April 27, 2025 8:04 am
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Arizona Center begins $25M renovation; adding hotel, multifamily housing

A rendering of the Arizona Center’s new look/ Parallel Capital Partners and Angelo Gordon& Co.

By Steven Totten | Phoenix Business Journal

Parallel Capital Partners and Angelo Gordon& Co., which bought the downtown Phoenix center in 2015 for $126 million, announced plans for renovations to the 1-million-square-foot center, which is projected to cost $25 million.

The companies have plans to add a boutique hotel and multifamily housing on the site as well as a number of other site improvements.

Downtown Phoenix had more than 3,600 apartment units planned or already under construction as of September 2016, and it doesn’t look like that development will slow anytime soon.

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