Market News With The Ritz Carlton In The Town Of Paradise Valley, Arizona
Five Star Development, in cooperation with the Ritz-Carlton group of hotels, has received approval from the Town of Paradise Valley to build the Ritz-Carlton Paradise Valley and supporting residential and retail development on a 105-acre property northeast of the corner of Lincoln and Mockingbird Drive. The project boasts some exciting features that will help ensure it becomes one of the crown jewels of Paradise Valley and the Valley of the Sun.
The centerpiece of the project is a new Ritz-Carlton resort and hotel which promises to be one of the finest properties of its kind ever built in Arizona. The hotel will have 200 suites and bungalow rooms and 94 resort villas. The hotel includes features that will ensure its place as the premier resort destination in the region.
- The Ritz-Carlton will include a stunning Grand Lobby situated above the rest of the project and with open views of the nearby mountains. The Grand Lobby will create an iconic architectural presence for the new Ritz-Carlton.
- The resort will include water features that cascade from the Grand Lobby through the project, down to where the world-class spa will be located in the southwest portion of the property.
- The new Ritz-Carlton’s room composition includes larger than normal resort rooms with superior amenities and design. The higher than usual suite count makes the resort a destination for families seeking a private oasis.
- The design for the resort hotel and villas will employ simple elegant forms to create relaxed comfortable spaces in the time-honored tradition of luxury architecture. Rooms and suites will be connected by quiet courtyard gardens and shaded walkways – evoking the sense of a village. Large windows with deep overhangs promote the resort’s indoor – outdoor living ethos and provide unobstructed views of Camelback Mountain and the dark star-studded skies of the Arizona night. The restaurants, ballrooms and meeting rooms also flow into adjacent outdoor spaces to take advantage of Arizona’s climate.
- The resort will feature a specialty dining concept to be announced in the coming months.
- Plans also include significant improvements along Lincoln Drive, including a gateway feature at the Paradise Valley border on Lincoln, as well as significant improvements to the median running through the middle of the street.
- Plans include a pedestrian-friendly greenbelt, open to the public, that will provide a walking/biking path running from Mockingbird Drive through the project, improving pedestrian access to the Scottsdale Road corridor.
The northeastern portion of the project is adjacent to another property in the City of Scottsdale owned by Five Star Development. This 10-acre parcel will be built as part of a cohesive development for the entire project, but will be called The Palmaraie in this portion of the project.
Luxury Residences with the Finest Construction and Amenities
The project will include single-family residential lots that are designed to integrate with the Ritz-Carlton resort, and cater to current market conditions and demand. They will include a strong commitment to quality construction and luxury design.
The project team will include one of the premier residential developers in the United States and an emphasis on design that fits the character of Paradise Valley. Some of the residences constructed will be individually owned but can be included in the Ritz-Carlton’s rental pool.
The Master Plan envisions a variety of residential units for the site intended to provide for the different lifestyle needs of current and future Paradise Valley residents. The undeveloped project site has long acted as an outlying vacant barrier between the intensity of development on Scottsdale Road and neighboring communities and the residences of Paradise Valley.
While the site cannot remain vacant in perpetuity, the proposed Master Plan recognizes the desirability of an appropriate transitional use for this development which will employ the principle of buffering density and massing in the various residential components as they recede from Scottsdale Road towards the existing residential areas of Paradise Valley.
Significant Economic Impact to Help Fund Town Services and Public Safety
The economic impact from the Ritz-Carlton project will be a game-changer for Paradise Valley, and will help the Town plan for more fiscal stability and quality public services well into the future.
Construction tax revenues alone for the project are anticipated to be more than $10 million, with the peak in construction activity taking place from 2016 to 2018. To ensure minimal disruptions to nearby neighborhoods, the development team will be focused on keeping the construction period as short as reasonably possible.
And bed tax, shared revenue, resort tax and sales tax revenue generated by the project are expected to amount to tens of millions of dollars from 2017 to 2024. On an ongoing basis, the project will produce several million dollars a year in revenue for the Town.
Designed to be a Good Neighbor
To ensure minimal disruptions to nearby neighborhoods, the development team will be focused on keeping the construction period as short as reasonably possible. The project is also anticipated to have a positive effect on nearby property values, thanks to the quality and reputation of the proposed Ritz-Carlton brand and the anticipated price of the Ritz-Carlton branded residences that will be built as part of the project.
The project is designed to direct traffic to entrances off Lincoln Drive and Scottsdale Road, away from existing residential neighborhoods. Therefore, traffic concerns for nearby residents should be minimal. And the project’s design will include extensive landscaping on the perimeter that will not only enhance the overall beauty of the project but complement nearby neighborhoods and improve the landscaping along the streets surrounding the project.
For More Information Please Call Alan Ripa, P.C. at 480-998-0676