Source: The Phoenix Business Journal

One Central Park East, a 26-story high-rise under construction at the northeast corner of Central Avenue and Van Buren Street marked a milestone this week.

Workers erected the first beam on the steel infrastructure for downtown Phoenix's newest office tower. Construction on the $175 million property began last fall with completion targeted for fall 2009.

"By then, the economy will most likely have stabilized and large law firms and corporations will once again be looking to consolidate their operations in a more efficient and stylish setting," said Andrew Conlin, managing director for One Central Park East Associates LLC.

The project will house 16 floors of office space, a nine-level parking garage as well as ground-floor retail. No tenants have been confirmed to date, a spokeswoman said.

"It's exciting to see this magnificent structure enter its next major phase of development," Conlin said.

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Rendering is coustesy of SmithGroup