Macerich’s Paradise Valley Mall in Phoenix, AZ.
The future of the suburban shopping mall could look something like a mini community, with far fewer places to shop.
The U.S. mall owner Macerich announced Thursday it’s sold a majority stake in Paradise Valley Mall in Phoenix, for $100 million, to a joint venture with an affiliate of the Phoenix-based, mixed-use real estate company RED Development. The partners will convert the 92-acre site into a community with homes, offices and a grocery store.
The 1970s-era Paradise Valley Mall has been rezoned to allow the sprawling plot of land to include high-end grocery options, restaurants, 3.25 million square feet of residential space,…