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06/03/07
Ritz project details unveiled
Filed under: General, Real Estate
Posted by: Lillian Wong @ 5:50 pm

A Scottsdale-based real estate development company Tuesday confirmed its purchase of the 123-acre Ritz-Carlton Paradise Valley property from an affiliate of Marriott International. Five Star Development is touting the project as the first Ritz-Carlton mixed-use development of its kind. The project, which will feature residential and retail property, is expected to cost $1.5 billion. Founded in 1978 in Texas by real estate developer Jerry Ayoub, the company focuses on real estate development, construction and property management. Its corporate headquarters is in Scottsdale, and there is a branch office in El PasoMore…

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