The upcoming $2 billion Paradise Valley resort community Ritz-Carlton project is set to unveil the first release of 91 villas in a private event, and developers expect all of the Residences will be reserved.
The June 11 event will show the Ritz-Carlton Residences, priced from the low $1 million to just over $5 million. Due to current demand, according to the developers, all of the homes are expected to be reserved, totaling about $240 million in real estate reservations, according to Five Start Development.
Renderings of the Villas:
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“The interest we’ve received since announcing the project earlier this year has been overwhelming,” said Brendan Mann of The Solvere Group, the company handling sales and marketing for the community. “We’re expecting that all homes will be reserved during the event on June 11, which will set a record in Arizona for the most real estate reserved in a single day. This is the 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.”
The project, owned and developed by Scottsdale-based Five Star Development, includes a 200-room Ritz-Carlton resort that will be surrounded by these 91 single-level villas and 45 single-family homes, all of which will be whole-ownership and Ritz-Carlton branded.
The Residence Gallery, located at 6720 N. Scottsdale Rd., Suite 120, will open to the public on Friday, May 27 to begin taking reservations for inclusion into the private sales event.
The project will also include a retail center, called The Palmeraie. It will have approximately 160,000 square feet of high-end, mixed-use space located on 18 acres at the corner of Scottsdale Road and Indian Bend Road bordering the posh town of Paradise Valley.
Five Star Development expects to break ground on The Ritz-Carlton Residences, Paradise Valley and the hotel in summer 2016 with completion of the hotel and residences expected by the end of 2018.
The collection of single-level villas available for reservation through the private event sit within six, two- and three-story buildings and range in size from 1,500 to more than 4,000 square feet.
Floor plans feature one- to four-bedroom residences, many with an additional den option. The villas’ timeless, modern architecture emphasizes clean lines and a comfortable, refined setting. With the balanced use of rich woods and glass, the villas exude an inviting warmth that perfectly complements the lush, desert setting and the stunning Camelback Mountain views.
“Ritz-Carlton Residences owners will truly experience a ‘resort within a resort’ as they will have their own junior Olympic sized-pool, private and beautifully landscaped grounds and all of the legendary services of the nearby resort including a dedicated concierge, priority access to hotel accommodations and amenities, along with a host of a la carte services such as in-residence dining and housekeeping,” said Jerry Ayoub, president of Five Star Development, the developer of the property.
The villas’ formal entry foyers, floor-to-ceiling windows and seamless transition to indoor and outdoor spaces emphasize the expansive desert and mountain views. An emphasis has been placed on creating generous, versatile spaces along with fully equipped kitchens with Wolf and Sub-Zero appliances, which make these homes ideal for formal entertaining. Some homes within the limited Gold Collection have features such as master suites with indoor and outdoor showers and highly customized master closets. Residences on the garden and penthouse levels also have the option to add a private plunge pool, 10-foot ceilings in bedrooms and 12-foot ceilings in the great room.
In order to maximize green and open spaces throughout the 105-acre project, Five Star Development plans to build underground parking in order to preserve the lush setting. This is the largest undertaking of a new master-planned community to feature a Ritz-Carlton with Residences in close to a decade. When valued with the land, construction and sales, the total project value is estimated to total approximately $2 billion.
Spread out over 20 acres, the resort will boast North America’s longest pool at just over 400 feet, a 30,000 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.
