RED Development unveiled the latest lineup of tenants joining PV, the $2 billion transformation of the former Paradise Valley Mall, with a handful of new additions, including a new location of Velvet Taco.
Previously, What Now Phoenix reported on the first expansion for Cala, a concept created by Phoenix-based hospitality firm Clive Collective, founded by Justin Massei and Mikis Troyan, coming to PV next year. Now it appears even more tenants have been announced for the development, including a new location of Velvet Taco, according to a press release. Following the success of its first Arizona location in Old Town Scottsdale, Velvet Taco will bring its bold, globally inspired taco creations to a 1,973-square-foot corner space next to European Wax Center at PV in 2026. With a menu that spans over 20 unique tacos made fresh from scratch, the brand is known for redefining fast-casual dining with imaginative flair. Other announced tenants include Harry & Izzy’s, Too Sweet Cakes, FACE FOUNDRIÉ, and Zara Nail Bar.
Spanning more than 100 acres in the heart of Phoenix and anchored by a centrally located park that regularly hosts community events, PV is a landmark redevelopment that transforms the former mall into a next-generation destination for living, working, shopping, and dining. The first phase of retail is 100% leased. It features a wide variety of culinary and lifestyle brands that are now open, including Whole Foods Market, Blanco Reserva Cocina + Cantina, Flower Child, Trevor’s Liquor, Sephora, European Wax Center, Hammer & Nails, SkinSpirit, and The Melt. Tenants set to open in May include Wren House Brewing Co., Hawaiian Bros Island Grill, Frost Gelato Shoppe, and Distinctive Salon & Spa. Additional upcoming openings include Federal Pizza and The Vig, with opening dates to be announced.
In addition to dining and retail, the development includes AVE Paradise Valley, a 400-residence luxury apartment community, and a dedicated headquarters building for Fender Musical Instruments Corp. set to open in 2025. Construction is underway on a 335-unit luxury apartment community by Transwestern Development Company, featuring studio to three-bedroom floor plans and an array of amenities, including a resort-style pool, a state-of-the-art fitness facility, and a resident rooftop lounge. The first units are anticipated to debut in late 2026. Also in progress are Lifetime and Lifetime Living, a first-of-its-kind integrated athletic country club and luxury-for-lease residence slated to open in 2026 and 2027, respectively.
Velvet Taco is a fast-casual restaurant chain founded in Dallas in 2011, known for its globally inspired tacos. The menu features items like the Kobe bacon burger taco, beer-battered cauliflower taco, and chicken and waffle taco. Customers can also enjoy sides like queso blanco, elote, and brisket nachos, along with drinks such as margaritas and sangria swirls. Velvet Taco offers a rotating Weekly Taco Feature, introducing new taco creations on a regular basis. The restaurant emphasizes scratch-made cooking and a vibrant, casual ambiance. As Velvet Taco continues its national expansion, this new location will reflect its commitment to quality and community.
