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Michigan's Largest Mall Gets $1B Mixed-Use Redo

Lakeside Mall in Sterling Heights, which opened in 1976, to be replaced with new town center.

The owner of the 1.5M SF Lakeside Mall in the Detroit suburb of Sterling Heights has announced that the struggling indoor mall will close on July 1 so that most of it can be torn down to make way for a $1B mixed-use development.

Out of the Box Ventures, a subsidiary of Miami-based Lionheart Capital, announced the closing of the regional mall—the largest mall in Michigan in terms of leasable space—which opened in 1976. Out of the Box Ventures purchased Lakeside Mall in 2019, after a previous owner defaulted on a $144M mortgage.

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Jack Rogers

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