(To read more on the multifamily market, click here.)

BETHESDA, MD-Suburban Maryland has been chosen as the second locale for a Canyon Ranch residential community. Canyon Ranch Living-Bethesda will reportedly cost an estimated $1 billion to realize.The Tucson-based Canyon Ranch and the Tysons Corner, VA-headquartered Penrose Group are spearheading the upscale mixed-use project. The focal point will be a wellness center. It will be the second Canyon Ranch Living community; the first is currently under way in Miami Beach.

Located in Montgomery County, Canyon Ranch Bethesda will sit in the northern part of the city near Interstate 270 and Georgetown Road. Upon completion, the property will feature a 157-room hotel, two 20-story structures containing a total 434 condominiums and 87 apartment residences and a restaurant. There will be a 90,000-sf integrated wellness complex which, along with the hotel, was designed by the architectural firm of BBG-BBGM. Lessard Group Inc. served as the architect for the condominium segment of the project, while Peter Fillat designed the apartment portion.

If all goes as the developers plan, Canyon Ranch-Bethesda will open to residents and visitors in 2008. “With commitment letters for our equity requirements and construction loan, we are moving forward with pre-sales and anticipate a loan closing in June,” says Mark Gregg, Penrose president.

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