Luke Bonner, the city's senior economic development adviser, said the development will seek tax increment financing to cover the infrastructure such as roads, and water and sewer lines. Sterling Heights officials are expected to ask for a $45 million, 25-year bond to fund the public spaces in the development, land that would be deeded back to the city Warren man charged with arson for setting own house on fire I do think this is a way to reimagine and redevelop this community going forward as this plan has developed." Related Articles ![]() Sierawski, the mayor pro tem, added: "This is not a conspiracy to demolish the suburbs that I love to live in. (DRAWING COURTESY OF CITY OF STERLING HEIGHTS) The project will include a collection of newly conceived “great streets” each with its own distinct character. "This is a $1 billion investment into our community that is taking a dying mall with 110 acres of the most underutilized property perhaps in the entire state of Michigan, if not the Midwest, and radically transforming it into the most unique shopping, dining and residential experience in metro Detroit." "With all due respect, Councilman Yanez, what are you talking about," Taylor said. "We haven't talked about the $45 million bond the people of Sterling Heights have to put up to help a corporation maximize their profits," Yanez said. They said too much of the city's full faith and credit will support a private enterprise. Lively debateĬritics of the plan say it attempts to force an urbanization on the suburban community. ![]() ![]() The infrastructure is expected to be complete by 2027 along with some of the multi-family housing. The mall's demolition is expected to start at the end of 2024 or in early 2025. ![]() Macy’s and JC Penney, the only remaining anchor stores, will remain during and after construction, and receive a facelift. It is anticipated Lakeside City Center, as the project will be known, will bring more than 2,800 residential units 150,000 square feet of new retail space a 120-room hotel with attached parking deck 60,000 square feet of office space several restaurants and coffee shops and recreational amenities "We saw a city that was forward looking and might have an interest in seeing something better than what was there now, which was a failing property," she said. Out of the Box Ventures is a affiliate of Miami-based Lionheart Capital. Allison Greenfield, principal and chief development officer of Lionheart Capital, described the synergy of the firm coming together with city leaders over the property.
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