Icon High Rise Condominium Development

in Las Vegas

Icon Developer Familiar with High Rise Projects

 

 

Jorge Perez brings something to the table that most high-rise developers who've announced projects in Las Vegas are missing: experience and financial backing.

As chairman of the Related Group of Florida, a sister company of New York-based Related Cos., Perez knows what it takes to get a high-rise condominium built.

He's been credited with changing the Miami skyline and was named business leader of the year by Miami Business magazine in 2001.

Once known as the "apartment king" in south Florida, Perez turned to high-rise condos and has built more than 50,000 units, including Portofino Tower in South Beach and Ocean One in North Dade.

By 2003, Perez was generating more than $1 billion in revenue for the Related Group.

On Tuesday, Perez talked about Icon, the 502-unit high-rise luxury condominium he plans to build on Convention Center Drive, east of Ross Dress for Less.

Two towers will stretch more than 500 feet into the Las Vegas skyline and all units will face the Strip. They're priced from $500,000 to the millions, with most of them in the $600,000 to $700,000 range, Perez said.

A modern, all-glass design will distinguish Icon from more "traditional" high-rises such as Turnberry Place, he said.

"We think we have a great site where the future of Las Vegas is going," Perez said as he worked with designers in his hotel suite at Bellagio. "Wynn Resort is there. We are the closest one to the convention center. We feel we're finding a market niche."

Related Cos. came to Las Vegas this year as half owner of the World Market Center and developer of record for 61 acres of downtown land owned by the city of Las Vegas.

The company joined with SoHo Lofts developer Sam Cherry in the city's request for proposal to develop a one-acre parcel on Clark Avenue for 300 units of affordable condos in the $200,000 to $300,000 range.

In January, Related paid $15 million for the 4.5-acre parking lot area on Convention Center Drive that was part of the Silver City property purchased by San Francisco real estate investor Luke Brugnara.

Zoning and financing are in place for the $350 million Icon project, Related Cos. Executive Vice President Marty Burger said.

The architectural design firm Arquitectonica, with offices in Miami, New York and Hong Kong, has teamed with interior designer Yabu Pushelberg of Canada.

"Bottom line, look at whose projects are on the books here and who has the experience in getting it done," Burger said. "We've never given back a project to the bank."

Related Cos. develops, manages and finances some of the world's most recognized real estate developments, including Time Warner Center, Jazz at Lincoln Center and Mandarin Oriental Hotel in New York City.

Related's high-rise portfolio includes One Central Park, a 200-unit condo overlooking Central Park and Manhattan.

In West Palm Beach, Fla., Related developed CityPlace, a 72-acre mixed-use resort project with retail stores, signature restaurants, a live theater and cinema complex, office space, residential units, hotel and convention center.

The company also has mixed-use projects in Chicago, Boston and Seattle, and has an agreement with Las Vegas-based Centra Properties to develop a 21-acre mixed-use project next to the Hard Rock Hotel.

"We don't want to be in every community," Perez said. "We want to be in South Florida and we want to make Las Vegas the other place we want to be.

"We followed the proposed supply of condos in Las Vegas and frankly, the reason we're excited is A, the growth, but there is very little high-rise condo expertise. We happen to be the largest and best high-rise condo developer in the country.

"I think we're extremely well capitalized. We've done it before. We know how to market. We know how to build, the quality of the building, the design of the building, things that the market has not seen before."

SalesTraq President Larry Murphy said he's doing a market study for a midrise condo developer and is finding it hard to recommend building the project right now.

By his count, there are 55 proposed condo projects in Las Vegas but only five have broken ground.

"So we've got 10 percent that are serious and 90 percent are saying next year," Murphy said. "There's 20,000 units being talked about and nobody knows what the absorption is going to be."

 

This article appeared in the Las Vegas Review Journal on 11/24/2004 and was written by Hubble Smith

 

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