The Project
Lakeside Town Center, a $1 billion mixed-use redevelopment, is a promise to reshape the retail and commercial landscape in the region. Lionheart Capital, a Miami-based developer, has announced a transformative plan for the Lakeside Mall site in Sterling Heights, Michigan.
Background of the Lakeside Mall
The Lakeside Mall, a long-standing retail hub since 1976, is currently home to a host of small tenants and is anchored by Macy’s and J.C. Penney stores. Despite its rich history and recent expansions and renovations, the mall is about 20% occupied, leading to the decision for its redevelopment.
Acquisition and Future Plans
Lionheart Capital acquired the underperforming Lakeside Mall in 2019 through its Out of the Box Ventures subsidiary. The acquisition, part of a strategic move to repurpose the site, laid the groundwork for the future $1 billion Lakeside Town Center project
The proposed Lakeside Town Center is set to be a vibrant, mixed-use community. The development plans include the construction of approximately 2,800 apartments, including senior housing, and 150,000 square feet of retail space. The project also envisions 60,000 square feet of offices, a 120-room hotel, and a community center. A significant feature of the development is the 30 acres of green space, providing a breath of fresh air and a place for community activities and leisure.
Financial Aspects and Incentives
The development of the Lakeside Town Center is a major financial undertaking. It is set to be partly financed by proceeds from a planned $45 million bond sale by the city of Sterling Heights. In addition, Lionheart has secured a $3 million grant from the Michigan Economic Development Corp. to acquire smaller parcels around the mall. The company is also exploring the possibility of additional local and state incentives.
Conclusion
The Lakeside Town Center project is a bold step towards the revitalization of the Lakeside Mall site. With its comprehensive plan and significant financial backing, the area is set to transform into a thriving, mixed-use community that will serve as a model for future developments in the region.
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