Five Star Development and the Town of Paradise Valley reached a mutual settlement agreement today resolving the legal dispute pertaining to the costs of the underground drainage structures and street improvements on the future site of the luxury master-planned development of The Palmeraie.
Both parties have chosen to work together to enhance and renew their relationship in advance of the development’s upcoming opening. This is one of the most ambitious undertakings of a luxury master-planned community to ever exist in the Southwest.
“We are pleased to collaborate with the Town of Paradise Valley under Mayor Jerry Bien-Willner’s leadership in order to put this issue behind us and move forward with a renewed sense of alignment as we near the opening of the first phase of The Palmeraie, a cornerstone of our $2 billion development, in 2022,” said Jerry Ayoub, president of Five Star Development.
“Throughout this process, as with all approved private development projects in the Town, the Town’s goal has been to honor its commitments while rooting for the successful completion of the project,” Mayor Bien-Willner said. “We’re pleased that the Town and Five Star could collaboratively and amicably work through our outstanding issues. This is a positive step forward and we are very excited for the progress on the site as this iconic destination takes shape.”
The centerpiece of the visionary project is The Ritz-Carlton Paradise Valley, The Palmeraie, which is scheduled to open in late 2022 and features 215 hotel rooms with private entrances, detached casitas and oversized suites spread across 20 verdant acres. The Ritz-Carlton Residences Paradise Valley, The Palmeraie surround the resort, offering two enclaves of multimillion-dollar estate homes and serviced Residences including, The Villas, 81 condominium-style homes, and 32 single-family Estate Homes.
The agreement reached includes provisions that will:
• Retain obligations currently in the Development Agreement
• Resolve outstanding costs
• Resolve litigation regarding storm drainage
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 FiveStarDevelopment.com. For more information on The Palmeraie, visit ThePalmeraie.com.