LAS VEGAS | Boom Project Rundown! 2.0

[sky-of-webs]

The planning review sheet mentions the walgreens a couple of times, probably there.
I love the height but the placement and style will be a bit odd.

Yes, come on back summit!!! A casino makes it a much more viable project.

[mdiederi]

Originally Posted by ScottG

oh and ivana/ the summit coming back....hhhmmm

that was my favorite project- pray

This is the group that is resurrecting Ivana:

www.thekisachegroup.com

[jazfingr]

The entire footprint of the Summit (Ivana) property is only 87,000 square feet.

After subtracting the driveways, parking garage, any F&B outlets and back of house operations, there's not much room left for a casino. Maybe, with some inventive configurations, they could pull it off.

I suppose, if the parking started on the third floor (which would open up the main two floors for the public areas), it might work.

[renoman09]

Or, maybe if they follow suit with the palazzo and the cosmopolitan and build an underground parking lot they could put a casino there as well. However, i dont see much going on with that property in the near future.

[VegasMatt]

Partner says second tower planned that will top 41-story first structure

By HUBBLE SMITH
REVIEW-JOURNAL

Developers of the 41-story Allure luxury condominium tower plan to build a second, substantially taller tower on the 5-acre site on Sahara Avenue, one block west of the Strip.

It will have a mix of 350 to 400 condo-hotel rooms with multimillion-dollar penthouses on the top floor, a rooftop nightclub, a restaurant and resort-style spa, land partner Andrew Fonfa said Monday at a topping-off ceremony for the $150 million Allure.

"When I bought this property 21 years ago, I truly envisioned a project of this magnitude," he said.

Fonfa said he's talking with architects, general contractors and several financial institutions that are interested in being part of the Allure condo-hotel development team, which is led by Chicago-based Fifield Cos. Bovis Lend Lease is general contractor for the first tower and Union Labor Life Insurance Co. is the primary lender.

Construction schedule and unit pricing for the condo-hotel have not been determined. Estimated construction cost is $300 million to $400 million, Fonfa said.

Steve Fifield remembers being met with skepticism from many people in the real estate community when he announced the Allure project in January 2005.

"Mayor (Oscar) Goodman asked if I'd get it built. We got it built on time and on budget, which you can't say about a lot of other projects," Fifield said. "We've had 30 years of experience in building these properties. We also don't like following the crowd."

He pointed to high-rise development around Allure, such as Turnberry Place, Sky Las Vegas and Trump International, as an indication of what's happening on the north Strip and the movement toward downtown Las Vegas. He also held up a copy of USA Today that said developers are running out of land to build in Las Vegas, a story that has been reported locally for a number of years.

"It's been boom, bust, boom," Fifield said. "In 2005, we were in a boom period with presales. It was too good to be true. Now we're reporting a slowdown in sales and traffic. We all jump on the bandwagon and say it's a bust. Public home builders are unloading land. They've got an unsold inventory of homes. Las Vegas does have an overhang of housing, but that overhang is coming down quickly. There's only 280 (high-rise) units available for sale, so I think we're at the end of the bust."

Research firm Applied Analysis reported 95,647 existing or planned luxury condo units in Las Vegas as of October, including 1,152 existing units on the Strip and 4,795 under construction.

"It's Darwinist times," said Richard Worthington, president of Molasky Group, developer of Park Towers at Hughes Center. "Only the well-positioned, well-located, well-capitalized are going to be successful in the near term."

Fonfa said the local market, along with the success of the 428-unit first phase at Allure, influenced his decision to increase the size and scope of the second phase. Studio units were originally priced from the $200,000s at Allure. Prices now start in the $600,000s.

"The hard thing about condo-hotel is it doesn't pencil out from an investment standpoint," Applied Analysis principal Jeremy Aguero said. "It's problematic from the consumer side. We've heard some buyers grumbling about the money they're getting back (on condo-hotel rentals)."

The Residences at MGM, a joint venture between Florida-based Turnberry Associates and MGM-Mirage, was the first condo-hotel to open on the Strip, followed by the Platinum on Flamingo Road.

The second 40-story tower at The Residences is now complete and the third and final tower has topped off construction, with completion slated for mid-2007. Each tower will be connected to MGM Grand through an enclosed moving walkway, allowing easy access to the hotel's amenities.

Sales have been on the fast track since they began in January 2004, Turnberry sales and marketing director Dan Riordan said. About 90 of the 1,727 units remain for sale, priced from $650,000 to more than $2.5 million. The property has been renamed The Signature at MGM Grand.

[williasj]

It appears that the palnet hollywood towers are a go, I saw excavation work as I was driving on harmon today. Encore at Wynn is also making good progress, you can see the work form the parking garage.

[MsuMix]

Hows CityCenter/Cosmo looking? Need pics

[mdiederi]

Originally Posted by MsuMix

Hows CityCenter/Cosmo looking? Need pics

These are a couple weeks old, but you get the picture.

CityCenter










Cosmopolitan

[LMich]

Can someone tell me (officially if at all possible) the status of these projects:

1. Sandhurst

2. Club Renaissance

[mttbox]

Originally Posted by mdiederi

These are a couple weeks old, but you get the picture.

nice picture, does any one has the new Trump picture?

[mdiederi]

Originally Posted by mttbox

does any one has the new Trump picture?

[mdiederi]

Originally Posted by LMich

Can someone tell me (officially if at all possible) the status of these projects:

1. Sandhurst

2. Club Renaissance

There's been zero activity on either lot for at least a year. A lot of projects are on hold waiting for construction prices to come back down to earth. Don't have any specifics, but somebody posted a while back that they heard that some other investors were making inquiries for the Club Renaissance land.

[SpeedyFarrar]

Here's some new CityCenter renderings and a picture of the model that's in Bellagio. The CC stuff starts on page 12 of the PDF:
http://media.corporate-ir.net/media_...101502/G2E.pdf

[Patrick]

^ Great Find, cant wait for this project to be completed

Holy Crap, Trump Looks Great!

I updated the front page, anything I need to change? I put Club Ren back into the "Going to Happen" section.

[WonderlandPark]

^^^ cool photos, Dubai needs a little competition

A developer that I know has been negotiating on the Renaissance lot. The owners are trying to make a killing on the piece and the people I know may not pay what they want. The original development is very dead. It was never a viable project from the start. It was way too big. The midrise is the most suited for this area of the city.They are cheaper to build and people seem to like them better.

[mdiederi]

Originally Posted by WonderlandPark

Dubai needs a little competition

This just in:

1,888 foot supertall proposed for old wet & wild site.
http://dsnet.co.clark.nv.us/dsnetapp...a/P0195924.htm

[WonderlandPark]

Originally Posted by mdiederi

This just in:

1,888 foot supertall proposed for old wet & wild site.
http://dsnet.co.clark.nv.us/dsnetapp...a/P0195924.htm

Item #4-increase height to 1888 ft is denied.

and the FAA will shoot this down.

Even the application itself says so:
"Due to the height of the proposed building, the development will penetrate the 100:1 notification airspace surface and the Part 77 airspace surface. Therefore, final action by the Board of County Commissioners on this land-use application cannot occur until written evidence that the FAA has determined whether the proposed structure constitutes a hazard to air navigation has been received and the Department of Aviation has had an opportunity to review the determination."

[solstadwest]

cosmo looks like its moving along. Does anyone know if they are on time?! Originally they were pouring concrete next month Dec 06.

[mdiederi]

Originally Posted by WonderlandPark

Item #4-increase height to 1888 ft is denied.

and the FAA will shoot this down.

Well, it won't go for approval until next Tuesday, so I'm thinking even though the preliminary review denies the height, the developer, Christopher Milam, is asking for the extreme height in the hope that it will be cut back to a height still taller than the already approved Fontainebleau's height of 735 feet and the cancelled Ivana's 900 feet near there.

The Stratosphere Tower, a block north and over a thousand feet tall, has had two proposals for an 1,800 foot extension to their height, which might still happen sometime in the future if restrictions change.

Since most tourists enter the resort corridor from the south, the new developments on the northern end of the strip need more height so they'll be more visible.

The airport really should get rid of that north/south runway that flies directly over the city. But the development of a new airport south of town keeps hitting snags.