2009 National Sales and Marketing Award: Ritz-Carlton Residences Inner Harbor, Baltimore
Living at the Ritz
Ritz-Carlton Residences Inner Harbor, Baltimore / Best Design for an Attached Community/Best Landscape Design
Builder: RXR Realty, Uniondale, N.Y.
Architect: Nichols, Brosch, Sandoval & Associates, Coral Gables, Fla.; Mark Thomas & Associates, Baltimore
Landscape designer: Stone Hill Design Associates, Baltimore
Ad agency: Weinberg Harris & Associates, Baltimore
Number of units: 191
Price range per unit: $898,000 to $5 million
Square footage of unit: 2,500
When you hear the name Ritz-Carlton you probably think five-star hotel, not luxury condominium. But that's set to change. The Residences of Ritz-Carlton offer the services and amenities patrons have come to expect, but with the bonus of ownership. Plans are under way for Residences in cities like Los Angeles, Chicago, Miami and Toronto. But the first to open is in Baltimore.
"We are unique," says Gabe Pasquale, marketing director for developer RexCorp Realty. "This specific property was [Ritz-Carlton's] first exclusive residence-only, non-hotel condominium."
The Ritz-Carlton Residences at Inner Harbor are positioned to offer a high level of service and lifestyle to lure affluent young professionals and empty nesters back into the city.
"We have a larger square footage per unit than would be typically found for sale in the Inner Harbor to distinguish ourselves," Pasquale says. "We have homes that are in excess of 3,000 square feet — mid-rise mansions."
The use of historic red brick reflect what Pasquale describes as the Capital architectural style — what you see in the historic buildings of Washington, D.C., and throughout Baltimore.
Landscaping for the community also scored gold.
"In addition to absolutely spectacular landscaped, finely manicured outdoor spaces, it's impacting when you have green spaces with water as a backdrop," says Paquale.
Pasquale says 113 homes have been sold to date. The first residents moved in this past September.
He's not saying this target buyer profile is recession proof, but he says that "some of the residents haven't sold their primary homes. They weren't willing to take the hit on their house. They say, 'I want to move on to my lifestyle. It will sell eventually.'"