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Art Carpenter, Maritz, Wolff & Co.'s Austin, Texas-based Vice president of development, is getting his company into the condo business with $100 million-plus projects in St. Louis and Austin.
"What we're doing in St. Louis and Austin is part of a broader plan," he said.
Maritz, Wolff & Co., the owner of the the Ritz-Carlton St. Louis and other luxury hotels, is buying the Fountain Place at Clayton, a planned $125 million, high-rise condominium development. It is being renamed The Ritz-Carlton Residences at Fountain Place.
Carpenter hopes the appeal of the Ritz-Carlton name will draw more buyers and boost the development's worth.
"This greatly improves the investment profile of the project," said Carpenter. "A property with the RitzCarlton name and services will hold its value."
Carpenter has been with Maritz, Wolff for four months. His job is to develop high-end condos that complement the company's luxury hotels.
Using his experience as a senior vice president at JPI, one of...