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TRUCKEE, CA-Colorado-based East West Partners and publicly held Crescent Real Estate Equities Co. of Fort Worth, TX are developing a $300-million hotel and condominium project at the Northstar ski resort, which sits between this city and the north end of Lake Tahoe. The property is slated to open in late 2009.

The 173-room Ritz Carlton Highlands will incorporate Ritz-Carlton Residences, a 75 unit full-ownership product, and the Ritz-Carlton Club, a 73-unit fractional-ownership product. Amenities will include a spa, several pools, on-site meeting and event space and a new gondola that will connect the development to the Village at Northstar TM condominium residences, shops, restaurants and ice rink.

Q&D Construction of Reno and Swinerton Builders of San Francisco are serving as joint contractors on the project. Construction of a four-mile road leading to the development site began this summer. Sales for the first phase of residences will begin this winter.

The development site sits adjacent to Highlands, a 1,450-unit development by East West and Crescent that includes ski-in/ski-out condominiums and townhouses. Construction is slated to begin this summer.

The duo also announced Wednesday an update on sales at its current Northstar residential developments. The duo said its 113-unit second phase of its Village at Northstar development is 73% pre-sold six months prior to completion. Phase two sales total $120 million to date; the remaining residences are priced between $850,000 and $2.2 million. Second-phase sales are running 20% higher on a per-sf basis than the 100-unit first phase, which sold out prior to its December 2005 completion.

East West Partners is also developing Old Greenwood, a 600-acre year-round community to be built around an existing 18-hole Jack Nicklaus designed golf course. All 100 single-family home sites at Old Greenwood have been sold at prices ranging from $200,000 to $750,000. Old Greenwood also offers 159 fractional and full ownership residences, including 85, two- and three-bedroom townhomes, and 74 three- and four-bedroom cabin-style homes. Approximately 600 shares have been sold to date.

Rounding out the company’s Lake Tahoe portfolio is Gray’s Crossing, a 700-acre, single-family home community built around a new members-only, 18-hole Peter Jacobsen/Jim Hardy golf course and club house, slated for a summer 2007 completion date. So far, 275 out of 295 homesites have been sold, ranging in price from $200,000 to $700,000 at Gray’s Crossing’s three initial neighborhoods: The Bluff’s, The Ridge and The Woods.

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