The Reata Ranch Guest Ranch is one step closer to becoming reality. The Scottsdale City Council voted this week and unanimously approved the final plat for the 326-unit resort subdivision. The Reata Ranch Guest Ranch subdivision sits on a 220-acre site near Rio Verde Drive between 128th and 136th streets.
Over four years ago, the Scottsdale City Council approved the rezoning of the land from a rural distinction to one allowing higher density and resort operations, giving way for the western-themed Reata Ranch resort community to be built.
Along with the vote this week, a development agreement was also approved by the Scottsdale City Council. This final plat conforms to the preliminary plat approved by the development review board. That agreement ensures that a resort will be built at the site. On the final plat, the resort will be built on 106 lots.
Now, you can imagine the economic impact that the Reata Ranch Guest Ranch will create. Initial numbers in an ASU report predict the ranch will create 3 times the tax revenues to the City of Scottsdale and Arizona than single-family residences do. The report also shows a projected $5 million per year in sales and property taxes for state and local governments not to mention the City of Scottsdale getting more than $1 million in sales for property taxes.
A press release says the increased revenues are generated from tourism-related revenues, additional construction revenues, and a faster pace of development of the overall project.
Over a twenty-year period, the impact is dramatic, with the project bringing in more than $50 million in additional revenues. Plus, another $1.8 million would be generated for Scottsdale's McDowell Mountain Preserve.