SANTA BARBARA, Calif., February 19, 2003—The Ritz-Carlton Club and William Levy Investments, LLC announced today they have formed a relationship to develop a new property in affluent Santa Barbara, Calif. - The Ritz-Carlton Club, Santa Barbara. A prestigious town known for its medley of historical influences, myriad of recreational activities from golf to whale watching, vibrant cultural events and world-renowned vineyards, Santa Barbara offers a captivating lifestyle for those seeking fractional, second home ownership with The Ritz-Carlton Club.
Marking its fifth property since the brand’s inception in late 1999, The Ritz-Carlton Club, Santa Barbara is surrounded by red brick sidewalks, quaint paseos and specialty shops showcasing the Spanish Colonial Revival architecture. The property will boast a proposed 56 one-, two- and three-bedroom residences offering views of the Pacific Ocean, Santa Ynez Mountains and historic Santa Barbara. Targeted for occupancy in late 2004, The Club’s residences will feature a mix of private balconies or rooftop terraces, ground-level garden courtyards and exquisite interiors.
“The development of The Ritz-Carlton Club, Santa Barbara is an extraordinary opportunity that allows us to bring another exceptional destination to our Members,” said Bob Phillips, vice president, business development for The Ritz-Carlton Club. “An ideal location for the second home buyer, Santa Barbara has the feeling of a small town, yet it offers an impressive selection of museums, galleries and fine dining one expects from a large, metropolitan city.”
Located within the cultural heart of Santa Barbara and within steps of the waterfront and Stearn’s Wharf, The Club will be centered on State Street, the city`s main avenue. Also lining State Street, Members will enjoy the convenience of a 20,000 square-foot, upscale retail village with a Ritz-Carlton spa, boutiques and three restaurants. The village is slated to open in October 2004.
“We are excited to be working with William Levy Investments, who is an outstanding developer with a history of quality in the Santa Barbara community and an eye for luxury living,” continued Mr. Phillips.
“From the first day we envisioned this unique and historic project near the waterfront in Santa Barbara, we sought a partner and operator with the highest quality standards for which Ritz-Carlton is famous,” said William Levy, president and CEO of William Levy Investments, LLC. “Working with them for the majority of last year, and now announcing this relationship marks one of the most exciting stages of this project. Santa Barbara’s pristine beauty and cultural excellence mirrors the level of quality that The Ritz-Carlton Club is known for. The synergy of these elements will provide tremendous value and attraction for people not only locally, but throughout the world,” continued Mr. Levy.
Members of The Ritz-Carlton Club will take pleasure in personal concierge services, which assist with their every need prior to and throughout their stay. Services such as pre-arrival provisioning of their residence, personal storage and twice-daily housekeeping, as well as the privileged use of The Ritz-Carlton Club`s many amenities and services, including:
- Rooftop pool and spa tubs with ocean and mountain views
- Full-service Ritz-Carlton spa and fitness center with cardiovascular and weight training equipment
- Mere steps from the village’s boutiques and specialty restaurants
- Member`s lounge
- The Ritz Kids program
- Valet service with dedicated Member-only parking
- Personal storage
Reflecting the rich regional heritage, the residences at The Club will provide luxurious and spacious living featuring: a fully equipped, gourmet kitchen; casually elegant dining and living areas; entertainment center including a large screen TV, surround-sound system, DVD and stereo/CD player; master suites with walk-in closets; beautifully-appointed bathrooms; washer and dryer; and multi-line telephones and high speed Internet access. Residences will range in size from 980 - 2,050 square feet.
Santa Barbara offers nine unspoiled beaches, as well as activities ranging from whale watching, sailing, scuba diving and fly-fishing to golf, sunset cruises, horseback riding and biking. Additionally, day trips to the Channel Islands introduces rare plant and animal species indigenous to the region. Santa Barbara plays host to several annual events, including the Santa Barbara Dance Festival, Fine Arts Festival, Santa Barbara Film Festival and numerous ethnic events.
Located 30 miles northwest of Santa Barbara, the Santa Ynez and Santa Maria Valleys are home to the Santa Ynez Valley Wine Trail and the Foxen Canyon Wine Trail. Annual wine country events include the Vintner`s Festival and Celebration of Harvest.
Sales for The Ritz-Carlton Club, Santa Barbara are targeted to commence in early 2004 (reservations for membership are proposed for this fall) for purchases of one-sixteenth interests (deeded leasehold, 90 years). The interest entitles Members access for a minimum of 21 days per year, and the opportunity to receive supplemental time as space allows. A portion of this time may be used at other Ritz-Carlton Club locations on a reciprocal usage basis. Prices for membership are anticipated to range from the low $100,000s to the mid $300,000s per interest depending on the type of residence.
William Levy Investments, LLC was founded in 1970 by William J. Levy and is based in Santa Barbara, California. The company has purchased and developed real estate assets valuing more than $750 million including apartments and condominiums, retail, office, industrial and mixed-use, with the majority of the activity being on the South Coast of California and surrounding areas. In addition to The Ritz-Carlton Club, two of the firm’s noteworthy projects include the development of the Paseo Nuevo regional shopping center and the historical renovation of the El Paseo that transformed the character of the mid State Street area into a vital urban core.
An extension of The Ritz-Carlton Hotel Company, L.L.C., The Ritz-Carlton Club is a luxury tier real estate offering combining the benefits of second home ownership with personalized Ritz-Carlton services and amenities. Designed as a private club, Members have the opportunity to access their Club or other Ritz-Carlton Clubs in ski, golf or beach destinations. The Ritz-Carlton Club properties are: Aspen and Bachelor Gulch, Colo.; St. Thomas, U.S.V.I.; Jupiter, Fla. (opening November 2003); and Santa Barbara, Calif. (opening late 2004). For additional Ritz-Carlton Club information, please call 800.278.0121 or visit www.ritzcarltonclub.com.