PARADISE VALLEY, Ariz. — A popular Valley resort that’s been closed for eight years may soon make a comeback.
Mountain Shadows Resort on Lincoln Drive was once one of the jewels of the Valley. Some people may remember it as the place where the Monkees stayed when they came to Phoenix for a show at Veterans Memorial Coliseum. It was one of the hot spots for Hollywood celebrities to hang out in the Valley.
Then Marriott sold it to Crown Development eight years ago, while Crown was working on another resort just down the street.
“About the time Crown finished the Montelucia resort, the economy was in full recession,” said Paradise Valley Mayor Scott Lemarr.
“Even though they worked for a significantly long period of time, they never got the re-entitlements done for Mountain Shadows in time to take advantage of the markets.”
Now, Crown Development wants to get Mountain Shadows back in shape and re-open the resort. It acknowledges that its $32 million loan for the property is in default, but Lemarr said it has a partner that can operate the resort.
“They have brought in the Solage Resorts, a joint-venture partner who is in the development business,” he said.
Lemarr said plenty of people would like to see the place open again.
“You have a bank that hasn’t been paid for awhile, an owner that’s been there for eight years and the town would like to see it develop because we would like to have the bed tax and sales-tax revenues that we used to enjoy there,” he said.
The Paradise Valley Town Council has had several meetings with Crown on the matter, and Lemarr said they are about halfway through the process of getting the redevelopment of the property approved.
A vote on whether to approve the project could happen in September.