Las Vegas Business Press : Real Estate

Real Estate

Massive South Strip timeshare complex takes shape

BY TONY ILLIA

BUSINESS PRESS

The first two towers of "Grandview of Las Vegas" are under construction on the South Strip.

"The Grandview at Las Vegas," a massive new timeshare development, is rising-up along the fast-growing South Strip. The 26-acre master-planned project calls for 10 towers, totaling about 2,200 rooms, at the southwest corner of Silverado Ranch and Las Vegas Boulevard South. Developed by The Berkley Group, under its Ft. Lauderdale, Florida-based Eldorado Resorts Corp. umbrella, Grandview is located adjacent to the new $525 million, 52-acre South Coast Casino, which is scheduled to open January 2006.

"The timeshare market in Las Vegas is on the rise, second only to Orlando nationally," says J.P. Ottino, vice president of Eldorado Resorts. "The South Strip is rapidly becoming the gateway for the city with a lot of growth and activity planned for the area."

Grandview's first two 12-story towers opened in September and December, respectively. The 140-foot-tall buildings combine for 384 timeshare units, each 800-square-foot in size. PENTA Building Group Inc., Las Vegas, was the general contractor for both towers under a $47 million guaranteed-maximum-price contract. PENTA has since started work on the project's third tower -- a 12-story, 211,000-square-foot structure housing 240 rooms. Slightly larger than its predecessors, the $25 million tower will finish construction in December.

While the Grandview site has already been designed, the additional structures will only break ground as sales warrant. The site, as a result, is expected to build-out over the next six to nine years. But that timeline could be accelerated when the new 3.7-million-square-foot South Coast Casino opens. The 25-story, 650-room property is expected to attract 20,000 visitors daily and employ 2,200 people. Coast Casinos has contributed $5 million in private funds to fast-track construction of a major interchange at Silverado Ranch Boulevard and Interstate-15. The single-point urban interchange is scheduled to advertise for construction bids later this year.

PROJECTS

The PENTA Building Group, Inc. is converting an existing human resource space at Harrah's hotel-casino into country singer Toby Keith's new 13,000-square-foot bar and restaurant. The Paul Steelman-designed western-themed venue, scheduled to finish in June, will feature a 2,500-square-foot kitchen, a performance stage, a dance floor, dining, and a guitar-shaped bar as well as retail space.

CORE Construction is building the new $2.5 million, 30,000-square-foot Meyers Automotive Center, located at Simmons Street and Ann Road in North Las Vegas. Designed by Carpenter Sellers Associates, the project will consist of three single-story masonry buildings. Meyers Automotive will occupy 3,900 square feet, with the remaining space available for lease. Insight Realty's Danny Mulcahy is overseeing the center's leasing. The project is scheduled for completion in August.

Great Wash Park, LLC received city approval for a condominium, office and retail development, located at the northeast corner of Alta Drive and Rampart Boulevard in Las Vegas. The 30-acre project calls for 340 condominiums in two five-story buildings and a 10-story building, situated inside the Queensborough development near the Angel Park Golf Course and Suncoast hotel-casino.

CityMark Development received project approval for a 15-story, 342-unit condominium tower, located at the northeast corner of Garces Avenue and Third Street in downtown Las Vegas. The building, which will also feature space for commercial businesses, is situated on 2.4-acre lot purchased from the city in October for $5.2 million.

MILLION-DOLLAR DEALS

Alliance Residential Company, with New York-based Blackrock, bought the six-year-old, 344-unit Diamond Pointe apartment complex, located at 5250 Stewart Avenue in Las Vegas for $31.65 million from a private partnership. Galaxy 7's Alan Perlmutter and Kevin Jacobson represented both the seller and buyer.

JMK Partnership bought 30,755 square feet of industrial space, located at 901 Grier Drive in Las Vegas, for $3.4 million from Las Vegas Airport Properties, LLC. CB Richard Ellis' Geoff West and Jeremy Green represented the buyer.

Purcell Tire Company signed a 10-year, $1.56 million lease for 36,000 square feet of industrial space, located at 3200 E. Gowan Road in North Las Vegas. CB Richard Ellis' Lance Robins represented the landlord, DP Industrial, LLC.

Cal Spas of Nevada signed a five-year, $1.53 million lease for 31,878 square feet of office/warehouse space within the Safari Business Park, located at 7770 S. Industrial Road in Las Vegas. IPG Commercial's Art Farmanali and Dave Mitchell represented the landlord, Safari Business Center II, LLC.

Seaggiari, Inc. signed a 10-year, $1.43 million lease with the Charleston Valley View Partnership for 6,400 square feet of office space, located at 3841 W. Charleston Boulevard, Suite 112, in Las Vegas. Colliers International's Dean Kaufman and Rhonda Panciro represented the landlord.

GKT II, LLC bought 2.44 acres of land, located at the northeast corner of Pamalyn Avenue and Ullom Drive in Las Vegas, for $1.2 million from Valley View Industrial Center, LLC. Colliers International's Scott Gragson, John Kilpatrick and Robert Torres represented the buyer.

tonyillia@aol.com | 702-303-5699

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