PHOENIX – Developers announced elaborate plans Thursday to tear down Metrocenter Mall and bring the former Phoenix landmark back to life as a mixed-used community.

Concord Wilshire Capital and TLG Investment Partners contracted earlier this year to purchase the property just west of Interstate 17 between Dunlap and Peoria avenues, the companies said in a press release.

The deal is expected to close in the second half of 2022, but the selling party, Carlyle Development Group, and the buyers reached an agreement to demolish the mall before then.

The new owners will team with real estate firm Hines on revitalizing the former shopping and social hub as the Village, a $750 million development with apartments, retail, restaurants, entertainment venues and parks.

“What makes the design concept even more special is the blending of these new elements with hangout spots many of us are familiar with, such as Castles and Coasters and Harkins movie theatre,” Phoenix District 1 Councilwoman Ann O’Brien said in a statement.

“The Village will not only present something new to visitors and future residents but will also preserve notable characteristics that will invoke nostalgia for many of us.”

The community will be served by a new light rail station scheduled to open in 2024 as part of Valley Metro’s $401 million Northwest Extension.

“The connectivity provided by the light rail extension means easy access to shopping, entertainment, housing and – perhaps most importantly – to jobs,” Mayor Kate Gallego said in the release.

“In addition to the many construction jobs created by this redevelopment, there will be opportunities available to work in the businesses that will take root and grow in the Village.”

The development will have about 4,100 parking spaces for use by residents, visitors and light rail park-and-ride users.

Metrocenter was built in 1973 and was one of the Phoenix’s top destinations in the 1970s and ‘80s. After years of struggles that saw it become more of a ghost town than a shopping center, the mall closed for good in June 2020.

“Metrocenter played a big role during my teen years and beyond — I hung out there, I worked there and shopped there,” O’Brien said. “That is why I am grateful to everyone involved and will be involved in making this project come to life.”

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