The Carlyle Group and High Street Residential to develop The Gateway Grand in Ocean City (US)

The Carlyle Group and real estate developer High Street Residential, a wholly owned subsidiary of Trammell Crow Company, have announced that they have closed on their land acquisition and will develop The Gateway Grand a 16-story, 196-unit, oceanfront luxury condominium in Ocean City, MD. Units are currently being offered for sale and occupancy is scheduled for August 2008. Terms of the transaction were not released.

Robert G. Stuckey, Managing Director and Head of Carlyle Realty Partners, said, This will be the most luxurious residential complex in Ocean City. The Gateway Grand has the amenities discerning buyers demand with the convenience and joy that comes from being steps from the ocean, all at an excellent price point.

Stephen G. Shelesky, Managing Director of Trammell Crow Company, said, We expect demand to be high among second-home buyers looking for oceanfront property. The Gateway Grand sets a new standard of excellence, convenience, beauty and luxury in Ocean City. Within a few hours of Washington, DC and Philadelphia, The Gateway Grand will be desirable for weekend getaways or full-time living.

The Gateway Grand Condominium consists of 16 stories (196 units); a 491-space covered garage, 122-space surface lot; a free-standing restaurant, a grand lobby and lounge; indoor and outdoor pools, beachfront terrace with food and beverage area; state-of-the-art fitness center; multi-purpose room; kids club/arcade; multiple meeting rooms; access controlled entrances and common areas; individual storage units.

Source: The Carlyle Group

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