Upscale offices will be added to the mix at a luxury shopping and resort development called the Palmeraie on the Scottsdale/Paradise Valley border.
Five Star Development is planning two, four-story office buildings of what it’s calling “Class AA+” space at the $2 billion project that includes a Ritz-Carlton, Fendi-designed homes and more than 60 shops and restaurants near Scottsdale Road and Lincoln Drive.
Construction has begun on the large underground parking garage for the 122-acre Palmeraie project.
The office buildings will be built by the end of 2020, according to the developer.
JLL has been hired to lease the 140,000 square feet of office space.
The offices at Palmeraie “are setting a new standard for Arizona that far exceed anything in the market,” said John Bonnell, managing director at JLL’s Phoenix office, in an announcement.
The offices will include private glass balconies, 10-foot ceilings and valet parking.
The shopping part of Palmeraie will include a "Toys for Boys" section with retailers selling planes, yachts, cars, high-end whiskeys and other luxuries.
A total of 120 homes, including 41 Fendi homes designed by Italian architect Marco Costanzi, are planned for the development. Prices will start at more than $1 million and could top $5 million.
Reach the reporter at [email protected] or 602-444-8040. Follow her on Twitter @Catherinereagor.
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