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Canyon RanchNOTE: March 29, 2008 Related Midwest announced that they are cancelling the project due to insufficient pre-sales. All buyers are receiving full deposit refunds.
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Chicago residents wonít have to travel far to find a luxurious resort lifestyle. Canyon Ranch Living is bringing its brand to downtown Chicago.
Canyon Ranch is one of the most luxurious chains of resort hotels in the country. The company has locations in Tucson, Arizona and Lenox, Massachusetts. Each resort offers an all-inclusive getaway for the rich and famous.
The company is expanding into the urban market with developments in Miami and Chicago.
Plans for Canyon Ranch in Chicago call for a luxurious 67-story glass tower in the heart of the Cathedral District on the Near North Side. Canyon Ranch will be located at 680 North Rush Street.
A total of 257 luxury condominiums are available at Canyon Ranch. Floor plans range from one to three bedrooms, offering all of the luxuries expected from a five-star resort.
Prices for the luxury condos start at just over $1 million and range up to as high as $3 million. One bedroom condominiums have 1,600 square feet of living space. The largest units at Canyon Ranch have floor plans of 3,000 square feet.
The $450 million development will also offer 128 hotel-condominium units, allowing owners who use their residence as a second home to rent out their property. The five-start hotel will offer concierge and valet services, room service, and access to the wellness center.
The hotel also offers world-class cuisine at The Restaurant at Canyon Ranch, open to both guests and residents.
The wellness center offers a modern fitness center as well as other services that arenít found in most luxury condominium developments. Therapists, nutritionists, and nurses are all available for guests and residents of Canyon Ranch.
A spa and salon are also available at the Canyon Ranch wellness center.
Canyon Ranchís location in the Near North Side gives residents easy access to the best that Chicago has to offer. The downtown Chicago business district and the Magnificent Mile are just minutes from Canyon Ranch.
There are several parks, including lakefront trails and the new Millenium Park, that allow residents the chance to get out and enjoy a warm day.
The Magnificent Mile is home to the best shopping in the city. Find the best brands and boutique shops in this luxurious corner of downtown Chicago.
Canyon Ranch will be completed in 2011 and will compete with several other luxury condominiums. The Trump International Hotel and Tower, Mandarin Oriental, and Chicago Spire will all be completed in the next three years.
The Near North Side and Magnificent Mile has also seen heavy development that could be causing weakness in the real estate market.
According to the Chicago Association of Realtors, the Near North Side has seen a drop in sales of condominiums. During the second quarter of 2007 a total of 867 condominiums were sold.
While the Near North Side continues to lead the rest of the city in condo sales, sales are off over 20 percent from 2004.
The average sales price is also showing signs that prices have reached their peak in the neighborhood. The average sales price for condominiums on the Near North Side has increased just 3 percent since 2005.