The first phase of retail is nearing 100% leased at PV, the highly anticipated redevelopment of the former Paradise Valley Mall by RED Development, ahead of its grand opening this fall with the recent addition of seven new tenants, including first-to-market restaurants, upscale salons and a medical spa.
This significant milestone is building momentum for the rest of the project. Spanning more than 100 acres, the monumental mixed-use development is situated in one of the most affluent neighborhoods in Metro Phoenix. The multi-phase, multi-year project will feature a diverse tenant lineup, including retail, dining, health and beauty services, entertainment concepts, multifamily residential, office and a hotel to create a dynamic community hub.
The latest tenant announcements include three first-to-market concepts: TEN Sushi + Cocktail Bar, featuring unique sushi creations and eclectic cocktails; The Melt, a fast-casual eatery famous for its grilled cheese, mac and cheese and burgers; and Hammer & Nails, a luxury men’s grooming shop offering premium barber services and treatments. Additional new tenants include Federal Pizza, renowned for its wood-fired pizzas, pasta and craft beer; Hawaiian Bros Island Grill, offering a laid-back atmosphere and generous portions of island-inspired plate lunches; European Wax Center, the country’s largest provider of waxing services; and SkinSpirit, a leading medical spa set to open its third Arizona location at PV.
The first phase includes the state-of-the-art AVE Paradise Valley, a 400-residence multifamily community formerly known as The Blake by StreetLights Residential. Fender will debut in a dedicated 80,000-square-foot, three-story office building with cutting-edge amenities, including a specialized model shop for guitar and amplifier designers, a state-of-the-art sound room, meeting rooms and flexible workspaces. Moreover, Life Time has begun construction on its fully integrated first-to-market concept, featuring an athletic country club and luxury-for-lease residences, anticipated to open in 2026. The 11-story Life Time Living Paradise Valley will offer more than 300 luxury residences. The 92,000-square-foot athletic country club will boast dedicated studios for group fitness classes, a spacious fitness floor with cardio and strength-based equipment, outdoor pickleball courts and more. Whole Foods Market, Blanco Cocina + Cantina, Flower Child, Trevor’s Liquor, Sephora, Aveda, Wren House Brewing Co. and Frost Gelato are among previously announced first-phase tenants.
Additionally, an integral feature of the project’s first development phase is a 3.5-acre park and central gathering space. This lushly landscaped area will host events and activations while serving as a green space for nearby families, organizations and businesses. Complete with linked open spaces, biking and walking paths, and a pavilion, the park will enhance the social and cultural fabric of the neighborhood.
PV is poised to transform the Valley by building a strong and enduring sense of connection while creating a vital community destination for the neighborhood that fosters collaboration and creativity. The introduction of first-to-market and local favorite tenants will further elevate the surrounding lifestyle offerings, making PV a cornerstone of communal and commercial growth in Phoenix.
Mike Ebert is a managing partner at RED Development. For more information about PV, visit pvphx.com.
Photos courtesy of RED Development
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