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Gemstone Preps to Build $330M 'Manhattan West'

LAS VEGAS-The locally based company expects to break ground in the coming months on the development, with its 700 condos, 150,000 sf of office and some 50,000 sf of retail.

By Brian K. Miller | Updated on April 03, 2007

LAS VEGAS-Locally based Gemstone Development is looking to break ground here by the end of June for Manhattan West, a $330-million mixed-use development with 700 condos, 150,000 sf of office space and 50,000 sf of retail. Project completion is slated for mid-2008.

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.

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