Luxury apartments at redeveloped Paradise Valley Mall to begin construction this fall

Luxury apartments at redeveloped Paradise Valley Mall to begin construction this fall

By Corina Vanek

A developer with apartment projects around the Valley bought land at the redeveloped Paradise Valley Mall, now called PV, and plans to build a luxury apartment complex.

Transwestern Development Company paid $20 million for about 4.5 acres of land at the former mall site, according to real estate database Vizzda. The land is on the northeast corner of the overall mall site, which is in various stages of redevelopment.

The former mall site includes about 100 acres of land near Tatum Boulevard and Cactus Road.

Transwestern will build a 335-unit luxury apartment on the site, Brendan O’Leary, partner at Transwestern Development Company, said. The building will be four stories tall, and most of the amenities, including the pool, will be on the roof of the parking garage. The apartment will also have three courtyards on the ground floor, including a small dog park.

The developer is in the permitting process with the city, and construction on the first phase is expected to begin in September, O’Leary said, with the first units available in late 2026 or early 2027. The project will be built in two or three phases.

Transwestern bought the land from Phoenix-based RED Development, which has been leading the redevelopment of the former mall. O’Leary said Transwestern had been in discussion with RED for about 18 months about plans to develop the apartment.

“We wanted to be involved in it,” he said. “We are excited to be a member of the community and bring a new addition to PV.”

Transwestern has two projects in the Novus Innovation Corridor at Arizona State University in Tempe, one that recently opened and one still under construction.

The former mall was demolished in 2021 to make way for the redevelopment, which will include a mix of new uses, with a heavy focus on apartments. A 400-unit apartment complex called AVE Paradise Valley is under construction and will open soon. AVE Paradise Valley was purchased in June for $183 million by RXR Realty from the developer, StreetLights Residential, according to Vizzda.

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.

Many restaurants and shops have also committed to locations in the new development, including:

• Whole Foods Market

• Blanco Cocina + Cantina

• Flower Child

• Trevor’s Liquor

• Sephora

• Aveda

• Wren House Brewing Co.

• Frost Gelato

• TEN Sushi + Cocktail Bar

• The Melt

• Hammer & Nails

• SkinSpirit

• European Wax Center

• Hawaiian Bros Island Grill

• Federal Pizza

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.

Final Thoughts

The redevelopment of the Paradise Valley Mall into the vibrant PV community marks a significant transformation in the area. The construction of a 335-unit luxury apartment complex by Transwestern Development Company is a key component of this transformation, adding to the dynamic mix of residential, commercial, and recreational spaces. With the first phase set to begin this September and a completion target of late 2026 or early 2027, PV is poised to become a sought-after destination for modern living. The addition of numerous restaurants, shops, and facilities like LifeTime’s luxury gym and Fender’s new office headquarters further solidifies PV’s future as a bustling hub in the Valley.