Business
Canyon Ranch goes urban in plan for Chicago condos
By Levi J. Long
ARIZONA DAILY STAR
Tucson, Arizona | Published: 05.19.2006
advertisementTucson-based Canyon Ranch is planning to build a third "healthy living" residential community, this one in Chicago, as the company continues its quest to merge the wellness concept with high-priced residential developments.
Canyon Ranch and Chicago-based LR Development Co. are scheduled to announce the $450 million project today.
The companies plan to build Canyon Ranch Living-Chicago, a 67-story tower overlooking the Magnificent Mile, the city's renowned luxury shopping and entertainment district.
Touted as Canyon Ranch's first "urban lifestyle community," the high-rise will house a 65,000-square-foot health and wellness center, 256 luxury condos, 128 hotel-condominium rooms and more than 48,000 square feet of office space.
Along with other Canyon Ranch properties, the focus remains on health, with staff doctors, therapists and other specialists from the Cleveland Clinic available to serve residents. An exercise, fitness and spa center will be part of the center, merging with medical, nutritional and stress-management consultations, Canyon Ranch officials said.
The project is expected to break ground by early next year.
Canyon Ranch plans to break ground on another residential development this year in Miami Beach, Fla., and one in Bethesda, Md., is expected to open in 2008.
With plans to announce a new residential development every 18 months, Canyon Ranch has contemplated other potential sites in Los Angeles, New York City and Texas.
What makes the Chicago project different is its location in an urban center, said Kevin Kelly, president of Canyon Ranch. Behind New York City and Washington, D.C., Chicago ranks as Canyon Ranch's third-largest market for guests, Kelly said.
"It's a significant market for us," he said. "Chicago is a major urban hub in the country. We're going to be able to build in the heart of the city's retail and entertainment center."
Potential condo buyers should expect to pay between $1.2 million and $3 million for units ranging from about 1,600 to 3,000 square feet. Part of the complex will also include hotel rooms that can be purchased, similar to a time-share.
Susie Ellis, president of Spa Finder Inc., an international media and marketing company that tracks spa trends, said more residential developments are incorporating healthful-living programs into their plans.
"Canyon Ranch is in a good position to develop in Chicago," Ellis said. "This community is going to be like no other."
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