PARADISE VALLEY, Ariz. -- After years of setbacks the redevelopment of the Mountain Shadows Resort is another step closer to reality.
Demolition of the old buildings and structures on the property began Wednesday.
Town leaders and construction planners gathered to mark the occasion.
"Today is a long overdue success statement for Paradise Valley," said Mayor Scott LeMarr. "The town and Crown Realty and Development have been working for ten years to get this project launched. This is the start of great things to come on this property."
The resort, in the heart of Paradise Valley at 56th Street and Lincoln Drive, was closed in 2005 and has been an eyesore since.
It's going to be a beautiful resort," said Robert Flaxman, CEO of Crown Realty and Development. "It's going to be residential, resort, retail, restaurants, renovated golf course right here at the base of that beautiful mountain."
That is Camelback Mountain. It took a lot of time to find compromises and consensus with the people who live around the property.
The new resort will have the same name -- Mountain Shadows. Flaxman said there are plans for a full service luxury boutique hotel with 150 rooms, and 140 new residences priced at $1 to $4 million.
"This town needs another new hotel. It needs something new and fresh and I think that's going to induce some more demand in this local market," explained Flaxman.
The resort will be built in phases and will take two to three years to complete at a cost of $300 million, according to Flaxman.
It will bring construction jobs and permanent jobs along with new tax revenue.
"The new resort is going to represent Paradise Valley of the 21st century. It's going to be forward thinking and more modern, contemporary and it's going to appeal to the current consumer tastes," said Flaxman.