PHOENIX — The city of Phoenix has approved an agreement with Florida-based Concord Willshire Capital LLC for the nearly $1 billion redevelopment of the defunct Metrocenter Mall.
Concord Willshire Capital and TLG Investment Partners recently announced plans to work with Houston-based Hines on the redevelopment of the nearly 50-year-old mall, which is located at the southwest corner of Interstate 17 and Peoria Avenue.
At full buildout, a recent city report said the project will consist of an estimated 2,800 multifamily units, 383,000 square feet of retail and commercial space, a park and nearly 5,800 parking spaces in up to nine parking garages throughout the site.
The agreement said Concord will build and pay for the construction of the parking garages and be reimbursed by the city. Phoenix will acquire the garages using general fund tax revenue generated by the project, which is estimated to total $67.8 million, over 25 years.
