Sterling Heights and Lakeside Mall owners announce $1 billion redevelopment

Another suburban Detroit mall will undergo a massive redevelopment. Officials in Sterling Heights, along with Out of the Box Ventures, announced a $1 billion redevelopment plan for Lakeside Mall that includes retail, hotel, residential, office, and green space across a 110-acre site.

Out of the Box Ventures, a retail subsidiary of Lionheart Capital, bought the mall in 2019. The Macy's and JCPenney stores remain part of the new vision and will stay open during and after construction. Plans for redevelopment include 2,800 residential units, with 750 designated as senior housing. 30 acres of the site will be turned into a public park. A 120-room hotel is planned, as well as 150,000 square feet for retail and dining, 60,000 square feet of office space, and a two-story community center. A one-and-a-half mile parkway will surround the project.

A news release from the city describes the development as promoting an active and healthy lifestyle, with amenities within the development within walking distance for residents. The community center will have pools, fitness centers, and bike garages.

“We are honored to be working with the city of Sterling Heights to help breathe new life into an area that has been underutilized for decades, and in so doing, create thousands of new jobs,” said Allison Greenfield, Principal and Chief Development Officer of Lionheart Capital. “Lakeside will provide a wide range of market-rate housing options for all demographics, from the young professional to the senior. Its location close to major thoroughfares, yet away from residential zones will help to minimize traffic in single-family neighborhoods. We are proud to be part of a project that promotes the best in urban revitalization principles, while acknowledging the unique character and history of the Sterling Heights community.”

Suburban Detroit malls have seen a lot of changes in recent years. Eastland is being demolished to build a new industrial site. A massive residential and retail redevelopment is coming to Northland. The new owners of Oakland Mall want to update it for the younger generations. And a more mixed-use approach could be coming to Fairlane.