Retail component of The Palmeraie in Scottsdale breaks ground

Five Star Development hosted a private groundbreaking ceremony to commemorate the start of construction on the initial phase of the retail and restaurant component of The Palmeraie, a $2 billion master-planned community that spans 122 acres on the border of Scottsdale and Paradise Valley.

The event was held on Wednesday, Feb. 13, and included Scottsdale Mayor Jim Lane, Paradise Valley Councilmember Mark Stanton, Jerry Ayoub, president and CEO of FiveStar Development, and Hanna Struever, principal of Retail Portfolio Solutions.

The first publicly announced, tenant was revealed at the event, Fendi Private Residences. In addition, new renderings and details were unveiled about the 30-acre destination, according to a press release.

The Palmeraie is expected to open by the end of 2020.

As one of the largest and most significant luxury developments on the West Coast, according to the press release, the retail portion of The Palmeraie will combine approximately 160,000 square feet of high-end, mixed-use space with more than 60 boutiques and a variety of dining destinations lead by best-in-class, celebrated local and international chefs.

Scottsdale Mayor Jim Lane speaking Wednesday, Feb. 13, at The Palmeraie groundbreaking. (Independent Newsmedia/Arianna Grainey)

Plus, direct connectivity via lush walking paths to a sprawling enclave of multi-million-dollar homes and one of the world’s most venerable hotel brands, The Ritz-Carlton.

A future phase is expected to include a selection of collectible luxury residences, a best-in-category gourmet grocery store and food emporium, as well as a world-class boutique hotel.

The residential and resort component of the community, which features The Ritz-Carlton, Paradise Valley, is well underway with construction and is expected to open in spring 2020. At the heart of the community is a 215-room Ritz-Carlton 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.
Five Star was joined at the event by city leaders, future tenants, The Ritz-Carlton Residences homeowners and partners.

“The world’s global leaders in fashion and culinary are taking notice of what we are creating here at The Palmeraie and Scottsdale’s emergence as a key, important strategic global destination,” said Mr. Ayoub in a prepared statement.

A boutique collection of 41 bespoke Fendi Private Residences will break ground later this year and each home will average 3,500 square feet with private access to amenity offerings.

Fendi Private Residences is an expression of Fendi as a complete lifestyle. The architecture and design will be led by Marco Costanzi, the architect who has done Fendi Private Suites and Fendi’s headquarters in Rome, the press release stated.

These residences will come-to-market later this year with delivery expected in 2020.

“The vision for The Palmeraie is one of elegance and of being fun, with a sense of energy and surprise –– and equally as important, the ability to evolve. It facilitates discovery and exploration –– a destination that is essentially an activation where the shopping is experiential, not solely transactional,” said Hanna Struever, principal of Retail Portfolio Solutions, who has been hired by Five Star Development to curate both the luxury merchant mix, unique dining venues and special experiences.

“Scottsdale has one of the largest primary home markets in the U.S. that is further complemented by year-round international tourism and one of the most significant secondary homeownership markets in the U.S. It is a destination that is being prioritized on the worldwide stage.”

For additional information about The Palmeraie, visit The Palmeraie.com. To register for more information about Fendi Private Residences, visit FendiResidencesAZ.com.

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