The owner of the 1.5M SF Lakeside Mall in the Detroit suburb of Sterling Heights has announced that the struggling indoor mall will close on July 1 so that most of it can be torn down to make way for a $1B mixed-use development.
Out of the Box Ventures, a subsidiary of Miami-based Lionheart Capital, announced the closing of the regional mall—the largest mall in Michigan in terms of leasable space—which opened in 1976. Out of the Box Ventures purchased Lakeside Mall in 2019, after a previous owner defaulted on a $144M mortgage.
Last month, Sterling Heights accepted a $3M grant from the Michigan Economic Development Corp. to help Lionheart buy two defunct department stores at the mall, Sears and Lord & Taylor, from other owners, clearing the way for the redevelopment, according to a report in the Detroit News.
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