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LAS VEGAS-The owner of Light, a high-end nightclub within the Bellagio hotel and casino, is trying its hand at condominium development. The Light Group is planning to develop a low-rise, 147-unit condominium development on Rainbow Boulevard just south of Interstate 215, several miles southwest of the Strip. Completion is slated for December 2007.

Michael Rae, Light Group's managing partner for the project, Spa Lofts, tells GlobeSt.com that 75% of the units have been reserved with soft deposits and he expects to have hard deposits on 80% of the units by January, when the project is scheduled to break ground.

"There's such a void in this market for cool housing that there are plenty of people who can appreciate what it is and what it represents," says Rae, who estimates the total development cost at $50 million and the gross sell-out at $75 million. "Reservations have come from retired couples to casino dealers to people who work for Light."

Situated on a five-acre parcel, the project encompasses two six-story wood-framed buildings around a central courtyard, and includes underground and surface parking. The minimalist-style buildings feature inward-facing living rooms and balconies overlooking a spa-like courtyard environment, while the upper units will have views of the westerly mountains and the Las Vegas strip to the east. HCA Inc. and Graham Downes Architecture are the designers.

The units will be priced between $350 and $400 per sf and will come equipped with a built-in home theater system anchored by a 42-inch plasma television, hardwood floors, stone and marble countertops, and GE Profile appliances. The higher finish with the lower pricing is attributable to the low-rise, wood-frame construction, which costs substantially less than high-rise, concrete-and-steel construction, says Rae.

"We tried to craft a product that had [financial] accessibility to locals, something in between the high-rise towers and the tract homes," he says. "And we wanted people to get something that is complete as opposed to the tract home bait-and-switch where the frontline price gets you nothing and by the time you're done with the upgrade game you've spent another $50,000."

The Light Group was a partner in Hallier Properties' Panorama Towers development, a multi-high-rise development that has met with much success. "A lot of its marketing success had to do with its connection to Light Group," Rae says.

Then as now, Rae says Light Group is selling lifestyle, and they have a good idea what people like thanks to businesses like Light at Bellagio. "We employ 500 people throughout the hospitality side of our business and the access to the market through those outlets is enormous," he says. "It lets you know what's appealing and what's not appealing."

Instant Insights /

Bellagio Nightclub Owner Plans Low-Rise Condos

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