Renovated Arizona Center in Phoenix set to include apartment complex

PHOENIX — The Arizona Center in downtown Phoenix is about to reach new heights — literally.

A Florida-based developer is reportedly buying land in the downtown Phoenix shopping and entertainment center in order to build a 31-story, $100 million apartment complex.

The Phoenix Business Journal reported that the North American Development Group is buying a 39,970-square-foot piece of land on Fifth and Van Buren streets.

According to the article, the apartment complex will have 350 units and “would be the second tallest building in the state, after only Chase Tower.”

The building would also have a six-level parking garage and 25 floors of apartment, The Phoenix Business Journal reported.

Matt Root with Parallel Capital Partners, which owns the Arizona Center, told The Phoenix Business Journal that the development “will truly set [Arizona Center] apart as a downtown destination.”

Chris Chamberlain with the North American Development Group agreed, saying the complex will “help define the reinvention of the Arizona Center as a vibrant and fresh pedestrian-oriented live, work, shop precinct at the heart of Phoenix.”

The Arizona Center, which is located at Third and Van Buren streets and stretches two city blocks, has already been undergoing a makeover. A $25 million facelift on the center began in March, in an effort to revitalize and modernize the complex.

The upgrades will include a new valet parking entrance, glass walls, landscaping, shade structures, lighting, outdoor Wi-Fi access, furnishings and new signage, in an effort to make the center more welcoming and walkable.

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