Redevelopment of shuttered Phoenix mall will cost nearly $1B

Metro Center
Posted at 9:21 AM, Apr 25, 2022
and last updated 2022-04-27 13:27:26-04

PHOENIX — The city of Phoenix is proposing an agreement with Concord Willshire Capital LLC for the redevelopment of the defunct Metrocenter Mall, which was once the largest mall in the Southwest but closed in 2020 due to market changes and the Covid-19 pandemic.

Florida-based Concord Willshire Capital and TLG Investment Partners recently announced plans to work with Houston-based Hines on a $750 million redevelopment of the nearly 50-year-old mall.

The companies initially said in December that the redevelopment would include 2,600 multifamily units and 100,000 square feet of essential and service retail, as well as boutiques, retail stores, restaurants, bars, a park and other venues.

At full buildout, a new city report said the project will be comprised of an estimated 3,200 multifamily units, 383,000 square feet of retail and commercial space, a park and nearly 5,800 parking spaces in up to nine parking garages throughout the site.

Read more of this story from the Phoenix Business Journal.