A plan from Left Lane Development could breathe new life into the iconic Punchcard Building site at Central Avenue and Osborn Road, as well as deliver a new structure to round out the project.
Left Lane plans to buy the building – also known as the Phoenix Financial Center – and convert it into a boutique hotel with retail and apartments. The company will also construct a second building with a rooftop deck and spa.
Developed as an 18-story office building with two 9KSF rotundas, the building is now mostly vacant. Office to residential conversions are often difficult, but Left Lane officials said the Punchcard Building’s shallower floor plates will present less of a challenge.
The conversion plan calls for 192 hotel rooms and 144 apartments, along with retail, restaurant and event space. The second building will stylistically complement the original and offer meeting space and amenities, including a spa and pool.
Development is planned in a single phase. Left Lane is in the pre-application process currently and will not start physical work on the project for at least a year, according to representatives. The company is finalizing the budget and timeline.
Work has been undertaken in stops and starts at the site for years. Building owners the Geddes Family and developer Ironline Partners renovated the 18th floor and made plans to convert the site to mixed-use with a new hotel, new features and the addition of a multifamily project to be built by Mill Creek Residential on the east parking lot.
Mill Creek, however, has paused on development of the apartment component and no longer plans to acquire the lot, according to Ironline officials.
Ironline and Left Lane are collaborating on Left Lane’s purchase of the property, which is expected to close late next year. (Source)
