Carlyle Development Group purchased the 1.3 million square foot Metrocenter Mall located in Phoenix, AZ in January 2012 in order to reposition and turnaround the Property after having languished for years in foreclosure and receivership. The mall, which was developed in 1973, is ideally situated between Peoria and Dunlap Roads on Interstate 17 in central Phoenix 17 miles northwest of Sky Harbor International Airport. The mall was renovated in 1986 and then in 2007, $32 million was invested to upgrade floor tiling throughout the mall, skylight enhancements, new mall furnishings and amenities (including a kid's play area, family lounge and community room), upgrades to the exterior entrance, landscaping, security & HVAC systems and new signage.
The mall boasts Sears, Macy's, Dillard's, Harkins Stadium 12 and Sport Chalet among its anchor stores. CDG's plan to add value to the center will include new mall entrance designs and an innovative leasing and redevelopment plan that will transform the landmark asset into a successful multi-faceted, mixed-use environment for shopping, dining and entertainment. Elements of the strategy include:
- Creating a mixed-use environment, including office and apartment uses that meet the needs of local shoppers and the community — a trade area of more than 156,000 daytime employees and more than 455,000 residents.
- Signing a new retailer for the vacant Broadway location and consolidating in-line shop space to add new "mini-major" mall tenants; potentially attracting new retailers to the Arizona market.
- Incorporating family friendly, cultural and entertainment-oriented tenants that reenergize the mall, help change the incorrect perception of the project and establish Metrocenter's position as a positive force for the community's 173,000+ households.
- Completing facility upgrades, the first of which are contemporary new mall/tenant entries and outdoor patios designed by BDG.
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