Allure Las Vegas will be located one-half-block off the north end of the Strip on 5.25 acres surrounded by the Sahara, Riviera, Circus Circus and Stratosphere hotels. The overall development will include 900 units with 15 floor plans, ranging in size from 671 sf to 4,400 sf. The phase will include the first tower, which will have 428 units, as well as a connected 575-slip parking garage that will be topped with amenities such as a pool area, fitness center and business center.

While this is Fifield's first Las Vegas high rise, the company has developed many high-rise office buildings and more recently has gotten into high-rise residential development, with projects under way in its hometown of Chicago and in Hallandale Beach, FL. Alan Schachtman, Fifield's principal in charge of Allure tells GlobeSt.com that unit sale prices at Allure have averaged $480 per sf, while most of the other new condo sales in the market have tended to top $500 per sf.

Schachtman says Fifield was able to hit a lower price point while still meeting a high standard of quality due to the company's experience building high-rise projects and its longtime financial backers such as Union Labor Life Insurance Co., which is leading this construction financing. "I get a kick out of projects announced by people doing their first highrise," says Schachtman. "Doing a high rise right out of the box is really tough without adding the complexity of doing it in Las Vegas, where things are really overheated and you have to have really strong cost control."