The 20-acre development site is located along the south side of West Russell Road, between Interstate 215 and South Fort Apache Road. Gemstone acquired the properties in July 2006 in three separate transactions totaling approximately $31.5 million.
The land was acquired with proceeds from a $40-million predevelopment loan and that all the necessary development entitlements are in place. Construction financing has not yet been secured. Condo sales begin later this month adjacent to the site.
Manhattan West is anchored by a nine-story tower that will contain 74 upscale residences and the development's two-floor clubhouse, a top-floor lounge and a roof deck. At the tower's base will be a resort-style pool. Other amenities will include convenience retail shops, a barbecue pavilion and a performance amphitheater.
As for the units themselves, Gemstone will offer different designs for men and women. The design for females includes jetted bathtubs that can maintain the temperature of the water, a built-in closet organizer and an irrigated mini-garden on the terrace pre-planted with flowers, herbs, or vegetables. The design for men includes a ceiling–mounted HDTV projector and a built-in surround sound system, a wet bar stocked with glassware and wine, and dual dishwashers so the dishes never have to be put away.
Gemstone CEO Alexander Edelstein has invested $15 million of equity in the project to date. Edelstein tells GlobeSt.com he expects the residential to sell well in part because of his focus on the middle of the market -- homes that range from $250,000 to $500,000.
In addition, Edelstein cites "innovative" project amenities such as errand-service and an on-site doctor, and the development team's past success with Manhattan Condominiums, a development located on Las Vegas Boulevard near the South Coast Hotel & Casino. The project sold out its initial 700 units; the final four phases of the development will be completed this summer.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
