PHOENIX (AP) - A shopping mall that was a major Phoenix attraction when it was built in the 1970s has faded so much that a new owner plans to gut the mall and tear down major parts of it.
KJZZ-FM reports (http://bit.ly/2elrTTw ) Metrocenter mall sits in a city-designated blight area.
It was purchased in 2012 for $12.5 million after the recession impacted mall tenants and mortgage payments.
Carlyle Development Group purchased the building with plans to tear down all or most of the mall.
Chief Operating Officer Warren Fink successfully asked city councilmembers to change the area's zoning to allow office, medical and residential space in addition to retail.
A former department store will house a Walmart Supercenter.
Fink said the mall will keep its Metrocenter name and looped road.
Information from: KJZZ-FM, http://www.kjzz.org/
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