Ritz-Carlton Residences draw high-end clients downtown

The $250 million Ritz-Carlton Residences, Inner Harbor, Ritz-Carlton?s first-ever condominium-only project, seeks high-end clients by bringing downtown luxury living to a new level.

The project, which celebrated its grand opening Thursday night, has 113 contracts on 192 condos, ranging in price from $1.4 million to more than $5 million, said Gabe Pasquale, vice president of marketing and sales for RexCorp Realty, which has partnered with Ritz developer Midtown Equities. The first residents will begin moving into the finished condos in July.

Pasquale has seen an “eclectic mix” of buyers sign contracts at the Ritz. The purchasers have come from Baltimore, Annapolis and the Washington metropolitan area, with some being “empty nesters” who are moving to the city from the suburbs, as well as “lock-and-leave” clients who own four or five other homes, Pasquale said.

Any big names among the residents?

“I couldn?t disclose that information due to confidentiality agreements,” Pasquale said.

Pasquale said he?s pleased with buyer activity thus far and thinks the opening of the residences and being able to show off its amenities should increase interest among prospective residents.

Inner Harbor, with its waterfront land and downtown views, was “a perfect fit” for the Ritz?s first residential project, Pasquale said.

“Without a doubt, if you spend any time with the purchasers … they?ll tell you the views and the setting are paramount,” Pasquale said.

The Ritz-Carlton brand, coupled with the appeal of waterfront living, should keep buying interest high, said Brenda Desjardins, a development consultant who runs New Home Marketing Services in Annapolis.

“The Ritz does a different level of marketing,” Desjardins said. “These clients will spend money, and while they?re interested in the urban, waterfront living, it?s also about the service and lifestyle the Ritz provides.”

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