The Park Central Mall in Phoenix, Arizona is set to undergo a $57 million transformation.
Opening in 1957, the mall is a staple in the Phoenix area community. Located on Central Avenue and Earll Drive, the property has been purchased by Plaza Companies and Holualoa Companies. The two real estate firms are working with architect richärd+bauer and DPR Construction on the redevelopment of the property.
Park Central Mall, also known simply as Park Central, is expected to retain its original name. The new project will turn Park Central into a mixed-use center featuring shops, restaurants, drink retailers, office spaces, art, shaded areas, and outdoor spaces. The variety of businesses and public spaces should make the area an even stronger economic draw and enjoyable location for the public.
The real estate firms now own more than 337,000 square feet of the Park Central Mall property. They plan to revitalize the area, taking advantage of existing buildings when possible throughout the renovation process.
While a completion date for the redevelopment is not set, construction is expected to begin within the coming weeks. City of Phoenix officials are optimistic about the project. They predict that it will stimulate the local economy and bring positive changes to the community.
The redevelopment project of Park Central Mall is just one of many planned for Midtown and Central Phoenix. With the city wanting these areas to continue to develop, the $57 million transformation can set the tone for future projects nearby.
Known as the city’s first-ever shopping mall, Park Central has been part of the city for 60 years. Also in operation since the inception of the mall is Park Central Deli. Its owners announced that they do not plan to renew their lease and instead plan to retire. The renovation and redevelopment of Park Central will break the property up into several districts with unique names. The multipurpose environment should rejuvenate the area both visually and practically. While businesses such as Park Central Deli may be ending their time at the mall, the redevelopment of the property is expected to usher in numerous new businesses.
The CEO of Plaza Companies, Sharon Harper, sees the reinvention of Park Central as something “truly innovative.” She expects the mixed-use project to strengthen Park Central’s presence and brand in the area. The city is hopeful that the redevelopment will turn the area into an positive economic force.