Moving on up: Downtown Phoenix entertainment center to get $25M upgrade

PHOENIX — A well-known dining and shopping center in downtown Phoenix will soon get $25 million worth of upgrades, according to the Phoenix Business Journal.

Arizona Center will begin to undergo $25 million worth of improvements next spring after the development was purchased by Parallel Capital Partners and Angelo Gordon and Co. last month.

The two companies paid $126 million for the Arizona Center, which is located at Third to Fifth streets on Van Buren Street in downtown Phoenix. The development currently houses an AMC Theaters, two 20-story office towers and several stores and restaurants.

Parallel Capital Partners CEO Matt Root said the company is planning a “major renovation and campus upgrades,” including expanded parking and retail complexes, according to the article.

Root said in an interview with the Phoenix Business Journal that the company is interested in expanding in the downtown Phoenix area because they feel it has the potential to capture “recovery benefits in the first cycle.”

The $126 million paid for the complex also included entitlements for an additional 3.9 million square feet of improvements.

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