An $850 million redevelopment project will transform a 65-acre site into a dynamic urban center, known as the Village. It will feature 2,600 rental units and 150,000 square feet of commercial spacem, including ground-floor retail, hotels, entertainment venues, and more. This project is part of a broader effort to revitalize defunct shopping centers across the Valley and could significantly enhance the Interstate 17 corridor in north Phoenix. The master plan envisions a “vibrant urban village” with a public park, plaza, rooftop amenities, and a parking garage surrounded by multifamily residences. Due to high interest rates and an oversupply of multifamily units, the mall’s demolition has been delayed by over a year, though it could commence this month. The overall project is expected to be completed in about eight years. Developers for the project include Concord Wilshire, TLG Investment Partners, CDS International Holdings Inc., and Hines. Construction financing is anticipated to close in the coming weeks. Additionally, in June, Phoenix approved changes to its development agreement for the Metrocenter property, revising how developers will be reimbursed for infrastructure improvements.
