If you have been driving past Cactus Road and Tatum Boulevard this summer waiting for PV to feel finished, you have been asking the wrong question. The redevelopment, which spans more than 100 acres, is still years from done. What actually changed this year is smaller and easier to miss: a free weekly workout series took hold at The Park at PV months before most of the restaurants people are excited about had even opened their doors.
That distinction matters if you live within a few minutes of the site. The names getting attention right now, Harry & Izzy's, Cala, The Vig, are either not open yet or barely open. The thing that has actually been drawing a crowd to that park block every week since early May has nothing to do with any of them.
The restaurant everyone's asking about still isn't open
Harry & Izzy's, the Indianapolis steakhouse group's first location outside its home state, is set to open at PV on August 26. As of today, it is not open. Huse Culinary's shrimp cocktail and bone-in pork chops are still eighteen days away from being available to anyone.
The Vig, the Arcadia tavern chain opening its eighth Valley location next door to Harry & Izzy's, is aiming for late summer or early fall, with no firm date yet. Cala, the Mediterranean restaurant that first opened inside Senna House Hotel Scottsdale in 2022, was announced for a 2026 opening at PV and still has not landed as of this month. OBON Sushi Bar Ramen, the Tucson-born spot opening its third Valley location, is now targeting 2027. Helios Pilates, a San Diego studio opening its third Arizona location, is on the same 2027 timeline. Too Sweet Cakes, the Gilbert bakery that originally said it would open in 2026, has also pushed its PV debut back to 2027.
None of that is a complaint. It is just the honest state of a $2 billion, multi-phase project that RED Development's senior vice president Jeff Moloznik has said will keep evolving for years. He told Axios earlier this year that "by this time next year, this will be a dramatically different place." He is almost certainly right. But dramatically different next year does not help you plan a Wednesday this month.
What's actually been happening every week since May
While the restaurant calendar has been sliding, a different routine has quietly been running on schedule. Sunset Sweat, a free outdoor workout series, is back at The Park at PV every Wednesday in August at 6:30 p.m., with a different local studio leading each week. The series was already running back in early May, with sessions led by The Foundry and then YogaBox, months before Harry & Izzy's had a firm date and while OBON and Helios Pilates were already being pushed to 2027.
That timing is the part worth sitting with. The marquee names people associate with PV becoming a real destination are the ones still catching up. The free class on the lawn has been the one constant. No reservation, no wait list, no dependency on whether a particular buildout crew hit its schedule. If you have written off PV as "not ready yet" because the restaurant list has more asterisks than open signs, you have been measuring the wrong thing.
The two things that did land on time
Two anchors actually opened when they said they would, and they reshape what a week near Cactus and Tatum looks like now.
Life Time Paradise Valley opened April 30 as a 91,000-square-foot athletic club at 12800 North Tatum Boulevard, with a rooftop resort-style pool deck, an outdoor bistro, seven pickleball courts, a full-service spa, a Kids Academy, hydrotherapy suites, and a LifeClinic chiropractic office. It is close enough to The Park at PV that an early class or lap swim before the heat sets in and an evening Sunset Sweat session later in the week are already an easy pair for anyone nearby.
Lululemon also opened a new store on the park block on July 24, next to The Vig's still-unfinished space. It is a small addition compared to a steakhouse and a tavern that have not opened, but it is one more sign of where foot traffic on this block is already headed.
A weeknight near PV right now, without the restaurants that aren't open
Strip out everything still fenced off and here is what a week near PV looks like as of this month. An early class or a lap swim at Life Time before the heat lands. A weeknight dinner rotation that already includes Flower Child and Blanco Reserva Cocina + Cantina, both open since the project's first phase, and Velvet Taco, which opened in March. Whole Foods for groceries, since the store relocated its Phoenix location to PV in October 2024. Trevor's Liquor for a wine bar built inside the old Sears Auto Center, a conversion locals still find hard to picture from the outside. And on Wednesday, a free class on the lawn at 6:30, no ticket required.
That is the version of PV worth learning now, not the one on the renderings. Once Harry & Izzy's opens on August 26, the sequence changes: class, walk across the park, dinner at the new steakhouse. New openings on this block have tended to draw a rush of interest in their first weeks, so a table may be easier to get later in the fall than in the days right after opening. But that shift starts in eighteen days. The habit on the lawn has already been running for three months.
Why this corner keeps adding density
Part of why tenants keep signing on despite the slipping restaurant dates is the residential base already filling in around them. AVE Paradise Valley, a 400-unit community, has been leasing since fall 2024. Life Time Living, an 11-story, 327-unit tower sharing the athletic club's amenities, is targeting a 2027 completion. Fender Musical Instruments relocated its corporate headquarters to the site as well, into a dedicated three-story building that opened in late 2025. None of that changes what you can do there this week, but it explains why the retail keeps filling in even as individual restaurant openings keep moving.
For now, the useful move if you live nearby is not to wait for the fencing to come down. It is to show up on a Wednesday, find out which studio is leading that week's class, and treat the park the way it has already been treated by the people going every week since May: as something that works right now, restaurants or not.
Templeton Walker keeps an eye on how corridors like this change the rhythm of the neighborhoods around them, not because every shift is a real estate story, but because knowing a place well means knowing what its residents actually do on a Wednesday. If you're weighing a move in or around Paradise Valley and want a read on how a specific address sits relative to changes like this one, Templeton Walker is a good place to start that conversation.
