The former Lycoming Mall in Muncy Township. SUN-GAZETTE FILE PHOTO

The Lycoming Mall is set to begin its transformation into a contemporary, mixed-use commercial community. On Wednesday, the new owners and developers of the former mall, Famvest XII — Lycoming Mall LLC (Famvest), unveiled the name of their highly-anticipated redevelopment project, “The District at Lycoming Valley.”

“We are pleased to officially announce that the Lycoming Mall will be known as, The District at Lycoming Valley, a transformative redevelopment of the over 100-acre property that will create a dynamic and versatile mixed-use community,” Jon Jahanshahi, president of Famvest, said, according to a news release.

The project, according to the news release, will breathe new life into the nearly vacant retail center that has seen a steady decline over the past several years.

“With its modern and vibrant design, this redevelopment project seeks to create a dynamic and versatile multi-use live, work and shop destination that does not currently exist in the region,” the news release said.

“The inspiration for the new name came from us wanting to find the right words to attract new businesses and patrons to a destination of exciting change and newfound prosperity, and we landed on “The District at Lycoming Valley,” added Jahanshahi. “This project is particularly special to me as a resident of Muncy Township. The Lycoming Mall was a central retail and social hub that brought business and people together for decades, and now we can continue that legacy with a modern, mixed-use community.”

The redevelopment of The District at Lycoming Valley will enhance the local economy but also provide numerous jobs — the existing and proposed developments are expected to generate hundreds of full- and part-time jobs, catering to the expanding community while bringing new amenities and experiences to the area.

“This type of community is something we are seeing in many other thriving markets,” Jason Fink, president and CEO of the Williamsport/Lycoming Chamber of Commerce, said, according to the news release. “The redevelopment of the former mall site has been a priority for the Chamber and other stakeholders as we believe it will attract new businesses currently absent from our region.”

The developers of the District at Lycoming Valley hope to offer a diverse mix of retail/commercial space, health care services, housing and recreational space.

“With its strategic location, this redeveloped community will serve as a hub for residents and visitors alike, providing a dynamic and engaging environment for them to shop, relax and enjoy,” the news release said.

“We are in active discussions with potential tenants and are hopeful that we will be able to share more details on those agreements in the near future,” added Jahanshahi, according to the news release.

The Lycoming Mall has received broad support from local and state officials. Famvest is committed to working closely with local stakeholders, government officials and the community to ensure the successful implementation of The District at Lycoming Valley.