A total of 30,000 residence units will be part of the Azizi Venice, which will be constructed in Dubai South.
The entire community will be located in one of the largest crystal-blue water lagoons in the world and would cover an area of 15 million square feet.
It will also house the second opera of Dubai and a pedestrial-friendly, temperature-controlled boulevard.
In the winter, the boulevard will be open air, but in the summer, it will be covered with glass to create a temperature-controlled space that will offer activities throughout the year.
To accommodate thousands of visitors on a daily basis, they will also construct underground parking spaces, thereby providing easy access to Azizi Opera and Azizi Boulevard.
The chairman and founder of Azizi Developments, MirwaisAzizi, said that more than 80,000 residents would be housed by the community and it would serve as a tourist attraction for about 30,000 people on a daily basis.
The chairman expressed his love for Dubai and said that contributing to the vision of the Ruler of Dubai and the Prime Minister and Vice-President of the UAE, His Highness Sheikh Mohammed bin Rashid Al Maktoum, was an honor.
He added that millions of people from all over the globe have now made their home in Dubai and their aim was to enrich their lives.
There has been unprecedented demand from foreign investors and residents for real estate in Dubai, prompting property developers to launch projects in the emirate for cashing in on it.
On Wednesday, the second phase of the Palm Jebel Ali villas was launched by Nakheel Properties and Nima, The Valley was also launched by Emaar Properties.
The BurjKhalifa developer also launched The Oasis by Emaar, which is worth $20 billion. Multiple residential projects have also been launched by other private developers like Damac and Danube Properties.
As far as the Azizi Venice community is concerned, it will have several beaches that will surround all of its mansions, condominiums, villas and buildings, along with extensive retail, leisure and commercial space.
There will be beach-like shores framing the desalinated, turquoise and filtered waters, sports and yoga facilities, a promenade with a number of artisan boutiques and eateries and a jogging and cycling track.
There will also be two five star hotels, which will be owned and operated by Azizi Developments that will be located at the entrance of the community.
There will also be another boutique hotel that will be located in the middle of the lagoon on the island.