The redevelopment of Metrocenter in Phoenix, called the Village, is moving forward with plans for 140,000 square feet of new retail space as demolition of the 50-year-old mall begins. The $850 million project will feature affordable housing, retail, restaurants, and entertainment around a public park and plaza. The updated plan includes 1,100 to 1,940 residential units, focusing on high-density and for-sale housing options. Commercial space will range from 100,000 to 240,000 square feet, centered around a 3-acre park with amenities like an amphitheater and public art. The project integrates with a new light rail station, enhancing transit access. Construction on infrastructure and residential units is expected to begin as demolition wraps up.
Menu
More Information
Frequently asked questions
A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
Helpful blog posts
Menu
480.947.0600
