Five Star to Develop The Palmeraie Mixed-Use Project Adjacent to $2B Ritz-Carlton Development in Scottsdale

by Katie Sloan

Scottsdale, Ariz. — Five Star Development has announced plans to break ground on a high-end mixed-use center that will be connected to the $2 billion Ritz-Carlton, Paradise Valley master-planned development in Scottsdale.

Phase I of The Palmeraie will encompass approximately 160,000 square feet of mixed-use space located on 18 acres at the corner of Scottsdale Road and Indian Bend. Tenants at Phase I will include over 60 luxury and specialty retailers and a variety of chef-driven restaurant concepts.

A future phase is expected to include luxury residences, a gourmet grocery store and food emporium and a boutique hotel. Five Star is consulting with Hanna Struever, principal of Retail Portfolio Solutions, to guide and create the luxury merchant mix within the center. Nelsen Partners is heading up the architectural vision of the project, which will be designed to create a series of indoor and outdoor spaces.

The Ritz-Carlton, Paradise Valley will break ground this summer with completion of the hotel and residences expected for 2018. Construction on The Palmeraie is expected to break ground in the third or fourth quarter of this year. 

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