MIAMI BEACH-Canyon Ranch Living-Miami Beach has obtained a $386-million construction loan from New York City-based Hypo Real Estate Capital Corp. Based on its association with, and inclusion of a Canyon Ranch health and wellness facility, the developer, locally based WSG Development Co., bills it as a "community devoted to healthy living."
Twin towers on a six-acre beachfront parcel at 6801 Collins Ave. will contain an aggregate of 442 residential condo units and flank the landmark 150-suite Carillon Hotel, which is being renovated. This is the first residential complex for Canyon Ranch, which opened its original health resort in Tucson in 1979.
The residential component is nearly 80% sold, according to a statement from WSG. Principals Eric Sheppard and Philip Wolman could not be reached by deadline, but, according to the statement, available units are priced from $1.2 million to more than $9 million, and Sheppard says "sales have surpassed $500 million." With this funding, all three components will be developed simultaneously, according to Sheppard. The complex is scheduled for completion by the end of 2006.
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