Miami-based Lionheart Capital’s retail subsidiary Out of the Box Ventures declared the impending closure of Lakeside Mall in Sterling Heights, setting July 1st as the final day of operations. This move initiates a significant redevelopment endeavor valued at $1 billion for the site.
Allison Greenfield, Lionheart Capital’s principal and chief development officer, expressed excitement for the mall’s transformation into a mixed-use development, emphasizing collaboration with the city for an urban center that respects the region’s character.
Sterling Heights City Council previously endorsed a memorandum of understanding with Out of the Box Ventures in November 2022. The redevelopment, named Lakeside Town Center, is slated to include residences, retail spaces, dining areas, parks, a hotel, and offices.
Groundbreaking is scheduled for late 2025, with Mayor Michael Taylor affirming the city’s commitment to resident engagement throughout the transformative process.
Reporting for WGRT – Choze Powell
