Fendi is expanding its program of posh residential development to The Palmeraie luxury complex in Scottsdale, Ariz., WWD has learned.
Forty-one bespoke Fendi residences in a condo tower will break ground and start getting marketed later this year, with delivery expected in 2020. Each home will have an average of 3,500 square feet.
The building will be designed and branded by Fendi, with the architecture and design led by Marco Costanzi, who created Fendi private suites and the Fendi headquarters in Rome.
“The world’s global leaders in fashion and culinary are taking notice of what we are creating here at The Palmeraie and Scottsdale’s emergence as a key, important strategic global destination,” said Jerry Ayoub, president and chief executive officer of Five Star Development, the developer of The Palmeraie, a 122-acre, $2 billion luxury development.
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.
Tonight, Fendi will be revealed as The Palmeraie’s first official tenant during a VIP event in Scottsdale at Hangar One, a private jet complex. The ceremonial groundbreaking will be Wednesday morning.
The Palmeraie, set against the backdrop of Camelback Mountain and the Sonoran Desert, will open in phases, beginning with 160,000 square feet of high-end, mixed-use space located on 18 acres at the corner of Scottsdale Road and Indian Bend bordering the town of Paradise Valley.
“The vision for The Palmeraie is one of elegance and of being fun, with a sense of energy and surprise — and equally as important, the ability to evolve. It facilitates discovery and exploration — a destination that is essentially an activation where the shopping is experiential, not solely transactional,” said Hanna Struever, principal of Retail Portfolio Solutions, who has been hired by Five Star Development to bring in luxury merchants, dining venues and special experiences. “Scottsdale has one of the largest primary home markets in the U.S. that is further complemented by year-round international tourism and one of the most significant secondary home ownership markets in the U.S.”
The plan is for about 250,000 square feet of retail space with 60 luxury and specialty boutiques as well as several restaurants led by local and international chefs in an open-air setting, with rooftop gardens and terraces and “white glove” service.
Struever said the intent with the retailing is to bring in “the pillars and foundational brands of the fashion industry,” adding that there would be strong interest in Hermès, Chanel, Brunello Cucinelli, Palm Angels, Off-White and Supreme, among other important brands, though no leases with any fashion retailers have been revealed. There will also be a gourmet grocery, a food emporium, and a Ritz-Carlton Paradise Valley Resort.
According to the developer, The Palmeraie will be lushly landscaped with green walls, vine-covered trellises, focal water gardens, flowering evergreen trees and palm trees. “The project will be designed to create a series of indoor and outdoor spaces and vignettes blurring the lines between architecture, landscape and human interaction with a series of interconnected experiences linked together across the entire district,” according to the developer.
The Palmeraie is considered Fendi’s first ground-up residential enclave in North America, though a few years ago, Fendi Château opened in Miami right on the beach. It’s considered a boutique development, just 12 stories high with 58 residences. Fendi is majority-owned by LVMH Moët Hennessy Louis Vuitton.
Other fashion designers have also expanded in creating private residences, notably Giorgio Armani, who has developed luxury residences in Sunny Isles Beach in north Miami and Beijing, China, and who recently revealed plans to construct an Armani/Casa residence on the site of his current flagship at 760 Madison Avenue in Manhattan. SL Green is leading the redevelopment of the site with the Armani Group and the four-level, 16,000-square-foot store will be rebuilt into a 96,000-square-foot building that will house a flagship and 19 luxury Armani/Casa residences.