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Construction Paused At Ritz-Carlton, PV – Is That A Bad Thing?

What's Going On?

Recently, it was announced that construction was temporarily paused at the Ritz-Carlton, Paradise Valley. With several clients in the project, as well as being in constant communication with the developer, here is what we can say. Projects this large are complex. As an example. financing alone has many layers and hurdles to cross. And that is what this is about. According to developer Five Star Development, they are heading into the final phase of their financing. Something about that process requires for construction to pause.

Ritz-Carlton, Paradise Valley.

The Clubhouse Pool And Villas Looking Good (Taken February 2023)

Takeaways From The Article Reported By Phoenix Business Journal

  • Construction has been paused to allow a transition during the final phase of financing
  • The Ritz-Carlton Villas are almost complete and will be ready for occupancy in spring
  • Ritz-Carlton Estate Homes are under construction, with more than half already sold
  • The Ritz-Carlton Paradise Valley resort is expected to open by the end of the year
  • The shopping and dining portion of the project is currently in the design board review approval process
  • In fall, Fendi Private Residences will begin sales for a collection of luxury condos
  • The project had been delayed due to litigation with the town of Paradise Valley regarding infrastructure costs, but settled in 2021
  • The Covid-19 pandemic also caused construction delays
  • Homeowners are frustrated with the construction pace, but the project is progressing towards completion
A Villa at the Ritz-Carlton, Paradise Valley.

A Kitchen Inside A Villa At Ritz-Carlton, Paradise Valley

More From The Article

Director of construction of Five Star Development Richard Frazee says that the lender will close the loan within a couple weeks. Additionally, he said construction will resume. In regards to the villas, first-phase residences are expected to start closing escrow this spring. Meaning soon. At WLH, we want to see that as badly as anyone else. Also to note is that approximately half of the estate homes have sold. Remaining estate homes are priced from around $8 million and up (contact us for exact pricing).

Ritz-Carlton, Paradise Valley.

Things Had Come A Long Way Since The Last Time We Were On Site

We Were Recently On Site

Last month, we were on site to do a construction photo update for LUXE BLOG. Things looked real nice. If you'd like to see what we saw, enjoy 50 New Photos Of Ritz-Carlton, Paradise Valley here. While we fully understand the frustration of home buyers, we also understand this is a massive project. One of our agents was involved in the construction of CityCenter in Las Vegas, that was a very difficult resort to get done, but it got done and is doing great. The state of Arizona has never seen anything like this project. It is our hope here at Williams Luxury Homes that all the pain is worth it.

Ritz-Carlton, Paradise Valley.

Materials And Finishes All Felt Very High End

About The Ritz-Carlton, Paradise Valley

Experience the splendor of Paradise Valley at The Ritz-Carlton Resort, an oasis that brings together luxury and adventure. The resort offers 215 guest accommodations comprising luxurious casitas, traditional hotel rooms, and a host of amenities. Featuring North America's longest resort pool, relax your body with desert-inspired spa treatments. Or, perhaps, unwind around the Lobby Bar for stunning views of Camelback Mountain & Mummy Mountain during incredible sunsets. Feast at multiple restaurants offering everything from fresh cuisines to fresh seafood dishes. All at the Ritz-Carlton, Paradise Valley.

A Villa at the Ritz-Carlton, Paradise Valley.

A Tub Inside A Villa At The Ritz-Carlton, Paradise Valley As Of February 2023

Should You Be Interested In Learning More

For those wanting to confidentially discuss this development, we're available. We have sold hundreds of millions worth of luxury condos across the valley. We are an outside source and here to provide good information and top-notch real estate representation. Should you want to discuss the Ritz, Carlton Residences, we welcome you to reach out. Thank you for taking the time to read our update on this important matter. We look forward to doing several more LUXE BLOGs this week!

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