A $1 billion plan to repurpose a one-time popular Phoenix shopping mall into a retail walkable village is taking a huge step forward.
Concord Wilshire Capital, in a partnership with TLG Partners, has announced its purchase of the Metrocenter Mall, located at 9617 N. Metro Parkway.
Opened in the fall of 1973, the 1.4 million square foot mall for decades was the home to around 100 individual stores, as well as a 12-screen movie theater.
The mall went into a decline in the 1990s as several stores moved out and customer traffic decreased. A subsequent renovation of the property failed to forestall the mall’s eventual closing in 2020.
Now Concord and TLG want to substantially transform the site, beginning with the demolition of the mall.
Once completed, work will begin on the building of a village space that will include over 2,600 apartment units, up to 150,000 square feet of commercial space, and a parking garage that, combined with surface parking, will be able to accommodate around 4,100 vehicles.
Included as part of the new project: pedestrian and bicycle pathways, pet-friendly parks, and an amphitheater.
In a statement, Chris Nieberding, chief executive officer of TLG, remarked, “We are creating a one-of-a-kind community by addressing the needs of the community and integrating the vision of the City.”
Work is expected to begin on the first phase of the project later this year.
Concord Wilshire Capital has offices in Miami, while TLG Partners is based in New York.
By Garry Boulard
