It’s a change that has been decades in coming for one of central Phoenix’s most iconic properties. But the time for a new Park Central is now.
Two of Arizona’s most prominent commercial real estate firms — Plaza Companies and Holualoa Companies — have teamed up to purchase a significant portion of the Park Central Mall site, once one of the Valley’s premier properties and one that has long been a target for redevelopment.
Plaza and Holualoa will control more than 337,000 square feet of buildings at the site when escrow closes next month. The new ownership team has selected architect richärd+bauer and DPR Construction to help “reinvent” Park Central by converting it into a modern, mixed-use, competitive economic engine for the Valley of the Sun. The goal will be to create a new beating heart in the middle of central Phoenix, one that will attract restaurants and office employers from around the world and serve as a catalyst for new jobs and economic growth.