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AZRE Magazine | Ritz-Carlton Residences sell $249M in 1 day

AZRE Magazine | Ritz-Carlton Residences sell $249M in 1 day

The Ritz-Carlton Residences in Paradise Valley obtained property reservations for 89 of the 91 villas released at the one-day, private sales event last Saturday totaling $248,760,000.

“We believe it was the largest real estate event ever in Arizona,” said Jan Bracamonte, spokeswoman for Five Star Development, the project’s developers. She describes the villas as “the most sophisticated, full-service resort real estate offering in Arizona to date.”

The entire 105-acre project includes a 200-room Ritz-Carlton resort surrounded by 91 single-level villas and 45 single-family homes. It is being called the largest undertaking of a new master-planned community to feature a Ritz-Carlton with Residences in close to a decade. The total project value is estimated to be approximately $2 billion.

The Residences are comprised of single-level villas sitting within six buildings, each two or three-stories tall and ranging in size from 1,500 to more than 4,000 square feet. Floor plans offer one- to four-bedroom residences and some include an additional den option. Prices vary from the low $1 million to more than $5 million.

“Ritz-Carlton Residences owners will truly experience a ‘resort within a resort’ as they will have their own junior Olympic sized-pool, private and beautifully landscaped grounds and all of the legendary services of the nearby resort including a dedicated concierge, priority access to hotel accommodations and amenities, along with a host of a la carte services such as in-residence dining and housekeeping,” said Jerry Ayoub, president of Five Star Development, the developer of the property.

The villas’ architecture emphasize clean lines and a comfortable, refined ambiance with its timeless, modern design balancing rich woods and glass. In addition, formal entry foyers, floor-to-ceiling windows and seamless transitions to indoor and outdoor spaces accent the lush, desert setting and views of Camelback Mountain.

“This is the new generation of luxury resorts combining a luxury with exceptional, fully-serviced homes and high-end shopping, all in one destination,” said Brendan Mann of the Solvere Group, the company in charge of sales and marketing. “When we are finished, this will be one of the most premier destinations in the world and will be truly one-of-a-kind.”

The resort, not to be confused with the Residences, sits on 20-acres and features a top-tier list of amenities. It will boast North America’s longest pool at more than 400 feet, a 30,000 square-foot world-class spa with indoor and outdoor treatment areas, a state-of-the-art health and fitness center, indoor and outdoor meeting and event space, a citrus orchard, a garden that will have seasonal produce harvested by on-site restaurants, lush walking paths and a grand lawn with stunning views of iconic Camelback Mountain.

Five Star Development, a Scottsdale-based company founded in 1978, plans to break ground on the project this summer with completion of the residences and hotel by the end of 2018.

According to Bracamonte, the contracts will be solidified once Five Star received its public Report later this summer. Details of the next phase is forthcoming.

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