Five Star Development has embarked on the office component at The Palmeraie with the hiring of leading brokerage firm JLL to lease 140,000 square feet of Class-AA+ office space within two, four-story buildings at the ultra-luxe shopping and dining destination now underway in Scottsdale.
With completion expected by the end of 2020, The Palmeraie offices will feature 10-foot ceiling heights, all-glass private balconies, on-site management, covered and valet parking, a secure underground parking garage, ultra-fast Internet, on-site security and walkability to the impressive offering of best-in-class retailers and restaurants.
“The office towers at The Palmeraie are setting a new standard for Arizona that far exceed anything in the market,” said John Bonnell, managing director at JLL’s Phoenix office. “This is the most exciting and unique mixed-use project on the West Coast and we are expecting to lease these offices quickly. We’re honored to have been selected by Five Star.”
The Palmeraie offices sit within 160,000 square feet of high-end, mixed-use space with more than 60 exceptional boutiques and a variety of dining destinations lead by best-in-class, celebrated local and international chefs. Earlier this year, Five Star announced The Palmeraie’s first world-renowned tenant, FENDI Private Residences, that will open its first ground-up residential enclave in North America by the end of 2020. More tenant announcements of similar caliber will be announced soon. Once completed, The Palmeraie promises to be one of the largest and most significant luxury developments on the West Coast.
As part of the $2 billion, 122-acre community, the residential and resort component of The Palmeraie features The Ritz-Carlton, Paradise Valley, a 215-room hotel, that will be surrounded by 81 single-level Ritz-Carlton Residences Villas, priced from the mid-$1 million and ranging in size from 1,700 to 4,800 square feet, and 39 single-family Ritz-Carlton Residences Estate Homes, priced from the low $5 millions and ranging in size from 5,500 to 12,000 square feet. The Villas and Estate Homes will be whole-ownership and Ritz-Carlton branded, serviced and managed.