Two decades in the making, Ritz-Carlton in Paradise Valley expected to open in '24

The end to a nearly two-decade-long slog to develop a Ritz-Carlton resort hotel in Paradise Valley could be near, as construction on the hotel focuses on interior work and work on the hotel rooms and surrounding villas.

At a projected $2 billion, it would be one of the largest developments ever built in Paradise Valley.

Brendan Mann, principal at the Solvere Group, the company handling sales and marketing for the resort’s developer, said in a January email that the hotel is on track to open this year but did not provide a more specific timeline.

The developer, called Five Star Development, had previously announced the hotel would open in 2023. The developer secured a $585 million loan in mid-2023, bringing the project to fully financed.

Some neighbors in Paradise Valley expressed concerns after seeing little visible progress in the months following the announcement of the loan, after the already five-year construction period.

A Paradise Valley development official said much of the latest progress is interior to buildings, so it might be difficult for neighbors to see progress.

Town official: 10 to 15 inspections per day at the site

Chad Weaver, community development director for Paradise Valley, said much of the external construction has completed on the hotel and first of the villas, with most construction work focused on interior construction and details.

Weaver said the town’s contracted inspectors are on the site between 10 and 15 times per day inspecting progress on the hotel.

“We are excited to have things open,” Weaver said. “It takes a long time to build out a project like that.”

Weaver said he understands that folks want to see the resort complete and open. The development is one of the largest ever in Paradise Valley.

The 215-room Ritz-Carlton hotel, along with 80 Ritz-Carlton Residences Villas and 32 Ritz-Carlton “estate homes” are part of a 112-acre development called the Palmeraie, which is primarily in Paradise Valley but also has portions in neighboring Scottsdale. The site is located on Lincoln Drive, west of Scottsdale Road, and includes some newly developed roads that were built as part of the project.

The luxury resort will feature secret gardens, oxygen-enriched guest rooms, on-site citrus groves, a two-story luxury spa and a grand 400-foot swimming pool, according to the resort's website.

The first portion of the project to complete, the first phase of the villas, has finished construction. Closings on the first phase will take place over the next three months, a spokesperson for the project said.

The villas, which range in price from the $2 million range to over $7 million, offer large indoor and outdoor spaces with patios, floor-to-ceiling glass windows and sliding panels that can open the home to the outdoors.

The villas development includes a large pool and clubhouse accessible to residents. Residents can also take advantage of amenities like concierge services and housekeeping services.

A rocky road to development

The project has faced a bumpy road thus far.

The development was announced in 2007, and in 2008 Five Star Development bought the site. The Paradise Valley Town Council approved the plan, but a community group opposing the residential density of the plan gathered signatures to force a referendum.

Voters overwhelmingly supported the development in the referendum, and the plan was allowed to move forward.

However, the project was halted by the Great Recession. Years later, a resurrected version of the plan was brought back in 2015. At the time, construction was supposed to begin in early 2016 and be complete in late 2017.

The resort didn’t actually break ground until early 2018. Opening dates were pushed from 2019 to 2020, and then again to 2023. The hotel is now expected to open this year.

Nearby homes already sold, branded homes to begin sales soon

The resort and Ritz-Carlton branded residences are the first phase of the over $2 billion project, but another housing developer is also making progress at the northwestern portion of the site.

Shea Homes bought land for 66 homes from Five Star Development in 2017, according to real estate database Vizzda. Most of those homes have already been completed and sold, and are now occupied, according to Maricopa County records.

On the northeastern portion of the site, 52 for-sale residences branded by Italian fashion house Fendi are planned. According to Mann, with the marketing company for Five Star Development, the sales campaign for the Fendi residences will begin later this year.

No retail, restaurant tenants yet

The farthest east portion of the property, which is in Scottsdale, totals about 20 acres, according to documents submitted to the city.

The first phase of the Scottsdale portion will include about 46,000 square feet of restaurants, 98,000 square feet of office space and about 133,000 square feet of shopping. Representatives from the development said they cannot disclose any tenants for the retail or restaurant sites yet.

Reach the reporter at cvanek@arizonarepublic.com. Follow her on X, formerly Twitter @CorinaVanek.

This article originally appeared on Arizona Republic: $2B Paradise Valley Ritz-Carlton nears reality with spas, villas