Lakeside Redevelopment Set to Move Forward

Lionheart Capital, a Miami-based real estate development and capital investment firm's retail subsidiary Out of the Box Ventures, has announced the closure of Lakeside Mall on July 1 as part of the approved master plan. The redevelopment, projected to positively impact the region by $1 billion, marks a significant step towards revitalizing the area.

The decision to close Lakeside Mall comes with thorough planning and consideration. Momentum for closure and eventual redevelopment began at the execution of an MOU between Out of the Box and 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. This milestone signals the fruition of the billion-dollar redevelopment master plan, which promises to breathe new life into the region.

The redevelopment process will begin with the demolition of Lakeside Mall, paving the way for the construction of a dynamic mixed-use city center. This reimagined space will feature residences, parks, a hotel, office spaces, retail outlets, dining establishments and more, catering to diverse community needs. Complementing these amenities, approximately 30 acres will be dedicated to public spaces, including parks and infrastructure, enriching the community's quality of life. Groundbreaking for Lakeside Town Center is scheduled for late 2025.

"Lakeside Mall's closure marks the beginning of an exciting transformation," remarked Allison Greenfield, Principal and Chief Development Officer of Lionheart Capital. "We are committed to collaborating with the City of Sterling Heights to create a vibrant urban center that celebrates the area's unique character and history."

Within this dynamic environment, Lakeside's vibrant Town Center will be bustling with shops, offices, coffee houses, and restaurants, creating a lively atmosphere for residents and visitors alike. A spacious central park, featuring restaurants and outdoor seating, will serve as a focal point for community gatherings, music, art, and events. Anchoring this park, a two-story community center will provide recreational amenities such as pools, fitness facilities, and lending libraries.

A network of "great streets" will crisscross the area, each with its own unique character and adaptability to support local businesses and community events. These tech-ready streets will seamlessly blend work and play, encouraging residents from nearby homes to actively engage with the heart of the community. Surrounding the vibrant town center will be 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. This network of pathways converging in Sterling Heights connects Belle Isle, Lake St. Clair, and Iron Wood to this transformative development.

"Sterling Heights eagerly anticipates the Lakeside Mall redevelopment, which aligns with our community's vision for innovation, enriched living, creation of distinctive areas, connectivity and accessibility. As this transformative project unfolds, making sure our residents are consistently informed and actively engaged in the process will be a top priority," stated Sterling Heights Mayor Michael Taylor.

Throughout the redevelopment, local labor will play a pivotal role in bringing the vision to life. The project is designed to be financially self-sustaining, funded by new property tax revenue generated by the development, ensuring minimal impact on city taxes.

"As the City of Sterling Heights continues to reimagine the future of Lakeside Mall, Macomb County remains committed to helping create an environment which will ignite transformational development," said Macomb County Executive Mark Hackel. "Working together, we ensure that this site will bolster our local economy and be a model for strategic redevelopment and job creation."

The City of Sterling Heights will share project updates with residents and engage them in the transformation process with frequent updates across communications platforms.

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