in Bethesda, Maryland; Plans Include 157 Lifestyle
Hotel Rooms and 434 Condominiums
|TUCSON, Ariz. - April 25, 2006 -- Canyon Ranch of Tucson, Ariz. the
pioneer and leader in wellness lifestyle, and The Penrose Group, a Virginia
development company, today announced the finalization of an agreement that
will pave the way for the development of a Canyon Ranch Living community
in Bethesda, Maryland.
With the first Canyon Ranch Living community currently under construction in Miami Beach, Fla., Canyon Ranch is now responding to its large clientele in the Washington, D.C., Metro area and to thousands of other prospective buyers who are seeking the opportunity to merge their healthy lifestyle practices with their residential preferences.
The second Canyon Ranch Living community, located just minutes from downtown Washington, D.C., is slated for opening in 2008. Canyon Ranch Living - Bethesda includes 157 wellness and lifestyle-oriented hotel rooms, two 20-story towers with 434 well-appointed condominiums expected to serve as primary residences, and 87 luxury rental apartments. At the heart of the community will be a 90,000-square-foot integrated wellness complex that will feature the caliber of wellness programming and access to highly credentialed health professionals that have propelled Canyon Ranch to worldwide recognition and industry leadership.
Canyon Ranch Living is an adaptation of the company's world-renowned health and personal renewal destination resorts. Beyond luxury residences, Canyon Ranch Living's most distinguishing element will be its world-class wellness center offering an integrated approach to health and well-being, combining access to physicians, behavioral therapists, nutritionists and other wellness specialists to help residents enhance their lives. State-of-the-art exercise and fitness equipment and an array of advanced spa treatments for which Canyon Ranch is renowned will be included in the continuum of healthy living opportunities.
Additionally, Canyon Ranch Living - Bethesda will feature personal enrichment through lectures and consultations on lifestyle management and a wide array of innovative spa services. The restaurant at Canyon Ranch will offer the fresh and healthy gourmet cuisine for which Canyon Ranch is widely acclaimed and will be open to the public.
"Our extensive research shows that many people are seeking wellness and balance in their lives," says Canyon Ranch President Kevin Kelly. "They want to live in a community that promotes and shares their values. One of our goals has been to support people on that quest by finding unique, stimulating environments for our Canyon Ranch Living communities. Penrose Group's Rock Spring Centre is one of the most thoughtful and exciting mixed-use developments in the Washington D.C. area. Residents of Canyon Ranch Living will be able to fully enjoy the surrounding retail areas, restaurants and parks that will further enhance the Canyon Ranch lifestyle."
Penrose President Mark Gregg adds, "For us, this project goes beyond a typical development. The people who will live here are those who are making a choice, not only about where and how they live, but about the quality of their lives. We're very excited about bringing this extraordinary wellness lifestyle to our marketplace. With commitment letters for our equity requirements and construction loan, we are moving forward with pre-sales and anticipate a loan closing in June."
BBG-BBGM of New York and Washington, D.C. is the architect for the hotel and Wellness Center. The Los Angeles-based Jerde Partnership is the architect for the retail portion of the project. The condominium units were designed by Lessard Group Inc. of Vienna, VA, and Peter Fillat of Baltimore is the architect for the mixed use retail multifamily portion of the project.
Canyon Ranch is owned 52% by its Founders and 48% by Crescent Real Estate Equities Company (NYSE: CEI).
CRESCENT REAL ESTATE EQUITIES COMPANY
THE PENROSE GROUP
In addition to the anticipated Canyon Ranch Living community, the Rock Spring area is also home to Marriott's headquarters, the National Institutes of Health, and Lockheed Martin. Rock Spring Centre, a 53-acre site with a 6-acre nature preserve, will also offer approximately 600,000 square feet of additional Class A office space, 426 rental apartments, and approximately 350,000 square feet of upscale retail.
|Also See:||Survey Evaluates 200 Destination and Resort Spas Using Seven Criteria / Mar 2000|
|World’s Top Destination Health Resort Consolidates Guest Data to Develop Unique Services for Discriminating ‘Happy’ People / September 2003|