Scottsdale-based Five Star Development has announced its plans to develop a mega retail and dining destination, The Palmeraie, strategically located in the heart of Scottsdale. The project is connected to the $2 billion Ritz-Carlton, Paradise Valley master-planned community.
The initial phase of The Palmeraie encompasses approximately 160,000 square feet of high-end, mixed-use space on 18 acres at the corner of Scottsdale Road and Indian Bend, bordering the Town of Paradise Valley, according to a press release.
Home to more than 60 exceptional luxury and specialty boutiques, The Palmeraie will also incorporate a variety of dining destinations lead by local and international chefs. A future phase is expected to include a selection of collectible luxury residences, a best-in-class gourmet grocery store and food emporium, and a boutique hotel.
“We’re creating a retail destination that will attract the most discerning shoppers from near and far, like those from the surrounding area and those who are visiting from around the globe looking to experience the world’s most prestigious brands and specialty retailers,” said Jerry Ayoub, Five Star Development president, in the release.
“With a well-curated and unique merchant mix, innovative dining experiences, iconic and timeless architecture, over-the-top lush landscaping, awe-inspiring views and world-class amenities, The Palmeraie will be profoundly different and unlike any existing development in the country.”
The project will be 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 central location and fresh interpretation of luxury and specialty experiential offerings, The Palmeraie will be unquestionably the must-see and must-do destination in Scottsdale, symbolizing a new pulsing epicenter for the Valley’s sophisticated consumers. A canvas like this has never been available on the West Coast,” said Hanna Struever, principal of Retail Portfolio Solutions, in a prepared statement.
Neighboring The Palmeraie is its sister community, The Ritz-Carlton, Paradise Valley that includes a 200-room resort surrounded by 94 single-level villas ranging in size from 1,500- to 4,000-square-feet and 45 single-family homes from 3,000- to 6,000 square-feet, the release states.
The Ritz-Carlton, Paradise Valley will also break ground this summer with completion of the hotel and residences in 2018.
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