News for the Hospitality Executive
$1.5 billion Ritz-Carlton, Paradise Valley, Arizona
Gets Green Light to Build
SCOTTSDALE, AZ, April 16, 2008 - In a unanimous vote last week by the Town Council, the Paradise Valley portion of The Ritz-Carlton, Paradise Valley received approval to build, setting the stage for the first luxury resort master-planned community of its kind in the world under The Ritz-Carlton brand.
The approved 110 acres of this 123-acre, $1.5 billion development includes a 225-room Ritz-Carlton hotel, which will be surrounded by a residential community of single-family homes including villas, estate homes and one-acre estate homesites all of which will be branded and serviced by The Ritz-Carlton.
"This location is one of the most prime pieces of undeveloped real estate in North America, and I've always had a vision that something legendary was meant to be here. We now have approval to move forward on this one-of-a-kind community and make history for Arizona and The Ritz-Carlton," said Jerry Ayoub, president and CEO of Five Star Development Group, Inc., the developer of the project.
An adjoining mixed-use component is still to be planned along the Scottsdale portion of the site and is expected to include high-end retail, restaurants, residential and a proposed "Edition" hotel, the new boutique hotel brand by Ian Schrager and Marriott International.
Located on the west side of Scottsdale Road between Lincoln Drive and Indian Bend Road, the site is situated in both Scottsdale and Paradise Valley and is the last large, undeveloped land parcel within these prestigious areas.
Prices for the whole-ownership residences will start in the low $2 millions and expressions of interest to purchase are now being accepted, with sales expected in early June. All residents of the community will enjoy membership in The Ritz-Carlton Residences Program, including access to the hotel's services and amenities including the day spa, fitness center, private chef service, an around-the-clock concierge team, room service and valet parking.
"The number of inquiries about the development's ownership opportunities on a local, national and even international level has been overwhelming. Calls and e-mails come in every day with people interested in being part of the first Ritz-Carlton master-planned community," said Brendan Mann of S&P Destination Properties, sales director for the project. "It's a limited opportunity within a prestigious city known around the globe as a top resort destination. Potential homebuyers see this as a collectible piece of real estate."
S&P Destination Properties, a resort and luxury real estate company based in Vancouver, Canada, has been hired to manage the residential sales and marketing for the community. The company's most recent success was at The Ritz-Carlton, Kapalua last month where they sold $176 million in luxury real estate in one day with home prices averaging $1.9 million.
Construction for The Ritz-Carlton, Paradise Valley is slated to begin this summer with completion for the entire master-planned community and hotel expected Fall 2010.
Five Star Development will own and develop the project. The Ritz-Carlton Hotel Company, L.L.C. will operate the hotel and community under long-term management agreements.
For additional information on The Ritz-Carlton, Paradise Valley, visit http://www.rcpvluxury.com or call 1-866-779-7489.
About Five Star Development Group, Inc.
Founded in 1978, Five Star Development Group, Inc. owns and develops projects in multiple real estate asset classes including hospitality, industrial, residential and retail in Texas, California, Arizona and Mexico. With its corporate headquarters in Scottsdale, Ariz., the company has completed 50 projects totaling over 20 million square feet. For more information on Five Star Development, call 1-866-540-STAR (7827) or visit http://www.fivestardevelopment.com.
Five Star Development Group, Inc.
|Also See:||Five Star Development Planning a 225 room Ritz Carlton Resort and a Residential Community in Paradise Valley, Arizona / April 2008|
|Gencom Spending $500 million to Transform the Lodge at Rancho Mirage to The Ritz-Carlton, Rancho Mirage; Adding Spa and Residential Components to 244 room Hotel / January 2007|