|Ritz Carlton Project Area Map|
(Click here for larger map view)
After a legal dispute in February of 2013, Five Star Development is finally moving forward with the Ritz Carlton Paradise Valley, located at the southwest corner of Scottsdale and Lincoln Roads. A use permit dated June 16th described the project as hotel, single family, multi-family, and retail development in five areas on 105 acres. Development is expected to begin in winter 2015 with estimated completion in 2020.
The project is planned to include 200 hotel rooms, 80 resort villas, 160 detached single family residences (one-hundred-one 9,300 SF lots and fifty-nine 12,350 SF lots), and a total of 450 multifamily units. Retail component will total 209,000 SF and consist of 15,000 and 27,700 SF restaurants, 130,600 SF of stores, and a 36,400 SF grocery. The plan totals 1,844,650 SF and will reach its maximum height in two 4-story buildings.
Previous attempts at development were halted in 2013 due to a legal dispute between Jerry Ayoub of Five Star Development and iStar Financial over a $112,025,000 loan (unpaid principle totaled $71,480,243 at the time). The dispute was settled when Five Star Development forfeited their right to a $13.3 million letter of credit and was required to pay an unspecified amount to iStar. You can read more about this at our previous blog post from 2013.