The video shows how construction at the Paradise Valley, Arizona, resort is progressing.
Five Star Development
Developers, architects and government leaders gathered Wednesday to break ground on the highly anticipated retail and dining portion of the Palmeraie master-planned community, as Fendi Private Residences was announced as the first luxury name associated with the $2 billion project.
The 122-acre development straddles Scottsdale and Paradise Valley. Construction is underway on a Ritz Carlton that will have a five-star hotel as well as homes starting at $1 million. Now, the project is moving forward with its “experiential” retail portion.
Five Star Development CEO Jerry Ayoub said he’s creating a shopping and dining experience that will attract visitors from around the world. To support that vision, Fendi Private Residences will build an enclave of 3,500-square-foot customized homes in the retail section of the project.
Along with luxury brands offering rooftops and courtyards for those who like to shop with a glass of champagne in hand, the project aims to provide other posh experiences. In the works is a “Toys for Boys” section housing retailers of planes, yachts, cars, high-end whiskeys and other luxuries.
“People don’t have a relationship with the internet. Amazon doesn’t send them love. So it’s really making the consumer feel that they’re wanted, respected, understood and cherished,” said Hanna Struever, principal of Retail Portfolio Solutions. Struever is curating Palmeraie’s mix of global and local retailers as well as its entertainment and dining options.
Struever and Ayoub expect to announce more luxury retailers in the coming months. They said they’ve received strong interest not just because of Scottsdale and Paradise Valley’s reputation among tourists, but because of the development they’re creating in an area with a strong second-home market. Retailers see that as creating a strong, year-round clientele, they said.
Attracting international attention
The area’s profile is also raising internationally. Just last week, American Airlines announced it was seeing strong inbound bookings from Europe, a tourism base Ayoub hopes to attract with the Palmeraie’s high-end offerings.
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“Our international component has grown significantly, not only with business but also with tourists,” said Scottsdale Mayor Jim Lane.
Lane said much of that tourism is driven by events like the Arabian Horse Show and Waste Management Phoenix Open, which attract international attention.
Along with luxury international retailers, the project also aims to blend in local retail and dining opportunities. Ayoub wants visitors to have a unique experience each time they visit the Palmeraie and he says he’s searching the world for the retailers and chefs who fit that bill.
“We’re not just putting up a sign and saying space for lease. This is not a shopping mall. This is an experience that is going to take advantage of all the senses,” Ayoub said.
The 41 Fendi homes will be designed by Italian architect Marco Costanzi, who designed Fendi’s Private Suites above the store’s boutique in Rome.
The homes will go on the market this year. Owners will be able to move in sometime in 2020. Fendi has not announced the prices or amenities of the homes, but it has a website where prospective buyers can request information.
“I’m very fortunate to have them want to start their very first project in North America here at the Palmeraie,” Ayoub said.
Read or Share this story: https://www.azcentral.com/story/news/local/scottsdale/2019/02/14/fendi-homes-scottsdale-paradise-valley-palmeraie-five-star-development-ceo-jerry-ayoub/2861593002/