Life Time Living JV Starts Mall-to-Mixed-Use Conversion
Development is taking shape at the site of a shuttered shopping mall.
Life Time has tamed up with RED Development and Clayco Construction for the building of Life Time Living Paradise Valley, a 11-story, 327-unit apartment community located in Phoenix, Ariz. The project is taking shape at the former Paradise Valley Mall, a planned 100-acre mixed-use development. The community is slated to come online in 2027.
The property will be situated next to 92,000-square-foot Life Time Paradise Valley athletic country club, which has a scheduled opening in early 2026.
Opened in 1978, the Paradise Valley Mall was originally the center of the Paradise Valley Village master-planned community.
After competing upscale shopping centers began to erode the mall’s market share in the area, it began a long, slow decline. The mall was permanently shuttered on March 31, 2021. The following month, a majority stake in the mall was sold to RED Development Co. for $100 million.
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When completed, Life Time Living Paradise Valley will offer both one- and two-bedroom apartments as well as penthouse units. The community will feature concierge wellness programming, an initiative that links the at-home and in-club lifestyles of residents to help enhance healthy living.
A pedestrian bridge will connect the residences of Life Time Living Paradise Valley with the athletic club, which will provide residents easy access to Life Time’s fitness, spa, aquatics, pickleball and social areas.
Life Time’s expansions
Residents’ opportunities for exercise will not be limited to the club.
Since the debut of Life Time Living Coral Gables in Florida, the developer has broadened its portfolio of luxury residential properties. The company currently owns and operates properties Green Valley, Nev., Burlington, Mass. and Stamford, Conn. In addition to Paradise Valley, another Life Time property is currently under development in King of Prussia, Penn.
Earlier this month, Sares Regis sold the 163-unit Monument, its community in the Phoenix suburb of Chandler, Ariz., for $46 million.
