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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 online now 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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