Five Star Development recently sold a 23-acre swath of land to Shea Homes within the Ritz-Carlton community in Paradise Valley.
According to a press release, Five Star Development, owner and masterplan developer of the Ritz-Carlton, closed the deal with Shea Homes, which is debuting a new high-end brand called, Shea Signature, for the sale of 23-acres within the 105-acre development, located on the southeast corner of Indian Bend Road and Mockingbird Lane.
Directly north of the future resort site, there will be 66 single-family luxury homes, the release said, adding that Nathan and Associates brokered the transaction for the site. The site will be its own gated community, not branded or serviced by the venerable hotel company.
“Five Star Development remains the master developer and will continue to control and guide the quality level of the homes made available in the master plan. Five Star has established the standard of luxury and aesthetic to ensure there is a synergy with the resort and all residences within the community,” Jerry Ayoub, Five Star Development president, said in a prepared statement. “It has been a long, diligent process to select a developer we found worthy of making their mark on this one-of-a-kind community. Shea Signature is a perfect fit and we look forward to working alongside them.”
The project includes a 200-room Ritz-Carlton resort, surrounded by 91 single-level villas and 40 estate homes, all of which will be whole-ownership, branded and fully-serviced by The Ritz-Carlton. Five Star also plans to build non-Ritz-Carlton branded luxury townhomes as a future phase.
Last year, all 91 villas, priced from $1 million to more than $5 million, were released as the first phase of sales. Record success was achieved with all units selling in a day, totaling over $250 million in real estate. With an interest list forming, the second phase of sales for the estate homes will be this spring.
“Paradise Valley is the ideal location for Shea to announce our new luxury brand. Known as the ‘jewel in the desert,’ this area is a perfect match for the elevated living and lifestyle we will bring with Shea Signature,” said Ken Peterson, Shea Homes Arizona vice president of sales and marketing, in a prepared statement. “From the unprecedented architectural styles to the level of personalization and distinction, these residences will offer an unparalleled experience to those looking for a rare opportunity in one of the finest corridors in the Valley.”
Shea Homes has retained the Solvere Group, known for luxury resort and branded real estate worldwide. The group leads the sales and marketing for Five Star Development and will market and sell the 66 homes in the gated parcel named Azure, a Shea Signature Community.
Five Star along with Dolce Vita Development also has plans for a sister community known as The Palmeraie, which will encompass approximately 160,000 square feet of high-end, mixed-use space located on 18 acres at the corner of Scottsdale Road and Indian Bend. Home to more than 60 exceptional luxury and specialty boutiques, The Palmeraie will also incorporate a variety of dining destinations lead by local and international chefs.
A future phase is expected to include a selection of collectible luxury residences, best-in-class gourmet grocery store and food emporium plus a boutique hotel. This 105-acre development is the largest undertaking of a new master-planned community to feature a Ritz-Carlton with residences in close to a decade. All-encompassing of the land, construction and sales, the total project, including The Palmeraie, is valued at approximately $2 billion.
For more information on The Ritz-Carlton go to RCPVLuxury.com; for information on Azure, go to AzurePVLiving.com (site available in April).