are in or near downtown.
Christine Mackay, the city’s director of Community and Economic Development, told Construction Dive earlier this month that 5,000 downtown apartment units have either recently been completed or are in various stages of development.
According to the latest announcement, “The residential tower will provide a shaded arcade/courtyard experience for residents and visitors alike. In addition to a generous ‘lobby living room’ at its base, spaces for coffee, wine, and food will enliven the walkways with indoor and outdoor activity.”
No timeline was given for tower construction.
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