Del American Plans $500M Project in Vegas

LAS VEGAS-Del American is planning to build a 50-story condominium tower on Hugh Hefner Boulevard, adjacent to the Palms Casino Resort. The Florida-based multifamily developer with some 10,000 units under its belt says One Las Vegas will have 542 residences priced from $500,000 to more than $10 million, which will afford the development a long list of luxury amenities.The proposed $500-million development would include a 20,000-sf pool, a 15,000-sf health spa, a roof-top space with hot tubs, bar and dance floor, as well as a gourmet grocer and fine dining restaurants. Other planned amenities include a gourmet grocer, fine dining restaurants, a cyber cafe, an outdoor grilling pavilion, tennis courts and putting greens. The facility also will include a business center with conference facilities and around-the-clock concierge services, valet and door attendants, in-home dining and housekeeping services.The unit mix will include single-level suites with 10-foot ceilings and multi-level lofts with 20-foot ceilings. The condos will range from 1,000 sf to more than 10,000 sf and be available in three different designs, which Del American is labeling Pacifica Exotica, Tech Italia and Trada Elegant. Kitchens will feature Sub-Zero refrigerators, Wolf gas ranges, Snaidero cabinets, granite and glass counters and microwave ovens. Bathrooms will have open-air shower and tub rooms, dual granite or glass vanities, walk-in closets, marble and tile flooring and designer hardware. The project is scheduled to commence in the summer of 2005. Meanwhile, Del American plans to break ground this month on a mid-priced product here it is calling Vegas Grand. Del American said in August that Lehman Brothers and Hypo Real Estate Capital Corp. have committed $240 million to fund the for-sale, 880-unit development, and Turner Corp. will serve as the general contractor. Located on a 20-acre site near the intersection of Flamingo and Swenson, Del American says more than 90% of the units have been reserved since marketing began 10 months ago. The Mediterranean-styled development will be a gated community containing multi-story buildings of varying heights and ground-floor retail. Units will range from 700-sf studios to 2,500-sf penthouses and prices will range from $300,000 to $1.1 million.