The portion of the development that is in Scottsdale is about 20 acres, according to documents submitted to the city. The retail and restaurant pieces of the development are in design review with Paradise Valley and Scottsdale. Those homes have not yet gone up for sale, a project spokesperson 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.Ī sales campaign will begin this fall for 52 luxury for-sale residences that are branded by Fendi, the Italian luxury fashion house. The first group of Ritz-Carlton Villas, which are condominiums for sale in the development, is completed and soon will be ready for occupancy.īest in US These Arizona resorts are home to 4 of the best hotel bars and restaurants in the US The 215-room resort is expected to open by the end of the year, but some pieces could be ready sooner. Portions of the development, located near Lincoln Drive and Scottsdale Road, are in Paradise Valley and in Scottsdale. The project is about 80% built based on total acreage, a spokesperson for the developer said. The loan, originated by Madison Realty Capital, is the final financing needed for the development, the developer announced Friday. 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.įive Star Development, the developer of the Palmeraie, a 122-acre project, secured a $585 million loan to complete construction. View Gallery: Palmeraie shopping district, Ritz-Carlton homes in Paradise Valley

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