The outlook for metro Detroit malls in 2023

For now, the wrecking ball appears to be in the future for this Macomb County staple.

Its Miami, Fla.-based owner, Out of the Box Ventures, a subsidiary of Lionheart Capital, unveiled a plan in October to raze the 1.5 million-square-foot mall in the next few years and turn it into 2,800 multifamily housing units, with 750 of those for seniors; 150,000 new square feet of retail and dining space (in addition to the 400,000 square feet that would remain between the Macy’s and JCPenney department stores); 60,000 square feet of office space, and a 120-room hotel with a parking deck.

The project would cost $1.06 billion and is seeking $45 million in public bond funding to cover infrastructure such as streets, sewer, landscaping and more.

The Sterling Heights City Council signed off on it in its first vote on the project a couple days after it was announced, but many other approvals are needed.

It’s one that watch in 2023 to see how far the approvals can get.