The first phase of the $2 billion megadevelopment, The Palmeraie, is entering the home-stretch of completion and in the last three months, owner and developer Five Star Development has 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.
As one of the most ambitious undertakings of a luxury master-planned community ever to exist in the Southwest, Five Star has continued to pursue an aggressive construction schedule amid the pandemic while being diligent about implementing social distancing guidelines among its crews. Close to 700 workers have been able to maintain their jobs and keep their distance while working across more than 50 acres within the 122-acre development.
The centerpiece of the visionary project, The Ritz-Carlton, Paradise Valley, will be ready to open before the year’s end and features 215 hotel rooms with private entrances, detached casitas, bungalows and oversized suites spread across 20 verdant acres. The Ritz-Carlton Residences, Paradise Valley, surround the resort, offering two enclaves of multimillion-dollar estate homes and serviced Residences including, The Villas, 81 condominium-style homes priced from $1.6 million, and The Estate Homes, 39 single-family estate homes with prices starting at $5 million.
While construction has progressed, the luxury real estate component of the megadevelopment has seen a significant uptick in sales activity at the newest release, The Estate Homes. May 2020 proved to be the most successful sales month in more than a year with $20.2 million in real estate sold. Another $15 million in pending contracts have carried over to June. Nearly all recent homebuyers purchased their Residence as a second home and most originate from states and countries that were largely impacted by the COVID-19 pandemic.
For more information on The Palmeraie, visit ThePalmeraie.com. To inquire about residential opportunities, The Ritz-Carlton Residence Gallery (6720 N. Scottsdale Road, Suite 120) is open by appointment only. For more, visit RCPVLuxury.com or call 866-779-7489.