By Digital Free Press
Concord Wilshire Capital and TLG Investment Partners — in partnership with Carl DeSantis’ CDS International Holdings Inc. — is announcing the acquisition of the Phoenix Metrocenter Mall, including what locals call the ‘Dillard’s Building’ and ‘U-Haul Building.’
The transaction was completed with no mortgage financing on the property and will pave the way for revitalization of one of Phoenix’s most iconic properties, according to a press release.
The development group has formed a strategic alliance with Hines, the international real estate firm, to redevelop and repurpose the Phoenix Metrocenter Mall into a community-driven walkable village that will be home to a variety of residential apartment options including ownership and rental, officials close to the matter say.
The new village will be situated on approximately 64.2 acres of prime land in a qualified ‘Opportunity Zone,’ the release states.
The plans for the village include over 2,600 multifamily units, 150,000 square feet of commercial and essential and service retail and 4,100 surface and garage-deck parking spaces. Total construction costs are expected to be over $850 million.
The development team has also signed agreements with the city of Phoenix for a public private partnership for public improvements, the release states.