Iconic Phoenix "Punchcard Building" to get long-awaited facelift
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The Phoenix Financial Center will soon be redeveloped. Photo: Jeremy Duda/Axios
Construction on a long-anticipated redevelopment of the Phoenix Financial Center and its trademark "Punchcard Building," recognizable for its slotted windows and unique curved facade, is expected to begin next year.
The big picture: The building, at Central Avenue and Osborn Road, is slated to become a mixed-use development with residential units, hotel rooms and amenities such as a pool, spa, fitness center, restaurants, bars and a grocery.
- The project is slated to become part of New York developer Left Lane's Recess Hotel & Club brand, which will debut in Savannah, Georgia, in early 2026.
Flashback: The Phoenix Financial Center opened in 1964 with twin rotundas and a 10-story tower.
- The financial center was designed by architect Wenceslao Sarmiento, who also worked on the old Western Savings bank building at Metrocenter, which now houses Tombstone Tactical, a gun store.
- An expansion that added eight stories to the Punchcard Building began in 1969.
- Yes, but: Plans for an identical tower on the north side of the property never came to fruition.
Zoom in: Left Lane partner Jon Bloomberg said his firm specializes in "iconic and historic office" buildings and plans to preserve the Phoenix Financial Center's unique architecture.
- "We love the bones. We love what is there. But currently, it's a mostly vacant office building," he said.
- A lot of developers consider it difficult to convert office space to residential units, Bloomberg said, but Left Lane intentionally selects buildings that convert well because they have the right shape, dimensions, ceiling heights and other qualities.
- "We're thrilled about the quality and the heritage of this building and look forward to bringing something very special to the neighborhood," Bloomberg said.
Catch up quick: Phoenix-based developer Ironline Partners initially planned to redevelop the site, but Left Lane took over in 2023.
State of play: Bloomberg told Axios that Left Lane scrapped the previous developer's plans for a 335-unit apartment building and will instead convert the parking lot to additional amenity space.
- Left Lane plans for 143 residential units and 209 guest rooms and suites, along with 33,000 square feet of indoor and outdoor event space.
- The twin rotunda buildings will likely be home to restaurants and similar features, Bloomberg said.
What's next: Bloomberg expects the design process to last through the end of the year and hopes to start construction in 2026.
- Left Lane is partnered with the current owner and expects to close by the end of 2025, he said.