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Canyon Ranch to Build Spa Condo/Hotel Tower in Chicago

Posted: June 27, 2007

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Wellness, Kelly said, has emerged "as a new value system in the United States."

Trends forecaster Gerald Celente agrees, saying health awareness is poised to become the new "green."

"The market for 'wellness' is huge," said Celente, who heads the Trends Research Institute in Rhinebeck, N.Y. Led by aging Baby Boomers armed with cash, a large segment of the population is ready at least to pay lip service to living more healthfully, he said.

"The Boomers are previewing what's going to happen to them," he said. "They're previewing their mortality in the illness and death of their parents."

This isn't Canyon Ranch's first foray into residential real estate: For about 10 years, it has been selling homes adjoining its Arizona and Massachusetts spas. And a Canyon Ranch high-rise comparable to Chicago's is under construction in Miami, with the first occupancies expected this fall, Kelly said.