"We've met our requirements," says Allen, who is partnering with Barclay's North of Everett, WA on the project. "We are sitting down at the closing table with our senior and mezzanine lenders within the next few days."
The senior lender is Corus Bank and the mezzanine lender is MMA/Transwestern Mezzanine Realty Partners. Martin-Harris Construction, a veteran of the Southern Nevada construction industry, is the general contractor. Prudential Americana has the exclusive sales assignment.
Excavation for the 21-story, 275-unit project is under way and utility relocation has been completed. A 14-hour concrete pour that will precede the vertical construction is scheduled for June 2. Project completion is slated for late 2007.
The tower offers one-, two- and three-bedroom floor plans, granite countertops, high-end appliances, plentiful windows and private balconies offering views of the Strip or the Valley. Common amenities include a roof-top pool and terrace, a fitness center, enclosed parking and security.
Sales prices early on ranged from $356,000 for the smallest units, about 850 sf, to $1.3 million for the 2,000-sf units. Given solid demand for the units, which are a relative value, the asking price has risen, and the lowest price for a unit now is $420,000, says Allen.
"We are on the low end on a per-sf basis, especially if you factor in resort corridor and Strip product," Allen says. "We are around 50% to those projects."
Like Las Vegas in general, Allen says between 30% and 40% of the buyers are from California, another third are locals and the remainder are from elsewhere around the nation and world. "We've got stars, but I need to get releases first," Allen says. "We've got some sports celebrities and some other very recognizable individuals not in the entertainment industry."
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