Metrocenter Mall to Rise from the Rubble

The last remnant of the Metrocenter Mall will be gone this spring. And in its place a totally new concept. The team of Concord Wilshire Capital, TLG Investment Partners, CDS Holdings and Hines will have to wait until after the one-time mall is torn down until it can get started on its redevelopment efforts. The group acquired the shuttered mall early last year for $50 million. The 65-acre property now includes most of the 1.4 million square foot mall except for the Walmart Supercenter and self-storage facility, which will remain.

In its place, the $850 million redevelopment, to be called the Village, will feature a multifamily hub with 2,600 units around center gathering spaces and 150,000 square feet of commercial space including ground-floor retail and a hotel. Each new redevelopment project will take about two years to build, a piece. Full buildout is expected in seven or eight years.

Register today for Connect Phoenix Multifamily & Single-Family Build-to-Rent, scheduled for April 18 at the Westin Kierland Resort & Spa, Scottsdale, AZ.