(For more retail coverage, click GlobeSt.com/RETAIL and to read more on the multifamily market, click here.)
LAS VEGAS-Vertical construction is drawing nigh for the Village at Queensridge, a 1.35-million-sf, 18-building development that includes 340 luxury residential units and subterranean parking for some 3,300 vehicles. The $850-million development is slated for completion in late 2008.
The Village at Queensridge will rise several miles west of Downtown at the intersection of Rampart Boulevard and Alta Drive. The 30-acre development site sits across from One Queensridge Place--a related 219-unit condominium tower that recently topped out and is 80% sold--and the Suncoast Hotel & Casino. Infrastructure work for the project began in November 2005 and workers are now focusing on the two-level underground garage upon which much of the Village will be built.
The developer of the Village and One Queensridge Place is locally based Executive Home Builders. The land for both projects was provided by the Peccole family, whose Peccole Nevada Corp. was responsible for much of the pre-development infrastructure work. Cash equity for the projects was provided by IDB Holding Corp. Ltd., the largest holding company in Israel, and its subsidiary, Property and Building Ltd.
The Village's 450,000 sf of retail and restaurant space will be housed in the street-level of 16 buildings ranging from one to 10 stories. The upper levels of the multi-story buildings will house office space and some of the residential units. The bulk of the residential units will be housed in the 10-story building and two adjacent five-story buildings, all three of which will overlook Angel Park Golf Course at the north end of the Village property.
The land for the Village and One Queensridge Place has been in the Peccole family since 1949, when William Peccole traded 15,000 acres in Northern Nevada for 3,000 acres in Las Vegas. Much of the rest of the land has been developed with other master-planned communities and associated golf courses, including Canyon Gate, a residential golf and tennis country club, and Peccole Ranch, a master-planned community including restaurants, offices, medical facilities and a library.
As recently as May, when GlobeSt.com highlighted the Village development, Peccole Nevada Corp. was referred to as a co-developer of the project with EHB. EHB executive vice president Eli Applebaum through a spokesperson tells GlobeSt.com that the Peccole family is no longer part of the development entity but declined to explain the when, why and how of it. James Bruce Bayne, an executive with Peccole Nevada, also did not explain the change in the relationship but did say that Peccole Nevada does not continue to own the land and does not have an equity stake in the development.
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