One of the classic shopping centers of Phoenix is now in line for a substantial upgrading.
Located at 9617 N. Metro Parkway, the modernistic Metrocenter was designed by well-known Arizona architect Robert Fairburn and opened in the fall of 1973.
For decades, the 1.4 million square foot mall was one of the most popular shopping centers in the southwest but began to lose out to competition from other malls by the 1990s. It finally closed completely in the summer of 2020.
Now members of the Phoenix City Council have given their approval to a plan that will substantially redevelop the site, seeing the construction of up to 100,000 square feet of new retail space.
In a unique arrangement, the City of Phoenix has agreed to purchase the mall’s site in a move that will make it possible for mall owners Concord Wilshire Capital to not have to pay property taxes for the next 25 years.
At the same time, Concord Wilshire is giving Phoenix up to $1.5 million to be used for the construction of affordable multifamily housing at the site.
It is thought that the project will also see the construction of an amphitheater park.
Altogether, the redevelopment of the famous mall is expected to cost upwards of $750 million over a three-phase period. Concord Wilshire is undertaking the project in a partnership with TLG Investment Partners, which is based in Fort Lauderdale, and the Houston-based global real estate investment firm Hines.
Work on the Metrocenter project is expected to launch next year.
By Garry Boulard
