Boca Raton Las Vegas luxury condominiums is currently in the first phase of real estate construction on south Strip near South Coast Casino.
Las Vegas’ single-family housing market has seen some slowdown that has been well documented over the past several months, but the trend toward Las Vegas luxury condo living continues to gain momentum.
Several mid-rise projects are taking shape on the south Strip, the area of Las Vegas Boulevard from Sunset Road to St. Rose Parkway, including Manhattan Condos, Urban Village Brownstones and Loft 5 luxury condos.
Manhattan condo in Las Vegas have received its certificate of occupancy for the first building, Boca Raton has nearly completed its seven-story concrete and steel framework and Las Vegas Loft 5 condos are on track for move-in early next year. Centex Destination Properties is grading 15 acres for the first phase of Urban Village Las Vegas which includes brownstones.
“Vegas has slowed down … no. Are you kidding? It’s remarkable how well it continues to perform on a day-to-day basis,” said Centex Destination spokesman C.J. Julen.
Centex purchased about 15 acres of the 50-acre Urban Village Las Vegas site for $38 million and has an option on the rest of the land with a significant deposit down, said Tom Jacobson, vice president of development for Centex Destination.
Reservations have been made on more than 300 of the 464 brownstone units coming in the first phase, priced from $360,000 to $760,000 for one to three bedrooms. Roughly 60 percent of the buyers are local and 30 percent come from Southern California, sales director Chat Wynne said.
There are plans for another Manhattan Las Vegas luxury condos called Manhattan West, a new urban village near the Las Vegas Beltway and Russell Road.
The company spent $38 million to acquire and begin the development process for 20 acres between Russell and Oquendo Road. Plans call for 750 warehouse-style lofts and residential units, 100,000 square feet of office space and 40,000 square feet of retail.
Jerry Peterson, managing partner of Boca Raton, said he was fortunate to get into the Las Vegas real estate market early and line up $126 million in construction financing with J.P. Morgan Chase bank. The first phase of two buildings and 378 units is 75 percent sold, he said.
Boca Raton’s price point of $450 to $500 a square foot seems to be in line with other steel and concrete structures and the project is attracting a lot of second-home buyers from out of town, he said. Source: LV Review Journal
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Boca Raton condo in Las Vegas real estate in first phase construction.
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