By Parker Leavitt for The Arizona Republic
“There’s a lot of beautiful oceanfront property all over the world, but there’s only one Camel.”
So says Jerry Ayoub, president of Scottsdale-based Five Star Development, which has revived long-delayed plans for a Ritz-Carlton resort in Paradise Valley at the foot of metro Phoenix’s most-recognized landmark, Camelback Mountain (AZBEX, Nov. 24, 2014).
Five Star is gearing up to submit formal plans for the luxury hotel to Paradise Valley officials this month and hopes to get approval by the end of the summer. Construction would begin around January 2016, and the Ritz-Carlton could open by September 2017.
The development company owns more than 100 acres of vacant land near the northwestern corner of Scottsdale Road and Lincoln Drive, where Ayoub wants to develop the hotel, along with a residential community and retail complex.
Preliminary plans call for at least 225 hotel rooms, two swimming pools, a men’s club, poker room and place for afternoon tea, Ayoub said . The resort may cost around $125M to build, while the entire development will be worth more than $1B, he said.
Another 22 acres along Scottsdale Road is slated for a mixed-use center with shopping and dining. That portion is on the Scottsdale side of the border with Paradise Valley.
Read more at The Arizona Republic