Michigan mall set to get billion-dollar makeover
Out of the Box Ventures, a subsidiary of Miami-based Lionheart Capital, has announced the closure of Lakeside Mall on July 1 as part of an approved redevelopment plan.
The $1 billion redevelopment process will begin with the demolition of Lakeside Mall in Sterling Heights, a northern suburb of Detroit, paving the way for a new mixed-use city center. The reimagined space will feature residences, a hotel, office spaces, retail outlets, dining establishments, and more.
Complementing these amenities will be approximately 30 acres will be dedicated to public spaces, including parks and infrastructure, aimed at improving the community's quality of life. Lakeside Town Center will be surrounded by the Lyrical Loop, a one-and-a-half-mile encircling greenbelt designed to promote active lifestyles and wellness for residents. Construction of a two-and half-mile bike/hike trail will begin this year connecting the Lakeside Town Center development to the Iron Belle Trail, Freedom Trail, and Dodge Park Trail.
"Lakeside Mall's closure marks the beginning of an exciting transformation," said Allison Greenfield, principal and Chief Development Officer of Lionheart Capital. "We are committed to collaborating with the City of Sterling Heights to create an urban center that celebrates the area's character and history."
Groundbreaking for Lakeside Town Center is scheduled for late 2025. Plans for the redevelopment were approved by the City of Sterling Heights in November 2022. Tenants have been informed, and plans for vacating are underway to facilitate the next phase of the project.
"Sterling Heights anticipates the Lakeside Mall redevelopment, which aligns with our community's vision for innovation, enriched living, creation of distinctive areas, connectivity and accessibility,” said Sterling Heights mayor Michael Taylor. “As this project unfolds, making sure our residents are informed and actively engaged in the process will be a top priority.”
Out of the Box Ventures’ portfolio features space in Arkansas, California, Colorado, Florida, Georgia, Indiana, Illinois, Kansas, Louisiana, Michigan, Missouri, New York, Oklahoma, Ohio, Pennsylvania, Rhode Island, and Virginia, consisting of regional enclosed malls, shopping centers, and big box retail stores.