Five Star Buys Development Site for $89.5 Million; Mixed-Use Project Slated at $1.4 Billion
Arizona-based Five Star Development Resort Communities LLC has completed the purchase of 122 acres of vacant land in Phoenix’s Central Scottsdale submarket for $89.5 million, or about $734,000 per acre. The seller was Bethesda, MD-based RC Paradise Valley Development LLC.
The buyer plans to develop the property into a $1.4 billion, 225-room Ritz Carlton resort destination on about 23 acres. Development plans also include 55 luxury single-family residences, 119 town homes, 27 one-acre home sites, and 30,000 square feet of retail.
The site is on the southwest corner of Scottsdale Road and Indian Bend Road, straddling Paradise Valley (105 acres) and Scottsdale (18 acres). The Paradise Valley portion will include the hotel and residences, while the Scottsdale portion will contain condos and resort retail.
Both the buyer and the seller were represented in-house.
Please reference CoStar COMP #1316060 for more information.
Written by Robert Baker
