$1B 'Urban Village' Coming to Vegas

LAS VEGAS–Diversified Real Estate Group this week announced plans for a $1-billion pedestrian-oriented community on 50 acres at the corner of Pyle and Las Vegas Blvd., between the planned Stations Casino and the new South Coast Casino that is under construction. Called Urban Village, the three-year project will include 2,400 condominium homes in five “neighborhoods.”Separate pools, parks, jogging paths, sitting areas and dog parks will differentiate the neighborhoods. A 17,000-sf, three-story fitness center and clubhouse is also planned. Housing types will include brownstones, high-rise, live-work concepts, flats, and both finished and unfinished lofts. The community will have gas-lamp lit cobblestone streets and walkways. Retail will include a flower shop, cafe, bookstore, salon, dry cleaning, mail/shipping and restaurants. The tallest buildings will top out at 12 stories. One-, two- and three-bedroom homes will range in size from just under 1,000 sf up to 3,000 sf. Prices will range from $1 million to just under $200,000.A groundbreaking for the project occurred on Wednesday. Heavy construction for the five-phase project is expected to get under way in July and be complete in about 36 months. About 460 brownstone-style units are planned for the first phase, which Clark County has already approved. Another 460 units and 64,000 sf of retail space is planned for the second phase. Residential sales for Urban Village begin in May. Project financing is being provided by Tharaldson Financial Group Inc. A principal with Diversified did not return a Wednesday phone call seeking comment. Urban Village is the first Las Vegas project for Diversified Real Estate Group, though not for company owner Philippe Pageau-Goyette. According to published reports, Pageau-Goyette is also a principal in Manhatten Condominiums, a mid-rise condominium project under construction on Las Vegas Boulevard South at Serene Avenue, and Club Renaissance, a planned 60-story, 705-foot condominium tower at Casino Center Boulevard and Bonneville Street.