MILAN — Five Star Development, which owns The Palmeraie, has named Riccardo Vannetti chief brand officer of the $2 billion, 122-acre luxury shopping, dining and entertainment destination in the heart of Scottsdale, Arizona. This is a new position for The Palmeraie.
“At this moment in my career, this role is very exciting because the U.S. is a priority market for everyone in the world of luxury right now. For many years, all of the investments within the luxury industry were mainly concentrated in Asia. As we’re coming out of the pandemic, the U.S. has emerged as one of the most reliable markets,” said Vannetti. “It has been enlightening for me to see the level of sophistication and worldliness in Scottsdale and Arizona as a whole. It’s apparent that there is a huge gap between the level of consumer here and the current market offering. When there’s a gap, there’s opportunity. The Palmeraie perfectly fills that market niche with the creation of a destination where shopping, dining and entertainment are not solely transactional, but experiential, soul-fulfilling and inspiring. I also love the fact that a project of this size, scale and magnitude is being developed by a true visionary, Jerry Ayoub, and a Scottsdale-based family business where every square inch of the project is studied and perfectly programmed to offer a one-of-a-kind experience.”
The Palmeraie, set against the backdrop of the Sonoran Desert, will open in phases. A 215-room Ritz-Carlton resort surrounded by 80 single-level Ritz-Carlton Residences Villas and 32 single-family Ritz-Carlton Residences Estate Homes priced in the $7 millions are set to open in the location. The Ritz-Carlton Paradise Valley, The Palmeraie will be spread out over approximately 18 acres. The Grand Lobby will be situated above the rest of the hotel overlooking Camelback Mountain and the main pool, spanning nearly 400 feet, will be one of the longest resort pools in North America. The resort and villas will open in early 2023.
The second phase of The Palmeraie is set within 18 acres and will comprise shopping and dining and an office and residential district with 60 specialty luxury boutiques.
There will also be an office tower and Fendi Private Residences, as reported. The Palmeraie is considered Fendi’s first ground-up residential enclave in North America with 41 bespoke residences, though a few years ago Fendi Château opened in Miami right on the beach. Completion of the second phase is expected by the end of 2024. Set in an open-air environment, The Palmeraie will include vine-covered trellises, evergreen and palm trees.
The Scottsdale-based Five Star Development owns and develops projects in the hospitality, industrial, residential and retail sectors in Arizona, California, Texas and New Mexico.