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Lakeside project animation
Lionheart Capital's redesign plan for Lakeside Mall in Sterling Heights.
SOUTHFIELD, Mich. (FOX 2) - Plans to close, demolish and redevelop Lakeside Mall in Sterling Heights were announced Wednesday.
Lakeside Mall will be closing July 1 to make way for the billion-dollar project with a scheduled groundbreaking in late 2025. The plan is from Lionheart Capital, a Miami-based real estate development and capital investment firm’s retail subsidiary Out of the Box Ventures.
Lakeside will be demolished for a "dynamic mixed-use city center." It will be replaced with residences, parks, a hotel, office spaces, retail stores, restaurants and about 30 acres for public spaces.
Officials say local labor will be used in the plan, adding that the project is expected to be financially self-sustaining, funded by new property tax revenue by the development. A minimal impact on city taxes is expected as a result.
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Lakeside Mall - a Sterling Heights staple - faces demo, ambitious redevelopment plan
Lakeside has been around since the 1970s and is set to close July 1. In its place, a radical redevelopment plan that breaks ground in early 2025.
The redevelopment plan began in November of 2022 and according to Out of the Box. Tenants have been informed, and plans for vacating are underway to spark the next phase.
"Lakeside's vibrant Town Center will be bustling with shops, offices, coffee houses, and restaurants, creating a lively atmosphere for residents and visitors alike," said A spacious central park, featuring restaurants and outdoor seating, will serve as a focal point for community gatherings, music, art, and events."
At the center of the plan is a community center with amenities like pools, fitness facilities, and lending libraries.
A network of "great streets" will crisscross the area, each with its own unique character and adaptability to support local businesses and community events.
A "Lyrical Loop" will go around the town center - a one-and-a-half-mile greenbelt. In addition to that, construction will begin on a two-and half-mile bike/hike trail this year connecting the Lakeside Town Center development to the Iron Belle Trail, Freedom Trail and Dodge Park Trail.
This network of pathways meeting in Sterling Heights will connect Belle Isle, Lake St. Clair, and Iron Wood.
"Lakeside Mall's closure marks the beginning of an exciting transformation," remarked 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."
"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," said 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.