$2B Paradise Valley development with Ritz-Carlton resort, Fendi homes takes big step forward
The Ritz-Carlton Paradise Valley, part of a long-awaited $2 billion development that also will include Fendi-branded private homes and high-end retail and restaurants, is expected to open by the end of the year.
Five Star Development, the developer of the Palmeraie, a 122-acre project, secured a $585 million loan to complete construction. The loan, originated by Madison Realty Capital, is the final financing needed for the development, the developer announced Friday.
The project is about 80% built based on total acreage, a spokesperson for the developer said. Portions of the development, located near Lincoln Drive and Scottsdale Road, are in Paradise Valley and in Scottsdale. The 215-room resort is expected to open by the end of the year, but some pieces could be ready sooner.
The first group of Ritz-Carlton Villas, which are condominiums for sale in the development, is completed and soon will be ready for occupancy. Best in US These Arizona resorts are home to 4 of the best hotel bars and restaurants in the US. The development will include 80 single-story for-sale villas, which are fully sold, and 32 Ritz-Carlton branded “estate homes,” half of which are already sold.
A sales campaign will begin this fall for 52 luxury for-sale residences that are branded by Fendi, the Italian luxury fashion house. Those homes have not yet gone up for sale, a project spokesperson said.