STERLING HEIGHTS, Mich. (WXYZ) — The company behind the plan to redevelop the former site of Lakeside Mall in Sterling Heights just secured more than $270 million in incentives.
Michigan Governor Gretchen Whitmer, along with the Michigan Strategic Fund, announced the approval of a $270,678,999 Transformational Brownfield Plan for the site.
“Michigan is on the move and open for business, and our strategy to grow our economy, create good-paying jobs, and compete with everyone is paying off,” said Governor Whitmer in a statement. “By redeveloping the Lakeside Mall in Sterling Heights, we’re creating more options for hardworking Michiganders to live and work in vibrant communities.”
The mall closed in 2024, and its site is being eyed for redevelopment into more than 1,500 residential units. The project also calls for more than 150,000 square feet of new retail space, a community park and green space, and parking lots for residents and visitors.
Watch below: City leaders say the demolition of Lakeside Mall could happen by the end of the year
According to the request, local and state tax revenue capture will support the plan, in addition to a Sterling Heights bond issuance of about $27.6 million for infrastructure.
The state says the project is estimated to generate $621,019,411 in capital investment.
Watch below: See inside Lakeside Mall before its closure
“Lakeside Town Center is one of the most transformational projects in Sterling Heights’ history, and really for the entire region," said Sterling Heights Mayor Michael C. Taylor in a statement.
The governor’s office says the incentive package is expected to be reimbursed over 30 years.
The development company is Lakeside OOTB Ventures, LLC, a subsidiary of Lionheart Capital.
“Lakeside OOTB Ventures extends its sincere appreciation to the Michigan Strategic Fund Board, the Michigan Economic Development Corporation staff, and the City of Sterling Heights for their steadfast partnership, leadership, and support throughout the planning and review of the Lakeside City Center redevelopment,” said Colin Carby, director of development for Lionheart Capital, in a statement. “This exemplary public-private collaboration reflects a shared vision to transform a functionally obsolescent and vacant property into a vibrant, walkable city center that will provide new housing, retail, parks, and community gathering spaces for residents of all ages, creating lasting economic and social benefits for Sterling Heights and the broader region for generations to come.”
