One of the key players behind the makeover of Phoenix's old Metrocenter mall has quietly exited the stage, leaving a pretty big hole in a very big plan.
Oakwood Homes, a Denver-area homebuilder tapped to handle the residential side of The Metropolitan - the sweeping redevelopment of the former Metrocenter mall in north Phoenix - has pulled out of the project, according to local reporting. The plan called for as many as 1,200 homes in a mix of apartments and townhomes clustered around a new light‑rail station, so Oakwood's departure is not exactly a minor change of plans. The move leaves the master developer without its flagship residential partner just as demolition, infrastructure work and city approvals were lining up for a multi‑phase buildout.
Phoenix Business Journal reported that Oakwood withdrew from The Metropolitan, pointing to the "complexity of delivering up to 1,200 residential units." That outlet framed the reversal as a notable turn for a project that had already moved through demolition and early planning, and its account stands as the first public word of Oakwood's exit.
What The Metropolitan Was Supposed To Deliver
The Metropolitan has been pitched as an approximately $850 million, 64‑acre mixed‑use "urban village" that would blend apartments, for‑sale townhomes, retail, parks and public space, all directly tied to a Valley Metro light‑rail extension, according to the City of Phoenix. City materials describe a phased construction plan intended to sync housing and infrastructure with the new transit corridor.
Local coverage in recent months has highlighted demolition milestones at the former mall and emphasized the sheer size of the planned residential component. The idea was to turn a fading retail relic into a dense, transit‑oriented neighborhood, with the rail line stitched into streets, open space and a significant amount of new housing.
Oakwood's Role And What It Planned
Oakwood Homes had been announced as the exclusive residential builder at The Metropolitan. In an October 2025 post, the company said it intended to deliver roughly 750 townhomes within the project, describing the collection as Spanish‑Colonial and Contemporary Mediterranean homes in a walkable neighborhood setting.
That assignment would have made Oakwood responsible for a large share of the for‑sale housing envisioned on the site. Losing a named builder of that scale strips the master developer of a key delivery partner and triggers a scramble to find another firm capable of producing both for‑sale and rental product at a full neighborhood scale.
Schedule Risks And Market Context
Because the entire development is organized around a new light‑rail station and staged infrastructure, the loss of a lead residential partner could complicate the phasing and timing not only for housing but also for the project’s planned retail destination, industry briefs warned. Commercial real‑estate coverage had already noted that site work and preconstruction were underway for The Metropolitan, signaling an aggressive schedule for early housing phases.
Per local reporting from KJZZ, the project ranks among the largest infill housing efforts currently on the drawing board in the Valley. Oakwood’s withdrawal now raises fresh questions about timing and about which builder will ultimately deliver the promised homes as the city continues to push for transit‑oriented growth around the new rail extension.
The exit was first reported by Phoenix Business Journal.
