Scottsdale, Ariz. — The world’s first Ritz-Carlton master-planned community will soon make its debut in Arizona.
The $1.5-billion mixed-use development will be built on a 123-acre site on the Scottsdale and Paradise Valley border.
Scottsdale-based Five Star Development will own and develop the project while Ritz-Carlton Hotel Co. LLC will operate the hotel and community under long-term management agreements.
“The site is situated in the heart of both Scottsdale and Paradise Valley and is the last large, undeveloped land parcel within these prestigious areas,” Five Star President and CEO Jerry Ayoub, tells MHN.
Five Star recently acquired the land from an affiliate of Marriott International for a hefty $100 million. As the first of its kind, the Ritz-Carlton Community will boast a 225-room Ritz-Carlton resort hotel, a residential development with villas, luxury homes, and one-acre estate lots as well as a mixed-use component. All residents will enjoy perks such as membership in The Ritz-Carlton Residences Program, including full access to resort services and amenities such as concierge, room service, spa, fitness center, housekeeping and maintenance.
“The Arizona luxury real estate market has been consistently doing well and has emerged as a destination to which buyers on the national and international level are drawn,” Ayoub says. “The Ritz-Carlton Community will no doubt exceed all other resort residential communities in the area as well as in the country.”
According to Ayoub, plans are currently going through the approval process with a tentative construction start date of 2008 and completion date of spring 2010.
By Maria Siakavellas, Correspondent
