Downtown Phoenix continues to change, as the $25 million renovations for the one million-square-foot Arizona Center ceremoniously began Tuesday.

The retail and entertainment destination at Third and Van Buren Streets will receive site furnishings, shade structures, landscape, lighting, new materials, fixtures and finishes, wayfinding, and branded signage features from the renovations.

(Rendering courtesy of Parallel Capital Partners and Angelo, Gordon & Co.)
Valet parking will be added to the Arizona Center on Third Street., between Van Buren and Fillmore Streets. (Rendering courtesy of Parallel Capital Partners and Angelo, Gordon & Co.)

In December 2015, Parallel Capital Partners and Angelo, Gordon & Co. purchased the Arizona Center for $126 million.

New York-based Skanska USA will handle construction management for the project, according to the Arizona Center’s owners. Gensler is the architecture firm working on the project. PdO is working on the interior redesign for One Arizona Center, and SmithGroupJJR is supporting development strategies for the entire property.

Jaimie Cronemeyer, senior vice president of operations at Parallel Capital Partners, announced during the ceremony for the renovations that a boutique hotel and multifamily housing will be added as amenities to the Arizona Center. More details for the newly announced amenities will be released after negotiations are complete.

In addition, the current parking garage at 5th and Fillmore streets will be upgraded, and a valet parking element is being added on Third Street, between Van Buren and Fillmore streets.