STERLING HEIGHTS, Mich. (WXYZ) — Lakeside Mall in Sterling Heights has new ownership after being purchased by a Out of the Box Ventures, a subsidiary of Miami-based Lionheart Capital.

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The deal closed Tuesday. It came after the mall's previous owners, General Growth Properties Inc., defaulted on their $144 million mortgage.

Out of the Box Ventures is promising to redevelop some of the retail space into mixed use space. However, no details have been released.

LAKESIDE MALL: A new feel & “City Center” atmosphere is planned, as new owners buy Lakeside Mall in Sterling Heights. They’re promising many new JOBS plus more restaurants, stores & fun ACTIVITIES for families. The city also expects an increase in tax REVENUE. @wxyzdetroit #11PM pic.twitter.com/c6hjyQ0U7P — Simon Shaykhet WXYZ (@simonshaykhet) December 20, 2019

“We are excited about our plans to revitalize Lakeside Mall with a new wave of premium tenancy and engaging activations. One of the defining factors in our decision to close on this asset is the City’s progressive development culture. We share the City’s vision for the future of this property and look forward to significant collaboration with City officials and the community to ensure Lakeside Mall’s future is promising and a point of pride for the entire region,” said Ophir Sternberg, CEO & Founding Partner, Lionheart Capital in a news release. “We have a strong track record for success and expect nothing less for this exciting endeavor.”

“Our goal has always been to see Lakeside transform from a traditional retail mall into a mixed-use space focused on walkability, placemaking and community,” said Sterling Heights Mayor Michael Taylor in a news release. “I’m proud of the proactive work we’ve done to help position the Lakeside Mall area for continued success for many decades to come.”