(City of Phoenix)
By Mike Sunnucks | Rose Law Group Reporter
Phoenix City Council approved entering development deal with RED Development for Paradise Valley Mall redevelopment
The Phoenix City Council has approved entering into a development deal with RED Development (PV RE Devco LLC) for the planned redevelopment of Paradise Valley Mall.
The authorized city managers to enter into a development agreement with RED for infrastructure and public space improvements at the mall property.
RED is looking to buy the 100-acre PV Mall property at Cactus Road and Tatum Boulevard.
The mall has seen the closure of department stores and other shops. RED wants to redevelop the mall into a mixed-use development.
Plans include infrastructure and roadway improvements as well as a new public park.
The city will reimburse the developer for those improvements via transaction privilege tax revenue generated at the project as well as through some construction sales tax revenues.
Phoenix is looking at a 25-year term for the deal.
RED’s plans call for a 6.5 million-square-foot development including residential units and new office space.