The Houston-based Hines is teaming with A&L Development Phoenix, a private development company from McLean, VA, which owns the land and will oversee construction of Central Park East. The two-acre project will take up the northeast corner of Central Avenue and Van Buren Street. The City of Phoenix, on behalf of Arizona State University, also has an ownership stake in the property.

Central Park East, designed by Detroit-based SmithGroup Inc.'s Phoenix office, is a 22-story building with 35,000 sf of retail space; 205,000 sf of classroom and office space for the downtown campus of Arizona State University; 320,000 sf of additional class A office space; and about 150 condominium units. The plan includes a 510,000-sf parking garage.

A Hines contact says preleasing already has begun for retail and office space. Condo presales will get under way in first quarter 2006. Local brokers Jim Fijan and Jerry Roberts with CB Richard Ellis Inc. will prelease the office component while the decision is still out on the retail assignment. The Hines contact tells GlobeSt.com that negotiations to become the development partner and get the project moving took about one year.