Evolution Lofts Las Vegas condos developers Boulevard Properties and The Greenwald Group began buying land in 2004 for a high-rise at Casino Center and Charleston boulevards, they expected to begin sales quickly.
There was a realignment to connect Casino Center with Third Street, as well as construction of a transit center to bring the Las Vegas Monorail to downtown’s Arts District, forced the Florida-based real estate development partners to wait.
Local real estate analysts agree that several factors will help Evolution Lofts succeed, and they note how Evolution Lofts Las Vegas approaches to construction and sales reflect an evolving Las Vegas luxury condo market.
A key boost for Evolution Lofts is its comparative small Las Vegas lofts project size.
Evolution Lofts Las Vegas, 159 lofts, is much smaller than the massive Las Vegas high-rises these real estate developers proposed in 2004 and 2005. Ivana Las Vegas, for example, had a unit count approaching 1,000, while the Related Group’s Las Ramblas Las Vegas would have included more than 4,000 Las Vegas luxury condominium and condo-hotel units.
Evolution Lofts will take approximately six months to nine months to sell all of its units, and two years to build the 29-story property, where lofts will range from 806 square feet to 2,106 square feet. Construction should begin summer 2007, with an occupancy date somewhere in mid-2009.
The real estate developers of the Evolution Lofts have been building for over 40 years. The Greenwald Group has been building waterfront condominium towers in Florida since the 1960s. And in the 35 years Edelman has been developing luxury condominiums, custom homes and townhomes on the East Coast, he said he has yet to stop any project.
Edelman said he also believes the costs of construction materials and labor have stabilized.
Martin Harris Construction has been named builder of Evolution Lofts and the partners are obtaining building permits from the city of Las Vegas. There hasn’t been a guaranteed material and labors cost of construction, Edelman said Evolution Lofts‘ builders have an idea of what it will cost, about $65 million, to build the Evolution Lofts.
Some luxury amenities will include floor-to-ceiling windows, hardwood floors, 10-foot and 11-foot ceilings, Italian cabinetry kitchens and stainless-steel appliances. Loft prices range from $450,000 to more than $1 million.
Construction financing hasn’t been finalized yet for Evolution Lofts Las Vegas, but several past lenders Edelman has worked with in the past have “expressed extreme interest in funding Las Vegas (Evolution Lofts).”
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Evolution Lofts Las Vegas condos starts selling its 159 hi-rise lofts.
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