Five Star Development has bought a 123-acre site on the Scottsdale and Paradise Valley border that will be master planned as the world’s first $1.5 billion Ritz-Carlton Community and mixed-use project.
Five Star Development purchased the land from an affiliate of Marriott International for nearly $100 million. Several other companies were also competing to buy the land. The parcel is situated in both Scottsdale and Paradise Valley, one of the fastest growing corridors in Arizona.
The Ritz-Carlton Community will include a 225-room Ritz-Carlton resort hotel, a residential development including villas, luxury homes and one-acre estate lots as well as a mixed-use component. All residents of The Ritz-Carlton Community will receive membership in The Ritz-Carlton Residences Program, including full access to resort services and amenities such as concierge, room service, spa, fitness center, housekeeping and maintenance.
Five Star Development will own and develop the project. The Ritz-Carlton Hotel Company LLC will operate the hotel and community under long-term management agreements.