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$195M Construction Loan in Hand for Allure Las Vegas

LAS VEGAS-Fifield Realty Corp. closes on its financing for the first of two 40-story towers. The tower, which is largely presold, should be complete in two years.

By Brian K. Miller | Updated on September 02, 2005

LAS VEGAS-Fifield Realty Corp. has closed on $195.5 million in construction loans for the first of two 40-story towers that will comprise Allure Las Vegas. The tower, which is 85% presold, should be out of the ground by the end of the month and complete in 24 months.

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.

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