Five Star Development broke ground for the first phase of a master-plan community called The Palmeraie on Wed. Feb. 13.
The 122-acre community is on the border of Scottsdale and Paradise Valley. The first phase of the $2 billion community will be completed by the end of 2020. The area connects luxury living spaces to high-end retail and shopping centers with outdoor walking paths.
The world-renowned Fendi announced that it will be designing 41 private residences within the residential community. The Fendi Private Residences will be the company’s first ground-up residential project in North America. The architect and designer of these private residences is led by Marco Costanzi, who designed the FENDI Private Suites and its headquarters in Rome.
The residential and resort part of the community will also feature 215 hotel rooms, 81 single level villas and 39 estate homes, which are owned, serviced and managed by Ritz-Carlton, Paradise Valley. This section of the complex is already underway and destined to open in spring 2020. The villas are priced from mid to $1 million, and the estates have a starting price of $5 million.
The estates will display three different styles: Prairie style (as an homage to Frank Lloyd Wright), modern and “Modernterranean,” which is a modern interpretation of Mediterranean style.
“There will be no two homes the same side by side, so it really creates a natural-feeling neighborhood that is going to be absolutely awesome,” said Brendan Mann, president of The Solvere Group, which is taking care of the real estate sales on behalf of Five Star Development.
The Palmeraie will have over 60 boutiques in the first phase, one of which will be Hermès’ first Arizona location. The first phase will include up to 12 restaurants, which will include farm-to-table concepts and open air terraces.
“(The shopping center) is about a lush, color-filled element of discovery,” Mann said. “The architecture has lots of different textures; there are different elevations for materials, and it really is going to be super green and filled with flowers… When you come to the Palmeraie, you’re going to get out of your vehicle, park it with the valet, get into the shopping area and every little corner is going to drive you further and further in because of something new to see.”
Mann said the challenge is competing with Amazon and the world of online shopping. “They’ve got to create an experience that’s unique and fun,” he said.
Mann compared The Palmeraie to iconic locations such as Rodeo Drive. With Mount Camelback overlooking the location, Mann said, “They’re going to want to come here and see how awesome it is. It’s just spectacular. I think a lot of people don’t associate it with luxury because it’s in Arizona, and I do believe that The Palmeraie is going to put Scottsdale on the map, on a worldwide platform.”
Mann said that most of the sales so far come from locals to Arizona, not people from out-of-state or even out-of-country. “I think it will really benefit the community,” Mann said. “You can just go down and have a cup of coffee and enjoy being at The Palmeraie, which is not like any other shopping experience.”
The developers behind this concept, Five Star Development, is a family-owned business that pursues multimillion dollar residential and class A industrial projects. “The world’s 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,” Jerry Ayoub, president and CEO of Five Star Development, said in a statement.
