Las Vegas Central

Builder Sees Condo as "Destiny"

Las Vegas High Rises

 

Langson believes project near convention center will `make difference'

 

Bruce Langson wants to "make a difference" in the redevelopment of an older neighborhood with a high crime rate south of the Las Vegas Convention Center.

Langson, whose father, Don, founded Langson Storybook Homes in the late 1950s, plans to develop Las Vegas Central, two 52-story condominium towers with 1,000 units on Sierra Vista Drive between Paradise Road and Swenson Street.

 

It's on about 5 1/2 acres now home to three apartment complexes, including the 56-unit Kona Loha apartments that Langson's father built in 1962.

Langson said the land was recently appraised at $32 million. It's just a few yards from the new Renaissance Las Vegas hotel and the convention center's South Hall.

"I know what my destiny is and I know what I have to do to that neighborhood to make a difference," Langson, president of Langson Development, said at his office on Warm Springs Road, while surrounded by elevation drawings and blueprints of his $400 million project.

"The neighborhood has spiraled down to basically the end of its economic life and Vegas is growing, so when an area is in decline, it makes an opportunity for a developer like me."

Prices will start at $139,900 for the smaller units, a little more than 400 square feet, which is about the most affordable of the 100 or so high-rise projects proposed in Las Vegas. Penthouse suites will go for $1.5 million.

Langson said he's not concerned about the 17,000 luxury condo units that are in various planning stages for Las Vegas. In October, at a forum of high-rise developers, he said the market is 20,000 units deep and now he sees a backlog of 25,000 units.

"The market is so huge," Langson said. "The world comes to Las Vegas at a faster and faster speed. That creates a new flow of energy, there's that frenzy going on."

Langson, who ran a construction company in Houston for 25 years, said he has all of the zoning approvals with Clark County and has bankers ready to provide "mezzanine" lending, which fills the gap between equity in the project and the construction loan.

Jerde Partnership, which designed The Mirage, Bellagio and Treasure Island, is doing the initial design work, JMA Architecture Studios is the main architect and Perini Building will be the general contractor, Langson said.

CenterPoint, a real estate investment company based in Miami, announced that it has committed an additional $9.5 million in funding for Las Vegas Central, bringing the company's total financial commitment in the mixed-use project to $14.6 million.

CenterPoint invests in luxury condominium projects and assists developers in the areas of early stage, mezzanine, construction and late stage inventory financing.

CenterPoint's initial investment of $5.1 million funded specific line items in the budget such as media placement, ad agency fees, virtual tours and development of the sales center, company President Caprice LaCroix said. The new money will pay for cabinetry, granite countertops and appliances.

She said Las Vegas is one of the hottest condo markets in the country.

The Greater Las Vegas Association of Realtors reported 4,398 condo closings in 2004, compared with 582 in 2003. Closings are expected to triple over the next two years.

Las Vegas Central will have 105,000 square feet of retail, entertainment and office space, Langson said. Amenities include a health club, spa, garden and late-night supper club and lounge.

"Las Vegas Central is the concept and the execution is for people living in Las Vegas," Langson said. "It's not necessarily for travelers or investors. I want people living in my building, creating that busy vertical community.

"Building a high-rise for Las Vegas residents is important for me. We have big plans for that area. This is a family business and we want to keep it that way. My son, Ryan, he's equally as motivated to make a difference."

This article appeared in the Las Vegas Review Journal on 2/5/2005 and was written by Hubble Smith