Phoenix City Council unanimously approved a development deal Wednesday with the group planning to redevelop the former Metrocenter mall, giving the greenlight for the developer to close on the purchase and begin construction.
The city’s deal with developer Concord Wilshire Capital amounts to Phoenix using an estimated $67.8 million of tax dollars generated by the development during 25 years to purchase any parking garages in the project as well as guaranteeing public access to the property’s open space.
“I’m very excited for Metrocenter,” said Councilwoman Debra Stark. “I remember going there too with the old ice rink, so this is very exciting that we’re going to see redevelopment, and I know this development agreement will help ensure that.”
