The Palmeraie on track to open 1st phase of $2 billion megadevelopment

Above: The first phase of the $2 billion megadevelopment, The Palmeraie, is entering the home-stretch of completion and in the last three months, owner and developer Five Star Development has pivoted in order to proactively adjust, reconfigure and elevate certain elements of the project to better cater to the safety, health and wellness of future guests, shoppers, office workers and residents. Real Estate | 30 Jun |

The first phase of the $2 billion megadevelopment, The Palmeraie, is entering the home-stretch of completion and in the last three months, owner and developer Five Star Development has pivoted in order to proactively adjust, reconfigure and elevate certain elements of the project to better cater to the safety, health and wellness of future guests, shoppers, office workers and residents.

As one of the most ambitious undertakings of a luxury master-planned community ever to exist in the Southwest, Five Star has continued to pursue an aggressive construction schedule amid the pandemic while being diligent about implementing social distancing guidelines among its crews. Close to 700 workers have been able to maintain their jobs and keep their distance while working across more than 50 acres within the 122-acre development.

In order to be at the forefront of safety measures for guests and visitors, Five Star recently made two significant upgrades to the first phase of the community. A first for The Ritz-Carlton brand, the resort and all 81 residential Villas will have ionized air throughout. Five Star purchased over a thousand systems from a leading manufacturer, whose research shows its ionizer eliminates over 95 percent of airborne viruses and bacteria within 60 minutes using bipolar ionization technology to proactively purify indoor air. Charged ions trigger cell oxidation, reducing airborne mold, bacteria and virus cells essentially sanitizing 24-hours a day. Additionally, all guest touchpoints within the resort have been converted to touchless, including all entryways, restrooms and amenity spaces.

“We originally designed The Palmeraie around the idea of it being a health and wellness oasis with low density, private rooftop gardens, a large sense of space and a celebration of bringing the outdoors in,” said Jerry Ayoub, president of Five Star Development. “With the health issues we’re facing in the world today, not much needed to change from our original design to maximize distance, transition to a completely touchless environment and ensure the highest cleanliness of airflow throughout the property.”

The centerpiece of the visionary project, The Ritz-Carlton, Paradise Valley, will be ready to open before the year’s end and features 215 hotel rooms with private entrances, detached casitas, bungalows and oversized suites spread across 20 verdant acres. The Ritz-Carlton Residences, Paradise Valley, surround the resort, offering two enclaves of multimillion-dollar estate homes and serviced Residences including, The Villas, 81 condominium-style homes priced from $1.6 million, and The Estate Homes, 39 single-family estate homes with prices starting at $5 million.

North America’s longest resort pool is taking shape.

For travelers, a connection to the environment and fresh air is more important than ever before. The Ritz-Carlton, Paradise Valley was designed as a private sanctuary with guest accommodations connected by quiet, lush courtyard gardens and shaded walkways – evoking the sense of a village. Large windows with deep overhangs and glass pocket walls that fully open to the outside promote the resort’s indoor/outdoor living ethos, along with unobstructed views of Arizona’s idyllic sunsets. Even the 16,000 square-foot world-class spa was designed with indoor/outdoor treatment areas. In the outdoor area, spa guests will have exclusive access to a private pool with a circuit of various jetted treatments along with a whirlpool, Vichy shower, rainwalk and cabanas. The resort will also feature a 2,500 square-foot state-of-the-art health and fitness center, a walking and jogging trail with alfresco fitness stations, various indoor and outdoor meeting and event spaces like the amphitheater and secret garden, and a grand lawn with stunning views of the iconic Camelback, Mummy and McDowell mountains.

While construction has progressed, the luxury real estate component of the megadevelopment has seen a significant uptick in sales activity at the newest release, The Estate Homes. May 2020 proved to be the most successful sales month in more than a year with $20.2 million in real estate sold. Another $15 million in pending contracts have carried over to June. Nearly all recent homebuyers purchased their Residence as a second home and most originate from states and countries that were largely impacted by the COVID-19 pandemic.

The second phase of The Palmeraie was also methodically analyzed to determine what aspects would need to be enhanced, refined and redesigned. Set within 18 acres, it encompasses the shopping, dining, social, office and residential district that features over 60 exceptional best-in-class, specialty boutiques ranging from heritage luxury brands to the most in-demand modern retailers; chef-driven dining destinations with abundant outdoor, garden and rooftop seating that celebrate the magnificent outdoor setting; a first-to-market, specialty Class-AA+ office tower and FENDI Private Residences, which is the first ground-up residential enclave in North America with 41 bespoke residences that are expected to sell out during a one-day sales event set for later this year. Completion and opening of the second phase are expected by the end of 2022.

“Not many people have the opportunity to be a Monday-morning quarterback and assess what’s needed after the building process has begun,” said Hanna Struever, principal of Retail Portfolio Solutions who is leading the curation for The Palmeraie. “We wasted no time in evaluating how to make The Palmeraie experience even stronger by converting nearly all entry spaces to touchless environments; increasing outdoor dining areas in natural venues; adding more rooftop terraces and VIP spaces including private gardens for retailers; and incorporating nano-doors, operational windows and ionized air systems in office spaces to allow for fresh, clean airflow. The dramatic shift away from traditional mall-like environments has been trending for years and it’s more apparent than ever before that luxury is now defined as a sense of ‘safe’, which equals an emphasis on health, wellness, fresh air, outdoor spaces and a celebration of natural beauty. The Palmeraie has found a way to make safe equal chic, fresh and energetic. It’s about quality and not quantity. Innovation and new ideas are what’s needed in our industry. Without a doubt, The Palmeraie unequivocally defines the future of retail.”

Set in an open-air environment, The Palmeraie is designed to create a series of indoor and outdoor spaces and vignettes blurring the lines between architecture, landscape and human interaction with a series of interconnected experiences linked together across the entire district. With its vibrant colors, diverse textures and architectural shapes, the lush landscaping at The Palmeraie is the yin to the modern architecture’s yang, enhancing the look, feel and sense of place. There will be an unexpected visual interplay of experiences sprinkled throughout the planted “Green Walls”, vine-covered trellises and lavishly planted outdoor spaces such as the focal water gardens. Groves of flowering evergreen trees combined with soaring palm trees create a shaded, idyllic atmosphere. Where luxe meets lush, The Palmeraie forges a new oasis and aesthetic for Scottsdale.

For more information on The Palmeraie, visit ThePalmeraie.com. To inquire about residential opportunities, The Ritz-Carlton Residence Gallery (6720 N. Scottsdale Road, Suite 120) is open by appointment only. For more, visit RCPVLuxury.com or call 866-779-7489.

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