In 1957, Park Central Mall opened its doors and quickly became the center of activity along Central Avenue as well as a landmark to Valley residents. But as the number of enclosed shopping malls increased, Park Central began to be eclipsed. Over the years, the property encountered different struggles – losing major retailers, the Great Recession, and having insufficient capital to attract and retain tenants. But, with a renewed partnership between Plaza Companies and Holualoa Companies, the mixed-use development is once again thriving.
Park Central is Becoming an Economic Hub
Because of the partnership between Plaza Companies and Holualoa Companies, the mixed-use development is filling its property with a diverse range of tenants, including companies in the healthcare, tech, retail, restaurant, and hotel industries. Park Central is once again becoming the center of activity in Central Phoenix.
Central Phoenix has become one of the highest concentrations of tech jobs in the region. Growth in the tech industry is creating a huge demand for real estate specific to the industry’s needs. As a result, Park Central has become the development of choice for tech companies such as WearTech, Nerdery, and Zayo.
In addition to tech-focused tenants, Park Central will be the home of Creighton University’s health sciences campus. There is a shortage of healthcare providers in our country and with a new state-of-the-art campus located in Central Phoenix, Creighton will attract much-needed future healthcare professionals and students. Furthermore, the central Phoenix location makes it convenient for students doing their residencies and other studies at nearby hospitals.
The abundant mid to high-rise office buildings in the area and growth at Park Central is fueling a demand for a new place to stay for travelers to the Valley. To provide a comfortable place to stay for city travelers, Fayth Hospitality Group is constructing a new 5-story, 105,000 square foot hotel for a new Home2 Suites/Tru By Hilton. The hotel will feature a number of amenities including a rooftop pool, mini-marketplace, and natural landscape to complement the urban environment.
What Does Park Central’s Redevelopment Mean for the Future?
Phoenix is attracting new business and residents which is creating a huge demand in commercial real estate. As a result, Park Central has become a desirable and convenient spot for companies and the growing workforce. With a diverse group of tenants, Park Central is becoming a prominent mixed-use property.
By becoming a new higher education hub in the Valley, Park Central and its healthcare tenants hope to attract prospective medical students and professionals to their facilities. This benefits the development and the Phoenix community by educating and preparing future healthcare experts.
Plaza Companies Is Proud to Introduce the New and Improved Park Central
Mixed-use developments are a vital part of many local communities. By redeveloping Park Central Mall as a mixed-use commercial property, Central Phoenix will benefit from a new hub for economic development. Plaza Companies is dedicated to the creation, growth, and sustainability of our projects. Contact us today to learn how we can assist you with your property.