from manhattanization.com:
Centex Destination Properties plans to break ground next week on the repackaged $1.5 billion, 2,400-unit "Urban Village" mixed-use project on Las Vegas Boulevard South, between Fry’s and Pyle avenue. The firm purchased the 50-acre site and project plans from Diversified Real Estate Group in December.
Although the sale terms are confidential, county records show that Centex paid $35 million for 13.59 acres being used for the first phase, or $2.575 million per acre. Diversified, by contrast, purchased the entire site in 2004 for $34.8 million, or $696,000 per acre, county records show.
"We have launched reservations for the initial 212 brownstones," said CJ Julin, vice president of marketing for Centex Destination Properties. "The master plan, architecture and brownstone theme are all similar to Diversified's original plan, but we've upgraded the level of finishes and amenities package."
Original Rendering
The first units range from 938 to 2,225 square feet in size, with asking prices of $375,000 to $795,000, or about $357 to $400 per square foot. Single-family homes, by comparison, averaged 2,223 square feet in February, with median sale prices of $175 per square foot, reported Home Builders Research Inc., a Las Vegas residential market research firm.
Urban Village will eventually consist of five neighborhoods with buildings up to 12 stories, housing a combination of brownstones, live-work spaces, flats, lofts and condo-hotel units. The project additionally will offer shops, restaurants, a pool complex, fitness center, jogging paths and parks. Other features call for secured parking, rose gardens, pet stations, outdoor grills and a bocci court. The development is expected to reach build-out in eight years, Julin said.
Diversified, meanwhile, is reportedly moving forward with its planned 60-story Club Renaissance condo high-rise at Casino Center Boulevard and Bonneville Avenue. The 906-unit downtown condo project sits on a 1.5-acre parcel that Diversified bought for about $110 per square foot.
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W Las Vegas Starts to Clear Ground
New Renderings Available
The W Las Vegas: Rendering
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M.J. Dean Construction has been named general contractor of the 24.5-acre W Las Vegas Hotel, Casino and Residences project located at Harmon Avenue and Koval Lane. Also named to the project are Klai Juba Architects, Lacina Heitler Architects and Charles Allem Designs. The W Las Vegas is being developed through a partnership between Edge Resorts and Starwood Hotels and Resorts Worldwide, Inc. The project will encompass a mix of hotel and condo-hotel units and compelling lifestyle amenities.
Edge Resorts owns 75% of the development joint venture and Starwood owns the remainder. Edge Resorts is owned by Edge Group LLC, a development and investment company formed in 2004 by principals Trevor Pearlman, Reagan Silber and Adam Frank. Starwood Hotel and Resorts is a New York-based public company that owns, operates and franchises several hundred hotels and resorts under a variety of brands including St. Regis, The Luxury Collection, Sheraton, Westin and W.
"Securing our development team for W Las Vegas is a huge step forward," said Reagan Silber, Edge Group Co-Chairman. "M.J. Dean and Klai Juba are among the most respected names in casino-resort development and Lacina Heitler and Charles Allem are two of the world's most visionary design firms."
In January, W Las Vegas secured $232.5 million in pre-development financing led by Societe Generale Corporate & Investment Banking. Utility installation work has begun on the site and the W Las Vegas Residences Welcome Center is nearly complete.
"The market is clearly excited about a W Hotel and Casino in Las Vegas," said Adam Frank, Edge Group President. "The interest in our project and the depth of demand for our condo-hotel residences has far exceeded our lofty expectations."
The project's general contractor, M.J. Dean Construction, is one of Nevada's most prolific firms, managing the construction of 18 hotel/casino projects, many involving high profile Las Vegas mega-resorts on tight schedules including Mandalay Bay, Monte Carlo, LUXOR, Circus Circus, and Hard Rock. M.J. Dean is currently building the 7,200 square foot, $5 million Welcome Center at the site of the future property.
Rendering of the Pools
Las Vegas based Klai Juba Architects and Lacina Heitler Architects of New York City are designing the property. Klai Juba is credited with designing many of Las Vegas' premier projects including Mandalay Bay Resort and Casino, THEhotel at Mandalay Bay, Hard Rock Hotel and Casino and Four Seasons Hotel. Boutique firm Lacina Heitler's designs for the W Las Vegas were selected from an international group of competing firms.
Charles Allem Designs has been commissioned to design the hotel interiors and condo residences. Allem has been recognized by Architectural Digest as one of the top 100 interior designers.
Rendering Interior
The W Las Vegas will be located on 24.5 acres at the intersection of Harmon Avenue and Koval Lane, 500 meters east of the famed Las Vegas Strip. The development will be comprised of a mix of hotel and condo-hotel units, offering owners the benefits of being attached to a W Hotel.
The W Las Vegas will embrace the stylish, signature comforts W is renowned for, including striking architecture, multiple restaurants, exhilarating nightlife and a destination spa. It will also be the brand's first property with a casino.
The property will feature a significant collection of restaurants, bars, lounges and nightclubs. Renowned designers will create unique and captivating venues that will be paired with celebrated restaurant, club and bar operators and promoters.
Bliss(R) Spa will offer its trademark treatment menu of facials, massages and body treatments. Founded in 1996 and embraced by beauty obsessed buzz makers, there are currently six Bliss spas worldwide, including those at W Hotels in New York, San Francisco and Chicago.
Additional project plans incorporate a theatre and show venue, distinctive shopping, a premier high-end meetings facility and an expansive pool area.
W Las Vegas
Studios, one-bedroom units and suites ranging from 500 to 3,000 square feet will be available for purchase and can be combined to form larger residences. Residences will go on sale to the public in mid-2006. Contact us to join the list of Reservations.
Owners will have the benefits of being attached to a W Hotel, including maid service, room service and Whatever/Whenever(TM) concierge services, along with preferred access to dining, nightlife and other amenities.
Residence owners have the option of placing their condo-hotel unit into an organized rental program, allowing owners to make their unit available through the hotel reservations department when they are not using it and share in the revenue that the unit generates.
Notable names reserving residences at the W Las Vegas include Dave Navarro and Carmen Electra, Anne Heche, Paul Walker, DJ AM, Ahman Green of the Green Bay Packers and others. Paris Hilton, a frequent staple of the Las Vegas social scene, reserved an exclusive penthouse, as did poker pro Phil Hellmuth. The World Poker Tour champion bested 50 celebrities and poker professionals to win the W Las Vegas Poker Invitational and celebrated his victory by immediately applying his studio condominium grand prize as a down payment on a $2 million penthouse.