$2 billion mega project breaks ground in Paradise Valley, Scottsdale

PHOENIX (FOX 10) - The Palmeraie has been described by those involved in the project as "Rodeo Drive without the drive."

When the 122-acre, $2 billion mega project by Five Star Development is completed, it will include a 200-room Ritz Carlton Resort, villas, estate homes, high-end shopping and dining.

"It is going to be the number one luxury shopping destination in North America," Brendan Mann said.

The prestige of the project was evident this morning when the developer didn't break ground, but rather shoveled a flower bed that matched grand arrangement flown in from Paris Fashion Week.

Brendan Mann handles marketing and sales for the developer and says he believes this is the beginning of something remarkable.

"The Palmeraie is a collection of experiences -- what we're seeing with many of the retailers of today's world and also from a real estate standpoint, how important it is to craft, create and curate a unique experience," he said.

Adding to the excitement, it was announced that Fendi will have their first private residences in North America right here.

So what does that exactly mean?

"It will have all of the feelings that the products and the culture that they've been doing for years is now being brought into Fendi casa with the cabinetry, how the layouts are done and then being able to go in and buy Fendi furniture, so you can go all the way through the whole process," Mann said.

The property near the corner of Scottsdale Road and Indian Bend is part in Paradise Valley and Scottsdale, a partnership both cities celebrate.

"This is a cross-border project with Paradise Valley, but for our part, we're just always enthused and delighted to have people investing in our city," Scottsdale Mayor Jim Lane said. "It's a great compliment for us."