Walk down Central Avenue in downtown Phoenix and it is impossible to miss. A massive, three-leaf clover-shaped monolith of glass and concrete that basically defines the skyline. It’s 483 feet of history. But if you look closely at the windows of Chase Tower Phoenix AZ, you’ll notice something eerie. Nobody is home.
The tallest building in Arizona has been a ghost ship since 2021. It’s weird, right? In a city that is currently exploding with new luxury apartments and tech hubs, the literal crown jewel of the skyline is sitting there behind chain-link fences. People call it a "moat" building because of how the plaza sits below street level. Honestly, it feels more like a fortress these-days than a piece of the community.
The Rise and the Quiet Fall
Back in 1972, when this thing was built as the Valley Center, it was a massive deal. It wasn't just a building; it was a statement. Phoenix was "arriving." Designed by Welton Becket and Associates—the same firm that did the iconic Capitol Records Building in LA—it broke all the local records.
It hasn't always been "Chase." It’s had more names than a witness protection participant. Valley National Bank, then Bank One after a pretty aggressive takeover in the 90s, and finally Chase in 2005. For decades, the 39th floor was the place to be. The Golden Eagle restaurant sat up there, offering views that would make your head spin. But that’s long gone. The observation deck closed. The white-tablecloth service vanished.
📖 Related: Bi Weekly Means What? Why Everyone Gets This Wrong and How to Fix It
Then came 2021. JPMorgan Chase moved thousands of workers to a shiny new campus in Tempe. Just like that, 700,000 square feet of office space went dark.
Who Actually Owns It Now?
There is a lot of "he-said, she-said" about the ownership, but the paper trail is clear. A group called Viola Lordsmeer LP bought it for about $107.5 million back in 2018. The man behind the curtain is Vincent Viola. He’s a billionaire, owns the Florida Panthers, and clearly has a thing for big real estate.
But owning a 40-story giant is one thing. Fixing it is another beast entirely.
The building is currently a "shell." JDM Partners, which involves local legend Jerry Colangelo, has been handling the dirty work. They’ve basically gutted the interior. We are talking floor-by-floor demolition to get rid of the 1970s guts and make room for something modern.
Why Isn't It a Hotel Yet?
You've probably heard the rumors. "It’s becoming a Marriott." "No, it’s going to be luxury condos."
The truth? It’s complicated. Converting a massive office tower into residential units or a hotel is a nightmare for plumbers and architects. Office buildings have bathrooms in the center. Apartments need them in every unit. That’s a lot of holes to drill through 40 floors of reinforced concrete.
✨ Don't miss: The Long Beach International Gateway: Why This Massive Bridge Actually Matters to You
As of early 2026, the plan is finally solidifying. We’re looking at a "boundless-use" concept. Think:
- Ground-floor retail that actually opens to the street (no more "moat").
- Several floors of high-end hotel rooms.
- Luxury apartments on the upper levels where the views are best.
- Modernized office space for companies that actually still want a downtown presence.
Construction is expected to hit a major milestone later this year. The city is pushing hard because a vacant skyscraper is a bad look for a "Tier 1" city.
Losing the Crown
For over 50 years, Chase Tower Phoenix AZ has been the tallest. But its days at the top are numbered. Just a few blocks away, the Astra project is finally moving forward. That tower is planned to hit 542 feet.
Some people are sentimental about it. Others think the "old clover" is an eyesore compared to the new glass needles going up in Roosevelt Row. But you can't deny the "bones." The steel structure is legendary.
What You Can Actually Do There Right Now
Honestly? Not much. You can’t go inside. The underground concourse that used to house shops and a gym is mostly restricted.
If you are a photographer, the best shots are from the top of the nearby parking garages at sunset. You get that golden Arizona light bouncing off the glass wings. It’s still the most photogenic spot in the 602, even if it’s empty.
Next Steps for the Curious:
- Check the Permits: If you really want to see when the cranes are coming, keep an eye on the Phoenix Planning and Development department's public records for 201 North Central Avenue.
- Watch the Plaza: Once the fencing starts moving and the "moat" begins to get filled in, you’ll know the $600 million+ renovation is officially in high gear.
- Visit the Hilton Garden Inn: It’s right across the street in the old Professional Building. It gives you a great perspective on how these old bank buildings can actually be saved and turned into something cool.
The tower isn't dying; it’s just in a very long, very expensive chrysalis. By the time it reopens, the Phoenix skyline won't look anything like it did in 1972, but the clover will still be the heart of it.