Scottsdale will soon have another luxury resort with a high-end retail and dining development next door.
Construction begins this summer on what Scottsdale-based developer Five Star Development promises will be “one of the finest resorts ever built in the western United States,” The Ritz-Carlton Paradise Valley. It is anticipated to be completed, along with a master-planned community that includes villas and single-family homes, by 2018.
According to Five Star Development, The Ritz-Carlton Paradise Valley will feature 200 larger-than-normal suites and bungalow rooms as well as 94 resort villas, ranging in size from 1,500- to 4,000-square-feet. Designs also call for a stunning Grand Lobby with open views of nearby mountains and water features that cascade from the lobby down to the where the spa will be situated, in the southwestern section of the property.
The master-planned community will also offer 45 single-family homes ranging in size from 3,000- to 6,000-square-feet, according to a press release cited in a Scottsdale Independent article. Five Star Development says a premier residential developer will be brought in to ensure that the homes are designed to integrate with the resort and reflect the character of Paradise Valley.
Although the 105-acre, $2 billion dollar master-planned community will technically be located in the Town of Paradise Valley, The Palmaraie will be located on an adjacent 18 acres in Scottsdale at the corner of Scottsdale Road and Indian Bend.
That project will be home to more than 60 luxury and specialty boutiques as well as a variety of restaurants led by local and international chefs. In a prepared statement, Hanna Struever, principal of Retail Portfolio Solutions, indicated that an emphasis on experiential offerings will make The Palmaraie a “must-see and must-do destination in Scottsdale.”
Jerry Ayoub, Five Star Development president, echoed that sentiment in the press release.
“We’re creating a retail destination that will attract the most discerning shoppers from near and far, like those from the surrounding area and those who are visiting from around the globe looking to experience the world’s most prestigious brand sand specialty retailers,” he said.
He added that the unique merchant mix, innovative dining experiences, over-the-top lush landscaping, and awe-inspiring views will make The Palmaraie “profoundly different and unlike any existing development in the country.”
Realtor | Founder
The Matheson Team – RE/MAX Fine Properties
21000 N. Pima Rd., #100, Scottsdale, AZ 85255