Five Star Development begins construction on The Palmeraie center
Five Star Development is currently developing a new 160,000-square-foot retail and dining destination in Scottsdale called The Palmeraie. The new mixed-use project is part of the Ritz-Carlton, Paradise Valley.
The Palmeraie spans 18 acres and borders Paradise Valley. The outdoor project will be home to over 60 luxury and specialty boutiques, as well as luxury residences and a boutique hotel in the future.
Jerry Ayoub, Five Star Development President, said, “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.”
Five Star Development broke ground on the $2 billion project in February and is expected to complete the hotel and residences of the Ritz-Carlton, Paradise Valley in 2018.
In order to begin the Ritz-Carlton development, the company needed to receive approval from the Paradise Valley Town Council. The project will be a 352,000-square-foot hotel featuring 200 rooms including 94 single-level villas, 45 single-family homes, a 400-foot pool, world-class spa, health and fitness center and an indoor and outdoor meeting and event space among others.
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