More than 200 new hotel rooms are planned at the site of the reimagined Park Central Mall.
Plaza Companies, Holualoa Companies and Fayth Hospitality Group announced Tuesday that they will collaborate on developing a Hilton dual-branded hotel at Park Central at 3121 N. 3rd Ave. The hotels will comprise 207 rooms between Home2Suites and Tru by Hilton. Under the partnership, Plaza Cos. is the construction manager, Holualoa is the asset manager and Fayth will be the hotel operator upon completion of the hotel.
The group has selected Layton Construction as its general contractor. Bell Bank will provide construction financing. Construction is expected to begin before the end of the year.
“This is a truly unique partnership that will have a great economic impact in creating new jobs and these hotel rooms will be a tremendous support to our neighbors at Creighton University Health Sciences Campus, St. Joseph’s Hospital and Medical Center, and Barrow Neurological Institute,” Plaza Cos. Sharon Harper said in a statement. “We are excited to create a new home away from home for patients seeking treatment and their families, students and professionals traveling for educational events, and other business travel. We are grateful for our partners including Bell Bank, the Phoenix IDA, and Layton Construction for their innovative approach to this project.”
Initial plans to build this hotel date back before the Covid-19 pandemic disrupted business and shook up the economy. Plaza and Holualoa wrapped up converting a former department store into an office building at the site before the Covid-19 pandemic. At the time, Creighton University’s health sciences campus, a nine-story apartment complex and a 2,000-space parking garage represent about $250 million in investment in the site.
The 105,000-square-foot dual-branded hotel is planned for the northeast corner of the development. The initial plan was for construction to get underway in October 2020, according to previous reporting.
Layton, Fayth and Plaza Cos. are each working with local entities to spur job creation in construction, hotel operations and management along with commercial real estate property management, according to the announcement.
In total, nearly 500,000 square feet have been reimagined for a community hub at Park Central ideal for working and congregating. Park Central can accommodate tenants from 3,500 square feet to more than 100,000 square feet, according to a news release.
Plaza Cos.’ Margaret Lloyd and Bill Cook and Lee & Associates Andrew Cheney and Craig Coppola are the listing brokers for Park Central’s office space. Lloyd and Brent Mallonee, also of Plaza Cos. handle the retail side.
“We appreciate the commitment by Plaza Companies, Holualoa Companies and the entire development team to work with community partners to support and expand job and career training,” Phoenix Vice Mayor Laura Pastor said in a statement. “This is the kind of public-private partnership that makes a difference in enhancing our community.”
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