PHOENIX, AZ / ACCESSWIRE / September 19, 2024 / Phoenix's most iconic mall is on its way to becoming the largest mall redevelopment project in Arizona's history. Concord Wilshire Capital and TLG Investment Partners (Developer) announced today that (i) the Abatement and Demolition of the Metrocenter Mall, including the Dillard's and U-Haul Buildings (formerly Macy's), have commenced, and (ii) it has formed a partnership with Diversified Partners, LLC, a Scottsdale-headquartered national real estate firm, to develop and construct the 140,000-square-foot retail component located at the center of the $850 million mixed-use development.
The Village will feature an anchoring park and plaza in Phoenix.
"The redevelopment of Metrocenter has been long-awaited by our residents, who are eager to welcome a new walkable, urban gathering place in their neighborhood. Though we will reminisce about fond memories over the years at Metrocenter, we are excited to witness the transformation of this iconic landmark into a modern and dynamic space to live, shop, eat, and enjoy," Mayor Kate Gallego said.
After several months of survey and analysis of the materials inside the building to ensure the protection of the public during demolition, Resource Environmental, Inc., a Los Angeles-based company, will first abate and remove the asbestos from the buildings and then proceed with the demolition of all of the buildings.
The Developer has formed a strategic alliance with Hines, an international real estate firm, to redevelop and repurpose the site, and Hines has taken over the oversight of the site.
"We are delighted to team up with Concord Wilshire on our shared vision for reimagining Metrocenter," said Walt Brown, CEO of Diversified Partners. "We envision this prime property becoming one of the top destinations in Arizona. We will announce the new name along with some of the exciting features in the near future."
"We are excited to partner with Diversified Partners to bring the core of this mixed-use development to life, through the development of an eclectic retail and F&B mix, where every resident and visitor can feel a connection," said Nate Sirang, President of Concord Wilshire. "Our vision includes integrating state-of-the-art public safety solutions into a comfortable and fun first-class destination for families while contributing meaningfully to the City of Phoenix, the local community, and its economy."
Councilwoman Ann O'Brien also shared her thoughts on the project, saying, "This redevelopment is not only about bringing new businesses and opportunities to our City but also about creating an ownership product for our constituents that wasn't available before."
The Village has been designed as a transit-oriented, self-contained community encompassing the City's new Light Rail Station that was completed as of January of 2024. The City of Phoenix has invested approximately $150 million to build this Light Rail Station, which will serve as one of the major focal points of the development and will provide direct connectivity to Downtown Phoenix, Phoenix Sky Harbor International Airport, ASU, and communities to the east.
Contact Information
Athena Sanchez
City of Phoenix Media Contact
athena.sanchez@phoenix.gov
602-621-0507
SOURCE: Concord Wilshire Capital
View the original press release on newswire.com.
