Hines and A&L Investments to Develop Mixed-Use Project in Downtown Phoenix
(PHOENIX, AZ) – The Phoenix office of Hines, the international real estate firm, and A&L Development Phoenix of McLean, VA, announced today plans to develop a mixed-use project named Central Park East. A portion of the project is a public-private partnership between the two firms along with the City of Phoenix on behalf of Arizona State University. The 1.4 million-square-foot development will be located in the heart of downtown Phoenix on the northeast corner of Central Avenue and Van Buren Street. The transaction was arranged by Jim Fijan with CB Richard Ellis.
Designed by Smithgroup, Central Park East will contain the following interconnected components: a 10-story podium will contain 35,000 square feet of for-lease retail space on the first level; 205,000 square feet of classroom/office space that will serve the new downtown campus for Arizona State University; and a 510,000-square-foot parking structure will contain 1,230 above- and below-grade parking spaces. Rising from the podium will be 320,000 square feet of for-lease, Class A office space in a 12-story building; and approximately 150 condominium units.
Phoenix Mayor Phil Gordon commented, "This is yet another example of the good things that can happen when the private and public sectors are able to partner for the benefit of everyone involved. It is also a good indication of the endless ways our new ASU campus will change downtown Phoenix for the next hundred years and beyond."
The project will begin construction in the fourth quarter of 2006 and is scheduled to be completed in the second quarter of 2008. Jim Fijan and Jerry Roberts with CB Richard Ellis in Phoenix will be marketing the Class A office space.
“Hines and our joint venture partner are proud to work with the City of Phoenix and Arizona State University to deliver a dynamic mixed-use project that will not only enhance the downtown skyline, but will also provide a true live-work-play environment,” said Hines Senior Vice President Clayton Elliott.
Hines has been active in the Arizona market since 1996. The firm developed 24th at Camelback in Phoenix; the America West Holdings Corporation Headquarters in Tempe; and the Vanguard Campus in Scottsdale. The firm currently owns/manages approximately one million square feet in the greater Phoenix area.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The Hines portfolio of projects completed, underway, acquired and managed for third parties includes more than 800 properties representing over 285 million square feet of office, mixed-use, industrial, hotel, medical, sports facilities and residential properties, as well as large, master-planned communities and land developments. With offices in 63 U.S. cities and 13 foreign countries, and controlled assets valued at approximately $11 billion, Hines is one of the largest real estate organizations in the world. Access www.hines.com for more information.