Five Star Development Wins Approval to Build The Ritz-Carlton, Paradise Valley

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Approximately $2B Community to Break Ground Spring 2016, Real Estate Interest List Forming

The Ritz-Carlton, Paradise Valley

This is a new generation of luxury resorts combining a luxury hotel with exceptional, fully-serviced homes and high-end shopping, all in one destination. When we’re finished, this will be one of the most premier destinations in the world.

In a vote recently by the Paradise Valley Town Council, Five Star Development received approval to build The Ritz-Carlton, Paradise Valley, setting the stage for one of the largest undertakings of a new master-planned community to feature a Ritz-Carlton hotel and residences as its centerpiece in close to a decade.

The project, owned and developed by Scottsdale-based Five Star Development, includes a 200-room, 352,000 square-foot Ritz-Carlton hotel that will be surrounded by 94 single-level villas ranging in size from 1,700 to 3,000 square-feet and 45 single-family homes from 3,000 to 6,000 square-feet, which will be Ritz-Carlton branded with the services from the hotel including a dedicated concierge, priority access to hotel guest accommodations and amenities, and a host of a la carte services such as in-residence dining and housekeeping.

Spread out over 20 acres, the resort will boast North America’s longest pool at just over 400 feet, a 20,000 square-foot world-class spa with indoor and outdoor treatment areas, a state-of-the-art health and fitness center, indoor and outdoor meeting and event space, a citrus orchard, a garden that will have seasonal produce harvested by on-site restaurants, lush walking paths and a grand lawn with stunning views of iconic Camelback Mountain. Forty percent of the hotel rooms are suites, which is nearly double the standard amount, and rooms are 35 percent larger than at other resorts.

Five Star Development also plans to build non Ritz-Carlton branded luxury townhomes, a retail component and underground parking as part of the 105-acre project. When valued with the land, construction and sales, the total project value is estimated to total approximately $2 billion.

“We are thrilled to finally bring the world’s best hotel brand to Paradise Valley and to create a luxury real estate offering that will be among the most sophisticated and sought-after in North America,” said Jerry Ayoub, president of Five Star Development. “Hotel guests and owners of The Ritz-Carlton Residences will enjoy the legendary services and amenities for which The Ritz-Carlton is known. This is a new generation of luxury resorts combining a luxury hotel with exceptional, fully-serviced homes and high-end shopping, all in one destination. When we’re finished, this will be one of the most premier destinations in the world and will be truly one-of-a-kind.”

Located on the west side of Scottsdale Road between Lincoln Drive and Indian Bend Road, the entire 122-acre site owned by Five Star is situated in both Scottsdale and Paradise Valley and is the last large, undeveloped land parcel within these prestigious areas. An adjoining mixed-use component, The Palmeraie, is in the final planning stages along the Scottsdale portion of the site and is expected to include high-end retail, chef-driven restaurants, luxury residential and a boutique hotel.

Five Star Development will break ground on the project in spring 2016 with completion of the hotel and residences expected by the end of 2018. A priority interest list is currently being developed and the first release of homes is expected to be available for sale in late spring.

For more information or to join the interest list, visit http://www.rcpvluxury.com.

About Five Star Development
Founded in 1978 and headquartered in Scottsdale, Ariz., Five Star Development owns and develops projects in multiple real estate asset classes including hospitality, industrial, residential and retail in Arizona, California, Texas and New Mexico. For more information, visit http://www.fivestardevelopment.com.

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Jan Bracamonte
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