By Mark Carlisle | Your Valley
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.”
The reimagining of the mall that opened in 1973 and closed in summer 2020 into a mixed-use development will include an estimated 2,800 multifamily units, 383,000 square feet of retail and commercial space, a public greenspace and an estimated 5,786 parking spaces in up to nine parking garages throughout the site. The project would include $939 million in capital investment on the 79-acre site southwest of Interstate 17 and Peoria Avenue.
