The original mall structure was not completely demolished, as a portion of it connected to JCPenney remains and is slated for future retail development with a smaller courtyard-style layout.

[8] The Diamond's building was designed by Phoenix architect Bennie Gonzales and featured a Navajo White exterior with simulated skylights and tile floors on the interior.

The mall was expanded in the late 1980s with two additional anchor stores built to the north of the original structure.

Between the two new wings a three-story parking garage was constructed at the same time, directly north of the original food court.

The original part of the mall would undergo a modest renovation at this time that would add more skylights and updated tile in place of the Terrazzo.

Originally owned by Westcor, in 2002 Paradise Valley Mall became part of The Macerich Company's portfolio.

Much of the area's original development was spurred by that community, although the demographics of Paradise Valley Village have changed over the years to be less upscale and more middle-class.

The owners also added improvements in 2001 intended to attract teenagers and young families, a move made necessary by it being the oldest mall in the area.

Paradise Valley Mall remains several times its original size, with a gross leasable area of 1,222,353 square feet (113,560.3 m2).

This caused Paradise Valley Mall retailers such as Macy's to carry fewer high-end name-brand goods and sell items more in line with a middle-income customer base.

[17] In the early 2010s, the retail climate started changing, causing several chain stores to close in the mall.

The Phoenix Public Library Mesquite Branch is located north of the mall on Paradise Village Parkway; it opened circa 1980 and was designed by local architect Will Bruder.

There are also restaurant buildings located in the parking lot of the shopping center including Outback Steakhouse and Chick-fil-A.

The Southwest quadrant consists of the Village Square I and II shopping centers, Jackson's Car Wash, and several apartment buildings.

[26] Village Square II was constructed in 1980, anchored by a Big 5 Sporting Goods and a Mervyn's department store.

The Mervyn's store closed in 2008[27] and the space was split in half, containing Hobby Lobby and Tuesday Morning until 2024[28] and 2023[29] respectively.

The exterior of Village Square II was renovated in 2012, with the original slump block stuccoed smooth, and colorful awnings installed over the storefronts.

[24] Village Fair North was constructed in the late 1980s, and is anchored by EoS Fitness (formerly Sports Authority), Office Max, Ulta Beauty, a 99 Cent Only store that became Dollar Tree in 2024, and a Toys "R" Us that closed in 2018.

[33] The Paradise Valley Corporate Center was constructed in 2001, and was built upon the last piece of open land within the parkway.

Long-term plans include the construction of Valley Metro Rail powered by Overhead lines further north along Tatum Boulevard, as well as frequent "supergrid" bus service.

In December 2020, Macerich filed a request with the City of Phoenix to re-zone Paradise Valley Mall as a mixed use development.

It was approved by the city, and the first phase of the project will include replacing the vacant Sears with multi-family residential units.

Phase one of PV plans to open in mid-2025 and will include a Whole Foods Market, a park with a pavilion, apartment buildings and a Harkins dine-in luxury theater.