and 256 Residential Condominiums in a 67-story Tower in Downtown Chicago
|TUCSON, Ariz. - May 18, 2006 -- Spa and wellness pioneer Canyon Ranch
and Chicago's LR Development Company are joining to create luxury condominiums,
a hotel and a combination spa and wellness center in a 67-story tower overlooking
the Magnificent Mile. Canyon Ranch Living - Chicago will be the first urban
application of Canyon Ranch's innovative hotel-residence-wellness center
"Our two companies have emerged as the recognized leaders in our respective industries -- Canyon Ranch leading the way in creating the wellness lifestyle and LR setting the standard for upscale urban living," said Thomas Weeks, president of LR. "Working together, we will do nothing less than introduce an entirely new lifestyle concept, centered on healthier living, for discerning urban residents."
The high-rise will include 256 residential condominiums, 128 hotel condominiums, a world-class 65,000-square-foot health and wellness center, a 100-seat gourmet restaurant featuring fresh healthy food, and parking. Located adjacent to St. James Cathedral, the new tower also will house 48,000 square feet of offices for the Episcopal Diocese of Chicago.
The development appeals to buyers seeking sophisticated urban living combined with a healthy lifestyle. A team of highly credentialed Canyon Ranch wellness professionals, including leading physicians with access to famed Cleveland Clinic, will offer residents an integrated approach to well-being through exercise and fitness activities, medical evaluations, nutrition and stress management consultations, spa treatments, body therapies, and an ongoing lecture series.
"For many years we have been looking to find the right partner and location in the great city of Chicago, which is home to many of our resort guests," said Canyon Ranch President Kevin Kelly. "Our extensive research indicates many people are passionate about a wellness-based lifestyle. We have been courted by several Chicago-area developers. With LR, we have found a company with the expertise, value system and location that match our very stringent criteria and will result in a project that complements our growing portfolio of residential offerings. Canyon Ranch Living - Chicago will respond to an enormous emerging market demand by offering the most advanced wellness lifestyle community available today."
The first Canyon Ranch Living community is under construction in Miami Beach on oceanfront property and will open in 2007. Canyon Ranch Living - Bethesda, scheduled for 2008, was announced in April. With the announcement of the third Living community in Chicago, coupled with two renowned destination resorts, three SpaClubs and partnership with the Cleveland Clinic, Canyon Ranch is formulating one of the largest integrative wellness networks in the country.
Architect DeStefano and Partners has created a sleek, contemporary tower, which will feature a curved glass curtainwall rising from an elliptical footprint. LR's in-house Synthesis Architecture and Design group, leveraging its extensive experience with customized private residences, will create the interiors. Robert D. Henry Architects will design the hotel and wellness center.
The development site, at Huron Street and Rush Street, is steps from the North Michigan Avenue retail corridor, in the heart of a neighborhood that combines some of the city's most desirable residences with a thriving hospitality and entertainment scene. "In recent years, Chicago has emerged as a major tourist destination and the country's fastest growing residential downtown," Kelly added. "We are very excited to have the opportunity to introduce our concept to this market with a partner that shares our commitment to innovation and quality."
A Planned Development (PD) ordinance governing development of the Chicago site passed City Council in February 2006. As part of the PD, LR will contribute over $1.5 million to the City of Chicago Affordable Housing Opportunity Fund. Sales of the residences are slated to begin in fall 2006, with completion projected for 2010.
Chicago-based LR Development Company creates innovative, timeless residential properties designed, regardless of price, to exceed buyer expectations and enrich the surrounding community. Recent LR developments include Park Tower and 840 North Lake Shore Drive, which set a new standard for luxury residential properties in Chicago. Today LR is continuing its "legacy of landmarks" with the construction of 340 on the Park, a cornerstone of Chicago's new Lakeshore East community designed to be the city's first LEED-certified residential high-rise. LR is one of the Related Companies LP, among the nation's largest privately held development concerns. The New York-based company recently completed Time Warner Center, a mixed-use Manhattan tower including One Central Park Condominium and The Residences at Mandarin Oriental. More information is available at www.lrrealty.com.
Canyon Ranch. Mel and Enid Zuckerman founded their original wellness destination resort in Tucson, Ariz. in 1979 and ten years later followed it with a second resort in Lenox, Mass. For over 25 years, they have guided the growth of the organization into a comprehensive, market-leading brand, offering a wide diversity of integrated programs and resources designed to help individuals meaningfully improve the quality of their lives. Other Canyon Ranch facilities include the Canyon Ranch SpaClubs at The Venetian Resort in Las Vegas, Nev., at the Gaylord Palms Resort in Kissimmee, Fla; and on board the Queen Mary 2 luxury ocean liner. Canyon Ranch and the Cleveland Clinic, one of the nation's largest and most prestigious medical centers, are jointly developing programs that integrate the best practices of traditional medicine with the latest advancements in wellness and prevention. More information is available at www.canyonranch.com
Crescent Real Estate Equities Company (NYSE: CEI) is a real estate investment trust headquartered in Fort Worth, Texas. Through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of 75 premier office buildings totaling 31 million square feet located in select markets across the United States, with major concentrations in Dallas, Houston, Austin, Denver, Miami and Las Vegas. Crescent also makes strategic investments in resort residential development as well as resorts, including Canyon Ranch. Crescent has been a partner in the Canyon Ranch business since 1996 and currently holds 48% ownership in all Canyon Ranch assets, including the brand. For more information, visit the Company's website at http://www.crescent.com.
Cleveland Clinic, located in Cleveland, Ohio, is a not-for-profit multi-specialty academic medical center that integrates clinical and hospital care with research and education. Cleveland Clinic was founded in 1921 by four renowned physicians with a vision of providing outstanding patient care based upon the principles of cooperation, compassion and innovation. U.S. News & World Report consistently names Cleveland Clinic as one of the nation's best hospitals in its annual "America's Best Hospitals" survey. Approximately 1,500 full-time salaried physicians at Cleveland Clinic and Cleveland Clinic Florida represent more than 100 medical specialties and subspecialties. In 2004, patients came for treatment from every state and 100 countries. Cleveland Clinic website address is www.clevelandclinic.org.
DeStefano and Partners is a Chicago-based architectural firm with a global portfolio spanning hundreds of buildings throughout the Americas, Europe, Asia and the Middle East. Closer to home, DeStefano and Partners has designed residential and commercial buildings that redefined the cityscape, from Chicago's Dearborn Center and ABN AMRO Plaza to The Residences at River Bend and River View Residences. More information is available at www.destefanoandpartners.com.
Robert D. Henry Architects is a full-service, New-York-based design firm that offers planning, architecture and interior design including specialty lighting and furniture design. More information is available at www.rdh-architects.com.
Synthesis Architecture and Design, LR Development Company's interiors group, collaborates with base-building designers to create a unified vision that harmonizes exterior architecture with interior aesthetics. Synthesis' experience in designing customized residences results in dynamic, functional floor plans that support LR's goal of creating a legacy of landmarks. More information is available at www.lrrealty.com.
|Also See:||Canyon Ranch and The Penrose Group Planning a Wellness Complex in Bethesda, Maryland; Plans Include 157 Lifestyle Hotel Rooms and 434 Condominiums / April 2006|
|The Condo-hotel Model Catching on In Chicago / December 2003|