Macerich has sold 95 per cent of its interest in the Phoenix based mall, and will work with PV RE Devco to redevelop it into a town centre.
Since its opening in 1978, Paradise Valley has been a primary retail centre in Northeast Phoenix. Despite its relative success, the centre has failed to continue as a sustainable and viable development. Now Macerich has partnered with PV RE Devco in a partnership called RED Development to redevelop the mall into a town centre.
RED Developments plans include demolishing the mall and redeveloping the 90 acre site with 3.25 million square feet of residential space and 3.25 million square feet of non-residential space which will combine a grocery store, other retail, restaurants, multi-family residential, self-storages and others.
The plans also include pedestrian paths, common areas and new landscaping.
