Ritz-Carlton, Paradise Valley Project Wins Approval

-- Hotels, 11/5/2008 10:14:00 AM

The developers of The Ritz-Carlton, Paradise Valley project won a decisive victory Tuesday night with the passing of Proposition 411, winning 4,371 of 6,537 votes.

The outpouring of community support comes in the face of the first-ever referendum in Paradise Valley’s 47-year history and the first-ever referendum against a resort development that features a Ritz-Carlton hotel and residences.

“The overwhelming public support for the town council and our project has been nothing short of astounding,” says Jerry Ayoub, president and CEO of Five Star Development Group Inc., the developer of the project. “Our neighbors, along with the mayor, planning commission and town council were instrumental throughout this process in helping inform the community about the project, garnering the positive response and, ultimately, winning public approval. Surprisingly, there is an upside to this delay in that it gave us the opportunity to share our story in greater detail with the community. We are ready to build and ready to become part of the fabric of Paradise Valley for many years to come.”

Situated on a 105-acre parcel, The Ritz-Carlton, Paradise Valley property includes a 225-room Ritz-Carlton resort hotel, 100 villas, 46 estate homes and 15 one-acre estate home sites. The development, created with neighborhood input, will generate nearly US$2 million a year in revenue for essential town services such as police and fire, bring approximately 297 permanent jobs and 1,055 direct and 750 indirect construction jobs to Paradise Valley.
 
“We're grateful that the citizens of Paradise Valley have supported The Ritz-Carlton, Paradise Valley project.  We believe that the respectful development of this legacy resort will continue the Valley's emergence as a world-class destination and will create new jobs and a stronger tax base,” says Simon Cooper, president and COO of The Ritz-Carlton Hotel Co. LLC.

The project was unanimously approved by the Paradise Valley Town Council April 10, however, it was subsequently referred to the town’s voters by a citizens group primarily opposed to the residential component of development. Yet, many residents misunderstood that The Ritz-Carlton resort could not be built without the residential component.

A political action committee, Yes on 411 – Friends of Paradise Valley, was formed in August and chaired by Dan Schweiker, a former Paradise Valley vice mayor and longtime councilman. The committee launched a grassroots campaign to educate voters to vote “yes” to defend the planning commission and the mayor and council’s unanimous support of the project. 

With the election over, inquires to purchase within the first release of Ritz-Carlton Residences are now re-engaged. Groundbreaking for the project is expected in January 2009, with the hotel tentatively scheduled to open in fall 2010.