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October 8, 2010

The Residences At The Ritz-Carlton, Dove Mountain Completes Re-Cap Phase

By Pardhasaradhi Gonuguntla

Marana, AZ – Reported by Elite Traveler, the Private Jet Lifestyle Magazine

An investment by Google pioneer Ray Sidney in The Residences at The Ritz-Carlton, Dove Mountain near Tucson, AZ has signaled an “all clear” to snowbirds seeking a second home in a perfect golf resort climate. Sidney’s capital infusion has eliminated all community debt creating lower cost opportunities for luxury home buyers interested in purchasing the highly-personalized homes or custom estate homesites.

David Mehl of Cottonwood Properties, Inc., developed this extraordinary property nestled in the foothills of the Tortolita Mountains. The homesites are placed strategically along the 27-hole Jack Nicklaus Signature Golf Course and near The Ritz-Carlton, Dove Mountain luxury resort hotel.

“To have the community debt-free, with all amenities completed and operating, is rare given these economic times,” explains Mehl. “By responding to the financial environment with a new capital structure, we are able to re-price our homes and homesites at about $400 per square foot. This is in line with today’s ‘new normal’ providing an unparalleled Ritz-Carlton lifestyle at an irresistible value to buyers.”

Sidney’s investment in The Residences at The Ritz-Carlton, Dove Mountain fits with his personal mission to invest in and develop sustainable real estate projects. A Harvard graduate with a PhD from MIT, Sidney joined Google in 1999 as a software engineer, becoming the company’s third employee. He left in 2003 and has since been involved in a variety of philanthropic enterprises focused on the environment and education.

“David Mehl has an amazing track record as a successful luxury community home developer. Just look at what he and Jack Nicklaus did at the Westin La Paloma,” Sidney says. “The Residences offers a great opportunity for us to create responsible and sustainable luxury living, something I’m passionate about.”

Already underway, the initial residential phase of The Residences at The Ritz-Carlton, Dove Mountain will have 110 highly-personalized homes featuring the finest in design and finishes, together with 16 custom estate homesites. New prices for the Amolillo single family homes start at $1.1 million; Seven Saguaros single family homes start at $1.5 million; and custom fairway homesites start at $590,000; villas start at $925,000; and Rockpoint Ridge custom homesites start at $605,000.

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