Sproles did say that pre-sale memberships will get under way in April. The freestanding facilities historically open 10 months after sites are procured, he says.
Life Time Fitness is in the midst of a nationwide expansion that had been boosted last year with a $45-million, third-round, private equity funding. The round, which closed midyear, had been led by New York City-based Patricof & Co. Ventures and participation from Norwest Equity Partners, a lead investor in the fitness firm's first two funding rounds.
Friday marks the opening of Life Time's newest property, a 110,000-sf, 24-hour center in Bloomingdale, IL, which is being done in partnership with Central DuPage Health. Typical features of a Life Time center are swimming pools and waterslides, whirlpool and saunas, indoor climbing walls and caverns and courts for basketball, volleyball, racquetball and squash. The centers also boast aerobic and cycling studios, free-weight systems and strength-training and cardiovascular machines as well as on-site physical therapy and free childcare.
Sproles says the Austin location will be more in keeping with one that is planned for Phoenix. That location will total 117,000 sf and have environmental components indicative of the region. "It will be at least 115,000 sf," he told GlobeSt.com about the Austin undertaking. A 115,000-sf center in Warrendale, IL cost $17 million to construct and equip, according to the company's Web site.
Life Time Fitness plans to open seven centers in the Chicago area this year. It is the nation's eighth-largest organization and is touted as the fastest-growing sports and fitness company in the US. Centers also are in the planning stages for Fairfax City, VA and Minneapolis-St. Paul. The company presently operates 16 centers in Indiana, Minnesota, Ohio, Washington DC and Virginia.
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