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Local Name:
Ritz-Carlton Paradise Valley
Budget:
$2B
Announced:
14 Jan 2016
Construction Start:
20 Feb 2018
Opening:
2024
Area:
8 ha
Consultants:
Contractors:
Ride Suppliers:
Other Suppliers:
  1. MarkEm is offline resortX Top Investigator
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    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.
    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.
    Source: https://www.azcentral.com/story/news/local/scottsdale/2023/05/13/2b-paradise-valley-ritz-carlton-fendi-development-gets-financing/70213993007/

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  9. MarkEm is offline resortX Top Investigator
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    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/

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