Arizona Center Development

[fawd]

https://www.bizjournals.com/phoenix/...o-arizona.html


An AC Hotel by Marriott (Nasdaq: MAR) is slated for development at the Arizona Center in downtown Phoenix.

The planned hotel will be 15 stories and have 200 rooms. It is being developed by Las Vegas-based LaPour Partners.

The Arizona Center is at Third and Van Buren streets in downtown Phoenix. It is going through renovations to its retail and restaurant areas.

LaPour is under contract for a 49,190-square foot parcel on the Fifth Street side of the Arizona Center development for the new hotel.

“Downtown Phoenix is a true destination, and soon Arizona Center will be able to host out-of-town visitors in the heart of it all,” said Matt Root, CEO and managing partner for Parallel Capital Partners, owners of Arizona Center. “We are excited to partner with LaPour on this hotel project, and bring another much-desired element to this iconic mixed-use space.”

The Arizona Center is home to two big office towers. One houses the headquarters of Pinnacle West Capital Corp. (NYSE: PNW). That is the parent of the Arizona Public Service Co. utility. The other is home to heavyweight law firm Snell & Wilmer LLP.

The development is also home to Starbucks (Nasdaq: SBUX) and AMC Theatres cineplex (NYSE: AMC) as well as offices and restaurants.

A new 31-story apartment tower is also being developed at the downtown development

Parallel Capital Partners and Angelo Gordon and Co. bought the Arizona Center for $126 million in 2015.

The 31-story residential tower is slated to begin construction in 2018 and construction of the AC Hotel is scheduled to begin in April 2018.

The AC Hotel joins several other new hotels in the downtown Phoenix area that have been built or are under construction.

“With so much growth and change happening in downtown Phoenix, Arizona Center is the ideal place for an AC hotel,” said LaPour President, Jeffrey LaPour. “This new AC hotel will be across the street from Phoenix Bio-Medical campus and walkable to ASU’s downtown campus as well as the major sporting events, concerts, and countless other downtown activities including all of the new amenities coming to Arizona Center.”

[Obadno]

Originally Posted by fawd

https://www.bizjournals.com/phoenix/...o-arizona.html


An AC Hotel by Marriott (Nasdaq: MAR) is slated for development at the Arizona Center in downtown Phoenix.

The planned hotel will be 15 stories and have 200 rooms. It is being developed by Las Vegas-based LaPour Partners.

The Arizona Center is at Third and Van Buren streets in downtown Phoenix. It is going through renovations to its retail and restaurant areas.

LaPour is under contract for a 49,190-square foot parcel on the Fifth Street side of the Arizona Center development for the new hotel.

“Downtown Phoenix is a true destination, and soon Arizona Center will be able to host out-of-town visitors in the heart of it all,” said Matt Root, CEO and managing partner for Parallel Capital Partners, owners of Arizona Center. “We are excited to partner with LaPour on this hotel project, and bring another much-desired element to this iconic mixed-use space.”

The Arizona Center is home to two big office towers. One houses the headquarters of Pinnacle West Capital Corp. (NYSE: PNW). That is the parent of the Arizona Public Service Co. utility. The other is home to heavyweight law firm Snell & Wilmer LLP.

The development is also home to Starbucks (Nasdaq: SBUX) and AMC Theatres cineplex (NYSE: AMC) as well as offices and restaurants.

A new 31-story apartment tower is also being developed at the downtown development

Parallel Capital Partners and Angelo Gordon and Co. bought the Arizona Center for $126 million in 2015.

The 31-story residential tower is slated to begin construction in 2018 and construction of the AC Hotel is scheduled to begin in April 2018.

The AC Hotel joins several other new hotels in the downtown Phoenix area that have been built or are under construction.

“With so much growth and change happening in downtown Phoenix, Arizona Center is the ideal place for an AC hotel,” said LaPour President, Jeffrey LaPour. “This new AC hotel will be across the street from Phoenix Bio-Medical campus and walkable to ASU’s downtown campus as well as the major sporting events, concerts, and countless other downtown activities including all of the new amenities coming to Arizona Center.”

ADD IT TO THE LIST!!!!!

Downtown is just going to be one unending construction zone for the next couple of years.

Also do they plan to do anything with the back surface lot on the corner of Fillmore and 5th/3rd I think that would be another great spot for residences or maybe a new office that has some actual height.

[dtnphx]

So, the AC/Hotel is going in the grassy area just north of the APS building, where is the residential tower going?

[Obadno]

Originally Posted by dtnphx

So, the AC/Hotel is going in the grassy area just north of the APS building, where is the residential tower going?

The Grassy area on the corner of 5th and Van Buren, AZ center will be downtowns densest block.

[CrestedSaguaro]

Originally Posted by Obadno

ADD IT TO THE LIST!!!!!

Downtown is just going to be one unending construction zone for the next couple of years.

Also do they plan to do anything with the back surface lot on the corner of Fillmore and 5th/3rd I think that would be another great spot for residences or maybe a new office that has some actual height.

I'm really surprised they didn't go for putting something on that surface lot first. I wonder if they see the garage as an impediment?

[Obadno]

Originally Posted by RonnieFoos

I'm really surprised they didn't go for putting something on that surface lot first. I wonder if they see the garage as an impediment?

Im sure all of what the new owners are doing is costing a fortune, maybe they are holding off on the last lot for final expansion. IDK, Id imagine they need to grow the parking structure too if they don't dig deep parking underground for the new buildings, If they add parking to it I hope its a podium for future residence/office.

[PHXFlyer11]

This is awesome and very smart! If they want to assure the success of their investment in the renovation, they need to build in a customer base on site. Hotel and residential provides that instantly. Keep the merchants happy and rents high!

[ASU Diablo]

Originally Posted by Obadno

Im sure all of what the new owners are doing is costing a fortune, maybe they are holding off on the last lot for final expansion. IDK, Id imagine they need to grow the parking structure too if they don't dig deep parking underground for the new buildings, If they add parking to it I hope its a podium for future residence/office.

There used to be a Cushman & Wakefield development brochure that showed the parking garage increasing in height and those parking lots targeted for development. It also showed the AMC Center being replaced by mixed-uses. I can't find it anymore and the link (found on the first page) is now dead.

[combusean]

The surface lot looks like it has the most room for a big wide office building (think Freeport McMoran) that can handle the contiguous floorplates that modern clients like.

Not much demand for that sorta thing now, of course, but maybe later.

I remember seeing something smaller proposed but that would be a huge waste.

[Obadno]

Originally Posted by combusean

The surface lot looks like it has the most room for a big wide office building (think Freeport McMoran) that can handle the contiguous floorplates that modern clients like.

Not much demand for that sorta thing now, of course, but maybe later.

I remember seeing something smaller proposed but that would be a huge waste.

I thought the original cityscape was 4 towers about 40 stories each

[combusean]

It was, what's your point?

[CrestedSaguaro]

Here's a little food for thought. The new owners stated that the residential tower would be the 2nd tallest residential tower in Arizona. I wonder if they counted the Link at 350' on that residential tower list? I wonder if AZ Center will go for broke and try to beat out Link?

[Obadno]

Originally Posted by RonnieFoos

Here's a little food for thought. The new owners stated that the residential tower would be the 2nd tallest residential tower in Arizona. I wonder if they counted the Link at 350' on that residential tower list? I wonder if AZ Center will go for broke and try to beat out Link?

The link is what 29? this one is allegedly 31

[Renz]

Originally Posted by Obadno

The link is what 29? this one is allegedly 31

31 story building next to two, now 3 with the included hotel. It's gonna make for a rather dense location in phoenix, potentially bringing more companies to develop around downtown.

Maybe the Arizona Center will become a tiny times square of its own someday with all the LED billboards shown in the renderings. Are those LED billboards?

[ASU Diablo]

Originally Posted by airomero83

There used to be a Cushman & Wakefield development brochure that showed the parking garage increasing in height and those parking lots targeted for development. It also showed the AMC Center being replaced by mixed-uses. I can't find it anymore and the link (found on the first page) is now dead.

Found it:
https://www.arizonacenter.com/wordpr...sed_CW-min.pdf



Slide 8 shows the conceptual plans. It looks like an extension of the parking garage and then some residential facing Fillmore. Mixed-used high rise and another building where the AMC currently is.

[combusean]

I really, really, really hope the north end doesn't happen like that.

The AMC has been a long draw for downtown and although it could be downsized it'd be a big loss if it were gone.

And then extending the garage for 3 stories of residential is the same obsolete garbage thinking that gave us the Met and the eyesore of the Chase garage.

[CrestedSaguaro]

Originally Posted by combusean

I really, really, really hope the north end doesn't happen like that.

The AMC has been a long draw for downtown and although it could be downsized it'd be a big loss if it were gone.

And then extending the garage for 3 stories of residential is the same obsolete garbage thinking that gave us the Met and the eyesore of the Chase garage.

I agree with losing AMC. I have been going there more recently as it's quick for me to get to a movie after work. I feel AMC will be a big draw once they have the residential portion and an AC Marriot on the same premises.

The garage, I am OK with giving it a few extra floors, but not more ground coverage. Maybe if they built that NE corner as a podium and moved the proposed NW residential on top of it and kept the AMC theater (with a few less screens), I would like that much better.

[TAZ4ate0]

Originally Posted by RonnieFoos

Here's a little food for thought. The new owners stated that the residential tower would be the 2nd tallest residential tower in Arizona. I wonder if they counted the Link at 350' on that residential tower list? I wonder if AZ Center will go for broke and try to beat out Link?

I am assuming then that 44 Monroe is the tallest. What is the height of that? 375' - 385'? I know I can look it up, but I'm lazy when I know someone here already has the answer.

[CrestedSaguaro]

Originally Posted by TAZ4ate0

I am assuming then that 44 Monroe is the tallest. What is the height of that? 375' - 385'? I know I can look it up, but I'm lazy when I know someone here already has the answer.

Monroe is 380'. So, if AZ Center goes taller than Link, I would imagine it would be somewhere around 360'ish. But I'm not sure Link was announced yet when AZ Center announced their tower would be the 2nd tallest residential. I'm guessing no on that since Link kinda came out of nowhere. My realistic guess is AZ Center will also be around 350'.

[PHX-DUDE-MAN]

Originally Posted by RonnieFoos

Monroe is 380'. So, if AZ Center goes taller than Link, I would imagine it would be somewhere around 360'ish. But I'm not sure Link was announced yet when AZ Center announced their tower would be the 2nd tallest residential. I'm guessing no on that since Link kinda came out of nowhere. My realistic guess is AZ Center will also be around 350'.

If this new AZ Center tower is suppose to be the 2nd tallest in the state, then it has to be taller than the US Bank Tower which stands at 407'. So if they do go for 2nd tallest, then it has to be between 407' and 483' (Chase Tower). So maybe it will stand at 450'

Right?