May 18, 2006 10:45 PM US Eastern Timezone
Canyon Ranch Selects Chicago and LR Development for Nation's First Urban Lifestyle Community
TUCSON, Ariz.--(BUSINESS WIRE)--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 concept.
"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.
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