Greg Dickhens, the managing partner overseeing the reworked resort on Scottsdale Road, described the address as having "long been synonymous with distinctive luxury" when the property relaunched this year. He was talking about the Town of Paradise Valley. He was not talking about the other place three miles north that also goes by PV, where a grocery store, a liquor store with a golf simulator, and an Indianapolis steakhouse have spent the same twelve months building an entirely separate identity.
Both places are having a real year. Neither one needs the other to make sense. A plan to meet at "PV" this weekend can point to either one, and the two are about three miles apart. One has a restaurant seating guests since December. The other has a marquee restaurant that has not opened, because its parent project is still working through a court-supervised restructuring.
Which Address You're Actually Driving To
The Town of Paradise Valley is the low-density municipality tucked between Camelback and Mummy Mountains, home to the resort corridor that has anchored the local economy for decades: Camelback Inn, Sanctuary, Mountain Shadows, and now the rebranded Kimpton Miralina. This is the Lincoln Drive and Scottsdale Road stretch.
"PV" the redevelopment is a different animal. It sits about a hundred acres north of the town line, at Cactus Road and Tatum Boulevard, on the footprint of the old Paradise Valley Mall. It is technically inside Phoenix city limits, not the Town of Paradise Valley, even though the branding kept the name. Both have been adding tenants at speed this year. Almost none of that activity overlaps.
What You Can Walk Into This Month
On the town side, the newest arrival is already serving. Kimpton Miralina Resort & Villas, a 40-acre overhaul of the former Scottsdale Plaza Resort, opened its restaurant Hecho Libre in December 2025, ahead of the resort's own January 5 debut. The restaurant is a Baja-and-Sonoran concept from chef Wes Avila, a two-time James Beard finalist known for the Los Angeles spots Guerrilla Tacos and Ka'teen. The menu leans on hand-pressed tortillas, grilled corn esquites, and an agave-forward cocktail list built around small-batch Mexican producers. It is open now, not opening soon.
Mountain Shadows, the resort that has been resident-friendly the longest, is running a fall promotion worth knowing about before it closes. The property's Fee-Free Staycation window runs September 27 through October 23, 2026, waiving the resort fee under promo code PROAZRFF, which covers exactly the stretch when Camelback finally cools off enough for a late-afternoon pool day. Dining still routes through Hearth '61 as the main room and Rusty's for the after-round crowd off the resort's short course. If you were planning to use the $399 summer golf pass, that window closed September 20 and dropped back to standard rates.
Between the two properties, this is the first fall in years where the town has two distinct chef-driven kitchens open at once rather than one destination room and a drive into Old Town Scottsdale for anything else.
The Restaurant Still Waiting on a Judge
The most talked-about project in the town is not open, and will not be for a while. The Palmeraie, the 122-acre master-planned community anchored by a Ritz-Carlton hotel, has been in the works for close to twenty years. Its centerpiece restaurant, Mott 32, is a Hong Kong-born Cantonese concept that would be only its second location in the entire country, built around a 42-day apple wood roasted Peking duck program.
None of that is servable right now. Developer Five Star Development filed for Chapter 11 bankruptcy protection on November 4, 2025, to halt a foreclosure attempt from lender Madison Realty Capital over a $585 million construction loan. A federal bankruptcy court in Texas later ruled that villa sales at the property could proceed, with net proceeds held in court-supervised escrow, but construction on the resort itself required a separate court-approved restart plan before work could resume. As of this fall, that is still working through the process. If the plan is dinner at Mott 32, that plan needs a new date.
Three Miles North, a Faster Kind of Growth
The Phoenix-side redevelopment has spent the same period adding tenants on its own schedule. Harry & Izzy's, an Indianapolis-born steakhouse group and sister restaurant to the historic St. Elmo Steak House, opened on August 26, 2026, its first location outside Indiana, joining ten other restaurants and bars already open at the development.
The grocery anchor changed hands here too. Whole Foods Market relocated its Phoenix store into the development in October 2025, moving into a space topping 50,000 square feet and stocking more than 330 items made or grown in Arizona, replacing a smaller store that had operated near Shea and Tatum for 22 years. Trevor's Liquor took over the former Sears Auto Center on Tatum with a 14,000-square-foot build that combines a full bar, a pizzeria, a golf simulator, a cigar lounge, and a dog-friendly patio, a different kind of evening than anything on the town side currently offers.
Still to come in 2026: Cala, a Mediterranean concept from the Clive Collective originally out of Senna House in Scottsdale, and an eighth Valley location of The Vig, the neighborhood tavern that's been a Valley fixture since it launched in Arcadia nearly twenty years ago.
Where Things Actually Stand
| Location | What it is | Status this fall |
|---|---|---|
| Kimpton Miralina / Hecho Libre | Town of Paradise Valley, Lincoln Dr corridor | Open since December 2025 |
| Mountain Shadows Fee-Free Staycation | Town of Paradise Valley | Open through October 23, 2026 |
| The Palmeraie / Ritz-Carlton / Mott 32 | Town of Paradise Valley, in Chapter 11 restructuring | Not open, timeline pending court approval |
| PV redevelopment (Harry & Izzy's, Whole Foods, Trevor's Liquor) | Phoenix city limits, Cactus & Tatum | Open now |
| Cala, The Vig at PV | Phoenix city limits, Cactus & Tatum | Expected later in 2026 |
The One Detail That Sorts It Out
The fix is not complicated. If the street name is Lincoln Drive or Scottsdale Road, you're in the actual town, where Hecho Libre is seating guests and Mott 32 is still a courtroom away from a grand opening. If the street name is Cactus Road or Tatum Boulevard, you're in Phoenix, at the redevelopment that kept the old mall's initials, where Harry & Izzy's, Whole Foods, and Trevor's Liquor are already running. The name did not change when the ownership did. The address is the only thing that tells you which PV you are actually headed to tonight.
If you are weighing what this much movement in dining, resorts, and retail means for property values along either corridor, that is the kind of shift Laura Lee Cahal tracks as part of watching this market closely, not just the transactions in it. Let's Connect.
