Lakeside Mall in Sterling Heights will close on July 1 as part of an approved master plan, according to Lionheart Capital, a Miami-based real estate development and the capital investment firm’s retail subsidiary, Out of Box Ventures.
The redevelopment, projected to create a $1 billion impact to the region, marks a significant step toward revitalizing the area, according to Lionheart Capital.
The closure and eventual redevelopment began at the execution of an MOU between Out of the Box and the city of Sterling Heights in November 2022. Tenants have been informed, and plans for vacating are underway to facilitate the next phase of the project.
The redevelopment process will begin with the demolition of Lakeside Mall, paving the way for the construction of a mixed-use city center. The new development will feature residences, parks, a hotel, office spaces, retail outlets, dining establishments, and more, catering to diverse community needs.
In addition, approximately 30 acres will be dedicated to public spaces, including parks and infrastructure. Groundbreaking for Lakeside Town Center is scheduled for late 2025.
“Lakeside Mall’s closure marks the beginning of an exciting transformation,” says Allison Greenfield, principal and chief development officer of Lionheart Capital. “We are committed to collaborating with the City of Sterling Heights to create a vibrant urban center that celebrates the area’s unique character and history.”
Lakeside Town Center will include shops, offices, coffee houses, and restaurants. A central park, featuring restaurants and outdoor seating, will serve as a focal point for community gatherings, music, art, and events. Anchoring the central park will be a two-story community center that will provide recreational amenities such as pools, fitness facilities, and lending libraries.
A network of tech-ready streets will crisscross the area, each with its own unique character and adaptability to support local businesses and community events.
Surrounding the town center will be the Lyrical Loop, a one-and-a-half-mile encircling greenbelt designed to promote active lifestyles and wellness for residents. Construction of a two-and half-mile bike/hike trail will begin this year connecting the Lakeside Town Center development to the Iron Belle Trail, Freedom Trail, and Dodge Park Trail.
The network of pathways converging in Sterling Heights connects to Belle Isle, Lake St. Clair, and Iron Wood, according to the developer.
“Sterling Heights eagerly anticipates the Lakeside Mall redevelopment, which aligns with our community’s vision for innovation, enriched living, creation of distinctive areas, connectivity, and accessibility. As this transformative project unfolds, making sure our residents are consistently informed and actively engaged in the process will be a top priority,” stays Sterling Heights Mayor Michael Taylor.
Throughout the redevelopment, local labor will play a pivotal role in bringing the vision to life. The project is designed to be financially self-sustaining, funded by new property tax revenue generated by the development, ensuring minimal impact on city taxes.
“As the city of Sterling Heights continues to reimagine the future of Lakeside Mall, Macomb County remains committed to helping create an environment which will ignite transformational development,” says Macomb County Executive Mark Hackel. “Working together, we ensure that this site will bolster our local economy and be a model for strategic redevelopment and job creation.”
The City of Sterling Heights will share project updates with residents and engage them in the transformation process with frequent updates across communications platforms.
Project Team:
Owner & Developer: Lionheart Capital and Out of the Box Ventures
Master Architect and Brand Strategist: CallisonRTKL
Landscape Design: SWA
Civil Engineer: Giffels Webster
Lionheart Capital is a Miami-based diversified investment firm focused on building value-growth companies in the public and real estate markets. Lionheart Capital’s principals have been involved in the successful acquisition, development, repositioning and disposition of real estate and publicly traded assets for over 25 years. For more information, visit lheartcapital.com.
With the acquisition of 5 million square feet of retail space, Out of the Box Ventures, a subsidiary of Lionheart Capital, continues to actively expand its presence in the retail market. The portfolio features space in Arkansas, California, Colorado, Florida, Georgia, Indiana, Illinois, Kansas, Louisiana, Michigan, Missouri, New York, Oklahoma, Ohio, Pennsylvania, Rhode Island, and Virginia and consists of regional enclosed malls, shopping centers and big box retail. For more information, visit ootbventures.com.
