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Source: https://www.facebook.com/theritzcarltonresidencesparadisevalley/videos/december-2023-construction-update/361894613118486/

Recently, it was announced that construction was temporarily paused at the Ritz-Carlton, Paradise Valley. With several clients in the project, as well as being in constant communication with the developer, here is what we can say. Projects this large are complex. As an example. financing alone has many layers and hurdles to cross. And that is what this is about. According to developer Five Star Development, they are heading into the final phase of their financing. Something about that process requires for construction to pause.

Takeaways From The Article Reported By Phoenix Business Journal:
* Construction has been paused to allow a transition during the final phase of financing
* The Ritz-Carlton Villas are almost complete and will be ready for occupancy in spring
* Ritz-Carlton Estate Homes are under construction, with more than half already sold
* The Ritz-Carlton Paradise Valley resort is expected to open by the end of the year
* The shopping and dining portion of the project is currently in the design board review approval process
* In fall, Fendi Private Residences will begin sales for a collection of luxury condos
* The project had been delayed due to litigation with the town of Paradise Valley regarding infrastructure costs, but settled in 2021
* The Covid-19 pandemic also caused construction delays
* Homeowners are frustrated with the construction pace, but the project is progressing towards completion

Source: https://williamsluxuryhomes.com/construction-paused-ritz-carlton-pv/

New construction update from July













Source: https://williamsluxuryhomes.com/ritz-carlton-paradise-valley-construction-update-july-2022/

I can't embed the video but you can see it here... https://fb.watch/cR1cwLz1Ck/

Source: https://williamsluxuryhomes.com/ritz-carlton-paradise-photos-construction/

Five Star Development is proud to announce today that it has achieved more than 50 percent sold and exceeded over $160 million in luxury real estate sales at The Estate Homes, the second residential offering within The Ritz-Carlton Residences Paradise Valley, The Palmeraie.

Amongst the highly sought-after, 32-home gated enclave, more than half of the residences are now under contract, all averaging a sales price of approximately $10 million. Construction on the Estate Homes is currently underway, with first homeowners expected to move in at the time of the resort’s opening later this year. The Villas, the development’s first residential offering encompassing 80 condominium-style residences that are branded and fully serviced, sold out prior to 2022 totaling $285 million in real estate that is slated to be completed by this summer.

Priced from the low $7 millions, don’t miss your chance to build your own dream estate and be part of what will soon be the pinnacle of sophisticated living in Arizona.

Source: https://www.facebook.com/theritzcarltonresidencesparadisevalley/photos/a.439347379787373/1914598518928911/

We have some updated info for you since our last Ritz-Carlton, Paradise Valley Construction Update. In addition to the new photos below, we have some updated info on sales progress. Additionally, we know that the rollout of the sales program for the FENDI Private Residences is coming. Currently, the Sales Center aka Residence Gallery is transitioning to FENDI and is slated to have its grand opening in February.

As far as sales progress, the multi-billion-dollar resort project has over $280 Million in contract for The Villas and approx. $150 Million in sales at The Estate Homes. In addition to the guard house, there are three Estate Homes currently under construction.. Four more Estate Homes are expected to break ground in January 2022.

Source: https://williamsluxuryhomes.com/ritz-carlton-construction-update-paradise/

Looks like the legal issues with the contractor are now resolved.

Peace has come to The Palmeraie, a $2 billion Ritz-Carlton Paradise Valley resort project on the Scottsdale border that had been threatened by $60 million in liens filed by the lead contractor. Developer Five Star Resort and Utah-based Layton Construction issued a joint statement saying “both parties have amicably resolved all issues between them related to the Paradise Valley Ritz-Carlton Resort Project.”

Less than nine months ago, Layton had on file with the County Recorder liens totaling $46.7 million for non-payment and 23 subcontractors that provided painting, roofing and HVAC work had filed 35 separate mechanic’s liens totaling $17.2 million.According to the liens, Layton signed contracts worth up to $259 million in 2016 and 2019 with Five Star Resort Owner LLC to construct the hotel and villas and perform associated site work.

Source: https://www.scottsdale.org/news/contract-peace-achieved-for-2b-resort-project/article_3a671aba-6c02-11ec-bcf8-63ce88bcb8fd.html

The same guy posted another video on the same day.

Lastly, there are more CONSTRUCTION WORKERS on site than it may appear. This is a massive development sprawled out over approximately 122 acres. We literally came across 10 workers deep inside the primary hotel. It’s truly fascinating.

Source: https://williamsluxuryhomes.com/construction-ritz-carlton-paradise-valley/

The Palmerie will also include a biome which is currently under construction.





Source: https://www.facebook.com/theritzcarltonresidencesparadisevalley/photos/1835207276868036

More images have been added to the September construction update.

The Ballroom and events area:





Source: https://williamsluxuryhomes.com/ritz-carlton-paradise-valley-fendi-palmeraie/

Lots of new images on this update from one of the agents selling these properties. These were taken on May 25th, 2021.

View to the pool from the entrance building


Entrance and Lobby


The Ampitheatre


The Spa


Staircase in the main reception building


The Ballroom


Source: https://williamsluxuryhomes.com/ritz-carlton-paradise-construction-images/

Source: https://www.facebook.com/theritzcarltonresidencesparadisevalley/photos/?ref=page_internal

Palm trees lead the way to The Resident Clubhouse with beautiful Villas all around in our latest construction update!

Source: https://www.facebook.com/theritzcarltonresidencesparadisevalley/photos/a.439347379787373/1705577929830972/

Construction photos from March 2021

As construction on Arizona’s multi-billion-dollar Ritz-Carlton, Paradise Valley continues, we continue LUXE BLOG’s Ritz-Carlton photo update series. On March, 14th 2021, we snapped a few new photos for your enjoyment.

Source: https://williamsluxuryhomes.com/ritz-carlton-paradise-valley-arizona/