PV adds 7 more tenants as 1st phase of Phoenix mall redevelopment nears capacity

Jun 1, 2024, 7:15 AM

PHOENIX — The initial phase of PV, the mixed-use redevelopment of the former Paradise Valley Mall site, is almost fully booked with the addition of seven tenants, the project’s developer announced Thursday.

“Approaching 100% leased for the first phase of retail at PV is a significant milestone,” Mike Ebert, managing partner at RED Development, said in a press release. “This achievement reflects the strong demand and vibrant community we’re building.”

The new additions to the PV retail lineup include four restaurants: Phoenix’s second Federal Pizza location, Hawaiian Bros Island Grill, TEN Sushi + Cocktail Bar and The Melt.

The other tenants announced Thursday are the Hammer & Nails men’s grooming shop, European Wax Center and a medical spa called SkinSpirit.

What are the other elements of the PV redevelopment project?

Previously revealed phase one businesses include musical instrument company Fender, Whole Foods, Flower Child, Trevor’s Liquor and Wren House Brewing Co.

“From first-to-market concepts like TEN Sushi, The Melt and Hammer & Nails to Valley favorites like Federal Pizza, our goal is to curate a diverse mix of tenants that will enhance the area,” Ebert said. “We are eager to share additional announcements soon.”

The first phase of PV, including a 400-unit residential rental community, is scheduled to open this fall. The residential section was originally going to be The Blake by StreetLights Residential, but it is now listed as AVE Paradise Valley, a partnership between Pennsylvania-based Korman Communities and New York-based RXR.

Phase two of mall redevelopment features Life Time residential concept

Phase two of PV, which is projected to open in 2026, features an 11-story concept from national fitness center brand Life Time that combines a luxury athletic country club with rental residences.

PV is under construction at the Paradise Valley Mall site in north Phoenix on Cactus Road between Paradise Village Parkway North and Tatum Road.

The only remnants of the defunct mall era — Costco, JCPenney and a Phoenix Public Library branch — remain open during the site’s extreme makeover.

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PV adds 7 more tenants as 1st phase of Phoenix mall redevelopment nears capacity