Sporting crisp blue suits and gripping shiny gold shovels, Miramar developer Rick Caruso and his partners with Rosewood Hotels and Resorts turned over a bit of ceremonial dirt this Monday as construction on the much-anticipated luxury resort finally got underway.
"This project has been well worth the wait," said Caruso, who purchased the 16-acre beachfront property nearly a decade ago but delayed construction during multiple rounds of intense permitting and financing negotiations.
Speaking to an assembled crowd of Montecito movers and shakers, Caruso promised the Rosewood Miramar Beach Montecito resort would redefine the ultra-luxury market. "It's going to be the finest resort on the California coast, and we want it to be one of the finest resorts in the world," he said. Building is estimated to cost around $200 million. The five-star hotel will feature 170 rooms, including lanai cottages and garden bungalows, as well as multiple pools, restaurants, a membership-only beach club, and a 6,000-square-foot ballroom.
