The $2 billion, 122-acre luxury master-planned community currently under development have left homeowners frustrated as they patiently wait for construction to be completed.
Homeowners of luxury estates at The Palmeraie in Paradise Valley, including the Ritz-Carlton Paradise Valley resort are upset that construction has stalled once again, leaving them wondering when they will have the chance to move into their new home. Future residents of the community are upset with the stop and go pace of the development construction since purchasing their properties several years ago from Five Star Development. Many homeowners have had to rent apartments, while their builds are pushed back again and again as they wait for completion.
Construction is nearing completion for the first group of the 80 Ritz-Carlton Villas as Five Star Development enters the final phase of financing for the project. Reportedly that group of homes will be ready this spring for occupancy. All of the condominiums have sold out, with the exception of one that is still up for sale at a price tag of $6.1 million.
More than half of the Ritz-Carlton Estate Homes 32 single-family homes have sold and are currently under construction. The first set of homes are expected to be completed and delivered to the homeowners later this year. A few homes remain available for purchased and are priced in the high $8 millions.
The developer is predicting that the Ritz-Carlton Paradise Valley resort will be open by the end of the year. The resort has already started taking group businesses bookings. Leisure bookings are expected to start within the next few months.
The shopping and dining part of the project is presently in the hands of the town of Paradise Valley’s design board review approval process. There has been no estimate as to the timeline when that will be completed.
In addition to the Ritz-Carlton home development, Rome-based Fendi Private Residences are set to begin sales sometime this year for their boutique collection of 41 luxury condos. The condominiums average 3,500 square feet per unit and will be developed on the Scottsdale side of The Palmeraie.
Reasons for the start and stop on the development has been due to nearly a year of litigation with the town of Paradise Valley regarding who was responsible for infrastructure costs and the Covid-19 pandemic.
