LAS VEGAS-Cherry Development began closing sales this week for homes in its 120-unit condominium project Soho Lofts, the first residential high rise in Downtown Las Vegas. Owners will begin moving into the $63-million development this weekend.The project essentially sold out in two months when it came to market back in 2004, developer Sam Cherry tells GlobeSt.com. Located several blocks north of the Fremont Street Experience and several blocks south of the main part of the Strip, the project’s buyers are running 60% local.The units have thus far generated sales of $76 million with four penthouse units left to be sold. The 4,500-sf to 5,500-sf units are expected to sell for between $3.5 million and $4.5 million.”We initially offered the penthouses at $2.2 million; now, at $4 million [each], we are still $1.5 million less than any [other penthouse units] in the Valley,” he says. “We’re happy with where the project is at.”

Indeed, the company is up to the 18th floor on its encore project, Newport Lofts, which will be 23 stories when complete. Cherry tells GlobeSt.com that 125 of the tower’s 168 units have been pre-sold, with buyers having committed non-refundable 15% deposits. The $87-million development is slated to come online this time next year.

Looking ahead, Cherry says the company is in schematic design for a third condo tower that would sit between Soho and Newport. At 48 stories and 425 units, the proposed Stanhi Building would be by far the largest of the three towers.

The estimated project cost of Stanhi is $180 million; about $8 million has been invested in the project to date, Cherry says. Given the increasing cost of construction, Cherry says the per-sf unit price for Stanhi will have to be $700 per sf to make the numbers work.

“We started off selling units in Soho Lofts for $300 per sf,” Cherry says. “You can’t even build for that today.”

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