What's happening at the old Paradise Valley mall? What new stores, restaurants will open?

The revival of the former Paradise Valley Mall, now called PV, is one of the most highly anticipated development projects underway in Phoenix, and customers will be able to start seeing new businesses in the area this year.

The project involved razing a former indoor power center mall and replacing it with a wide mix of uses, primarily residential apartments with other components like offices, restaurants, stores and entertainment. The site is about 100 acres and located at Tatum Boulevard and Cactus Road.

The mall is one of several Phoenix-area malls to begin the process of redevelopment. Shopping trends and consumer preferences have caused malls around the country to face the wrecking ball. In the Valley, Fiesta Mall in Mesa was recently demolished, and Metrocenter Mall in Phoenix is scheduled to be demolished to make way for redevelopment soon.

Who owns the former Paradise Valley Mall?

Phoenix-based RED Development bought the mall from Macerich, a national operator of major malls and shopping centers, and some of the owners of the anchor stores, including Dillard’s and Macy’s, in 2021 for $126.5 million, according to real estate database Vizzda.

The mall officially closed shortly after the sale, and most of the mall structure was demolished in July 2021. Costco and JCPenney remained open.

What will open this year?

The first phase of new development is expected to open this fall and will include a handful of restaurants and stores.

Businesses opening at PV this fall include:

• TEN Sushi + Cocktail Bar

• The Melt

• Hammer & Nails

• SkinSpirit

• European Wax Center

• Blanco Cocina + Cantina

• Flower Child

• Frost Gelato

The first phase also includes a 400-unit luxury apartment complex called AVE Paradise Valley.

What else is coming to the project?

Fender Musical Instruments will open an 88,000-square-foot office at PV that will serve as a co-headquarters to the California-based company. Whole Foods Market, Trevor’s Liquor, Sephora, Aveda, Wren House Brewing Co. have all announced new locations at PV.

LifeTime, a luxury gym operator, will begin construction soon on a development that will include both an “athletic country club” and luxury apartments, which is expected to open in 2026.

One business that was planning a location at PV will no longer be included. Harkins had announced plans to have a Harkins Cine Grill at the development, but a spokesperson for RED Development confirmed Harkins no longer plans to open a location there.

The redevelopment will also include a 3-acre community green space with walking and biking pathways.

Reach the reporter at [email protected]. Follow her on X, formerly Twitter @CorinaVanek.

This article originally appeared on Arizona Republic: What's new when Paradise Valley Mall reopens as PV this fall?