The City of Phoenix has approved a development agreement with Concord Willshire Capital LLC for part of the redevelopment of Metrocenter Mall.
The roughly $1B redevelopment effort will be undertaken by Concord and TLG Investment Partners, working in association with Hines.
Under the agreement, Concord will pay for and construct up to nine parking garages with nearly 5,800 spaces. Phoenix will reimburse the company using general fund tax revenues and acquire the garages once built. The total amount is expected to be $68.7M over 25 years. Non-general fund tax revenues to the City are projected at approximately $90M over 25 years.
At completion, the full redevelopment project is planned to include 383KSF of retail and commercial space, 2,800 residential units and a park, in addition to the parking structures. (Source)