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RANCHO PALOS VERDES, CA-Lowe Enterprises has unveiled plans for a $320-million, 400-room seaside resort and spa on a bluff overlooking the Pacific Ocean. The project, called Terranea Resort, is scheduled to open in the winter of 2008 at the site that was once home to the Marineland aquatic attraction.In addition to the 400 ocean-view rooms, Lowe’s 102-acre development will include 40 freestanding bungalows, three swimming pools, a 25,000-sf oceanfront spa and fitness facility, two tennis courts, a golf academy, a children’s center, shoreline parks, trails and overlooks. It will also offer beachfront dining and 6,000 sf of retail space.Other features of the development will include 60,000 sf of banquet and meeting space, an 18,000-sf ballroom, a 6,500-sf junior ballroom, a business center and outdoor event space. In addition to the meeting space, the 400 rooms and the 40 freestanding bungalows, Lowe’s project will offer 32 private ocean villas and 50 casitas ranging 1,700 sf to 2,790 sf that it will offer for sale. Robert J. Lowe, chairman and CEO of Lowe Enterprises, says that the resort also will be designed to take advantage of the local pedestrian trails and view points. The project is being designed by architects Hill Glazier & Associates to create what Lowe calls “a Spanish-Mediterranean ambience.”The Terranea, which privately owned Lowe has been planning for seven years, will be built by Lowe Destination Development and will be managed by Denver-based Destination Hotels & Resorts, both wholly owned subsidiaries of Lowe Enterprises. Corus Bank, the banking subsidiary of Corus Bankshares Inc. is providing $150 million in construction financing.Lowe Destination Development is developing more than $2 billion in hospitality properties nationwide, including the 1,040-acre Grizzly Ranch private golf community in the Lake Tahoe area, the 3,000-acre Suncadia project near Roslyn, WA and Stone Eagle, a private golf course and residential development in Palm Desert.Although Lowe is known in Los Angeles for investments and developments in all commercial real estate product types, the company has long-established roots in the development of resorts and hotels. One of its first projects was a resort development in Aspen, CO, the Gant. In addition to Suncadia, Grizzly Ranch, and Stone Eagle, the company also is developing the Stowe Mountain Lodge in Stowe, VT.

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