Las Vegas Business Press :: News : ONE Las Vegas units nearing completion

ONE Las Vegas units nearing completion

Other South Strip developments to quicken pace of sales, developer predicts

BY BEN STEPHENS

South Strip mixed-use development ONE Las Vegas expects to deliver units to its first 270 buyers soon.

The project hasn't quite sold one-third of its lifestyle condominiums, but buyers of the high-tech units can expect to take delivery in the first quarter next year, one of the project's developers said.

A joint venture between Wayne Krygier and Chet Nichols of Las Vegas-based AmLand Development, and international developer B.S.R. Group., the 19.5-acre development south of Windmill Lane offers custom upgrade packages that incorporate the latest gadgets and tech amenities into the high-rise dwellings.

Jeferson Applegate/Business Press
ONE Las Vegas is set to deliver some 270 units to buyers of the high-tech condos in the first quarter of next year.

Buyers meet directly with Enhanced Home Technology, the Las Vegas-based company subcontracting with ONE to build the custom technological features, a factor that sets this development apart from competitors, ONE Las Vegas sales manager Kenyatta Robinson said.

Other builders offer features such as digital music servers, touch-screen control systems and home theaters, but often they are preconceived packages, Robinson explained. "We do not pretend that we are the end all be all," she stressed, but by personally designing their home systems with Enhanced Home Technology, buyers are limited only by their imaginations and budgets.

ONE Las Vegas' 960 units also will feature a virtual concierge, homeowners association, and a touch-screen terminal that allows them to order services and access other data. The project also features Wi-fi Internet access throughout. AmLand's Nichols called it the "extremity of service."

"We add time to people's lives," he said.

ONE's five loft towers, between 18 and 21 stories apiece, are on the rear 15 acres of the property among seven acres of open space, landscaped trails, three pools with private cabanas, a tennis court, valet parking, a multimedia theater room and gated entrance.

The average size of ONE's lifestyle condos is 1,440 square feet, with an average price of just under $700,000, Robinson said. The units range in size from 830 to 2,857 square feet, and in price from $300,000 to $1.7 million.

Nichols said the cost to build comes to approximately $270 per square foot. The monthly cost of the "full-service, lock-and-leave lifestyle" costs about 37 cents per square foot, per month, he said.

It will be another six months until the interiors of the first two towers are finished, Nichols said. The buildout timeline for the remainder of the project will be market-driven, he said, putting the current sales pace at six to seven years.

But Nichols predicted that the projected November completion of Turnberry Associates' mixed-use project Town Square to the north of his project could push the sales pace to three to four years.

Robinson said she currently is selling three to four units per month, calling it "good, for this market." She noted that the sales pace also is limited because these purchases are "a lifestyle choice" -- people don't need to buy them. She said it takes buyers months of deliberation before they sign onto anything.

AmLand also has built the Park Avenue Condominiums project just off Las Vegas Boulevard South. B.S.R. Group has built more than 26 high-rise projects worldwide, including the Toyota Tower in Tel Aviv and Waterfront Square in Philadelphia.

bstephens@lvbusinesspress.com | 387-5290

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