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Location: West side of Scottsdale Road, between Lincoln Dr. & Indian Bend Rd. Description: Ritz Carlton Hotel that will include private residences. $1.5 billion mixed-use project to include resort and residences. A new type of luxury community is coming to Scottsdale, AZ—with a price tag of $1.5 billion. Five Star Development has announced the acquisition of a 123-acre site on the Scottsdale and Paradise Valley border that will be the first Ritz-Carlton Community and mixed-use project of its kind. Five Star Development purchased the land from an affiliate of Marriott International for nearly $100 million. Several national and international companies were also in the running to purchase the land. Located on the west side of Scottsdale Road between Lincoln Drive and Indian Bend Road, the site is the last large, undeveloped land parcel in the area. The Ritz-Carlton Community will include a 225-room Ritz-Carlton resort hotel, a residential development including villas, luxury homes and one-acre estate lots, as well as a mixed-use component to be planned on Scottsdale Road. No dates have been set for either groundbreaking or project completion.All residents of The Ritz-Carlton Community will have membership in The Ritz-Carlton Residences Program, including full access to resort services and amenities, including concierge, room service, spa, fitness center, housekeeping and maintenance. Five Star Development will own and develop the project. The Ritz-Carlton Hotel Company, L.L.C. will operate the hotel and community under long-term management agreements. A commission policy has not been announced, and the resort has not finalized which units among the villas, luxury homes and mixed-used property will be commissionable for agents, nor whether they will follow a rental pool model. Price Range: Unknown |
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