Hotel Online  Special Report
.


advertisement



.
..
.
Weakening Demand for Condos Leads to Re-evaluation
of the Canyon Ranch Living Community in
Bethesda, Maryland
.
Special to Hotel Online
By Bernard Burt, www.SpaGoer.com, August 2006

Canyon Ranch of Tucson, Ariz. the pioneer and leader in wellness lifestyle, and The Penrose Group, a Virginia development company, teamed up to build a Canyon Ranch Living community in Bethesda, Maryland, but disappointing sales of condominium residences forced suspension of the project mid August..

Located close to Washington, D.C., in an area that includes Marriott International headquarters, Strathmore Center for the Arts,  and major defense contractors, the Maryland site seemed ideal for Canyon Ranch lifestyle residences. But weakening demand for condos nationwide led to re-evaluation of the project, according to Mark Gregg, president of Penrose Group.

Canyon Ranch Living - Bethesda includes 157 wellness and lifestyle-oriented hotel rooms plus two 20-story towers with 434 well-appointed condominiums expected to serve as primary residences priced from $900,000 to $5 million, and 87 luxury rental apartments. At the heart of the community, plans call for a 90,000-square-foot integrated wellness complex featuring the caliber of programming and access to highly credentialed health professionals that have propelled Canyon Ranch to worldwide recognition and industry leadership. 

The first Canyon Ranch Living community is under construction in Miami Beach on oceanfront property. The first of two phases is sold out, according to the Florida developer, and the second phase is nearly 80 percent sold. However, a visitor to the site recently saw no sign of construction on the Canyon Ranch facility scheduled to open in 2007. 

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. 

The Chicago project overlooks the Magnificent Mile in a 67-story tower that includes a 127-room hotel. Architect DeStefano and Partners has created a sleek, contemporary tower, which will feature a curved glass curtainwall rising from an elliptical footprint. Robert D. Henry Architects will design the hotel and wellness center, scheduled to open in 2010.

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.

.
Contact:

  Bernard Burt
Biburt@aol.com
www.SpaGoer.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
Canyon Ranch and LR Development Company Building 128 Hotel Condominiums and 256 Residential Condominiums in a 67-story Tower in Downtown Chicago / May 2006


To search Hotel Online data base of News and Trends Go to Hotel.Online Search

Home | Welcome! | Hospitality News | Classifieds | Catalogs & Pricing | Viewpoint Forum | Ideas/Trends
Please contact Hotel.Online with your comments and suggestions.