A new ownership group has major redevelopment plans for Metrocenter, which was once the largest mall in the Southwest.
Florida-based Concord Wilshire Capital and Florida-based TLG Investment Partners announced Thursday they are under contract to buy the property and plan to work with Hines on a $750 million redevelopment of the massive mall, at 9617 N. Metro Parkway West in Phoenix.
Nate Sirang, president of Concord Wilshire, said the company had known about Metrocenter for about 10 years, but in recent years became more interested in buying the property. In June, Concord Wilshire signed a contract with the mall’s current owner, New York-based Carlyle Development Group. The real estate transaction is expected to close in summer of 2022, and early construction work will likely begin at the end of 2022, with vertical construction in 2023.
“We were aware of the shortage of housing in the city of Phoenix and have been working around the clock to come up with a combination of uses for the site,” Sirang said.
The redevelopment plan, called the Village, will include 2,600 multifamily units and 100,000 square feet of essential and service retail. The plans also call for boutiques, retail stores, restaurants, bars, a town-center park, and other commercial and entertainment venues.