(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, AZ-based Canyon Ranch and the Tysons Corner, VA-headquartered the 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 I-270 and Georgetown Rd. 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.