News Ticker

Metrocenter a Model for Infill Development

Map credit: Carlyle Development Group

By Eric Jay Toll for Phoenix Business Journal

Metrocenter Mall may be the future face of enclosed mall renaissance and urban infill.

Carlyle Group, owners of the massive central Phoenix mall and local developer Jeff Geyser have eyes on massive changes for the mall itself and a satellite center Geyser just acquired at Dunlap and 29th avenues.

Warren Fink, Carlyle COO, said the shopping center owner has a lot of activity on the books for the final quarter of 2015. Walmart will break ground on its previously announced 148KSF store in early December. It’s slated to open in October 2016.

Plans to convert Metrocenter from a covered mall to its new potential are set to go before the Phoenix City Council in mid-December. Fink said the concept plan has formed into a live-work-play environment.

The big change is the next phase of Valley Metro light rail. The extension from Dunlap and 19th avenues will cross I-17 midway between Peoria and Dunlap avenues, and terminate on the Metrocenter Ring Road.

At the southern gateway to Metrocenter, Geyser acquired the 15.5-acre Metrocenter Market Place. The struggling power center acquisition included 215KSF of retail buildings, but not the 45KSF Conn’s HomePlus store fronting Dunlap.

“We’re going to renovate the building fronting 29th Avenue and hang on to about 50KSF,” said Geyser, who acquired this property separate from his partnership at Lawrence & Geyser Development. “This is going to be redesigned into an urban regional hub.”

Geyser plans to hire a general contractor to handle the renovations.

Read more at Phoenix Business Journal

Leave a comment

Your email address will not be published.