Scottsdale & Paradise Valley Development News

[PHX31]

/\ Is it a spec house?

These houses are incredible, however, i always think about the maintenance/operating costs. Someone needs to be a billionaire with the desire to burn a ton of money constantly to afford them.

[Obadno]

Originally Posted by PHX31

/\ Is it a spec house?

These houses are incredible, however, i always think about the maintenance/operating costs. Someone needs to be a billionaire with the desire to burn a ton of money constantly to afford them.

I Hope not its nearly 3x the most expensive home sold in state history so far (26 million up in silverleaf in 2021)

I do know there is a couple 25millions under construction and a 30 million in the works but this is such a massive jump. Seems crazy unless its for some local billionaire like one of the Carvana guys or maybe Elon wants a winter palace... I mean place ??

[combusean]

It's insane that there's that kind of money for spec homes when anyone who would have the money to buy that would get something *they* want.

There's only l11 billionaires in the state of Arizona anyways, they could have like, surveyed them or something before this foolish endeavor. I hate using the term but "boondoggle" is right.

[MiEncanto]

Originally Posted by combusean

It's insane that there's that kind of money for spec homes when anyone who would have the money to buy that would get something *they* want.

There's only l11 billionaires in the state of Arizona anyways, they could have like, surveyed them or something before this foolish endeavor. I hate using the term but "boondoggle" is right.

Insane?

Seems smart to me given the trend of high wealth moving to AZ. Would be impossible to get lending to build this unless the banks agreed.

[locolife]

Originally Posted by combusean

It's insane that there's that kind of money for spec homes when anyone who would have the money to buy that would get something *they* want.

There's only l11 billionaires in the state of Arizona anyways, they could have like, surveyed them or something before this foolish endeavor. I hate using the term but "boondoggle" is right.

That actually ranks us as having the 11th most billionaires of all states as well. But you don’t need to be anywhere near a billionaire to have a $75M house. You also don’t have to be an AZ resident to buy a home here, so who knows. I’m sure it’s pre-sold.

[MiEncanto]

I was just thinking the other day that I bet the Ritz Carlton PV wishes it had been done in time for Super Bowl.

Turns out there are problems at that massive development. I don't have the paywalled info, but it appears the job is paused.

https://www.bizjournals.com/phoenix/...on-paused.html

[azsunsurfer]

So they've submitted the "Palmeraie" development to Scottsdale City Council twice now....it originally passed. There have been no significant changes from the original design...seems like a delay tactic because they can't get the gateway village financed and need the zoning timeline extended.....red flags.

[Obadno]

Originally Posted by MiEncanto

I was just thinking the other day that I bet the Ritz Carlton PV wishes it had been done in time for Super Bowl.

Turns out there are problems at that massive development. I don't have the paywalled info, but it appears the job is paused.

https://www.bizjournals.com/phoenix/...on-paused.html

I have been hearing rumors about issues with the construction of the project for years. Above and beyond post covid supply chain issues. The GC and Developer seem to be incompetents'.

Homeowners of luxury estates at The Palmeraie in Paradise Valley are frustrated with the stop-and-go construction pace of their new homes.

Construction is again on pause for the $2 billion, 122-acre luxury master-planned community — which includes the Ritz-Carlton Paradise Valley resort — because Five Star Development is entering the final phase of financing for the project.

"The lender transition process includes a short-term pause of the work to allow a clean transition," said Richard Frazee, director of construction at Five Star Development. "The lender will announce the loan closing within the next two weeks and then construction activity will resume."

But homeowners — who declined to comment for this article for fear of retribution — say construction has stalled too many times since they bought their properties several years ago when Five Star Development launched home sales. Many of them have been renting apartments, waiting for construction to be completed.

Construction is nearing completion for the first group of the 80 Ritz-Carlton Villas, and will be ready for occupancy starting this spring, Frazee said. Those condominiums are fully sold out except for one, which is priced at $6.1 million.

The Ritz-Carlton Estate Homes are under construction with more than half of the 32 single-family homes sold, Frazee said, with the first homes expected to be completed later this year. Available homes are priced from the high $8 millions.

Click through the gallery for a look at architectural renderings of the estate homes, villas and hotel:

Meanwhile, Frazee said he expects the Ritz-Carlton Paradise Valley resort to open by the end of the year. Group businesses have begun booking at the resort, while leisure bookings are expected to commence within the next few months.

He said the shopping and dining portion of the project is currently in the design board review approval process by the town of Paradise Valley and the city of Scottsdale.

Rome-based Fendi Private Residences also will begin sales this year for a boutique collection of 41 luxury condos averaging 3,500 square feet on the Scottsdale side of The Palmeraie.

The Palmeraie project had been plagued by nearly a year of litigation with the town of Paradise Valley regarding who was responsible for infrastructure costs. But they reached a settlement agreement in June 2021.

[ChelseaFC]

ICON at Silverleaf (Phase 2)


https://twitter.com/CecoConcrete
https://iconatsilverleaf.com/

[Obadno]

Originally Posted by ChelseaFC

ICON at Silverleaf (Phase 2)


https://twitter.com/CecoConcrete
https://iconatsilverleaf.com/

Does it surprise anyone else that Scottsdale allowed this much density in a project in this area?

[YourBuddy]

Originally Posted by Obadno

Does it surprise anyone else that Scottsdale allowed this much density in a project in this area?

Only thing I can guess is the price of these condos appeased the nimbys enough. Looks like the cheapest condo here is well over 2 million.

[combusean]

It looks intensive but most of those condo buildings are only 4 units a floor...96 condos in total over what looks to be several acres.

Them being for sale probably also keeps people from kvetching about crime-ridden tenement housing or whatever NIMBY nonsense you typically hear from that part of the Valley.

[Obadno]

Originally Posted by combusean

It looks intensive but most of those condo buildings are only 4 units a floor...96 condos in total over what looks to be several acres.

Them being for sale probably also keeps people from kvetching about crime-ridden tenement housing or whatever NIMBY nonsense you typically hear from that part of the Valley.

If I lived there I would thin the same thing.

You plebs and your apartments need to get gone.

[combusean]

Originally Posted by Obadno

If I lived there I would thin the same thing.

You plebs and your apartments need to get gone.

The real plebs are those Scottsdale peasants without their own large Phoenix apartment buildings.

As much as I joke, I bet Scottsdale's small-town mindset is going to relegate it to just that, a small town. You can't make money developing over there anymore, it's almost impossible to build. The smart money is in Phoenix where there's demand and the money to meet the demand.

I mean, this Icon at Silverlake property probably has $100 - $150 million or so in development costs. Phoenix probably barfs that out in a month.

[Obadno]

Originally Posted by combusean

The real plebs are those Scottsdale peasants without their own large Phoenix apartment buildings.

As much as I joke, I bet Scottsdale's small-town mindset is going to relegate it to just that, a small town. You can't make money developing over there anymore, it's almost impossible to build. The smart money is in Phoenix where there's demand and the money to meet the demand.

I mean, this Icon at Silverlake property probably has $100 - $150 million or so in development costs. Phoenix probably barfs that out in a month.

I don't think the Silverleaf Homeowners care about how much money the developer will make.

[xymox]

Originally Posted by combusean

The real plebs are those Scottsdale peasants without their own large Phoenix apartment buildings.

As much as I joke, I bet Scottsdale's small-town mindset is going to relegate it to just that, a small town. You can't make money developing over there anymore, it's almost impossible to build. The smart money is in Phoenix where there's demand and the money to meet the demand.

I mean, this Icon at Silverlake property probably has $100 - $150 million or so in development costs. Phoenix probably barfs that out in a month.

Soon as the boomers all stop caring then Scottsdale will grow. But there are a lot of new high density projects going on (with 5+ story apartments) going on up on the north side here. Particularly in the airpark where they are taking up vacant land between office buildings or old retail. Plus Cavasson, the new Banner Scottsdale project, the multi-8 story condo project and Scottsdale One all up along the 101 are showing density as well. Projects in old town have more trouble currently.

[cygnusloop99]

Originally Posted by Obadno

Does it surprise anyone else that Scottsdale allowed this much density in a project in this area?

These buildings were entitled with the rest of the development (possibly even with the original DC Ranch MP) back in the 2000's before the NIMYB's were as vocal and organized. The Great Recession put a hold on the project until it was more recently revived. Since the property was already entitled for the use and density all they had to do was get a building permit so long as they stayed within the originally approved parameters.

[Obadno]

Why won't Optima build a downtown tower

https://azbex.com/planning-developme...ntain-village/

The Scottsdale Development Review Board voted 6-0 earlier this month to approve the exterior aesthetics for Optima McDowell Mountain Village, a multiphase, 22-acre residential and retail site near Scottsdale Road and Mayo Blvd.

Plans call for 36KSF of retail and 1,300 apartments and condominiums ranging from 775SF up to 2,025SF.

The project has a 10-year estimated timeline and will be built in three phases. Building heights will be a mix of six- and eight-story structures with ground-floor amenities and rooftop swimming pools and running tracks.

All the infrastructure to support the project will take place in the first phase of construction, and the City of Scottsdale will undertake creating a road from the east of the project to Hayden Blvd. as a separate project.

The total development cost for Optima McDowell Mountain Village has been estimated at $1B.

[MiEncanto]

Originally Posted by Mr.RE

https://arizonadigitalfreepress.com/...t-development/

Any movement or updates on the large Scottsdale ‘Parque’ going on the Crackerjax parcel?

[combusean]

They only submitted the zoning in January and have been updating it since.

https://eservices.scottsdaleaz.gov/b.../Details/53990

I don't know why the developer thinks they're going to get 119' height at that location. There's a reason people go on the west side of Scottsdale Rd for that.