RITZ CARLTON CONDO SITE AT DOVE MOUNTAIN

RITZ CARLTON CONDO SITE AT DOVE MOUNTAIN

EXCLUSIVE LISTING | MARANA, ARIZONA

LOCATION The subject property is located adjacent to the Ritz-Carlton Dove Mountain Resort in the foothills of Marana, Arizona

OFFERING ?10.5 acre parcel entitled for up to 120 `for sale' residential condos

PRICE $7,900,000

DEAL STRUCTURE ? Earnest money deposit and structure/terms to be negotiated. ? Closing subject to development plan or subdivision plat

approval by town of Marana.

IMPROVEMENTS The site has been graded and partially improved in conjunction with the original land plan for detached single family homes.

ENTITLEMENTS The subject site is entitled for higher density than the original 31 lots and can be have as many as 120 units or a nice mix between condos and single family residents.

PROPERTY HIGHLIGHTS ? The property has excellent location at the entrance to the

Ritz Carlton Hotel and Adjacent to the award winning Spa ? Zoning allows for a mix of residential uses from high density

condos to detached Single Family homes ? The Ritz-Carlton, Dove Mountain Resort and Spa offers

five restaurants within the community, a 17,000 SF Spa and Fitness Center featuring body treatments, massage therapies, facials and salon services, saunas, steam rooms, whirlpools and relaxation lounges. ? The property has been previously graded with all offsite infrastructure and utilities to the site.

Will White | wwhite@ John Carroll | jcarroll@ 3561 East Sunrise Drive, Suite 207, Tucson, Arizona 85718 ph. 520.514.7454 |

The information contained herein is from sources deemed reliable. We have no reason to doubt its accuracy but do not guarantee it. It is the responsibility of the person reviewing this information to independently verify it. This package is subject to change, prior sale or complete withdrawal. AZPima179754-5.17.17

RITZ-CARLTON DOVE MOUNTAIN PROPERTY OVERVIEW

LOCATION The subject property is located adjacent to the Ritz-Carlton Dove Mountain Resort in the foothills of Marana, Arizona.

OFFERING ?10.5 acre entitled for up to 120 units of `for sale' residential condos

PRICE $7,900,000

UTILITIES Electricity: Supplier is Trico Electric Cooperative Telephone: Century Link Cable: Comcast Communications Natural Gas: Southwest Gas Corporation Water: City of Tucson Sewage Disposal: Collection and disposal provided by Pima County Regional Wastewater

FEE INFORMATION Each lot will have a mandatory golf and/or fitness memberships required for residents. Homebuilder to pay $25,000 to the golf club upon 3rd party purchase for membership, homebuyers will be able to choose the type of membership. The $25,000 golf fee is not required if the units are developed with the option to participate in a hotel rental management program.

BUILDER FEES Impact Fees: Based on prior developer improvements and existing agreements the following impact fees are not required: transportation, park, Tucson Water equity fees. Sewer connection fees are required.

Condo Ownership / Management: This condo site is approved for luxury whole ownership condominiums, attached/detached villa homes and single family homes all within steps of The Ritz-Carlton hotel. The site is part of The Ritz-Carlton Residences, meaning the HOA is managed by The Ritz-Carlton Hotel Company and the unit owners get unique benefits from Ritz-Carlton, both locally and world-wide. Additionally, there is an opportunity to include the units in a Ritz-Carlton managed rental pool.

Ritz agreement for condo site: The Ritz-Carlton licensing agreement allows the purchaser to brand units as Ritz-Carlton Residences. Residence owners get discounts at The Ritz-Carlton, Dove Mountain hotel and spa and upgrades & recognition at all RitzCarlton properties based on availability. The HOA also provides a la carte services all year and high quality owner events throughout the season (Oct - May). Ritz-Carlton requires a license fee of 4% of gross sales and reserves set aside for warranty at each closing. The licensing agreement has confidentiality provisions and we are not permitted to issue the agreement at this phase of the marketing effort.

LUXURY CONDOMINIUMS Resort residences are unique by nature, with upscale amenities and benefits unavailable at standard private communities or condominium offerings. There are few comparable offerings in the Arizona marketplace, therefore a select group of competitive offerings were analyzed that include a similar branded residence product on or adjacent to a luxury market. The typical buyer for this product type is usually purchasing it as a second or third home and is lured by the conveniences offered by the resort and zero maintenance nature. These may include, residence preparations, laundry services, onsite dining, property maintenance, butler service, car detailing, garage space, and even rental management. Luxury condos have come to fit this profile exceptionally well as they offer residents all the benefits of homeownership without all the related property maintenance. Luxury condos within resorts have gone even further by offering residents the same level of service they would receive if they were staying in one of the hotel's suites. The added perks that come with owning at a resort typically see SF pricing premiums between 25% and 30% over typical condominium residences generated by the reliance on the brand promise of services provided by the operator.

Unit Sales Average Price Average Size (SF) Price per SF

Sterling at Silverleaf 20

$1,765,000 2,450 $720

Paradise Valley Ritz-Carlton -

$1,530,000 - $2,700,000 1,700 - 3,000 $900

The W Residences -

$570,000 - $1,680,000 950 - 2,800 $600

AMENITIES The site's location within The Ritz-Carlton, Dove Mountain resort provides the development site with proximity to an incomparable set of lifestyle amenities:

? The Ritz-Carlton, Dove Mountain Hotel ? The Ritz-Carlton Spa ? The Golf Club at Dove Mountain and 27-hole Jack Nicklaus Signature golf course ? Five star restaurants at the hotel and golf clubhouse ? Wild Burro Trailhead providing access to 35 miles of hiking trails throughout the

Tortolita mountains. ? 15 miles of walking and biking trails throughout the Dove Mountain community ? In addition to this impressive set of amenities the subject site has approval to construct

its own set of residence-only amenities that may include a private pool, clubhouse, and/or fitness area.

RITZ-CARLTON DOVE MOUNTAIN PROPERTY PHOTOS

CONCEPTUAL PLAN

Will White | John Carroll | 520.514.7454 |

Subject

K

179754-22050

05-16-17

While the Land Advisors? Organization makes every effort to provide accurate and complete information, there is no warranty, expressed or implied, as to the accuracy, reliability or completeness of furnished data. This information can not be reproduced in part or whole without prior written permission. ? 2017 The Land Advisors Organization. All rights reserved.

DOVE MOUNTAIN

Will White | John Carroll | 520.514.7454 |

BLM

State Trust

Subject

State Trust

Dove Mountain Bl

Dove Mountain

Saguaro Ranch

Tortolita Reserve

Tapestry Estates

Legend

Butterfly Mountain

Moore Rd

Camino De Oeste Thornydale Rd

Projects

Active Conceptual Future Non-Residential

K

0

0.25 0.5

Miles 179754-22050

05-16-17

State Trust Tangerine Rd

The Preserve at Dove Mountain

Tangerine Casa Estates Sevilla

Tortolita Vistas

Tangerine Thornydale

While the Land Advisors? Organization makes every effort to provide accurate and complete information, there is no warranty, expressed or implied, as to the accuracy, reliability or completeness of furnished data. This information can not be reproduced in part or whole without prior written permission. ? 2017 The Land Advisors Organization. All rights reserved.

SURROUNDING MARKET MAP

Will White | John Carroll | 520.514.7454 |

Subject

Legend

Future

K

0

750

1,500

Feet 179754-22050

05-16-17

While the Land Advisors? Organization makes every effort to provide accurate and complete information, there is no warranty, expressed or implied, as to the accuracy, reliability or completeness of furnished data. This information can not be reproduced in part or whole without prior written permission. ? 2017 The Land Advisors Organization. All rights reserved.

RITZ-CARLTON BASE VS. SPEC PRICING

Dove Mountain 12/1/2016

Bubble

Builder

Dove Mountain Resort

Dove Mountain Resort

Dove Mountain Resort

1

Dove Mountain Resort Dove Mountain Resort

Dove Mountain Resort

Dove Mountain Resort

Dove Mountain Resort

Mattamy Homes Mattamy Homes Mattamy Homes Mattamy Homes

2 Mattamy Homes Mattamy Homes Mattamy Homes Mattamy Homes Mattamy Homes

Miramonte Homes

Miramonte Homes

Miramonte Homes

3

Miramonte Homes

Miramonte Homes Miramonte Homes Miramonte Homes

Pulte Homes Pulte Homes Pulte Homes Pulte Homes Pulte Homes

4 Pulte Homes Pulte Homes Pulte Homes Pulte Homes Pulte Homes Pulte Homes

Toll Brothers

Toll Brothers

5

Toll Brothers

Toll Brothers

Toll Brothers

Toll Brothers

Base vs Spec Pricing Dove Mountain

Subdivision

Lot Size

Plan

Sq Ft Base Price Spec Price Difference

The Residences at the Ritz Carlton

Var

Kino 1,668 $696,500

Var

Fremont 1,985 $796,500

Var

Gadsden 2,268 $850,000

Var

Casa 2,479 $1,182,500

Var Ranch House 2,990 $1,587,500

Var Homestead 3,276 $1,360,000

Var

Hacienda 4,100 $1,718,000

Var

Castillo 4,725 $1,800,000

Golden Barrel - Peak Series

70 x 120 70 x 120 70 x 120 70 x 120

Artesia Cimarron Tortolita Quinlan

2,761 2,897 3,026 3,271

$356,000 $364,000 $371,000 $386,000

$468,907 $454,857

$112,907 $90,857

Golden Barrel - Scenic Series

60 X 120 60 X 120 60 X 120 60 X 120 60 X 120

Lookout Painted Sky Panorama Ridgeview

Vista

1,893 2,063 2,304 2,513 2,711

$291,000 $299,000 $319,000 $327,000 $344,000

$354,615 $355,741

$407,081

$63,615 $56,741

$63,081

Boulder Pass - Vista Series

60 X 130 60 X 130 60 X 130 60 X 130

Brawley Haystack Palmer Dodson

1,900 2,165 2,387 2,606

$389,900 $401,900 $428,900 $450,900

$479,900

$29,000

Boulder Pass - Estate Series

85 X 130 85 X 130 85 X 130

Putnam Brady Swingle

2,602 $509,900 2,756 $532,900 3,127 $554,900

$515,900 $589,900

$6,000 $35,000

Del Webb - Retreat Series

AD Hideaway 1,573 $241,990 $290,040 $48,050

AD Sanctuary 1,715 $258,990

AD

Haven 1,859 $275,990 $328,990 $53,000

AD

Haven 1,859 $275,990 $335,040 $59,050

AD

Preserve 2,010 $294,990 $359,043 $64,053

Del Webb - Encore Series

AD

Pursuit 2,023 $306,990 $421,225 $114,235

AD

Serenity 2,337 $336,990 $378,990 $42,000

AD

Serenity 2,337 $336,990 $405,990 $69,000

AD

Serenity 2,337 $336,990 $477,990 $141,000

AD

Endeavor 2,474 $350,990 $471,990 $121,000

AD

Journey 2,514 $355,990

Los Saguaros

90 X 140 90 X 140 90 X 140 90 X 140 90 X 140 90 X 140

Estillo Montilla Escada Montierra Costellana Aracena

2,720 2,889 3,016 3,397 3,446 3,832

$437,995 $452,995 $472,995 $497,995 $503,995 $533,995

$658,995 $598,995

$206,000 $126,000

PROPERTY DETAIL MAP

Will White | John Carroll | 520.514.7454 |

State Trust

Secret Star View Pl Secret Springs Dr

K

0

100

200

Town of Marana

Coquillo Pl

Feet 179754-22050

05-16-17

While the Land Advisors? Organization makes every effort to provide accurate and complete information, there is no warranty, expressed or implied, as to the accuracy, reliability or completeness of furnished data. This information can not be reproduced in part or whole without prior written permission. ? 2017 The Land Advisors Organization. All rights reserved.

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