Metrocenter Mall originally opened in the 1970s and was often referred to as the “crown jewel” of the Valley of the Sun. Its large department stores and food court notably served as shooting locations for “Bill and Ted’s Excellent Adventure” in the late 1980s. But the mall closed its doors in the summer of 2020 after years of decline.

This week, the Phoenix City Council authorized the city manager to enter into a development agreement with Phoenix IG LLC to execute an 80-acre mixed-use project at the site of the iconic Valley mall.

The proposed multi-phase project would consist of over 3,100 multifamily residential units, 100,000 square feet of retail space, two hotels, and a public park. 

The developer has agreed to contribute $1.5 million to Phoenix’s affordable housing trust fund as a condition of the agreement. The project is expected to bring a capital investment of approximately $1.14 billion to the Metro District Area at full build-out.