Developers close on site for $850m redevelopment project in Phoenix
Concord Wilshire Capital and TLG Investment Partners, in partnership with Carl DeSantis’ CDS International Holdings (CDS), have closed on its acquisition of Metrocenter Mall, including the Dillard’s Building and U-Haul Building, in Phoenix.
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, curated boutiques, popular 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 of prime land 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