North American Development Group has acquired a one-acre parcel within the 16-acre Arizona Center, a mixed-use project that Parallel Capital Partners owns. The site will house downtown Phoenix’s second tallest residential building, Palm Court Tower. Designed by Will Bruder Architects and Forum Studio, the luxury project will cost approximately $100 million.
Situated at 440 E. Van Buren St., the 30-story property is set to feature 350 luxury units, ranging from 500-square-foot studios to 1,300-square-foot three-bedroom apartments on top of a six-story parking garage. The project is slated to include a garden entry and an amenity level with swimming pools, fitness facilities, parking and other services.
The downtown location provides immediate access to the largest employers in the city’s central business district, along with upscale bars, restaurants and shopping destinations. Additionally, multiple art galleries, hotels and entertainment venues are nearby. The University of Arizona College of Medicine is across the street from Arizona Center.
Phoenix’s downtown revitalization
Parallel Capital Partners, in partnership with Angelo, Gordon & Co., acquired Arizona Center in 2015 for $126 million. The joint venture initiated a $25 million renovation process last year with the help of Skanska USA. The 16-acre complex has entitlements for an additional 3.9 million square feet of improvements. Among other projects, the two partners plan to start construction on a new 200-key AC Hotel by Marriott in 2018. LaPour Partners will develop the hotel.
Construction at Palm Court Tower will also begin later this year and the estimated time of completion is 2020. “Downtown Phoenix is emerging as an employment hub, with increasing numbers of high-tech companies establishing offices here,” Matt Root, CEO of Parallel Capital Partners, told Multi-Housing News. “Palm Court Tower will provide much needed housing—bringing an important new element to the Arizona Center—further stimulating the downtown area’s growing economy.”
Image courtesy of Parallel Capital Partners