Posted Mar 31, 2023, 9:15 PM
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Join Date: Jan 2013
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Developers to bring thousands of new Valley apartment units to mall redevelopments
Some new details/rendering on proposed apartment complex at Park Central.
https://www.bizjournals.com/phoenix/...-projects.html
Quote:
Developers plan to add nearly 7,000 apartment units to Phoenix as they redevelop three iconic malls.
The redevelopment projects at Park Central, Metrocenter and Paradise Valley malls will exceed $3 billion in total development costs, said Mike Ebert, managing partner of Phoenix-based Red Development LLC, which is leading the redevelopment of Paradise Valley Mall.
Ebert took center stage as part of a panel discussion on the transformation of these three iconic malls at Urban Land Institute's conference attended by more than 450 people in Phoenix March 27-29.
He was joined by Steve Betts, managing director of development for Holualoa Cos., Josh Vasbinder, West Coast partner for The Dinerstein Cos., and Christine Mackay, economic development director for the city of Phoenix.
With a goal of adding 50,000 housing units to Phoenix by 2023, these three redevelopment projects will produce anywhere between 6,000 and 7,000 units toward that effort, Mackay said.
At Park Central, Dinerstein is opening its 278-unit Aspire Park Central, with plans to begin construction on another 338-unit apartment community on that campus by mid 2024, Vasbinder said.
To be called 3rd & Flower, that eight-story apartment community will be built on a 2.5-acre parcel on the back side of Park Central at 3rd Avenue and Flower Street, Vasbinder said.
Park Central is home to Creighton University's $100 million Health Sciences Campus, with a 204-room Hilton Hotel under construction at Park Central, said Betts.
Featuring a pool on the roof, the hotel will offer dual brands, Home2Suites by Hilton and Tru by Hilton, he said. It will open during the summer of 2024.
"Creighton bought from us two office pads and have conceptual plans for a second building/tower on their second pad on the corner of Central and Catalina," Betts said.
Metrocenter to include two hotels, retail space
Betts also is a consultant for the Metrocenter redevelopment project, which will include upward of 3,000 apartment units.
With the light rail extension being built directly onto that campus and a 15-minute drive from the Taiwan Semiconductor Manufacturing Co.'s $40 billion plant, which is hiring thousands of people, the Metrocenter redevelopment project is expected to include a minimum of 100,000 square feet of retail space, two hotels, self storage units, and a public park and plaza.
The Walmart on that campus, which will remain, is one of the most productive Walmarts in the state, he said.
Hines, Concord Wilshire and TLG Investment Partners are development that project.
Luxury apartment units will be built at the Paradise Valley Mall redevelopment project, Ebert said.
Streetlights Residential is kicking off apartment development there with 400 luxury units built on top of Whole Foods Market. A dine-in Harkin's luxury theater, upscale restaurants, hotel, office and retail also will be part of the 120-acre project, he said.
Ebert also announced at the ULI conference the agreement with Life Time (NYSE: LTH) to develop an 11-story apartment tower that will include 300 units with a rooftop pool. This will be first Life Time Living project for the Minneapolis-based company.
It will be near the 92,000-square-foot Life Time athletic country club, which will feature a rooftop beach club.
Senior living apartment units also are proposed for that campus.
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