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| 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.
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| Area Table |
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.
For more information about the Paradise Valley Ritz Carlton
including complete planning and zoning information, find us at www.vizzda.com or contact us at info@vizzda.com.
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