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.
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).
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.
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.
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!