Council ratifies deal that will recreate Lakeside Mall
The massive redevelopment of Lakeside Mall took a giant step forward when the Sterling Heights City Council endorsed an agreement with the private owners of the shopping center.
Council members voted 5-2 Tuesday night to approve a memorandum of understanding with Lakeside Out of the Box Ventures LLC for the plan to recreate the 110-acre site near Hall and Schoenherr roads into a collection of dining, retail, residences, parks, office space and a hotel.
Mayor Michael Taylor praised the $1 billion investment over the course of 12 years, which will create more than 7,000 jobs.
“I am so excited about this project and what it will mean for this community,” Taylor said at the council table.
“This is going to be an incredible gathering places that is going to allow our residents have something different and unique. I just can’t wait for it to become a reality.”
The mayor, along with Mayor Pro Tem Liz Sierawski, and council members Michael Radtke, Maria Schmidt and Barbara Ziarko voted in favor of the agreement. Council members Henry Yanez and Deanna Koski voted against the measure.
Residents would not see an increase in their taxes if the bond issue is passed, officials said.
Allison Greenfield, principal and chief development officer of Lionheart Capital, described the synergy of the firm coming together with city leaders over the property. Out of the Box Ventures is a affiliate of Miami-based Lionheart Capital.
“We saw a city that was forward looking and might have an interest in seeing something better than what was there now, which was a failing property,” she said.
It is anticipated Lakeside City Center, as the project will be known, will bring more than 2,800 residential units; 150,000 square feet of new retail space; a 120room hotel with attached parking deck; 60,000 square feet of office space; several restaurants and coffee shops; and recreational amenities
Macy’s and JC Penney, the only remaining anchor stores, will remain during and after construction, and receive a facelift.
The mall’s demolition is expected to start at the end of 2024 or in early 2025. The infrastructure is expected to be complete by 2027 along with some of the multi-family housing.