Developers to Build $850M Walkable Village at Phoenix’s Metrocenter Mall

Concord Wilshire Capital and TLG Investment Partners in partnership with Carl DeSantis’ CDS International Holdings, have acquired the Metrocenter Mall, including 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.

The development group has formed a strategic alliance with Hines, the international real estate firm, to redevelop and repurpose the Metrocenter Mall into a community-driven walkable village that will be home to a variety of residential apartment options including ownership and rental, boutiques, retail stores, restaurants, bars, a town-center park, and other commercial and entertainment venues.

The new village will be situated on approximately 64.2 acres in a qualified Opportunity Zone. 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 revitalized Metrocenter property will be designed as a self-contained, transit-oriented community, encompassing the city’s new Light Rail Station that is currently under construction. The City of Phoenix is investing approximately $150 million to build this Light Rail Station, which is scheduled to be delivered in 2024 as part of the Northwest Extension. The Light Rail Station will serve as one of the major focal points of the development and will provide direct connectivity to Downtown Phoenix, the Phoenix Sky Harbor International Airport, ASU, and communities to the east.

Amenities will include pet-friendly parks and greenspace, an amphitheater, pedestrian and bicycle pathways, a walkable retail promenade, shops, restaurants and immersive water features. The village will be designed to integrate with and complement certain existing amenities and venues within the Metrocenter Mall through its partially shaded internal pathways and roads. The existing amenities and shops include a 150,000 square foot Walmart Supercenter, a public library, the Arizona Canal with its own pedestrian and bicycle pathways, the Rose Mofford Park, a theme-park, and a cinema.

Greenwall Capital Management sourced and advised CDS in the transaction.