The redevelopment of a shuttered Phoenix mall is set to begin immediately.
It was announced Monday, that the acquisition of the Metrocenter Mall will include the Dillard's Building and U-Haul Building (formerly Macy's building that has now closed).
Florida-based Concord Willshire Capital LLC and TLG Investment Partners and Texas-based Hines received the final approvals needed from the city of Phoenix for a tax incentive agreement, or Government Property Lease Excise Tax treatment, in November 2022.
The construction costs are expected to be over $850 million and the development team has signed agreements with the City of Phoenix for a public-private partnership for public improvements.
“We are excited to be a part of the redevelopment of the former Metrocenter Mall into a vibrant mixed-use community with a sense of place that will enhance the public investments,” said Chris Anderson, Senior Managing Director of Hines.
