Henderson condo project to break ground in March

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Jan. 23, 2006
Copyright � Las Vegas Review-Journal

Henderson condo project to break ground in March

By HUBBLE SMITH
REVIEW-JOURNAL

High-rise condo development has experienced some fallout in recent months, but midrise projects such as Parkline Lofts in Henderson and Boca Raton on the south Strip are proceeding.

The $23.5 million Parkline Lofts, a two-story, 65-unit loft project at Basic Road and Pacific Street in downtown Henderson, is scheduled to begin construction March 1, managing partner Bill Post said.

The project is financed by Nevada State Bank, which required 50 percent presales for the loan, one of the lowest requirements of any project in Las Vegas, Post said.

Since starting sales in November, 28 units have been sold. Post said he expect to sell the remaining required units within 10 days.

California designer Marc Hinshaw and developer Jack Webb are partners in the project. John Vivier of Las Vegas is the architect and Massengale Construction is the general contractor.

Post said he's "proud to be part of the vision" for the $550 million urban redevelopment of downtown Henderson.

"Everybody wants to think the Henderson redevelopment project is on fire, but it's taken 10 years to get to this point," he said. "We're building a Class A steel and concrete and glass building like you'd find in Los Angeles or San Francisco."

Parkline Lofts offer 10 floor plans from 750 square feet to 1,750 square feet, priced from the mid-$200,000s to the $400,000s. A $5,000 deposit is required to lock in prices.

The lofts feature 19-foot, floor-to-ceiling glass windows, private balconies and parking for two vehicles. Finishings include ceramic tile, granite countertops and wood cabinets.

BOCA RATON: Palm Beach Resort Condominiums has begun vertical construction of Boca Raton condos on Serene Avenue, between Las Vegas Boulevard and Interstate 15, and plans to deliver the first 172 units in December, developer Jerry Peterson said.

He said buyers can monitor construction progress of the $400 million project through an on-site webcam that was launched at www.bocalasvegas.com.

The project's first phase consists of two buildings and 378 units, which are about 75 percent sold, Peterson said. Prices range from the mid-$300,000s to more than $1 million, with 41 floor plans from about 600 square feet to 2,400 square feet.

Palm Beach Resort Senior Vice President of Development Stewart Simpson said a $120 million construction loan for the first phase was recorded with J.P. Morgan Chase and money is being drawn from the account for construction.

The two-story, underground parking garage is complete and vertical construction is up to two floors on the first building and one floor on the second building. Martin Harris Construction is the general contractor.

On completion, Boca Raton will have 756 units in four, seven-story buildings. The project has $130 million in "hard" sales contracts, or nonrefundable deposits in escrow, Simpson said.

OFFICE FINISHED: Boyd Martin Construction recently completed the 25,000-square-foot GLC office building for attorneys Gerard, Cox and Larsen at a cost of $4.2 million. Boyd Martin also finished a 10,000-square-foot office for Valley Bank near Charleston and Jones boulevards and 1,500-square-foot tenant improvement for Boulder City Dental Group.

CONTRACTOR AWARDS: Las Vegas Paving was named 2005 Contractor of the Year by the Nevada Contractors Association for its work on projects such as Las Vegas Motor Speedway, Las Vegas Beltway and U.S. Highway 95.

Olson Precast was named subcontractor of the year, Wells Cargo won the heavy civil project for the widening of Spring Mountain Road and Sands Avenue and Perini Building had the building project of the year for Caesars Palace's new Augustus Tower.

Other winners were Werdco B.C., safest contractor; Paul Workman, Bank West of Nevada, associate of the year; and Cate Equipment, supplier of the year.

APARTMENT VACANCY: The vacancy rate for some 80,000 Las Vegas apartment units reporting in November was 4.69 percent, up from 4.14 percent in October, CB Richard Ellis Senior Vice President Jeff Swinger reported. The highest class of apartments showed a 4.13 percent vacancy, the middle class was 5.22 percent and the lowest class was 4.63 percent.