New Owners Plan Big Makeover of Park Central Mall
The new owners of Park Central Mall in midtown Phoenix plan to spend $57 million to buy most of the mall and give it a long-overdue makeover.
Plaza Cos. and Holualoa Cos. announced last month they were buying 337,000 square feet of the once-iconic shopping center built in 1957.
The sale is scheduled to close this week. How much of the $57 million will be spent for the property and how much will be spent on the makeover is not yet clear.
The new owners said some of the plans for Park Central include:
- The Market: A pedestrian connection to Central Avenue with lots of shade.
- The Goldwater Building: A large flexible office space in the building that once housed a department store by that name.
- The Porch: More restaurants and bars.
- The Hub: Space for entrepreneurs and creators.
- The Lofts: Work spaces that celebrate the history of the property while incorporating modern amenities.
- The Yard: Temperate outdoor area for work and play.
Most of the former mall on Central Avenue and Earll Drive was transformed into office buildings and data centers in the late 1990s. The center has a few popular restaurants as well.
The Dignity Health building in the southwest corner of the former mall and the former J.C. Penney building in the northwest section aren’t included in the sale.
“We believe that Park Central lends itself to a remarkable opportunity for new-economy workforce and businesses,” said Sharon Harper, CEO of Peoria-based Plaza Cos.
Article originally posted on AZ Central on October 23, 2017