By Melissa Rosequist | Scottsdale Independent
Five Star Development has provided a sneak peek into the Palmeraie Phase II proposal — a luxury mixed-use project sitting just east of Paradise Valley town limits — that will serve as a connection between the Ritz-Carlton resort and the city of Scottsdale.
The Palmeraie Phase II includes hospitality, retail, fitness, office and various commercial spaces and open space amenities, officials say.
Palmeraie Phase II, 6990 N. Scottsdale Road, is at the southwest corner of Scottsdale Road and Indian Bend Road totaling about 20 acres, according to the project’s application.
Within the entire Five Star Development campus, Palmeraie Phase II is in the northeast corner of the site. Immediately west of the Palmeraie is the Ritz-Carlton Paradise Valley and associated developments under construction.
The project application has been submitted to the city of Scottsdale, which will begin the municipal study on Wednesday, Oct. 1, with a Development Review Board meeting.
Five Star Development Project Manager Richard Frazee presented the project to the Paradise Valley Town Council at its last meeting, Sept. 24, despite the town having no official say in the matter.
Among the development details, officials say leasing at Palmeraie is going well — with international retail names evaluating their place in the project, Mr. Frazee says. Additionally, a number of new restaurants soon will be available at the Palmeraie — with more than 13 establishment sites.
The revised rezoning proposal was submitted to Scottsdale on Aug. 12.
Paradise Valley officials make clear: The 150-foot “iconic freestanding ornamental monument” is no longer part of the application. However, a 90-foot tall building, including rooftop appurtenances, for 41 “Fendi residences” is a part of the project, according to Five Star Development.
Scottsdale’s zoning for this area is 60 feet in height, with approval possible by the Scottsdale City Council up to 90 feet, Paradise Valley officials say.
Palmeraie Phase II, according to the application, will have about 50,000 square feet of luxury retail space; 20,000 square feet of food and beverage options; and other ground-level retail and/or restaurant elements.
Additionally, there is about 50,000 square feet of class A office space.
The Palmeraie, in total, boasts a price tag of $2 billion, on 122 acres, featuring 100-plus boutiques, according to the development’s website.
The project’s centerpiece — The Ritz-Carlton, Paradise Valley — features 215 hotel rooms with private entrances, detached casitas and oversized suites spread across 20 verdant acres.
The anticipated opening date is in 2021, officials say.
The Ritz-Carlton Residences, Paradise Valley surround the resort, offering two enclaves of estate homes and serviced residences including The Villas, 81 condominium-style homes, and The Estate Homes, 39 single-family estate homes.
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