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Metrocenter Mall Demolition Begins
Demolition has begun on what was Phoenix’s top mall, Metrocenter Mall. Concord Wilshire Capital and TLG Investment Partners announced that the Dillard’s and U-Haul Buildings (formerly Macy’s) are to be razed. Additionally the two investors have partnered with Diversified Partners to develop and construct a 140,000-square-foot retail component located at the center of the mixed-use development.
The developers have secured a $24.5 million construction loan to fund the expenditures for abatement and demolition as well as the civil work necessary to start the interior roadway construction of the project. It’s expected to take up to a year to complete.
The developer group has formed an alliance with Hines to redevelop and repurpose the site, and Hines has taken over its oversight. In addition to retail, the developers plan to add residential and restaurant space with a central plaza or park. Developers expect the redevelopment effort to cost over $850 million. Phoenix spent over $150 million on a Light Rail station adjacent to the project.
- ◦Development
