Real Estate Central

LIHU’E, Kaua’i, June 6 /PRNewswire/ — The Ritz-Carlton has moved
closer to introducing its brand of luxury living to Kaua’i for the first
time by breaking ground on two developments at Kaua’i Lagoons, a
spectacular 520-acre oceanfront resort.

(Photo: http://www.newscom.com/cgi-bin/prnh/20080606/NEF040 )

With the blue Pacific Ocean and Kaua’i’s verdant mountains providing a
picturesque backdrop, a traditional Hawaiian blessing and groundbreaking
ceremony was held yesterday to mark the start of construction on The
Ritz-Carlton Residences, Kaua’i Lagoons and The Ritz-Carlton Club, Kaua’i
Lagoons.

“We’re proud to be bringing The Ritz-Carlton to Kaua’i, and we could
not have chosen a more idyllic setting for The Ritz-Carlton lifestyle than
at Kaua’i Lagoons,” said Merrill Yavinsky, regional vice president of sales
and marketing for The Ritz-Carlton Club and Residences, Hawai’i. “We are
committed to delivering an unparalleled ownership opportunity here on the
‘Garden Isle’ highlighted by the assurance of world-class service
excellence.”

Overlooking the scenic coastline, The Ritz-Carlton Residences, Kaua’i
Lagoons will offer 14 private ownership residences featuring two-, three-
and four-bedroom floor plans ranging from approximately 2,519-3,452 square
feet. The interior design capitalizes on the prime oceanfront location and
allows interior spaces to flow effortlessly into the outdoors.

Each residence will be complemented by an expansive lanai of roughly
701 to 2,064 square feet offering panoramic ocean and sunrise views. Prices
start at $5.1 million. Reservations are now being accepted and sales will
commence in August. Occupancy is scheduled for summer 2009.

The Ritz-Carlton Club, Kaua’i Lagoons will be comprised of 72 fully
furnished fractional ownership residences sold in deeded one-eighteenth
interests. Located alongside the resort’s freshwater lagoon, the Club
residences will offer two- and three-bedroom floor plans ranging from
approximately 1,692-2,118 square feet. Sales reservations are scheduled to
begin this October, with prices starting at $300,000 per interest.
Occupancy is targeted for late 2009.

Also currently under development at Kaua’i Lagoons is Grand Residences
by Marriott, the first Marriott-branded project of its kind in Hawai’i. It
will consist of 78 private ownership residences offering two- and
three-bedroom floor plans ranging from approximately 1,301-1,665 square
feet. Sales are underway with occupancy scheduled for early 2009. Prices
start at $1.6 million.

An affiliate of The Ritz-Carlton Hotel Company, LLC and Marriott
Ownership Resorts, Inc., a subsidiary of Marriott International, Inc., are
developing Kaua’i Lagoons as part of a 10-year master plan. Other
residential offerings in planning include Marriott Vacation Club timeshare
villas and private estate lots.

Golf legend Jack Nicklaus is redesigning Kaua’i Lagoons’ award-winning
golf courses, which will be highlighted with four consecutive oceanfront
holes overlooking the coastline. Future plans also include an upscale
restaurant with ocean and golf course views, water taxi service for the
39-acre freshwater lagoon, and a full-service spa. In keeping with Kaua’i’s
character, approximately 350 acres, or two-thirds of the resort including
the golf courses, will remain as undeveloped “green” space.

For information, visit http://www.kauailagoons.com.

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[Via Real Estate Newswire]