Today I went to a presentation by the Canyon Ranch Miami developer. To give you a little background on me and my history of this project, I have been a fan of this project since BEFORE the project was launched over three years ago. The project consists of three towers on OVER 6 acres of oceanfront property which encompasses 1100 linear feet of prime Miami Beach ocean frontage. The 21 story south tower, which are condo residences only, has 143 units, the 16-story center tower, which is the historic Carillon building, has 151 condo-hotel units (floors 2-10) and 80 condo residences (floors 11-16). The north tower, which is the tallest building at 35 storys, has 207 units including 7 direct oceanfront townhomes
Canyon Ranch: More Than Just Real Estate
Since the inception of this project, my focus has been on the real estate side of the project for the obvious reasons. After today’s presentation, I am even more excited about this project and what it brings to Miami Beach because it is SO much more than just another condo or condo-hotel. Canyon Ranch Living Miami Beach, which is dubbed “where the wealthy get healthy”, is more about the amenities and healthy lifestyle than the real estate.
The “Power of Possibility” is their slogan and today I learned exactly what it means. Many people come to “The Ranch” to change their lifestyle, to de-stress, get in shape and learn healthy living habits. I saw this incredibly interesting video where a 54 year-old man went to Canyon Ranch in Tucson, AZ and Lenox, MA for four months. They tested him at the beginning of his stay and determined that two of his arteries were 70% clogged, he had numerous ailments and he said he was taking about 17 Advil a day! The doctors estimated that this 54 year-old man had the body of an 84 year-old. After his four month stay at Canyon Ranch, his arteries showed NO SIGNS of blockage, lost 30 lbs. and doctors estimated that the 54 year-old NOW had the body of a 52 year-old man. Fascinating!
Update: Closings to Begin in Late July
The south tower (condo residences) is estimated to begin closings in late July. The center (Carillon) tower closings are estimated to start in September. The hotel and spa will have a soft opening by year’s end.
Back to Business
The reason why I continue to like this project so much is because throughout Miami and Miami Beach the branded projects like Setai, ICON and W South Beach continue to do well even in today’s market. Comparing other branded projects to Canyon Ranch is not fair because Canyon is so much more than just a brand it is a destination! The south and center (Carillon) towers have been SOLD OUT for about two years! There are re-sales available in south & center towers and the developer has great buys on the remaining units in the north tower. Prices in the north tower are about $1000-$1100 p.s.f. for western exposure, and $1100-$1200 p.s.f. for oceanfront units, which is a very fair buy for direct oceanfront luxury property.