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Builders Have Lofty Aims for Downtown Condos
Las Vegas High Rises
Rocky Derrick isn't concerned that the city of Las Vegas axed a high-rise condo project at Martin Luther King Boulevard and Alta Drive that drew neighborhood opposition.
Derrick, vice president of development and acquisitions for Seegmiller Partners, said his firm has already been approved by the planning department and City Council for the 23-story Newport Lofts at Casino Center Boulevard and Hoover Avenue in downtown Las Vegas.
"The fact we already have planning approval, the feeling we get is the city is very excited about the project," Derrick said. "It's going to bring new residents downtown and new retail downtown. It's good for business. All in all, for the downtown setting, it's a perfect fit."
The $75 million project is a joint venture between Newport Beach, Calif.-based Seegmiller, whose principals are West and Clark Seegmiller, and Sam Cherry, developer of the nearby SoHo Lofts.
The 335-foot building will offer 168 loft-style floor plans from 900 square feet to 1,600 square feet, priced from the $300,000s to $700,000s. Two-story penthouse suites range from 1,700 to 3,000 square feet, starting in the $900,000s.
The ground floor will be mixed-use retail, with six stories of enclosed parking.
The project is scheduled to break ground in late May. Completion is expected in fall 2006.
Seegmiller has done an "incredible amount of research" and brings a lot of savvy to the project, said Herb Press, who was selected as the interior designer for Newport based on his work at Turnberry Place in Las Vegas and SoHo, NoHo and TriBeCa in New York City.
"These people actually understand the feeling of a loft. It's a Bohemian feeling," Press said.
When Press was working on TriBeCa, it was in an old, deserted manufacturing area of Manhattan with poor infrastructure.
"These places used to be sweatshops and manufacturing, old wooden floors and big iron shutters," Press said. "Someone takes a chance and buys a building and converts it (to lofts). Young professionals who want to be close to the city, close to work, they buy there. They have to eat, so someone opens a bistro. One day it's awful and the next day you can't afford it."
Press said projects such as Newport and SoHo lofts will transform downtown Las Vegas.
"Downtown eventually isn't going to be downtown. It's going to be the city," he said.
Standard features at Newport include granite countertops, stainless-steel appliances, concrete or bamboo flooring, European cabinetry and large terraces.
The building's rooftop will include a swimming pool and spa, running track and fitness center, clubhouse and movie room, all with a view of the city.
"Nevada is in its infancy of a paradigm shift in the high-rise development market," said David Ezra, president and chief executive officer of 
Prudential Americana Group Realtors' newly created high-rise development division.
Ezra generated more than $100 million in high-rise development sales in the 12 months before joining Prudential and expects sales for 2005 to exceed $1 billion.
He said Prudential intends to collaborate with select developers on carefully chosen projects in sales, marketing, strategy and investing.
"It is our intention to set the standard in the high-rise development market," Ezra said.
Aqua Blue, a luxury condominium-hotel project on Flamingo Road, east of Koval Lane, is the division's flagship project, with expected gross sales in excess of $550 million.
"This is the future of Las Vegas," Aqua Blue developer Michael Peterson said. "These lifestyle residences take living in Las Vegas to the next level."
He said the on-site hotel rental program will make "buying a piece of the Strip" one of the most attractive real estate deals in Las Vegas.
This article appeared in the Las Vegas Review Journal on 12/18/2004 and was written by Hubble Smith
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This page may contain information about local builder's completed developments and/or those be completed.
This information has been gathered using articles in the Las Vegas Review Journal, information from the builder's web site, their representatives and the Las Vegas MLS.
This information is reliable, but not guaranteed. A licensed Nevada Broker has posted this information and is NOT affiliated with the builder, although general assistance is complementary.
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Attention Getting Yourself Qualified Is As Important as Ever Are You Shopping in the Right Price Range? |
Las Vegas (702) 592-3783 |
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