Redevelopment plans for the shuttered Mountain Shadows resort in Paradise Valley have been revised in hopes of accommodating residents and town officials.
But not everybody is pleased with it, including an ally of financially troubled resort.
The new plan eliminates all three-story elements but increases density by 20 percent, said Rick Carpinelli, senior vice president of acquisitions and development for Crown Realty and Development, the resort's owner.
Previously, Crown Realty had proposed a mass of six, three-story buildings intended for resort/residential.
The new plan consolidates those buildings into two buildings and decreases their heights to two stories.
"Getting feedback from residents and the planning commission, we hope the new plan will build consensus in order to move forward with the project," he said.
Crown Realty has been working through the town's special-use-permit process to redevelop the resort property at 56th Street and Lincoln Drive.
On June 28, the town council adopted a "statement of direction," which is intended to guide the commission in its review. Since then, the commission has been receiving input from Crown representatives and residents.
Both residents and commissioners have had issues with the initial plan, ranging from density and heights to preservation of the resort golf course.
Mountain Shadows resident Pamela Covella came to Crown's defense saying she appreciated the work they've done with the town and residents by bringing forward a revised plan.
"It's time to get specific. If Crown received more specific direction we would have more forward movement," she said. "We're nowhere near where we need to be, but Crown has never shut the door in our face."
However, many residents and commissioners continue to have issues with the plan.
Planning Commissioner Chair Maria Syms said it's too dense.
"We can do a lot better," she said.
Commissioner Lou Werner said the planning commission's goal is to craft stipulations and make a recommendaation to council.
"There may be a lot of talk about drawings but at the commission level the drawings don't matter," he said. "Despite the plan, let's not forget that it could get thrown out."
In April, the 68-acre Paradise Valley property, at 56th Street and Lincoln Drive, went into default on a $32 million loan. MTS Land LLC and MTS Golf LLC, affiliates of Crown Realty and owners of the Mountain Shadows resort, subsequently filed for bankruptcy last month.
To help stay financially afloat, Crown Realty entered into a preliminary joint-venture partnership agreement with Solage Hotels and Resorts in May.
Crown officials said the group, which has at least eight resort properties in North America along with its sister company, Auberge Resorts, would help brand, finance and manage the Mountain Shadows resort.
However, at Thursday's planning commission meeting, Carpinelli told town officials that Solage isn't happy with the proposed revised plan for redevelopment.
But Carpinelli said the preliminary agreement between Crown and Solage still stands.
"We have a term sheet and an agreement. It's a 50-50 partnership. The relationship is there," he said. "But (approval of the special-use permit) is needed to solidify the agreement. Parameters are needed in order to solidify an agreement."
by Philip Haldiman - Aug. 20, 2012 The Republic | azcentral.com
New Mountain Shadows resort plan consolidates buildings
Reuters: Business News
National Commercial Real Estate News From CoStar Group
Latest stock market news from Wall Street - CNNMoney.com
- ► 2017 (81)
- ► 2016 (145)
- ► 2015 (146)
- ► 2014 (102)
- ► 2013 (395)
- Last days of the Borgata
- LifeLock reveals finances pre-IPO
- Home prices rose in July in 20 major US cities
- Radar Logic: Home Prices Hit Peak in July, Distres...
- 34,000 in Ariz. get mortgage aid
- Phoenix-based Vestar buys Calif. retail center for...
- Phoenix-area rental homes a red-hot commodity
- Home-related sales through the roof
- New US home sales edged down 0.3% in August
- Attorney General sets 3-year foreclosure plan for ...
- Top 10 things to know about Social Security
- Understanding Social Security benefits
- Maricopa County homeowners likely to see property-...
- Reagor: Building of homes slows a bit
- At 40, McCormick Ranch still desirable place to li...
- Fountain Hills mulls giving new life to avenue
- Peoria entertainment/hotel plan closer to reality
- Residential lot coverage debated in Arcadia
- Arizonans may not feel closure of local banks
- Proposed Scottsdale condo plan gains height, densi...
- Luxury retirement facility's sales rise
- Audit: Maricopa County housing-agency woes continu...
- Foreclosure starts fell on annual basis in August ...
- Housing prices up in most NE Valley communities
- Housing key part of SkySong's 'secret sauce'
- Valley in top 10 in US for foreign investors
- New tax on home sales is overblown rumor
- Home construction on uptick in Scottsdale
- Building set for approval - USATODAY.com
- Furnishings firm takes over ex-nightclub site
- The market: Views from the trenches
- City closer to Waterfront apartment-plan OK
- Scottsdale council approves permits for downtown b...
- Metro Phoenix a seller's (and landlord's) market
- Scottsdale home prices up 9.26 percent over a year...
- Valley bankruptcies keep plummeting
- IRS pays Swiss ex-banker, whistleblower $104 milli...
- Baby Boomers have many options for retirement plan...
- Proposed condo plan gains height, density
- Cottonwoods considers adding assisted living
- Scottsdale council approves contentious Echo at Wi...
- Phoenix-area home-price dip called a 'natural reac...
- City Planning Commission draws criticism
- US Home Prices Rise in July by Most in 6 Years - D...
- 2 large Phoenix warehouses being built
- City expands affordable housing - USATODAY.com
- Entertainment hub progresses - USATODAY.com
- City hopes Chandler site will be revitalized - USA...
- PV commission member resigns over resort redevelop...
- Top 5 lenders: $500M spent in Ariz. - USATODAY.com...
- 6,900 Scottsdale apartments in pipeline
- Home prices notch first 12-month gain since 2010 -...
- Advice for Arizonans on brink of foreclosure
- New-home sales rise to match 2-year high - CBS New...
- Beach-club complex votes on permits, licenses are ...
- US home sales rose 2.3 percent, sign of recovery
- Toll Brothers Posts Strong Growth - WSJ.com
- A challenge to finish preserve - USATODAY.com
- Valley agent did well by focusing on SHORT SALES -...
- New Mountain Shadows resort plan consolidates buil...
- ARMLS buys researcher
- Mesa senior-living complex will be based on Tempe ...
- Home prices up in 5 areas - USATODAY.com
- Newest numbers don't cast 'shadow'
- Run-up in home prices slows - USATODAY.com
- Fannie Mae posts $2.2B net gain for Q2 - Yahoo! Fi...
- Land purchase for theater expected to finalized so...
- ASU's SkySong will add residential space
- Reagor: New-home market projections promising
- 6 Phoenix-area apartment communities sold
- Fannie and Freddie principal cuts barred - USATODA...
- Phoenix expedites building process
- Plan for luxury homes at resort stirs controversy
- Mystery bidder gets 275 homes - USATODAY.com
- Meritage earnings rise - USATODAY.com
- Mesa minister gets maximum sentence in fraud
- Split up banks, says builder of Citigroup - USATOD...
- New home sales fall to 5-month low in June – USATO...
- GOP rips Geithner about LIBOR - USATODAY.com
- Historic homes at risk after they're foreclosed
- 100 more lots sold in project - USATODAY.com
- 4333 Building plan still viable, extension sought
- Census estimates: Phoenix remains sixth-largest ci...
- SIGNS OF HEALTH - USATODAY.com
- Subdivision is proposed - USATODAY.com
- Reagor: Home-listing group game for some fun
- After 6 years, Scottsdale is settling state-land c...
- Foreclosure Crisis Hits Older Americans Hard - US ...
- Government program to help avoid foreclosure
- Property-tax bills may rise in Paradise Valley sch...
- Construction, housing sectors face challenges
- ▼ September (91)
- ► 2011 (704)