Shea Homes has paid $45 million for 23 acres of land in Paradise Valley that is part of the big $2 billion Ritz-Carlton development at Scottsdale and Indian Bend roads.
Shea plans on building 66 luxury, single-family homes at the Ritz development, which sits on some of the most lucrative undeveloped land on Scottsdale Road.
Five Star Development — which is developing the 105-acre Ritz project — sold the land to Shea.
The gated community will be on the southeast corner of Indian Bend Road and Mockingbird Lane. Nathan and Associates brokered the deal.
“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,” said Jerry Ayoub, president of Five Star Development.
The development includes a 200-room Ritz-Carlton resort as well as 91 villas and 40 other homes that will be Ritz branded. The villas are priced between $1 million and $5 million. The PV project will also debut a new high-end brand for Shea called Shea Signature. Shea’s Ritz project will be called Azure.
The 352,000-square-foot resort project is projected to cost $2 billion, and will include the longest pool in North America. 89 of the 91 villas were spoken for in June last year coming out to almost $250 million. The entire project is slated to open in 2018.
“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.
Five Star and Dolce Vita Development LLC are also building an 18-acre, 160,000-square-foot high-end mixed-use development with restaurants and shops, called The Palmeraie, which they plan to fill with roughly 60 retailers and restaurants.