Five Star Development prepares massive Paradise Valley project
Five Star Development, owner and masterplan developer of the $2 billion Ritz-Carlton hotel and residences in Paradise Valley, is underway with land preparation on the highly anticipated development.
Site work commenced in October 2016 and the mass grading is nearly complete. Over the last several months, approximately 500,000 cubic yards of dirt has been moved, including digging out most of the drainage wash running through the property.
In the coming months, the construction schedule indicates:
- Creation of the infrastructure for water throughout the site with connections at Mockingbird Lane and Scottsdale Road (completion in July 2017).
- Grading of the north portion of the channel/wash as it runs through the eastern portion of the Paradise Valley and Scottsdale property and connects with the culvert at Scottsdale Road (a bulk of the work has been completed with final completion in September 2017).
- Installation of the storm/drainage system throughout the site, including installation of culverts under the future roads and catch basins/tanks throughout the property (completion in July 2017).
- Installation of the sewer infrastructure throughout the site with a connection under Scottsdale Road (completion in July 2017).
- Creation of infrastructure for electric and gas throughout the site (completion by end of year).
- Creation of infrastructure for power throughout the site (completion by end of year).
- Grading is nearly complete on the underground parking garage (completion by the end of 2017).
- Installation of the interior roads and perimeter wall around the site, which will begin in July or August 2017 (completion by end of year).
“The creation and execution of a development of this magnitude has a number of seen and unforeseen challenges and we are working through a very complicated development procedure to ultimately end up with the best possible world-class community,” said Jerry Ayoub, president of Five Star Development. “Constant improvements are happening and there will be a significant amount of activity in the coming months.”
The project includes a 200-room Ritz-Carlton resort that will be surrounded by single-level villas and estate homes, which will be whole-ownership, branded and fully serviced by The Ritz-Carlton. The second phase of sales is intended to be the estate homes and will be underway later this year during a private event. Interest in receiving an invitation to the event is now being accepted at the Residence Gallery and at RCPVLuxury.com.