San Diego-Based Parallel Capital Partners Launches Renovation for Retail Component of Arizona Center

PHOENIX - March 23, 2017 - PRLog -- San Diego-based Parallel Capital Partners, which acquired the Arizona Center in a joint venture with Angelo, Gordon and Co. in late 2015, has broken ground on the $11.6 million renovation for the retail component of the iconic property, a16-acre mixed-use campus in downtown Phoenix.

Phoenix's original metropolitan entertainment destination is located at 3rd Street and Van Buren in the heart of downtown and spans one million square feet. Parallel announced last year that it would embark on a $25 million renovation of the entire project, originally developed in 1989.

During a ceremony held last week at Arizona Center, Parallel Capital Partners' senior vice president of operations, Jamie Cronemeyer, along with Phoenix mayor, Greg Stanton, took sledgehammers to flagstone, knocking giant holes in the current façade, which will be given a significant facelift beginning immediately. Arizona Center owners also announced New York-based Skanska USA would handle construction management for the retail portion of the project.

"We are proud to partner with Skanska USA as construction managers for this project, said Matt Root, CEO and managing partner for Parallel Capital Partners. "The company's track record in the commercial construction industry is hard to match, and we look forward to moving through this project quickly to bring Arizona Center back to life."

According to Root, the project will take approximately nine months to complete, and all current tenants will remain open during the renovation.

Cronemeyer also announced a boutique hotel and multi-family housing will be added amenities at Arizona Center. Final negotiations of these partnerships are underway and will be announced soon.

The architect of the project is Gensler – a global architecture, design and planning firm – who will redesign the current introverted space by opening it to the surrounding streets and the urban neighborhood, creating a more interactive and spontaneous experience that connects to the existing fabric of downtown Phoenix. When completed, the multi-use project will feature a 360-degree experience that communicates the unique attributes and identity of Arizona. Specific transformative elements include site furnishings, shade structures, landscape, lighting, new materials, fixtures and finishes, wayfinding and branded signage features. In addition, the current parking garage at 5th and Fillmore streets will be upgraded, and a valet parking element is being added on 3rd St., between Van Buren and Fillmore streets.

In addition to Gensler, PdO is working on the interior redesign for One Arizona Center, and Smith Group JJR is supporting development strategies for the entire property.

Parallel Capital Partners and Angelo, Gordon & Co. paid $126 million in December 2015 for the 16-acre Arizona Center multi-use complex with entitlements for an additional 3.9 million square feet of improvements.

About Parallel Capital Partners, Inc.
Parallel Capital Partners, Inc. is a private, fully integrated real estate investment and operating company focused on acquiring value-added and core-plus opportunities for its own account in primary and secondary markets west of the Mississippi, including Hawaii. For more information visit www.parallelcapitalpartners.com.

About Arizona Center
Arizona Center, located in the heart of downtown Phoenix at 3rd St. and Van Buren, is a one-million-square-foot multi-use project. It's where entertainment, shopping, events, dining and prime office space create a unique, centralized hub for all downtown Phoenix has to offer. Amidst many Phoenix points of pride including the Phoenix Convention Center, many hotels, Talking Stick Resort Arena and Chase Field, the new Arizona Center is an urban downtown oasis. For more information, visit www.arizonacenter.com.