{"id":1004631061,"date":"2022-11-21T04:17:38","date_gmt":"2022-11-21T12:17:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004631061"},"modified":"2022-12-09T02:00:05","modified_gmt":"2022-12-09T10:00:05","slug":"750m-phoenix-mall-redevelopment-gets-green-light","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/750m-phoenix-mall-redevelopment-gets-green-light\/","title":{"rendered":"$750M Phoenix Mall Redevelopment Gets Green Light"},"content":{"rendered":"
\"Metrocenter\"

Metrocenter Mall<\/p><\/div>\n

The Phoenix City Council has approved the full redevelopment of Metrocenter Mall, a historic shopping center located along North Metro Parkway in Phoenix. The mall\u2019s owner, Concord Wilshire Capital<\/strong> (CWC), is leading the $750 million, three-phase undertaking in partnership with TLG Investment Partners<\/strong> and Hines<\/strong>. The property will be converted into a walkable, self-contained mixed-use district, dubbed The Village, that will include multifamily, retail and entertainment spaces.<\/p>\n

CWC had acquired the 1.4 million-square-foot Metrocenter from Carlyle Development Group in 2021. Completed in 1973, the mall was previously home to five department stores and a host of smaller retailers including Vans, Champs Sports and LensCrafters, CommercialEdge data shows.<\/p>\n

\n

READ ALSO:<\/strong> PREIT\u2019s CEO on the Rebirth of Malls<\/a><\/p>\n

\n

Redevelopment plans call for 2,600 multifamily units and 100,000 square feet of retail space to be built alongside the project\u2019s existing amenities, such as a 150,000-square-foot Walmart Supercenter, a public library, the Rose Mofford Park and a cinema. The Arizona Canal, with its own pedestrian and bicycle pathways, is also part of the 68-acre property.<\/p>\n

The Village will also incorporate the under-construction Phoenix Light Rail station that will allow for quick access to downtown Phoenix, as well to the city\u2019s international airport and flagship university. The $158 million project, representing the second phase of the light rail’s northwest extension, is scheduled for delivery in 2024.<\/p>\n

Malls move on<\/h2>\n

Malls were among the commercial real estate assets to have been hit the hardest over the past three years, due to the pandemic-era closures and restrictions, the rise of e-commerce and the slow obsolescence of department stores. As such, many mall operators have had to adapt, through both space redevelopment and putting an emphasis on the experience of shopping<\/a>, offering in-person events and introducing more dining space.<\/p>\n

Metrocenter is not the only Phoenix mall to be converted into a mixed-use destination. In February, developers announced their plans for the redevelopment of the 100-acre Paradise Valley Mall<\/a>. The project’s first phase was set to include 400 apartments and a Whole Foods Market, as well as a theater, restaurants and a 3-acre park.<\/p>\n","protected":false},"excerpt":{"rendered":"

Concord Wilshire Capital, TLG Investment Partners and Hines have partnered on the project.<\/p>\n","protected":false},"author":3012,"featured_media":1004631059,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21752,21742,1601,21749,15],"tags":[51779,32797,51780],"class_list":["post-1004631061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-mixed-use","category-latest","category-phoenix","category-retail","category-west","tag-concord-wilshire-capital","tag-hines","tag-tlg-investment-partners"],"acf":[],"yoast_head":"\n$750M Phoenix Mall Redevelopment Gets Green Light - CPE<\/title>\n<meta name=\"description\" content=\"The Phoenix City Council has approved the redevelopment of the Metrocenter Mall, a 1.4 million-square-foot property in Phoenix.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/750m-phoenix-mall-redevelopment-gets-green-light\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$750M Phoenix Mall Redevelopment Gets Green Light\" \/>\n<meta property=\"og:description\" content=\"The Phoenix City Council has approved the redevelopment of the Metrocenter Mall, a 1.4 million-square-foot property in Phoenix.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/750m-phoenix-mall-redevelopment-gets-green-light\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-21T12:17:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:00:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/metrocenter-e1668811006548.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/750m-phoenix-mall-redevelopment-gets-green-light\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/750m-phoenix-mall-redevelopment-gets-green-light\/\",\"name\":\"$750M Phoenix Mall Redevelopment Gets Green Light - 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