PARADISE VALLEY, AZ — Construction on the first phase of the Paradise Valley Mall redevelopment project, led by Phoenix-based RED Development, is beginning construction and will include a 400-unit apartment complex, a Whole Foods Market, and a Harkins dine-in theater.
According to real estate database Vizzda, RED Development sold 20 acres of land to StreetLights Residential for $17.55 million for the mixed-use apartment complex that will include the Whole Foods on the first level. Jeff Moloznik, senior vice president of development for RED, told the Business Journal that the company will remain involved as a partner in that project and any other pieces his firm decides to sell to other developers.
“Like CityScape in downtown, we are involved in the development and management,” Moloznik said. “PV will be such a long-term endeavor and we will be involved in the decades-long effort.”
Moloznik said RED plans to develop some portions and partner with other developers for other portions but has not yet determined the breakdown of each piece.
Read more of this story from the Phoenix Business Journal.