PHOENIX—The Metrocenter Mall Food Court has reached 100% occupancy. And that's great news for the mall that struggled mightily through the past two decades.
Metrocenter was built in 1973, totals 1.3 million square feet and at the time it was newly built, was one of the five largest malls in the country—a destination for families across the Valley. Located at I-17 and Peoria, with an ice rink, theaters, department stores, retail shops, restaurants and its popular Castles 'N' Coasters amusement park feature, the mall was unlike any other in Phoenix.
But in time the place declined. New malls were built across the Valley and Metrocenter was left to languish. It became a teen hangout and earned a reputation as a crime center. People stayed away. And so did retailers and restaurants.
Enhanced by a $32 million renovation in 2007, the mall became considerably updated with an upgraded food court and common spaces, augmented security systems, a new children's play area and community room.
In January 2012, New York-based Carlyle Development Group (CDG) purchased Metrocenter, after the mall had spent three years in various stages of foreclosure and receivership. Since that time, CDG has established a new on-site leasing and management team that is actively marketing the Phoenix retail landmark to new vendors and uses. The goal is to re-establish Metrocenter as a safe, fun, dynamic family destination for shopping, dining and entertainment, to make Metrocenter once again the destination it was in its heyday.
Key to that end is Anita Blackford, Metrocenter Mall senior vice president of leasing. She credits much of Metrocenter's recent success to their method of leasing.
“We've been successful because we do something which a lot of mall developers don't do. Which is to open up our leasing process and offer to work in partnership with other brokers in the market for the good of the property,” said Blackford. “Last year we leased over 50,000 square feet.”
Leasing the food court to full occupancy has been no small feat. When Blackford and crew took over two years ago in January, there were four vacancies.
One major area of focus for Blackford remains in the dining domain. But right now it's on sit-down restaurants. “We've had several come in and they've been successful. We've got one more location and we'd really like a regional tenant, something to represent the area.”
And just like in the 70s and 80s, Castles 'N' Coasters and the theater will play a huge role in Metrocenter's success, said Blackford.
“We want to maintain a family focus, a gathering place as well as a place to shop. People have great memories of Metrocenter, and we want to bring back that same great feeling.”
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