The Charlie Palmer Las Vegas Hotel could finally be in Las Vegas real estate? The 426-room resort will include at least 100 condo-hotel units. The celebrity chef plans on developing the first condo-hotel in Union Park.The city, through its non-profit City Parkway V, is proposing a land sale price of $9.8 million for the 3.1-acre site in the heart of Union Park. That works out to about $3.2 million per acre or $72 per square foot. According to Scott Adams, the city’s director of business development, the price was an average of two fair-market appraisals.
San Francisco-based City-Core has formed a joint real estate venture with chef Charlie Palmer to develop the site. The planned Charlie Palmer condo hotel will be serving a niche market, according to City-Core Development.
Customers are expecting a five star experience without the gaming. Las Vegas luxury condo buyers are looking for this five-star experience in downtown.
The $150 million new Las Vegas resort will generate $1 million-$1.5 million a year to the redevelopment agency upon completion.
The resort would create 300-350 hotel and restaurant and construction related jobs.
The project will be mixed use with retail included.
The Charlie Palmer Hotel will include a “Hollywood-style pool,” 10,000-square-foot spa and two Charlie Palmer’s fine dining establishments. A sky terrace restaurant will overlook Union Park’s planned Symphony Park.
This is Palmer’s second try and building a luxury Las Vegas hotel. The celebrity chef tried last year to build a $400 million, 33-floor, 400-unit high rise condo hotel on the site of the Golden Palms Hotel Casino. The commercial real estate deal fell through. The proposed downtown condo hotel is expected to be something different.
The city is very happy with Palmer’s selection of Union Park. There is an expected 2008 groundbreaking.
The Charlie Palmer Las Vegas condo hotel should dazzle the city. No project has ever been done like this in Vegas.
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