Park Central owners buy additional 21 acres for $28M

The ownership group that is redeveloping the Park Central Mall property has purchased an additional 21 acres of property and an additional 193,000-square-foot building, consolidating ownership of Park Central for the first time in decades. And, as part of the purchase, Tucson’s Holualoa Companies and Peoria-based Plaza Companies announced plans for an ambitious Phase II for the redevelopment, which will include a new nine-story residential complex to go along with a new Creighton University health sciences building. Plaza Companies and Holualoa Companies are teaming up to redevelop Park Central Mall, which once held court as the city’s first official large-scale shopping mall. The companies are transitioning the project to a bustling community hub ideal for playing, working, congregating and celebrating the arts. The first 337,000 square feet of redeveloped office and retail space will be done in January 2019. Leasing activity for office and retail space is ongoing at the property and interest has been strong in the newly revitalized property.