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GlobeSt.com UPDATE: Del American Pays $50M for Vegas Parcel

LAS VEGAS-The multifamily developer closed escrow this week on the 10-acre parcel here for which it has been planning a $500-million ultra-luxury condominium tower. The 50-story development is expected to break ground in 2006.

By Brian K. Miller | Updated on January 05, 2005

LAS VEGAS-Del American closed escrow this week on the 10-acre parcel of land here that it is planning to develop with a 50-story ultra-luxury condominium tower.The Florida-based multifamily developer paid $50 million for the property, which is located on Hugh Hefner and West Flamingo, adjacent to the Palms Resort and Casino. Construction for the $500-million endeavor is expected to commence in 2006. Presales begin this May.Plans for One Las Vegas were revealed in September ( Del American Plans $500M Project in Vegas ). The development will have 542 residences ranging in size from 1,000 sf to 10,000 sf and in price from $500,000 to more than $10 million. Common amenities are to include a 20,000-sf pool, a 15,000-sf health spa and a roof-top space with hot tubs, bar and dance floor. Other planned amenities include a gourmet grocer, fine dining restaurants, a cyber cafe, an outdoor grilling pavilion, tennis courts and putting greens. The development also will include typical hotel services, such as a business center with conference facilities and around-the-clock concierge services, valet and door attendants, in-home dining and housekeeping services. Meanwhile, Del American is under construction on Vegas Grand, an 888-unit, mid-priced product on a 20-acre site near the intersection of Flamingo and Swenson. More than 90% of the units have been reserved. The $200-million 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. More than 90% of the units have been reserved. A Del American spokesperson did not return a phone call seeking further comment on the projects.

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