May 17, 2017
West Palm Beach, FL-based North American Development Group plans to develop a $100-million, 350-unit residential tower in downtown Phoenix at Parallel Capital Partners’ Arizona Center. The 31-story tower would be the state’s second tallest building after the 40-story Chase Tower.
The Florida developer is under contract to acquire a nearly 40,000-square-foot parcel at 5th St. and Van Buren. The project would include a swimming pool terrace, a six-level parking garage and 25 floors of apartments. A construction timeline has not been set.
Arizona Center, a 16-acre mixed-use retail and office property, recently commenced a $25-million renovation. A joint venture between San Diego-based Parallel Capital Partners and Angelo, Gordon & Co. acquired the center in 2015 for $126 million.
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