It’s official, Lakeside Mall is getting a facelift. With a 5-2 vote at their meeting on Nov. 1, 2022, the Sterling Heights City Council approved a $1 billion redevelopment plan for the shopping center.
Under this plan, which is headed by Out of the Box Ventures, a subsidiary of Miami-based real estate development and capital investment firm, Lionheart Capital, which owns the mall, much of the 110-acre site will be demolished and repurposed into living, retail, and recreational space.
Local laborers will build much of the project, which includes 2,800 multi-family apartments, including 750 senior housing units; 150,000 square feet of retail shops and restaurants; 60,000 square feet of office space; and a 120-room hotel.
Macy’s and JC Penney will continue to operate during and after the construction, The former Sears buildings will also remain. All three will be renovated as part of the project.
In addition, the developer will donate 30 acres of the area to be used for a park system, street scape and other public infrastructure.
“We are pleased to see the future of Lakeside Mall taking shape,” Macomb County Executive, Mark A. Hackel said in a press release on the City of Sterling Heights’ website. “Hall Road is a vital economic corridor for all of Macomb County, and the continued transformation of Lakeside will lead to additional interest and investment in the corridor.”
This project, which will take approximately 10 years to complete, is expected to positively impact the area by about $1 billion over the next decade.