Walk past the intersection of Cactus Road and Tatum Boulevard right now and you’ll see it. The dust. The cranes. The skeleton of what used to be a childhood staple for thousands of Phoenicians. It’s weird seeing the massive gap where the Sears and the food court used to sit, but the Paradise Valley Mall redevelopment underway isn’t just about knocking down old brick. It’s a massive, multi-phase pivot toward what developers call "PV"—a $2 billion mixed-use powerhouse that basically aims to create a "city within a city" in the heart of Northeast Phoenix.
Retail is dying? Not exactly. It's just getting a massive, expensive makeover.
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The 92-acre site is currently a hive of activity. RED Development, the heavy hitter behind CityScape in downtown Phoenix, is steering this ship. They aren't just building a few shops and calling it a day. We’re talking about a complete reimagining of urban density. Honestly, for a long time, this mall was a ghost town. You’d walk through those echoes and wonder how a prime piece of real estate in one of the wealthiest zip codes in the valley could be so... empty. Now, the answer is taking physical shape.
What is actually happening at the old PV Mall site?
Phase one is the big focus right now. It's the foundation of everything else. If you’ve driven by lately, you’ve noticed the residential towers rising. These aren't just apartments; they are high-end "live-work-play" units meant to attract the demographic that wants to walk to a coffee shop without hitting a 6-lane highway.
The first residential piece, The Blake, is a massive 400-unit luxury apartment complex. It’s built to feel more like a resort than a traditional apartment block. But the real anchor—the thing that will determine if this project lives or dies—is the massive 3-acre open space. It’s a central park. This is the heart of the Paradise Valley Mall redevelopment underway. Developers realized that people don’t go to malls to buy socks anymore; they go for "experiences." That’s a buzzword, sure, but in this context, it means outdoor concerts, community yoga, and places to sit with a $7 latte while your dog stares at a fountain.
Life at PV won't look like the 1990s.
It’s about density. Phoenix has always been a sprawling mess of stucco and asphalt. This project represents a shift toward "infill" development. By packing luxury housing, a Whole Foods Market, a Life Time fitness club, and high-end dining into one footprint, RED Development is betting that we’re tired of driving 20 minutes for every single errand.
The Whole Foods and Life Time Factor
Big names matter for credibility. You can’t just say you’re building a luxury destination; you have to prove it with the tenants.
Whole Foods is moving into a massive 50,000-square-foot space. That’s a huge anchor. It signals to the market that the neighborhood’s buying power is still there, despite the mall’s previous decline. Then there’s Life Time. This isn't just a gym where you go to lift weights in a dark corner. It’s a "destination" club with a rooftop pool and co-working spaces.
Think about that for a second. You live at The Blake. You walk across a landscaped path to work out at Life Time. You grab lunch at a local bistro on the ground floor. You pick up groceries at Whole Foods on the way back. You never touched your car keys. In Phoenix, that’s almost unheard of. It’s a total departure from the suburban sprawl that defined this area for forty years.
What about the stuff that stayed?
Not everything was razed. JCPenney is still there. So is the Costco. It’s a bit of a surreal contrast right now—the ultra-modern construction of the new PV towers sitting right next to the classic, boxy retail giants of yesteryear.
Some people find it jarring. Critics argue that the blend of "new-age luxury" and "legacy retail" might be a tough sell. But honestly, having a Costco as a neighbor is a massive traffic driver. It ensures that people are already in the habit of visiting the site. The challenge for the Paradise Valley Mall redevelopment underway is making those Costco shoppers look up, see the new restaurants, and decide to stay for dinner instead of just heading home with their 30-pack of paper towels.
Why this matters for Phoenix property values
If you own a home in the surrounding 85032 or 85028 zip codes, you’re likely watching the cranes with a smile. Historically, when a massive mall dies, it drags the surrounding neighborhood down with it. It becomes a "dead zone" of empty parking lots and cracked asphalt. By injecting $2 billion into this corner, RED Development is essentially propping up the property values of thousands of homes.
We’re seeing a "halo effect." Smaller plazas across the street are starting to renovate. Local business owners are betting that the 2,000+ new residents moving into the PV towers will need services, dry cleaning, and places to grab a beer. It’s an economic engine that hasn't been fired up in this part of town for a long time.
The timeline: When can you actually go there?
Construction is moving fast, but "fast" is relative when you’re rebuilding 92 acres.
- Phase 1 Completion: Most of the core elements—the Whole Foods, Life Time, and the first residential buildings—are slated to open in late 2024 and through 2025.
- The Park: The central green space is the priority because it connects the buildings. Expect it to be the site of major events by the time the first residents move in.
- Future Phases: We're looking at a 10-year horizon for the full build-out. This will eventually include office towers. Yes, people still use offices, especially the "boutique" kind where you can walk to a high-end steakhouse for a client meeting.
The scale is just enormous.
Potential Roadblocks and Real Talk
Is it all sunshine and luxury stucco? Not necessarily. Traffic is the elephant in the room. The Tatum and Cactus intersection is already a nightmare during rush hour. Adding thousands of residents and a flagship Whole Foods is going to put a massive strain on the local infrastructure. The city of Phoenix has worked on light timing and lane adjustments, but let's be real: it's going to be crowded.
There’s also the question of "luxury fatigue." How many $2,500-a-month apartments does Phoenix really need? With several other "lifestyle centers" like Kierland Commons and Scottsdale Quarter just a few miles north, PV has stiff competition. It has to offer something those places don't. The developers think the "community" aspect and the sheer amount of green space will be the tiebreaker.
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Maybe they're right. Maybe they're not. But the money is already spent, and the buildings are already up.
Actionable Insights for Residents and Investors
If you're looking at the Paradise Valley Mall redevelopment underway as more than just a bystander, there are a few things to keep in mind.
First, if you're a renter looking for the "next big thing," keep an eye on the pre-leasing dates for The Blake and subsequent towers. Early residents often get the best concessions and the pick of the views before the area becomes fully established.
Second, for small business owners, the "support" retail around the mall is where the opportunity lies. The interior of PV will be dominated by massive brands, but the surrounding strip malls will see a surge in foot traffic from people who can't afford the high rents inside the main project but still want to be near the action.
Finally, for homeowners, don't panic about the construction noise. The short-term headache of cranes and dust is a small price to pay for the long-term appreciation of being walking distance to a world-class mixed-use hub.
The Paradise Valley Mall we knew is gone. The Orange Julius is a memory. But what’s replacing it is a version of Phoenix that is denser, more walkable, and significantly more expensive. Whether that's "better" is up for debate, but it is definitely happening. Watch the skyline—it changes every week.
Next Steps for Staying Informed
- Check the official PV Phoenix website periodically for tenant announcements; they tend to drop news about new restaurants in batches.
- Monitor City of Phoenix planning meetings if you’re concerned about traffic mitigation strategies on Tatum Blvd.
- Visit the site on a weekend to see the progress from the perimeter; the scale is much easier to understand in person than through a screen.