As the Covid pandemic continues to shape the future of retail, developers are repurposing hundreds of thousands of square feet across the United States. Phoenix is leading this charge with Metrocenter, Park Central and Paradise Valley Malls all undergoing major overhauls. The Phoenix Business Journal reports that these projects could exceed $3 billion in investment and add nearly 7,000 apartment units to Phoenix.
The Dinerstein Cos., for example, is opening a 278-unit Aspire Park Central rental community as well as planning another 338-unit development at Park Central Mall. Streetlights Residential has also kicked off an apartment development at Paradise Valley Mall featuring 400 luxury units built on top of Whole Foods Market while Metrocenter’s redevelopment plans include a minimum 100,000 square feet of retail space plus two hotels and self storage units alongside a public park and plaza area.
