Phoenix’s Paradise Valley Mall to be remade as a town center

Macerich has sold 95% of its interest in the Paradise Valley Mall in Phoenix and will retain 5% to work on its town center redevelopment with PV RE Devco in a partnership called RED Development.

Paradise Valley had been a primary retail center in Northeast Phoenix since opening in 1978 but has failed to continue as a sustainable and viable development, according to zoning memorandum sent to the City of Phoenix by the partnership’s law firm Burch & Crachiolo.

Its intent is to demolish the mall and redevelop the 90-plus acre site with 3.25 million sq. ft. of residential and 3.25 million sq. ft. of non-residential space that will combine a grocery store, other retail, restaurants, multi-family residential, self-storage, and other uses. The completed project is expected to contain 2,500 dwelling units.

Pedestrian paths, common areas, and new landscaping will be part of the renovation, which already contains a mass transit station.

“PV Mall holds many memories and a sense of nostalgia for our residents. I am excited that the mall will be part of the fabric of the community for generations to come,” Phoenix Councilwoman Debra Stark, who represents the district where the mall is located, told the City Sun Times.