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$100M Mixed-Use Project Going Vertical

LAS VEGAS-The 2.4-acre Downtown redevelopment will have about 350 for-sale units in five buildings. The estimated gross sell-out is $175 million.

By Brian K. Miller | Updated on July 30, 2006

LAS VEGAS-Vertical development is underway for Juhl, a $105-million mixed-use residential-over-retail development in Downtown Las Vegas. Located at 4th Street and Bonneville Avenue, the project includes six buildings ranging from six to 15 stories containing 347 residential units and 24,000 sf of commercial space. The five residential buildings will surround and hide a six-story parking garage that will be topped with a pool deck with a spa, cabanas and views of the Strip. Occupancy is slated for June 2008.

The developer is San Diego-based CityMark Development, which was selected by the city in 2003 following a nationwide RFP process. The company tied up the 2.4-acre development site the following year for $5.2 million, its appraised value at the time, according to an independent appraisal commissioned by the city. CityMark principal Russ Haley tells GlobeSt.com the construction cost is about $100 million and has been locked in with a guaranteed maximum price agreement with the contractor, Turner Construction.

CityMark Principal Russ Haley tells GlobeSt.com that the company closed on its construction financing and the development site about one month ago. Prior to that, it had been exhausting the equity in the project. Currently, rebar is sticking up out of the ground, the foundation has been poured and the first deck should be completed in a couple of weeks, he says.

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