Spanish View Towers Las Vegas luxury condos could soon see new construction. The new luxury condominium in Las Vegas real estate project at Buffalo Road and the 215 Beltway was stalled in February after breaking ground. There’s nearly $30 million in mechanics’ liens filed against Spanish View Towers real estate, hurting its ability to press ahead.
Spanish View Towers high rise condos developer, Rodney Yanke, insists, however, that those liens will be a thing of the past.
The luxury condos for sale in Las Vegas, Nevada recently acquired new private investor financing, he claims, and liens will be released by year’s end. Construction is expected to resume in early 2007.
The luxury condos stalled shortly after 30,000 cubic yards of concrete were poured for the parking structure earlier this year. HB Parkco Construction, a Costa Mesa, CA contractor, has a $25 million lien for work performed. Nevada Ready Mix, a Las Vegas-based material supplier, is owed $1.5 million for the concrete.
Spanish View Towers real estate project plans call for three 18-story concrete and glass buildings combining for 444 luxury homes, with four-story parking garages below. WPH Architecture is the architect, and Jessica Hall Associates is the interior designer. Residences are 1,835 square feet to 9,500 square feet in size. Sale prices were originally $795,000 to $6.65 million, but have since increased 4.8 percent to 13.1 percent. Residences now sell for $433-per-square foot up to $805-per-square-foot.
The initial tower is 80 percent sold-out, says a sales agent. Sales for tower two and three have yet to begin.
Meanwhile, the real estate project’s initial $475 million price-tag has gone up. Contractors seldom hold hard number bids for longer than 30 days. In 2005, raw building materials and labor costs rose between 13 to 15 percent.
The new budget is now about $598 million, including sales commissions. Spanish View Towers Las Vegas anticipates an 8 percent construction cost increase for Spanish View Tower two and an 8.5 percent increase for Spanish View Tower three.
The 15-acre Las Vegas real estate project was originally scheduled to debut in spring 2007. It will now debut in early 2008, say officials, with all three towers reaching build-out by 2010. The complex will feature resort-style amenities, including a 14,000-square-foot events center, 14,000-square-foot fitness center, and two pool and spa areas. The 2.38 million-square-foot development will additionally feature pedestrian paths, putting greens, tennis courts, horseshoe pits, a day salon and a Pilates center. Source: LV Business Press
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