Scottsdale-based Five Star Development plans to build the ultra-upscale complex on 123 acres southwest of Indian Bend and Scottsdale roads. The project spills about 16 acres over the town’s border into Scottsdale.

A new boutique urban hotel brand, Edition, is planned for the Scottsdale portion. It will be one of the first sites for the new brand — a collaboration of Marriott International Chairman Bill Marriott and Studio 54 and Morgans Hotel Group co-founder Ian Schrager.

But Paradise Valley gets Arizona’s first Ritz-Carlton resort. Phoenix has a Ritz-Carlton urban hotel at 24th Street and Camelback Road. It’s elegant and pricey, but lacking resort amenities, and IMO not up to standards for a ‘Ritz’ resort.

Plans for the Ritz-Carlton Paradise Valley resort and the upscale homes surrounding it have been tweaked a bit since plans were first announced (related article on our blog) nearly three years ago.

The 225-room resort hotel, with spa, restaurants and meeting rooms, is still the centerpiece of the project, but the type and number of homes have been reduced to address neighbors’ concerns.

The just-approved version includes 100 resort patio homes, 46 luxury detached homes and 15 one-acre custom home lots.

Five Star plans to start construction this summer with completion for the entire master-planned community and resort hotel by summer, 2010, said Brendan Mann of S&P Destination Properties, sales director for the project.

Canada-based S&P Destination Properties, a resort and luxury real estate company, is on board to handle home sales and marketing.

“The number of inquiries about the development’s ownership opportunities on a local, national and even international level has been overwhelming. Calls and e-mails come in every day with people interested in being part of the first Ritz-Carlton master-planned community,” Mann said. “It’s a limited opportunity within a prestigious city known around the globe as a top resort destination. Potential home buyers see this as a collectible piece of real estate.”

He said pricing for the Ritz residences will start at $2 million for the villas or patio homes. The single family homes will be priced initially from $3.5 million to $6 million. And for the homes built on custom sites, the sky’s the limit, he said.

Paradise Valley’s ritzy residents are apparently still divided over the Ritz’s plans, and could try to stop the project through a referendum.

But Mann doesn’t believe that will happen. Less than a handful spoke against the proposal at the Town Council meeting, while significantly more residents spoke in favor of the plans, he said. Mann believes that’s reflective of the town’s collective opinion.

Five Star listened to neighbors concerns and made the project what the “overwhelming majority” of Paradise Valley residents want, he said. That is evidenced by the unanimous support of the Town Council and the advocacy of the Citizen’s Forum, a non-profit liaison organization providing residents and town officials a format for meeting and communicating, Mann said.

Paradise Valley resident Linda Peterson Warren wrote in a recent commentary on the Citizens Forum’s Web site that she has evolved from adversary to advocate for the Ritz-Carlton project.

“No matter what is built on this property, it will be visually shocking at first,” Peterson Warren wrote. “Residents are accustomed to seeing it as wide open space with low vegetation. For some, it would be nice to think it could all remain that way forever. That is an ideal, however not very realistic considering its desirability. Since the land will ultimately be built as a resort, I feel our town is lucky to get this one.”

We are in contact with this community and it’s marketing firm weekly, so contact us if you would like more information on owning a piece of real estate, townhome, condo or custom luxury home in this amazing project because I have a gut feeling that this project will not only sell out quickly, but will appreciate like no other project to date in P.V.

Here’s another related article on our blog: Ritz-Carlton On The Way For Paradise Valley, Arizona 85253 

The Ritz-Carlton is planning a $400 million resort in PV that would include 321 homes, villas and condos built around a hotel and its 225 casitas. The development would go on 120-acres bounded by Lincoln Drive, Indian Bend Road, Mockingbird Lane and Scottsdale Road. They hope to open the resort by 2009. 

Twenty-seven residential lots of at least one-acre, priced at nearly $1 million each, would border the western edge of the property along Mockingbird Lane. Fifty-five homes on half-acre lots are planned north of Lincoln Drive, and 119 villas would be built along Indian Bend Road. Paradise Valley officials still need to review the proposed development plan and expect to decide on the plan by the first quarter of 2007. Ritz-Carlton plans to formally submit its plans to Paradise Valley and Scottsdale later this summer.

This is the most exciting new development to hit Paradise Valley in years. In my opinion there is still a lot of pent up demand for new Paradise Valley luxury homes. I feel (it is my opinion) that these luxury properties will sell out quickly and appreciate in value well beyond a buyers’ initial investment in a relatively short period of time.  Read a past article about the Ritz-Carlton land purchase here.

The Arizona Republic reports that the Paradise Valley Planning Commission will have a work-study session today to discuss limiting the size and impact of the large Paradise Valley luxury homes being built, especially in older neighborhoods. 

The concern is over the large number of tear-downs and the resulting replacement homes that are very large and don’t seem to fit in with the surrounding neighborhoods which are lined with lush, natural Sonoran Desert vegetation around traditional adobe and ranch style homes. The commission and Town Council of Paradise Valley plans to create a new zoning designation to discourage lot splits; consider water conservation and limiting splits that result in increased water use; increase setback requirements and reduce floor area ratios; prohibit raising of existing building pads; and consider relaxed standards for remodels as an alternative to teardowns and scraping of lots (otherwise known as razing).

Even with all this talk, I feel that it is inevitable that new Paradise Valley homes will continue to grow in size as so many more affluent people are discovering this jewel.  And I have no doubt in my mind since P.V. offers stunning views and serenity from its hillside homes/homesites and an equal ‘paradise’ in all of its valley’s.  I only hope that the current and future residents will continue in their vigilance to preserve the natural beauty that is Paradise Valley, Arizona. 

The Arizona Republic reports that some long-time residents of Paradise Valley are not happy with all the teardowns of older homes in favor or huge new houses that block views and take up more of the open desert. About 75 to 100 luxury homes in Paradise Valley are built each year, many of those tear-downs. 

Buyers wanting large houses find the town, with its large lots, mountain views and close proximity to Phoenix and all of it’s amenities (including major sports teams, arts and culture venues, and more) an attractive location. A typical one-acre lot in PV could accommodate up to a 10,890 square foot home. This tear-down trend is now spreading to parts of Scottsdale and Arcadia at an alarming rate. As teardowns continue, residents are becoming much more vocal about preserving the lifestyle that they originally bought into and have come to love. In the coming weeks the Town of PV will begin a series of hearings to examine  these concerns and the future of Paradise Valley Arizona.

The Arizona Republic reports that Paradise Valley officials are hearing increasingly from residents who are upset with new office-sized houses built on rural lots once filled with low profile ranch-style houses. Residents are upset not only about losing their scenic views, but  from losing the character of their mature neighborhoods and the loss of natural desert vegetation which all of us who have lived here for awhile cherish to the fullest. 

The Paradise Valley Planning Commission was asked to look into the matter by the Town Council and they will study whether the town should establish new standards for residential development and teardowns. Currently, builders can cover up to 25% of a lot with a house, which would accommodate up to a 11,000 square foot home on the smallest (one acre) homesites in Paradise Valley Arizona. With restrictions like that in place, many builders are maxing out the size of the home by building up vs. building ranch style homes (which has been the norm in Arizona for most of it’s short history).

People close to the deal have been saying that the Valley’s second Ritz-Carlton will be built there. Joy Berry, VP of real estate for Marriott, said the company is considering putting a Ritz Carlton on the land, stating “we’re looking at a resort community with hotel and residential. Residential is strong, and the resort market has come back very healthy. It’s a great location.”

UPDATE 4/15/08: Interesting to read this article now that the Ritz-Carlton Paradise Valley has been approved by the city’s town hall and local PV residents… look for these residential units to sell out quickly and appreciate like no other project in Paradise Valley’s history.

We are on the mailing list of this community, so contact us if you would like more information on owning a piece of real estate, townhome, condo or custom luxury home in this amazing project.

The preliminary plat process is expected to take 9 to 12 months, and the lots will all be one-acre in size. Paradise Valley has required home sites to be a minimum of one acre per home for as long as I can remember, so look for these to be sold out the day they are released!

If you are interested in owning one of these lots in Paradise Valley, contact us today, or as always you may call us direct at (602) 404-9700.

 Paradise Valley has been a hot spot for teardowns, and builders say that the process for getting a building permit in Paradise Valley is time-consuming, and cost thousands of dollars. The town charges about $12,000 to review building plans for a $3 million home. Sometimes it takes numerous plan submittals before the home is approved for a permit. In addition, homes on hillsides have extra red tape to clear since hillside homes require a special permit. Areas of Scottsdale that have larger one-acre lots are also becoming popular areas for teardowns.