The Scottsdale and Paradise Valley area will be getting a little more luxurious, as the City of Scottsdale unanimously approved the luxury retail and dining location that will be the sister community of the $2 billion Ritz-Carlton master-planned community.
The retail center, The Palmeraie, is a 160,000-square-foot high-end, mixed-use space on 18 acres at Scottsdale and Indian Bend Roads, bordering Paradise Valley.
The project’s developers, Five Star Development, expects to break ground on The Palmeraie later this year with completion expected in 2019. The resort and first phase of Villa Residences are expected to be completed by the end of 2018. A priority interest list is currently being developed on the second release of residences, the Estate Homes. The entire 123-acre project is owned and developed by Scottsdale-based Five Star Development.
Five Star Development plans to have the luxury center be home to more than 60 luxury and specialty boutiques, coupled with dining destinations from local and international chefs.
Five Star plans to implement luxury residences and a grocery store, food emporium and a boutique hotel on the property for a future phase.
“With site work underway on the Paradise Valley side of the project, we’re anxious to begin work in Scottsdale in order to bring this master-planned vision to life,” said Jerry Ayoub, president of Five Star Development. “With The Palmeraie, we are creating a retail destination unlike anything in the country that will attract the most discerning shoppers from near and far, along with a spectacular setting for the world’s most prestigious brands and specialty retailers.”
Five Star is consulting with Hanna Struever, principal of Retail Portfolio Solutions, to guide and create the luxury merchant mix within the center. Struever was responsible for the evolution of Highland Park Village in Dallas where the merchant lineup includes Hermes, Chanel, Dior, Celine, Christian Louboutin, Jimmy Choo, Saint Laurent, Ralph Lauren, Brunello Cucinelli, Etro, Alice & Olivia and many more. Dolce Vita Development, of Scottsdale, is leading the leasing efforts.
Neighboring The Palmeraie is its sister community, The Ritz-Carlton, Paradise Valley that includes a 200-room Ritz-Carlton resort surrounded by 91 single-level villas, all of which have been reserved by future homeowners, and 35 single-family Estate Homes, coming to market this summer. The Villas and Estate Homes are both whole-ownership and Ritz-Carlton branded and serviced. Luxury townhomes and underground parking will round out the offering.
