Upscale fitness chain opens massive club in Palm Beach Gardens – Trade Observer

In a dramatic example of an alternate tenant taking up large portions of retail space, Lifelong fitness launched its new 136,000 square foot club Thursday at Palm Beach Downtown Gardens mall.

Life Time Group Holdings, headquartered in Chanhassen, Minnesota, is also planning a shiny new club in a 140,000 square foot space at The falls in southern Miami-Dade County. This fitness center, which is scheduled to open next year, will occupy the space vacated by Bloomingdale’s.

The new club at Palm Beach Gardens, in 11825 Lake Victoria Garden Avenueon vacant land in the development, construction began in 2019. The location includes a rooftop pool deck, indoor pickleball courts, spa, cafe, hot tubs, saunas and steam rooms.

All of these amenities don’t come cheap: Memberships start at $249 per month, plus a $200 membership fee, according to Life Time’s website. Pricing places Life Time at the opposite end of the cost spectrum compared to Planet Fitnesswhich markets $10 monthly subscriptions.

“The customer who comes to Life Time is not the customer who goes to the cheap gyms,” Founder and CEO Bahram Akradi told analysts on a conference call this week.

Downtown Palm Beach Gardens is owned and operated by Store properties. The mall, which has struggled with tenant turnover, is anchored by whole foods and sports bar chain Court house. REIthe outdoor gear retailer, opened at the center this year in a former Urban Outfitters.

At the end of 2021, Life Time operated 151 fitness centers in the United States and Canada totaling 15.1 million square feet, the company said in its Annual Report. The company plans to open around ten points of sale per year in 2022 and 2023.

Life Time’s new clubs are larger than the chain’s old locations. The company club at 1499 Yamato Road in Boca Raton, for example, is 73,000 square feet, according to property records.

While Life Time owns the real estate in Boca Raton, the company is implementing an “asset light” strategy that involves selling its real estate and leasing space to new owners, Akradi said during the interview. ‘call.

Jeff Ostrowski can be contacted at [email protected]

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