While technically not one, large real estate deal, the redevelopment plan for the Park Central Mall area is undoubtedly a big deal.
Slowly, but surely, bit by bit, the development duo of Plaza Companies and Holualoa Companies are unveiling their new vision for the Park Central Mall site along Central Ave. in Phoenix.
The first glimpse came midway through 2017 when Plaza and Holualoa announced plans to reinvent the aging Park Central Mall. That $57 million purchase and renovation plan is now past the midway point, as DPR Construction is in the midst of major steel work on the site as crews transform the project into a chic, modern office and retail property.
At the time of the purchase, Holualoa chief operating officer Stan Shafer said, “The potential of this property to not only succeed, but to be an economic engine for the community, is truly limitless.”
More of that potential was unlocked in September, when it was announced that Creighton University was going to build a new, $100 million health sciences campus at Park Central. The 200,000 square foot building, which will be located on the southeast corner of the property, is expected to house 800 health sciences students. The plan includes a four-year medical school, nursing school, occupational and physical therapy schools as well as pharmacy, physician assistant and emergency medical services programs.
“The new Park Central will have a focus not only on the creation of world-class office, retail and public spaces, but also on a commitment to health and innovation,” Plaza Companies CEO Sharon Harper said at the time of the announcement. “Creighton University’s commitment to innovating in health care education makes it a great partner, and we couldn’t be more pleased to have them join the Park Central family.”
Just when it seemed like all of the chips were in play at Park Central, Plaza and Holualoa announced another move on October 12. The duo purchased 21 acres of property around Park Central Mall for $28 million and announced a Phase II for the property that would include a nine-story, multifamily residential development, a 2,000-space parking structure and a 193,000 square foot mixed-use building.
“With Phase II now included, the entire property is now put back together with a master vision for its future,” Harper said. “The synergies, benefits and impact are much more than they could have ever been if we were only able to do the first phase of the project. Between the impact of the new construction, the Creighton facility and the revitalized former mall space, Park Central will truly become an economic engine for Phoenix’s urban core.”