By Tasha Anderson for AZBEX
The City of Phoenix heard and approved a request to rezone approximately 91.16 acres at the NWC of Tatum Boulevard and Cactus Road at its February 4th Planning Commission virtual public meeting.
Approval of the request, which was to rezone the property from Regional Shopping Center, Planned Community District to Intermediate Commercial, High Rise, Density Waiver, Special Permit, Planned Community District, brings developers Macerich and PV RE Devco, LLC one step closer to their plan of redeveloping the failing Paradise Valley Mall into a vibrant, high-quality mixed-use development.
The redevelopment is proposed to include a total of 6.5MSF comprised of a mix of retail, grocery, restaurants, multifamily, office, self-storage, and more. The multifamily portion is expected to contain approximately 2,500 units and 3.25MSF, leaving another 3.25MSF for the non-residential uses. Buildings within the “ring road” surrounding the existing mall will have a maximum building height of 120 feet while buildings outside of the ring road will have a maximum height of 85 feet.
The site plan also shows the existing Costco, J.C. Penney and parking structure remaining as part of the development.
“The Mall is failing and will be increasingly challenged in the on-going future to remain a sustainable and viable development,” the project narrative states. Just last month KJZZ reported Macy’s, a major department store, was closing its store at the mall after Sears had closed in 2019 and Dillard’s had closed at the end of 2020. The latest version of the project’s site plan includes the space that Macy’s occupied.
“The redevelopment will create additional interest, life, and economic vitality that will benefit the Mall, adjacent properties, and the City.”
The request was recommended for approval by the City of Phoenix Paradise Valley Village Committee meeting on February 1st before moving onto the Planning Commission. Phoenix City Council is scheduled to hear the request at its February 17th meeting at 2:30 p.m.
According to an article published on myhyperlocalnews.com, Burch & Cracchiolo Attorneys, the applicant on the project, is hopeful that phase one of the project will begin by mid-to-late 2021.