Major PV Land Purchase
A resort firm recently bought land in Paradise Valley, AZ for $74 million. The Arizona Republic reports that Marriott International has purchased the 120-acre parcel of land at the northwestern corner of Lincoln Drive and Scottsdale Road from the Sinclair Oil Company for $74 million and is now deciding what to do with it.
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.
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