Fairmont, Developer Target 20-Acre Condo Site

INDIAN WELLS, CA-Miles Avenue Development plans a 129-unit luxury condominium project here, with Fairmont Hotels & Resorts Inc. signing on recently to manage the property. The development will include a concierge, a restaurant, a health club and other amenities.The project will be called the Fairmont Residences, Indian Wells, according to Toronto-based Fairmont. The development is slated to open in December 2007 on a 20-acre site at Miles Avenue and Highway 111.William Fatt, Fairmont's CEO, notes that the company has worked in the past on projects with Lew Wolff, principal of Miles Avenue Development. Jerry Fogelson, a Chicago-based residential developer, also will be part of the development team.The Fairmont Residences are planned to take shape next to a high-end retail site and two championship golf courses. The condominiums will be designed as studio, one-, two- and three-bedroom units ranging from approximately 550 sf to 2,700 sf.Owners of the condominiums will have the option to include their units in Fairmont's luxury residential rental program. The Fairmont portfolio includes 88 luxury and first-class properties with approximately 33,000 guest rooms in the US and Canada, Mexico, Bermuda, Barbados, the United Kingdom, Monaco, Kenya and the United Arab Emirates as well as two vacation ownership properties managed by Fairmont Heritage Place.The Fairmont project is the second significant development announced for the Indian Wells area in recent weeks. In the other, Remington Hotel Corp. of Dallas has unveiled plans for the Remington Las Montanas Resort Hotel & Spa, which will include a 530-room resort hotel and 265 hotel condominium units. The company expects to begin construction of the new hotel condominium resort in late 2006 and to have it open for business by 2008.