The Next AOL?

Posted by: Chris Palmeri on November 29, 2006

America Online founder Steve Case seemed to have put himself out to pasture not long after engineering his company’s disastrous merger with Time Warner. steve_case.jpg
But the 48 year entrepreneur has been making a comeback of late with a string of new investments in the health and travel arena. His latest: Miraval Living, a Manhattan condo project modeled after his Miraval Life in Balance spa in Tucson, Arizona. Case hopes to help and encourage residents of the 40-story Upper East Side building “to live with more balance and vitality in their lives.”

He’ll do this, according to a press release, through amenities such as a Miraval Advisor, who’ll help residents create a customized program from the over 100 programs and classes, everything from rock climbing to children’s painting. The facilities will include an almost 20,000 square foot garden, spa and fitness center, as well as a café with vegetarian and organic food. The air and water will be cleaned with eco-friendly air filters, paints will emit the absolute minimum amount of volatile compounds and there will be a chlorine-free swimming pool. All this bliss won’t come cheap, as much as $3 million for a three-bedroom residence. It’s all part of trend some have dubbed, “spadominiums.” Leave it to Case to get in early on a trend.

 

About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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