Three Phoenix Major Mall Overhauls Taking Shape
The Covid pandemic put the nail in the coffin of a number of mall properties throughout the United States. Now, developers are doing their best to repurpose the hundreds of thousands of square feet of space. No where is that happening faster than in Phoenix. Metrocenter, Park Central and Paradise Valley Malls are all moving quickly with new plans (updates are linked). The onetime retail magnets all contain an unmistakeable move to multifamily or hotels. The Phoenix Business Journal says developers plan to add nearly 7,000 apartment units to Phoenix as they redevelop the three iconic malls. And their investment in the projects may exceed $3 billion. Here are the new projects:
Park Central—The Dinerstein Cos. is opening the 278-unit Aspire Park Central and is planning to start work on another 338-unit rental community.
Paradise Valley—Streetlights Residential is kicking off an apartment development there with 400 luxury units built on top of Whole Foods Market.
Metrocenter—is expected to include a minimum of 100,000 square feet of retail space, two hotels, self storage units, and a public park and plaza.