(Read more on the multifamily market.)
LAS VEGAS-The developers of Verge, an eight-story Downtown condominium development here tell GlobeSt.com that 77% (229) of the 296 units have been put under contract in the last two weeks at an average price of $400 per sf. Located at the corner of Main and Bonaza roads, the project is scheduled to break ground this summer and be complete in late 2008.
As a result of the sales, the project has cleared the hurdle for its construction loan. Fremont bank previously pledged $75 million in construction financing contingent upon selling 50% of the units.
The success may be due to relatively low pricing when compared to other new ground-up condominium developments rising in and around Las Vegas. The asking price for studio units begin at $149,900 and a total of 37 units are priced under $200,000. Of all the units, 60% are priced under $400,000.
Amenities include a 10,000-sf fitness center that includes indoor racquetball ball courts, a pool, spa and deck on fourth floor roof, and a lap pool and pet park on the ninth floor roof. The retail component of the project will total 30,000 sf and include three restaurant-bars, a gourmet grocery store, a coffee house, and a healthy fast food.
Sales and marketing for Verge Living Corp. is being handled by Prudential Americana Group Realtors High Rise Division and Access West Marketing respectively. The architect is Dennis Rusk.
The developers, Gerald Schaffer and Yossi Attia, purchased the land for the development in August 2001 for $900,000. The site was originally slated to hold senior housing.
Further along Downtown is Streamline Tower, a 21-story development one block from the Fremont Experience in Downtown Las Vegas. The lead developer, Barclay's North of Everett, WA, secured a $123-million construction loan one year ago after meeting a 50% pre-sale requirement. The project topped out last week.
The tower will contain 275 one-, two- and three-bedroom residences, a six-level, 428-space parking garage, and 12,000 sf of street level retail. Unit range from 847 sf to 2,044 sf while pricing ranges from $400,000 to $1.4 million. Amenities will include a rooftop terrace and recreation deck with a swimming pool and spa, a fitness center, valet parking and a private clubhouse.The main construction lender is Corus Bank. Mezzanine financing is being provided by MMA/Transwestern Mezzanine Realty Partners. Martin-Harris Construction is the general contractor. Prudential Americana has the sales assignment.
Also under way in Downtown Las Vegas is Juhl, a 341-unit condo project that is scheduled for occupancy this time next year. Located at Fourth Street and Bonneville Avenue, the project includes six buildings ranging from six to 15 stories and includes 24,000 sf of commercial space. Five residential buildings surround a six-story parking garage that will be topped with a pool deck with a spa, cabanas and views of the Strip.
Corus Bank funded a construction loan for the project this time last year. Occupancy is slated for June 2008 when the project was 60% pre-sold.
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