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PV OKs $2B, 20-Acre Ritz-Carlton Resort

A $2B Ritz-Carlton resort and luxury residential community are expected to break ground this spring after getting the green light from the Paradise Valley Town Council. Rendering courtesy of Five Star Development.

By Parker Leavitt for The Arizona Republic

A $2B Ritz-Carlton resort and luxury residential community is scheduled to break ground in Paradise Valley this spring, setting the stage for the high-end hotel brand to re-enter the Phoenix-area market by the end of 2018.

The Ritz-Carlton Paradise Valley will feature 200 “casita style” hotel rooms, separate pools for adults and families, a spa, a garden with seasonal produce harvested for on-site restaurants and a citrus orchard, according to Scottsdale-based Five Star Development, which will build the hotel.

The hotel will cover about 20 acres near the northwestern corner of Scottsdale Road and Lincoln Drive, with a grand lawn that offers views of Camelback Mountain, perhaps the Valley’s most iconic landmark.

Surrounding the resort, Five Star plans to build 139 homes, ranging from 1,700SF villas to 6KSF houses. The master-planned community includes 45 Ritz-Carlton-branded houses, which will offer access to hotel amenities, a concierge and services like in-home dining and housekeeping.

Combined with a retail development and an underground parking garage, the total cost of the project is estimated at $2 billion. That includes the property, which Five Star has already purchased, plus construction and sales, according to the developer.

Five Star’s property also stretches into Scottsdale. The developer plans to build a mixed-use center, called the Palmeraie, adjacent to the Ritz but primarily on the Scottsdale side. That project is in the final planning stages and could include high-end shops, restaurants, luxury residences and a boutique hotel, according to the developer.

The Council voted 4-3 on Jan. 14 to approve a development agreement, the final top-level approval for the project. It commits Five Star to opening the hotel as a Ritz-Carlton and requires minimum improvements, including a spa, ballroom, fitness center and two restaurants.

Five Star committed to paying $3M deed built within five years. The town also agreed to waive $200,000 in building-permit fees.

Read more at The Arizona Republic

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