The redevelopment of a shuttered Phoenix mall is set to begin immediately.
It was announced Monday, that the acquisition of the Metrocenter Mall will include the Dillard's Building and U-Haul Building (formerly Macy's building that has now closed).
Florida-based Concord Willshire Capital LLC and TLG Investment Partners and Texas-based Hines received the final approvals needed from the city of Phoenix for a tax incentive agreement, or Government Property Lease Excise Tax treatment, in November 2022.
![Developers plan to "redevelop and repurpose the Metrocenter Mall into a community-driven walkable village," according to a press release sent to ABC15 Arizona.](https://ewscripps.brightspotcdn.com/dims4/default/5e752ce/2147483647/strip/true/crop/1376x768+0+0/resize/1280x714!/quality/90/?url=http%3A%2F%2Fewscripps-brightspot.s3.amazonaws.com%2F50%2Fa1%2F501dd3af4c21a2e9ed0a8554e0f8%2Fscreen-shot-2022-06-02-at-12.57.43%20PM%20%282%29.jpg)
The construction costs are expected to be over $850 million and the development team has signed agreements with the City of Phoenix for a public-private partnership for public improvements.
![Renderings of the project Light Rail at the Village Station.](https://ewscripps.brightspotcdn.com/dims4/default/205fb87/2147483647/strip/true/crop/1376x768+0+0/resize/1280x714!/quality/90/?url=http%3A%2F%2Fewscripps-brightspot.s3.amazonaws.com%2F7b%2F78%2F74fa20bf4e609cc82800742c04d6%2Fscreen-shot-2022-06-02-at-12.57.43%20PM%20%281%29.jpg)
“We are excited to be a part of the redevelopment of the former Metrocenter Mall into a vibrant mixed-use community with a sense of place that will enhance the public investments,” said Chris Anderson, Senior Managing Director of Hines.