Major changes are coming for the Paradise Valley mall area, after receiving rezoning approval from the city of Phoenix city council. Macerich and RED Development are moving forward with major redevelopment plans for Paradise Valley Mall.
According to a statement released on the afternoon of Feb. 17, the redevelopment will transform the 1.2 million-square-foot shopping center into a 6.5 million-square-foot, mixed-use development combining the attributes of Desert Ridge Marketplace and Kierland Commons. The project will include retail stores, a grocery store, restaurants, offices, self-storage, and high-rise multi-family housing no higher than 120 feet.
“The redevelopment of Paradise Valley Mall will provide economic stabilization, not just to the immediate area but to the surrounding neighborhoods as well,” said Phoenix Mayor Kate Gallego, in the statement.
Officials say the 92-acre site will be developed in phases, but the city’s Mesquite Library is not part of the redevelopment project, and will remain at the site. In addition, a Costco location in the area, as well as the parking garage, will also remain at the site.
The project’s first phase, located in the southeast portion of the mall, is set to comprise 347 studios and one- and two-bedroom apartments across five-story buildings. A five-level parking structure and nearly 53,000 square feet of restaurant and retail space will also be included. The developers plan to break ground on Phase I by mid-to-late 2021.
According to the statement, Paradise Valley Mall, which is owned by Macerich, is partnering with RED Development for the project. RED Development is noted for its role in other projects in Phoenix, such as CityScape in Downtown Phoenix and the Shops at Town & Country near the Biltmore area.
Officials say construction and demolition of parts of the mall are expected to start in the next few months.