A pioneering mixed-use asset developer and the operator of Phoenix Malls across the nation may develop third mall in MMR – Mumbai Metropolitan Region in Thane and possibly a hotel also there. As well, it may develops its Phoenix Market City Mall which was located in Bengaluru, the Managing Director of Phoenix Mills, Shishir Shrivastava noted.
The company may take 2 to 3 months to stabilize its mixed-use asset development plans in Thane.
This significant move seems to be a continuation of the company’s activity in November 2023 as it acquired an 11 acres of land in Thane, Majiwada area. At present, Phoenix Mills functions a mall called Phoenix Palladium in Central Mumbai along with a hotel St. Regis and a residential tower.
Also the firm will develop a notable commercial project in the locality by the 2027. Also it operates a mall called Phoenix MarketCity in Mumbai’s Kurla area.
Alongside Thane, the firm also intends to develop its Phoenix MarketCity Mall in the Bengaluru city, one of the officials said.
Expressing the firm’s Thane-based plans, Shishir Shrivastava states, "We are going to take probably another two-three months perhaps to decide. But it’s seeming to be a large mixed-use development with a combination of maybe some retail, some hotel, we are trying to really determine if residential is the right way to go that is where the question really is and what the best use on this land is. So, we will be very, very happy to announce as soon as we have made a decision”.
Further, Shrivastava added, "This is exactly adjacent (the land acquired in Bengaluru adjacent to Phoenix Market City). We are looking at how we can amalgamate the two land parcels and be able to utilize the overall development mix in a composite manner. The land parcel has a development potential of 1.3- 1.4 million sq ft. This acquisition will help us create a much larger destination with perhaps more retail and more entertainment and F&B options”
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