What Is Being Built at the Former Paradise Valley Mall Site?
RED Development is leading a roughly 100-acre, $2 billion redevelopment of the former Paradise Valley Mall near Tatum Boulevard and Cactus Road, adding new restaurants, retail, and services in phases. Transwestern Development Company has separately acquired about 4.5 acres within the site for 335 luxury apartment units, with first units expected late 2026 or early 2027. A short distance away, the new Kimpton Miralina Resort & Villas is bringing a fresh wave of resort-caliber hospitality to the area. Together, these projects are changing what's physically nearby for a meaningful number of Paradise Valley and Scottsdale properties.
By Teresa Hague | October 2, 2026
If you own, or are considering buying, a property anywhere near the Tatum and Cactus corridor, it's worth knowing exactly what's under construction nearby and what it tends to do — and not do — to a luxury property's value and appeal.
The Mall Redevelopment, in Plain Terms
The former Paradise Valley Mall closed years ago, and RED Development has been rebuilding the roughly 100-acre site in phases ever since. What's landed there recently and what's still coming:
- A growing restaurant and retail lineup, including recent additions from a celebrity chef and several first-to-market concepts, with new tenants announced as recently as this fall.
- 335 planned luxury apartment units, developed by Transwestern on roughly 4.5 acres it purchased from RED Development for $20 million. The four-story building is designed with rooftop amenities — a pool and additional facilities on top of the parking structure — plus three ground-floor courtyards, including a small dog park. The project is currently in the permitting phase with the City of Phoenix, with construction expected to begin soon and first units available late 2026 or into 2027.
- An overall scope near $2 billion across the full redevelopment, according to reporting on the project.
For owners near the site, this is a long-running transformation from a closed, empty mall into an active, walkable mixed-use destination — which is a meaningfully different neighbor than an empty retail box.
The New Resort: Kimpton Miralina
Separately, Paradise Valley is getting a new resort-caliber property: Kimpton Miralina Resort & Villas. New hospitality openings like this matter to the surrounding luxury housing market in a specific way — they typically bring high-end dining, spa, and event amenities that nearby homeowners can access without owning them, and they tend to draw additional affluent visitors into the immediate area, some of whom become buyers themselves after staying nearby. We've written before about the broader version of this effect in resort-adjacent luxury and the appeal of living near Arizona's top hotels and clubs, and a new resort opening is exactly the kind of development that reinforces that appeal in real time.
What This Actually Tends to Mean for Nearby Property Values
It's worth being precise here rather than making a blanket claim. New development near a property can affect its value and appeal in a few specific, observable ways:
- Walkable retail and dining access is a genuine amenity buyers weigh, particularly for a segment of luxury buyers who want resort-style convenience without resort-style noise or traffic.
- New multifamily development nearby is a more mixed factor — it can increase local energy and amenity spending that supports nearby retail, while also changing traffic patterns and density expectations for the immediate area. Neither effect is automatic; it depends on the specific property's distance, orientation, and existing character.
- A new luxury resort tends to reinforce an area's positioning as a high-end destination, which can support values for nearby luxury housing over time, though it's rarely an immediate, measurable jump tied to a single opening date.
What we'd avoid doing — and what you should be skeptical of if you see it elsewhere — is treating any of this as a guaranteed value increase for a specific property. The actual effect depends heavily on proximity, sightlines, traffic access, and how the finished development compares to what was there before. This is about property characteristics and physical access to amenities, not assumptions about who lives nearby or what kind of neighborhood a buyer should expect.
If You're Weighing a Purchase or Sale Near This Corridor
A few practical steps if this redevelopment affects a property you're evaluating:
- Get the actual construction timeline and site plan, not just the headline project description — a project "near" your home can mean a quarter mile or three miles, and that distinction matters enormously.
- Visit at different times of day to understand current traffic and noise patterns before new phases complete, since that baseline will shift as construction finishes.
- Ask what's actually permitted versus proposed — the apartment component, for example, is still in the permitting phase as of this writing, which means timelines can move.
- Weigh the amenity access against any density or traffic tradeoffs specific to your property's location, rather than assuming development nearby is uniformly good or bad for value.
Frequently Asked Questions
What is being built at the old Paradise Valley Mall?
RED Development is leading a roughly $2 billion, 100-acre mixed-use redevelopment with new restaurants and retail, and Transwestern Development Company has separately planned 335 luxury apartment units on a portion of the site, expected to open in late 2026 or 2027.
Does new development near a luxury home increase its value?
It depends on the type of development and the property's specific proximity and orientation to it. Walkable retail and dining access, and a new high-end resort nearby, tend to support appeal and value over time; new density can be more mixed depending on traffic and noise impact on a specific home.
When will the new luxury apartments at the Paradise Valley Mall site open?
As of this writing, the project is in the permitting phase with the City of Phoenix, with first units expected in late 2026 or early 2027, pending permitting and construction timelines.
What is Kimpton Miralina Resort & Villas?
It's a new resort-caliber hospitality property opening in Paradise Valley, adding to the area's roster of high-end hotels and clubs that nearby homeowners can access for dining, spa, and event amenities without resort ownership.
Should I buy near the Paradise Valley Mall redevelopment?
That depends on your priorities and the specific property's distance from the active construction and finished phases. It's worth visiting at different times of day, understanding the real timeline, and weighing amenity access against any traffic or density considerations unique to that location.
Development like this changes the calculus for a lot of nearby properties, in ways that are easy to overstate or understate from a headline alone. If you're trying to understand exactly how a specific property near this corridor is positioned — for a purchase or a future sale — reach out to Hague Luxury Network for a grounded, property-specific read.
About Teresa Hague
Teresa Hague leads Hague Luxury Network, Arizona's leading luxury real estate team, specializing in high-end homes and estates in Paradise Valley, Scottsdale, Arcadia, and neighboring premier communities. The team combines local market intelligence, powerful digital marketing, and the 72SOLD Luxury platform to help luxury home sellers achieve maximum exposure and exceptional results — with a curated, full-service experience from pricing strategy and preparation to photography, film, and negotiation.
