The development’s original announcements boasted a hotel, homes and a 166,000-square-foot shopping center. Now, 66 additional Shea luxury homes have been approved.
The Ritz-Carlton Paradise Valley is still slated for a late 2018 opening, though it will now be bordered by 66 new luxury homes.
That’s in addition to the 131 luxury homes already planned on the resort property. And in addition to the swanky shopping center that was announced last year, but got Scottsdale City Council zoning approval this month. The council also agreed to pay $750,000 to bury power lines near the resort.
The resort, homes and shopping projects sit on the Paradise Valley-Scottsdale border, near Scottsdale Road and Lincoln Drive.
The resort first gained the Paradise Valley Town Council’s approval in 2008, before the Great Recession delayed its progress. The plans were revived in 2015 and have been inching forward since. If you need any help, talk to your real estate agent in Paradise Valley.
The resort’s cost is estimated at about $2 billion.
Local firm behind the Ritz
Scottsdale-based Five Star Development is developing the Ritz homes and resort and the neighboring shopping center, while Shea Homes will develop the other 66 homes.
In 2015, Five Star pledged to give $3 million in street improvements, although $2 million of that can be refunded if the resort is built within five years. Paradise Valley officials also waived $200,000 in building-permit fees.
Metro Phoenix has not had a Ritz hotel since July 2015, when one on 24th Street and Camelback Road shuttered.
The new Ritz-Carlton also will feature homes for sale. Currently, only two other Ritz locations in the country offer residences, according to the company’s website.
Last year, all 91 single-level homes — priced from $1 million to $5 million — sold in record time.
The 40 estate homes will go up for sale on a yet-unannounced date this spring and do not yet have prices listed.
Separate luxury housing
Five Star sold 23 acres of land at the southeast corner of Indian Bend Road and Mockingbird Lane to Shea Homes this month. The “Shea Signature” neighborhood, which has 66 lots and will be gated, will not be managed by the Ritz and is the first under the new Shea line of homes.
The homes, resort and shopping center will be connected by pedestrian walkways, allowing people to cross over from one to the other.
“Homes by Shea are an exciting component because they’ll interact perfectly with the hotel environment,” said Jason Morris, an attorney representing Five Star.
No price has yet been set for the homes that will be just north of the Ritz.
“I think there will be opportunities (to purchase) this year,” Morris said.
Five Star is also developing the Palmeraie — a 160,000-square-foot shopping center with luxury retailers, restaurants, and another hotel — at the southwestern corner of Scottsdale and Indian Bend roads.
On Tuesday, the Scottsdale City Council approved a rezoning request for the Palmeraie, giving the developer the go-ahead to rezone from resort and townhouse standards to regional shopping and residential standards.
Morris said the shopping center could open between late 2018 and early 2019 and will be connected to the Ritz by pedestrian walkways. Although that portion of the development could open as late as 2019, Morris said the Ritz will open by the end of next year.
The Palmeraie was drawn up to include as many as 141 residential units, a separate hotel with 150 units, 226,000 square feet of commercial space and 80,000 square feet of office space, according to the resolution passed by the Scottsdale City Council.
A decade-long development
By the time the Ritz opens in 2018, the development will have been in the works — in one way or another — for 10 years.
In addition to being beleaguered by the recession, the Ritz project has taken time to move forward because of its unique nature, Morris said. However, Paradise Valley and Scottsdale have both worked to make sure the development advances, he said.
“It was a long process because it was such a unique development,” he said. “It’s very difficult to do something that is so outside the box. But now that we’re through the process, the town has been extraordinary in helping us trying to move this forward.”