Developers announce $850 million plan to revitalize Metrocenter Mall space
PHOENIX (3TV/CBS 5) -- Developers have closed on the purchase of the Metrocenter Mall in Phoenix, paving the way for a new mixed-use development that will be home to new apartments, stores and possibly even entertainment venues.
In total, the $850 million renovation is expected to take years. Concord Wilshire Capital and TLG Investment Partners are listed in filings as partnering developers. “We are pleased to enter the next phase of this project and complete the purchase of the Metrocenter property. The proposed redevelopment of the Metrocenter Mall property will be another substantial project to further the city’s redevelopment and revitalization plan for the North Mountain Redevelopment Area,” said Nate Sirang, President of CWC.
The mall, located near Interstate 17 and Peoria Avenue, first opened in 1973 but closed in 2020 as its decline, coupled with the COVID-19 pandemic, put the final nail in the coffin for many of its stores. Since then, a private-partnership agreement has also been signed with the City of Phoenix for numerous improvements to revitalize the area. Right now, the city is working on creating a new light rail station as part of the Northwest Extension.
“To see a neighborhood come back to life is tremendous. The City of Phoenix has done a lot of work to make this possible, not the least of which is the Northwest Light Rail Extension project to serve this destination,” said Phoenix Mayor Kate Gallego. “Metrocenter has memories for so many of us in Phoenix. As we look to the future, Metrocenter now means jobs, attainable housing, and restoring community strength to northwest Phoenix.”
A news release obtained Tuesday morning shows developers envisioning a “community-driven walkable village.” Some detailed plans include 2,600 apartment units for purchase or renting, new commercial and service rental space, and a total of 4,100 surface and garage deck parking spaces. Metrocenter currently houses a 150,000-square-foot Walmart, a public library, a park, a small theme park and a movie theater.
“Together, with the strong support of the city, including the construction of the light Rail Station at our Village, we are creating a one-of-a-kind community, by addressing the needs of the community and integrating with the vision of the City,” said Chris Nieberding, President and CEO of TLG.
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