(To read more on the multifamily market, click here.)

LAS VEGAS-Downtown Las Vegas’ revitalization plans are receiving a boost from Verge, a $135-million, mixed-use, mid-rise condominium development that is set for fall 2008. Verge is helping along the region’s plan to develop an urban core by providing units of all sizes and prices, upscale amenities and direct access to all areas within the Las Vegas Valley.

The residential section of this Downtown urban-style community, which is owned and operated by Verge Living Corp., will consist of 296 residences and more than 300,000 sf. Unit options will include studios, lofts with 23-foot ceilings, and one-, two- and three-bedroom condos.

Many units include balconies and private terraces that look onto Downtown and the surrounding mountains and valley. Shared amenities consist of a 10,000-plus-sf fitness center, a rooftop pool, a spa and deck on the fourth floor, and a lap pool and pet park on the ninth floor roof.

Verge, which is slated to break ground this summer, will be located on the northeast corner of Main and Bonanza, giving it direct access to interstates 15 and 95. Las Vegas officials are upbeat that projects like Verge that combine luxury and affordability–two elements that Mayor Oscar B. Goodman thinks are key to Downtown’s revitalization–will lure residents back.

“I have heard the units are ‘affordable’ and that’s what we’re looking for in establishing an urban core where folks can live, work and play,” he says. “Verge joins in the city council’s vision for a revitalized Downtown.”

Downtown Las Vegas, with its old-Hollywood charm and even older infrastructure, has long played second-fiddle to the Strip. However, many mid- and high-rise developers, along with city officials, are confident that they can revive Downtown if, among other improvements, they bring affordable, high-quality living to those who live and work in the area. Verge’s units start at about $150,000.

Along with residential, Verge will consist of a 30,000-sf, ground-floor retail component. Developers are marketing this space to, among others, gourmet grocery stores, coffee houses, healthy fast food establishments, and mid- to high-end restaurants.

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