Park Central to get makeover New owners plan big improvements for mall built in 1957
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, but one of them doesn’t plan to board the renovation train that the new owners will launch.
Park Central Deli will close after lunch service on Friday, Nov. 17. It’s been serving sandwiches, soups and smiles since the shopping center opened (back then it was called Miracle Mile Deli.)
The center’s new direction coincides with the deli’s lease expiring, and owners Charlie Sands and Jim Bickoff made the tough decision not to renew.
“We’re of an age that you have to start thinking about enjoying life a little more,” Sands said. “We’re going to go out on top with this. Our heads are held high. We know what people felt about this restaurant.”
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 Peoriabased Plaza Cos.
She said plans call for creative workspaces and offices, meeting spaces, art, shade, gathering places and an indoor and outdoor environment “unlike any office campus in the area.”
Tucson-based Holualoa and Plaza have teamed up on other prominent redevelopment projects in the region, including ASU’s Innovation Center SkySong in Scottsdale.
“This is a tremendous opportunity to create a project that will celebrate its Midcentury-Modern design roots while incorporating all of the state-of-the-art features that innovative and entrepreneurial companies are seeking in their office space,” said Stan Shafer, Holualoa chief operating officer.
Construction at Park Central is expected to start in the next few weeks.
Republic reporter Jennifer McClellan contributed to this story.
“Park Central lends itself to a remarkable opportunity for new-economy workforce and businesses.” SHARON HARPER CEO, PEORIA-BASED PLAZA COS.