Phoenix's Metrocenter Mall is getting a $1 billion makeover

Metrocenter Mall is getting a $1 billion makeover that will bring housing, two hotels, new shops and a public park to west Phoenix.

State of play: Last week, the Phoenix City Council agreed to give a tax break to the mall's new owner, clearing the final hurdle so construction can begin early next year.

• The city is taking over ownership of the land so the owners won't have to pay property tax on the project for up to 25 years.
• In exchange, the developer will give the city $1.5 million to use for affordable housing, make rent payments and pay a lesser excise tax.

Why it matters: The city hopes the new project will bring a second life to what was once the premier shopping and entertainment destination in the Valley.

• Metrocenter lost its luster as malls became less popular in recent years, closing in 2020, and the area around it aged.

Details: The existing buildings will be demolished to make way for the new 80-acre development that will include:

• 3,191 apartment units
• 100,000 square feet of retail space
• Two hotels
• 6,300 parking spaces
• A public plaza and park

What they're saying: "One of my first jobs was at Parklane Hosiery in the mall and I remember the many nights my friends and I spent cruising around the mall. Although those times are gone, I’m incredibly excited for what’s to come for the entire Metro region," Councilwoman Ann O'Brien, who represents the area, said in a statement.

The intrigue: Several Valley malls have closed and seen similar rebirth.

• Park Central in midtown is now a thriving office and retail center.
• Paradise Valley Mall is morphing into an apartment complex with retail, upscale dining and a luxury Harkins Theatre.
• Fiesta Mall in Mesa closed in 2017, and the city has been pushing for its redevelopment ever since, though the owners have not publicly shared any official plans.

1 fun thing: The mall scenes in "Bill and Ted's Excellent Adventure" were filmed at Metrocenter.

• We think Bill and Ted would find the redevelopment news "most triumphant."