Phoenix’s Metrocenter Area: A Hub for Growth and Opportunity
Phoenix is transforming again, with the Metrocenter area at the heart of its evolution. Formation Interests, a Dallas-based real estate developer, is spearheading a major transit-oriented project that promises to revitalize the city’s North Mountain area. This development comes alongside the $850 million redevelopment of the historic Metrocenter Mall, signaling a bright future for the region.
Introducing Formation Park 17
Formation Interests plans to convert a 22-acre property, currently home to a 1970s-era office complex, into a cutting-edge business park called Formation Park 17. The project, strategically located next to the new light rail extension, will feature four industrial buildings offering a total of 425,280 square feet. These facilities are designed to meet the needs of high-demand industries such as manufacturing, semiconductors, and warehouse distribution. With flexible leasing options ranging from 20,000 to 425,000 square feet and 32-foot clear heights, the park is primed to attract diverse tenants.
The initial site plan for Formation Park 17 received approval from the city of Phoenix in late 2024, and the project boasts contributions from top firms like Deutsch Architecture Group and Kimley-Horn & Associates.
Metrocenter Mall Redevelopment
The Metrocenter Mall, once a bustling shopping destination, is being transformed into a mixed-use development. The project includes a 140,000-square-foot retail core and 1,200 townhome residences, aiming to create a vibrant community hub. This redevelopment not only breathes new life into the mall but also aligns with Phoenix’s broader goals of increasing transit accessibility and urban livability.
A Wave of Regional Investment
The revitalization doesn’t stop with Formation Park 17 or the Metrocenter Mall. Just south of the business park, Scottsdale-based CaliberCos is redeveloping the Canyon Corporate Center into a multifamily housing project with up to 700 units. These projects, together, are reshaping the North Mountain area into a dynamic residential and commercial zone.
The surrounding infrastructure supports this transformation. The light rail extension makes the area more accessible, appealing to both businesses and residents. For investors, the proximity to transit hubs and mixed-use developments adds significant value, especially for those seeking opportunities in Phoenix real estate investment.
Opportunities for Investors
For real estate investors, the Metrocenter area presents a unique chance to capitalize on Phoenix’s growth. Industrial spaces, particularly those with transit access, are increasingly in demand. The combination of redevelopment, infrastructure upgrades, and strategic location positions the area as a prime market for both short-term returns and long-term growth.
Why This Matters
The developments in the Metrocenter area reflect a larger trend of urban revitalization across Phoenix. By turning aging properties into modern, multi-use spaces, the city is addressing both economic and community needs. For investors, it’s a signal to explore opportunities in Arizona’s evolving real estate landscape.
Whether you’re interested in industrial real estate, multifamily housing, or mixed-use developments, Phoenix continues to prove its resilience and potential. The Metrocenter projects exemplify how strategic planning and investment can redefine urban spaces, making now the perfect time to invest in Arizona’s real estate future.