I read with interest your Jan. 31 update on the Ritz-Carlton Paradise Valley project. I was pleased to read that progress is being made and that we can all expect the resort, and all its accompanying parts (residences, high-end restaurants and luxury retail) will be available by year-end.
As other high-end projects reach their conclusion, Five Star Development can hopefully pick up additional skilled tradesmen so they can meet their new completion schedule. Roads, sidewalks and landscaping need to be built and installed, along with all the luxury interior finishes. We all support Five Star’s efforts to complete this project without any further delays.
In addition, the loss of so many retail boutiques and restaurants to Fashion Square must have Five Star Development working overtime to find adequate replacements. The Ritz-Carlton project certainly deserves something better than your typical Scottsdale strip mall when building out the Palmeraie. Hopefully it helps that no work has started on this section and that anyone coming in will not be constrained by existing buildings or infrastructure.
My biggest concern is Five Star’s ability to service their massive debt. They took out a $585 Million loan to finish the project. Hopefully once Five Star starts obtaining Certificates of Occupancy and getting residences moved in their cash flow will improve and provide them the time needed to handle their loan requirements.
Like all other Paradise Valley residents, I’m anxiously waiting for the Ritz-Carlton to open and the vision of the Palmeraie realized.
