The pandemic has not rocked the Palmeraie. Five Star Development's $2 billion mega luxury development in Scottsdale, a submarket of Phoenix, was able to work through the challenges brought on by the pandemic and the restrictions that came with it. Now, it remains on track to open phase one at the end of the year.
"Once the pandemic hit, Five Star pivoted in order to proactively adjust, reconfigure and elevate certain elements of the project to better cater to the safety, health and wellness of future guests, shoppers, office workers and residents," Richard Frazee, head of construction at Five Star Development, tells GlobeSt.com.
The developer also made two changes to the project to focus on health and wellness. First, it added ionized air to Paradise Valley and all 81 residential Villas. "We purchased over a thousand systems from a leading manufacturer, whose research shows its ionizer eliminates over 95% of airborne viruses and bacteria within 60 minutes using bipolar ionization technology to proactively purify indoor air," says Frazee. "Charged ions trigger cell oxidation, reducing airborne mold, bacteria and virus cells essentially sanitizing 24-hours a day." Next, Additionally, the developer made all access and touch points at the property touchless. That includes all entrances, restrooms and amenity areas.
The Palmeraie is a 122-acre development that includes residences, office, retail and dining space. Phase one includes a Ritz-Carlton brand resort with 81 residential Villas, while phase two will focus on retail, restaurants and office. "We originally designed The Palmeraie around the idea of it being a health and wellness oasis with low density, private rooftop gardens, a large sense of space and a celebration of bringing the outdoors in," says Frazee. "With the health issues we're facing in the world today, not much needed to change from our original design to maximize distance, transition to a completely touchless environment and ensure the highest cleanliness of airflow throughout the property."
The developer also upgraded the second phase to accommodate the market changes and user needs. "We methodically analyzed the second phase of The Palmeraie to determine what aspects would need to be enhanced, refined and redesigned," says Frazee. "This phase encompasses the shopping, dining, social, office and residential district that features over 60 exceptional best-in-class, specialty boutiques ranging from heritage luxury brands to the most in-demand modern retailers; chef-driven dining destinations with abundant outdoor, garden and rooftop seating that celebrate the magnificent outdoor setting; a first-to-market, specialty Class-AA+ office tower and FENDI Private Residences, which is the first ground-up residential enclave in North America with 41 bespoke residences."
While the project is still under construction, interest has already been strong. "Interest on all levels has been high," says Frazee. "From a real estate perspective, we had our most successful sales month in more than a year with $20.2 million in real estate sold at The Ritz-Carlton Residences, Paradise Valley. Leasing for both the office tower and the retail/restaurant phase has also been very strong."
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Kelsi Maree Borland
