Jun
08
Carlyle Gets the Thumbs-Up for 130-Acre Phoenix Project
ByThe Phoenix City Council just approved the developer’s plan, paving the way for a dynamic mixed-use destination.
Metrocenter, Phoenix, site plan
Phoenix—There are 130 acres surrounding Carlyle Development Co.’s Metrocenter Mall in Phoenix, and now the real estate investment company has won the right to commence a major transformation of the site. The Phoenix City Council just approved Carlyle’s Planned Unit Development, paving the way for a dynamic mixed-use destination.
Carlyle has a good starting point as it prepares for the next step of the Metrocenter Mall project, and that is Metrocenter Mall itself. Carlyle acquired the 1.3 million-square-foot shopping center (excluding the individually owned pad sites) from a court-appointed receiver in 2012 for just $12.2 million. Originally developed in 1973, the property was reinvigorated with a $32 million renovation in 2007. Now a bevy of new offerings will soon sprout up around the super-regional mall, courtesy of the PUD…
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