Danny Warman, first vice president of real estate investments for Coral Gables, FL-based Bayview, tells GlobeSt.com that groundbreaking on the project is set to begin this fall at which time about half of the units are expected to be sold out. All of the units will be completed by the summer of 2008.
"We love the fact that we have Acadia National Park bordering our property," says Warman, noting that the complex, which is set on a hill adjacent to the park, will offer sweeping ocean views of the Atlantic. "Bar Harbor is such a beautiful destination, we thought there was a need for a luxury development so we decided to partner with Fairmont Hotel & Resorts."
The project, known as The Fairmont Residences at Bar Harbor, will reflect traditional Maine architecture and feature three-bedroom, 2,425-sf townhouses, some with an optional fourth bedroom, along with a fitness center, heated outdoor pool and spa, and a private media and billiard room. Residents will also have access to on-site concierge service.
Warman says 25 of the units will be sold to private owners with the remainder reserved for fractional ownership that will give buyers membership in the community's private residence club with access to the resort's many amenities. Warman declined to reveal the prices of the units, saying the firm was not in the position to discus the financial aspect of the project. The complex will be managed by Fairmont.
Located on Maine's Mount Desert Island, one of the state's premier vacation communities, the complex will overlook Frenchman's Bay and the colorful, Victorian-era homes and shops of the harbor. Several townhouses have already been reserved and more are expected to be sold by November, shortly after groundbreaking gets underway, Warman says.
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