HOUSTON, Texas (KTRK) -- The Greenspoint Mall site will be leveled and transformed into a $150 million industrial park, developers announced on Tuesday.

Lincoln, in association with New York Life Investment Management, announced the acquisition of the mall site and showcased plans for CityNorth Industrial Park.

According to developers, the park will be located at 12300 North Freeway on the northeast corner of I-45 and Beltway 8. "Greenspoint Mall was an important part of North Houston for nearly five decades, and its redevelopment represents a defining opportunity for the area," said Kevin Wyatt, Executive Vice President for Lincoln.