STERLING HEIGHTS, Mich. – Lakeside Mall is one of the largest malls in the state and Sterling Heights Mayor Michael Taylor said it could be getting better.
“It’s just really a concrete step in the right direction. There has been a lot of uncertainty about what was going to happen here,” Taylor said.
Recently, Miami-based developer Out of the Box Ventures bought the property and is now the new owner of the mall. This comes after General Growth Properties Incorporated defaulted on the their $144 million mortgage loan.
“It’s been in limbo for quite a while, so this is a great step in the right direction,” Taylor said.
It’s a direction Taylor believes will draw more people to the shopping center.
“It’s all mixed-use, retail, walkable, a city center-type feel. It’s institutional use -- hospitals, community colleges, university centers, things like that, that can draw people to the area,” Taylor said.
Jim Hawkins lives in Sterling Heights. He has his doubts about Lakeside.
“They’ll be wasting their money. The younger generation all shop online and none of these retailers will survive,” he said.
But with the new sale complete, Lakeside Mall’s new owners say it’s not over just yet.