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Paradise Valley is almost fully built out, so when something big changes along Lincoln Drive and Scottsdale Road, people notice. Right now three resort sites sit within a short drive of each other in different stages: one reopened in January 2026 after a $42 million renovation, one has a 2024 approval and no published opening date, and the largest, the Ritz-Carlton at The Palmeraie, is working through a bankruptcy plan that proposes selling the resort.
What the records and reports say
- Ritz-Carlton Paradise Valley at The Palmeraie: a $2 billion, 122 acre project planned for a 215 room resort, 80 condominiums, 32 single family homes, and a shopping center; 63 of 80 villas had closed (Phoenix Business Journal, July 2, 2026)
- Bankruptcy plan: amended joint liquidating plan filed October 14, 2026 would move the assets to a trust and sell the resort; not yet confirmed (SPE Specialists summary, October 26, 2026)
- Kimpton Miralina Resort and Villas: $42 million renovation of the former Scottsdale Plaza Resort; phase one of 404 keys open with 224 guestrooms and 36 casitas (Hotel Online, January 7, 2026)
- SmokeTree site: Town Council special use permit for an 82 room resort on about 5 acres at Scottsdale Road and Lincoln Drive (ABC15 and Phoenix Business Journal, January 16, 2024)
- New estate lots: plat recorded March 4, 2026 for four luxury home sites on a 10 acre property near the Ritz-Carlton site (KTAR and Phoenix Business Journal, March 13, 2026)
- Paradise Valley new construction homes: 49 sales in 12 months at a median $10,000,000 and 53 listed, about 13.0 months of supply (Paradise Valley new construction homes for sale page, ARMLS via Flexmls, November 12, 2026)
The Ritz-Carlton and The Palmeraie
The resort sits at 7000 East Lincoln Drive. The Phoenix Business Journal reported on July 2, 2026 that the developer, Five Star Development, was still in Chapter 11, that a bankruptcy judge had approved a term sheet with its lender on June 30, and that the lender's claim was fixed at $570.31 million. The same report said 63 of the 80 villas had closed.
The most recent development came in October. A summary of the case published October 26, 2026 says the project's debtors filed an amended joint liquidating plan on October 14 that would transfer the assets to a plan trust and sell the resort, with the existing Ritz-Carlton agreements carried forward. The summary describes the resort as 215 rooms, including 78 guestrooms and 137 casitas. A minimum sale price of about $570 million was described, and the sale would need to close within six months after bidding procedures are approved, with possible extensions. The key point for homeowners: the plan was still proposed, not confirmed, so any opening date you hear is a guess.
If you own near the site, nearby neighborhoods on our list include Camelback Country Club Estates homes for sale in eastern Paradise Valley. See where these neighborhoods sit on our Northeast Valley map.
Kimpton Miralina on the old Scottsdale Plaza site
This is the one project that is open. The January 7, 2026 announcement describes a $42 million renovation and rebrand of the former Scottsdale Plaza Resort on 40 acres, with six pools and more than 50,000 square feet of event space. Phase one opened with 224 guestrooms and 36 casitas, which is 260 of the planned 404 keys, leaving 144 to come (calculated by Arizona Luxury Partners). Villas and residences were described as arriving later in 2026. It is a renovation of an existing resort rather than new ground up construction, so the footprint is largely familiar.
The SmokeTree site at Scottsdale Road and Lincoln Drive
Walton Global Holdings bought the roughly 5 acre SmokeTree property in June 2022. The Town Council unanimously approved a special use permit on January 11, 2024 for an 82 room resort: 77 rooms in a main building, 5 single story casitas, a restaurant, cocktail bar, cafe, spa, pool, and an underground garage. At the time, Walton said it wanted to move quickly on demolition. We did not find a published construction schedule or opening date when we checked this week, so treat timing as unknown and ask the town for current permit status.
New estate lots and custom homes
Most new homes in Paradise Valley are rebuilds on existing lots, which is why new subdivisions draw attention. KTAR and the Phoenix Business Journal reported on March 13, 2026 that a Texas company, 3S Real Estate Investments, recorded a plat on March 4 for four estate home sites on a 10 acre property within walking distance of the Ritz-Carlton project.
For context on the custom home market these lots compete in, our Paradise Valley homes for sale page shows 409 sales in the 12 months ending November 12, 2026 at a median of $3,800,000, with about 6.8 months of supply. New construction was about 12 percent of those sales (49 of 409, calculated by Arizona Luxury Partners), at a median price about 2.6 times the town median. Our Paradise Valley luxury estates page shows 138 sales at a median of $7,467,500 and about 11.0 months of supply over the same period. Hillside areas like Mummy Mountain homes for sale add hillside review on top of the usual permits.
Smaller resort changes worth watching
Not every change is a new building. The town scheduled a Planning Commission hearing for June 16, 2026 on a minor special use permit amendment for the Paradise Valley DoubleTree Resort at 5401 North Scottsdale Road. The request covered about 4,580 square feet of outdoor event lawn, converting basement space to meeting rooms, new signs, and landscaping and lighting. We did not confirm the outcome this run. Changes like these can matter more to an adjacent homeowner than a project a mile away, because event lawns and lighting are close to the property line.
Resort neighborhoods along Lincoln Drive, including the Mountain Shadows homes for sale area, show how resort and residential uses already sit side by side. That area had 12 sales in the 12 months ending November 12, 2026 at a median of $2,550,000.
What it means if you own or are buying nearby
- Read the stipulations, not the renderings. Special use permits in Paradise Valley come with conditions on height, lighting, hours, and parking. Those conditions are what you live with.
- Check the agenda before you write an offer. The town posts Planning Commission and Council agendas online. Its calendar showed both meetings on November 17, 2026.
- Ask about construction timing. A stalled site and an active site feel very different from the street. Ask the town about open permits on any parcel next to the home you are considering.
- Look at your ZIP code data, not headlines. Our homes for sale in 85253 page tracks listings and sales across the ZIP code, which is a better read on pricing than any single project.
- Avoid this mistake: assuming a resort opening date you read in a marketing post. Several online posts this fall have described openings that court filings and news reports do not support. Use dated reports and town records.
If you are comparing Paradise Valley with nearby Scottsdale, our Scottsdale homes for sale page uses the same method, so the numbers line up.
The honest caveats
The Ritz-Carlton facts for late 2026 come from a summary of bankruptcy filings, not from a confirmed court order, and the plan can change before confirmation. The SmokeTree approval is from 2024, and we could not find a newer published status. Market figures are from our own pages using MLS data for the 12 months ending November 12, 2026; new construction and luxury estate samples are small, so one or two large sales can move the medians. None of this predicts how any single home's value will change.
Frequently asked questions
What is happening with the Ritz-Carlton Paradise Valley?
The resort at 7000 East Lincoln Drive is part of a Chapter 11 case filed by its developer's entities in November 2025. According to a summary published October 26, 2026, an amended liquidating plan filed October 14, 2026 would move the assets into a trust and sell the resort. That plan was described as proposed, not confirmed, so there is no firm opening date.
How big is The Palmeraie and Ritz-Carlton project?
The Phoenix Business Journal described it on July 2, 2026 as a $2 billion project on 122 acres near Lincoln Drive and Scottsdale Road. At full buildout it was planned for a 215 room resort, 80 condominiums, 32 single family homes, and The Palmeraie shopping center.
Did the Ritz-Carlton villas sell?
The same July 2, 2026 report said 63 of the 80 villas had closed, with two more expected to close the following week. That is about 79 percent of the villas, calculated by Arizona Luxury Partners. Check current county records for the latest count.
What is replacing the old SmokeTree Resort?
Walton Global Holdings received a special use permit from the Paradise Valley Town Council in January 2024 for an 82 room resort on about 5 acres at Scottsdale Road and Lincoln Drive. The approved plan includes 77 rooms in a main building, 5 casitas, a restaurant, bar, cafe, spa, pool, and underground parking. We did not find a published opening date.
What happened to the Scottsdale Plaza Resort?
The property reopened as Kimpton Miralina Resort and Villas Paradise Valley after a $42 million renovation, according to a January 7, 2026 announcement. Phase one included 224 guestrooms and 36 casitas out of a planned 404 keys, with villas and residences set to follow later in 2026.
Are new estate lots being created in Paradise Valley?
Yes, in some cases. KTAR and the Phoenix Business Journal reported on March 13, 2026 that a Texas company recorded a plat on March 4 for four luxury home sites on a 10 acre property near the Ritz-Carlton development. New lots like these are rare because most of the town is already built out on large residential lots.
How much do new construction homes cost in Paradise Valley?
Our Paradise Valley new construction page shows 49 sales in the 12 months ending November 12, 2026 at a median of $10,000,000, or $1,289 per square foot. There were 53 new construction homes listed for sale at a median list price of $11,899,000, which works out to about 13.0 months of supply.
Does resort development affect home values in Paradise Valley?
There is no published study that measures the effect of these specific projects on nearby home prices. Resorts can bring dining and amenities closer, and they can also bring construction traffic, event noise, and lighting. Buyers near a project site should read the approved plans and stipulations rather than assume either outcome.
How can I follow development projects in Paradise Valley?
The Town of Paradise Valley posts Planning Commission and Town Council agendas, public hearing notices, and an online planning application portal on its website. Its calendar showed both a Planning Commission meeting and a Town Council special meeting on November 17, 2026. Agendas list the projects on the docket.
Is The Palmeraie in Paradise Valley or Scottsdale?
The resort address, 7000 East Lincoln Drive, is in Paradise Valley. Bankruptcy plan summaries describe Palmeraie parcels and estate lots in both Scottsdale and Paradise Valley, so the larger project crosses the town line. Check the specific parcel with the Maricopa County Assessor if the jurisdiction matters to you.
The bottom line
Paradise Valley's development picture is mostly about three resort sites and a few new estate lots. Miralina is open, SmokeTree is approved with no published timeline, and the Ritz-Carlton's future runs through a bankruptcy sale. If a project could affect a home you own or want to buy, the town's agendas and the approved stipulations will tell you more than any rendering.
Read more: Buying a Paradise Valley teardown: floor area, setbacks, sewer, and permits · Paradise Valley home prices: 10 years of sales and where the market stands now
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Arizona Luxury Partners | Real Estate Group at RE/MAX Fine Properties
Sources
- Phoenix Business Journal, "Ritz-Carlton developer one step closer to emerging from Chapter 11 bankruptcy," July 2, 2026 (as reposted by Orion Properties). Link
- SPE Specialists, "Bankruptcy Watch: Ritz-Carlton Paradise Valley and the F-Star Socorro Liquidating Plan," October 26, 2026. Link
- Hotel Online, "Kimpton Miralina Resort and Villas Paradise Valley Opens in Arizona Following $42M Renovation and Rebranding," January 7, 2026. Link
- ABC15 and Phoenix Business Journal, "Smoke Tree Resort redevelopment clears final hurdle at Paradise Valley Town Council," January 16, 2024. Link
- AZBEX, "Paradise Valley OKs SmokeTree Resort Redevelopment," January 17, 2024. Link
- KTAR and Phoenix Business Journal, "Texas developer to build Paradise Valley enclave near Ritz-Carlton development," March 13, 2026. Link
- Town of Paradise Valley, Notice of Public Hearing, SUP-26-03, Paradise Valley DoubleTree Resort, Planning Commission hearing June 16, 2026. Link
- Town of Paradise Valley, website calendar and planning portals, viewed November 13, 2026. Link
- Arizona Luxury Partners, Paradise Valley, Paradise Valley new construction, Paradise Valley luxury estates, and Mountain Shadows homes for sale pages, ARMLS via Flexmls, 12 months ending November 12, 2026. Link
- Share of villas closed calculated by Arizona Luxury Partners: 63 of 80 = about 79 percent. New construction share of sales: 49 of 409 = about 12 percent. New construction median vs. town median: $10,000,000 / $3,800,000 = about 2.6. Miralina keys remaining: 404 minus (224 + 36) = 144.
All information provided is deemed reliable but is not guaranteed and should be independently verified. This article is for general information only and is not financial, lending, legal, or tax advice. Arizona Luxury Partners | Real Estate Group at RE/MAX Fine Properties, 21020 N. Pima Road, Scottsdale, AZ 85255. Brokerage License LC629808000. Equal Housing Opportunity.
