The massive $1.5 billion development planned by the Ritz-Carlton in Paradise Valley, Arizona has received approval to build, making it the first luxury resort master-planned community of its kind in the world under The Ritz-Carlton brand. The approved 110 acres of the 123-acre development includes a 225-room Ritz-Carlton hotel surrounded by a residential community of single-family homes which will include villas, estate homes and one-acre estate homesites all under the Ritz-Carlton name. Community residents will get membership in The Ritz-Carlton Residences Program, including access to the hotel's services and amenities including the day spa, fitness center, private chef service, an around-the-clock concierge team, room service and valet parking.

An adjoining mixed-use component along the Scottsdale portion of the site is planned to include high-end retail, restaurants, residential and a proposed "Edition" hotel, the new boutique hotel brand by Ian Schrager and Marriott International. Prices for the whole-ownership residences will start in the low $2 millions and they are currently taking expressions of interest to purchase in advance of sales expected in early June. As we mentioned yesterday, Paradise Valley remains the hottest area of Arizona real estate.