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Plans revealed for new-and-improved Metrocenter Mall

Will include apartments, retail, transit

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Plans for Metrocenter Mall’s new life have finally been revealed.

Concord Wilshire Capital and TLG Investment Partners announced Thursday they have contracted to acquire the iconic Phoenix mall — the backdrop of many childhoods and the set of “Bill and Ted’s Excellent Adventure” — and will invest $750 million to redevelop the space into a residential and mixed-use property, according to a news release.

The developers have partnered with international real estate firm Hines to repurpose Metrocenter into a walkable village that will be home to apartments, boutiques, retail stores, restaurants, a park and other entertainment venues. The Village will be situated on approximately 68 acres of land, and will include over 2,600 multifamily units and 100,000 square feet of retail space.

The Village is also in the community where a $150 million light rail expansion is underway. The Northwest Extension is scheduled to be completed by 2024.

“This is an enormous economic boost to the entire west side of Phoenix,” said Mayor Kate Gallego in a statement. “The connectivity provided by the light rail extension means easy access to shopping, entertainment, housing, and — perhaps most importantly — to jobs. In addition to the many construction jobs created by this redevelopment, there will be opportunities available to work in the businesses that will take root and grow in the Village. I am excited, optimistic, and thrilled that Concord Wilshire is investing in the future of Phoenix.”

Additionally, The Village will integrate with existing venues at Metrocenter Mall through shaded pathways and roads. The existing amenities include a Walmart Supercenter, a public library, the Arizona Canal, Castles and Coasters theme park, a Harkins movie theatre and Rose Mofford Park. It will also make room for approximately 4,100 parking spaces in seven garage decks for use by residents, visitors and those taking advantage of the new light rail station.

Preliminary terms for the project have been reached with the city, though they are subject to city council approval, for a public private partnership for public improvements. The public improvements are set to be funded through Community Facilities District assessment bonds and will primarily be used to construct the public parking garages.

“We are excited to be a part of the redevelopment of the former Metrocenter Mall into a vibrant mixeduse community with a sense of place that will enhance the public investments,” said Chris Anderson, Senior Managing Director of Hines.

Phoenix City Councilmember Ann O’Brien, who represents the district where Metrocenter is located, grew up going to and working at the famed mall. In a statement, she said the vision for the space will preserve the beloved community icon even after it’s demolished.

“The well-thought-out design concept for the new Metrocenter embodies the definition of a modern community with retail stores, restaurants, public transportation, entertainment and housing all within the ‘Village’,” she said. “What makes the design concept even more special is the blending of these new elements with hang-out spots many of us are familiar with, such as Castles and Coasters and Harkins Movie Theatre. The ‘Village’ will not only present something new to visitors and future residents but will also preserve notable characteristics that will invoke nostalgia for many of us.”

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