JMC201 – Press Conference Story 1

A 1.2-million-square-foot office, retail, hospitality, and multifamily complex

is planned for Midtown Phoenix at 3000 N Central Avenue and is expected

to create more than 3,000 new jobs and a yearly economic impact of $3

billion.

The project, named Park Central Grand, is a tremendous undertaking that’s

construction and openings will span from 2020 to 2022. Some of its

features include a three-level Apple store, a 300-room Hyatt boutique hotel,

more than 500,000-square-feet of retail space, and a 300-unit affordable

housing apartment complex.

The announcement came today from Phoenix Mayor Kate Gallego, joined

by Vice President of the Southwestern Division of Ryan Companies Rick

Collins and President of the Midtown Neighborhood Association Ann Ortiz.

“We’re looking at a total construction cost of 1.5 billion dollars,” Collins said.

“Right now, that’s a very conservative figure, but we’re hoping to stick as

close to it as possible.”
The Midtown Neighborhood Association, concerned over the traffic and

noise that the complex will bring being less of a quarter of a mile away,

settled with Ryan Companies to include a 12-acre park in their plans. “It will

be a multi-generational park where all of our residents will be able to utilize

it,” Ortiz said.

The project will begin with constructing the Apple store and housing

complex in June 2020 and are expected to be ready by July 2021. The

second phase will be the retail aspect, that will break ground in January

2021 with an opening date in July 2022. The final phase will be the Hyatt,

called “The Madrid,” that will break ground in July 2021 and will open in

November 2022.