RED Development has unveiled the newest details for its ongoing redevelopment of the 100-acre Paradise Valley Mall site in Phoenix. The project has been renamed as PV with the announcement that phase one of the redevelopment is scheduled to open by mid-2024.
Phase one of PV will feature a 400-unit apartment community developed by StreetLights Residential, a Whole Foods Market, a Harkins dine-in theater and three restaurants. In addition, this portion of the development will include a more than 3-acre park and community gathering space in the middle of the project. The apartment component of PV will break ground this month, offering studio and one- to three-bedroom floorplans once completed.
PV is situated within an opportunity zone and the next phases call for office, additional retail and residential components, hospitality and entertainment.
“The development was renamed to mark the new era and PV was selected as the new name to honor its iconic history,” Mike Ebert, managing partner at RED Development, told Commercial Property Executive. “With PV, we’re most excited to reimagine this spectacular spot and unite the community on a new level with an array of dining, entertainment and shopping options along with new residential and office offerings.”
“PV will undoubtedly have a tremendous impact on the city’s continuous growth by developing an elevated live-work-play environment that will ultimately create an urban core northeast Phoenix, Paradise Valley and surrounding areas,” he added.
Project Timeline
One year ago, the Paradise Valley Mall redevelopment plan received rezoning approval from the city. RED Development moved forward with the project alongside its then partner, Macerich. The redevelopment calls for a transformation of the 1.2 million-square-foot shopping center into a 6.5 million-square-foot, mixed-use community.
However, a few months later in April it was announced that Macerich sold the property to a joint venture between RED Development and an affiliate for $100 million. The company sold a 95 percent interest in the project, retaining a 5 percent stake in the multi-phased development.
