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New York developer plans $60 million
condo project for South Strip
October 02, 2004 - A New York developer plans to build
a $60 million, 272-unit midrise condominium project on Las
Vegas Boulevard South at Pebble Road, a rapidly growing
corridor of urban resort lifestyle.
Gian Matteo Lo Faro, principal partner of Loft 5, said he's
taking the best elements of similar condo projects in New
York, San Diego and Los Angeles and rolling them into this
design.
"The more I got into the local housing market, the more I
realized there was an opportunity to do something exciting, an
urban project at a mid-price point," Lo Faro said Friday from
New York. "We thought we'd do something that's affordable
luxury."
Prices for the loft units start in the mid-$300,000s,
comparable to other condo developments in that area such as
Amland's Park Avenue and Gemstone's Manhattan.
Luxury residences range from penthouse lofts with private sky
decks to multilevel lofts with 20-foot ceilings and private
terraces.
Groundbreaking for the first of eight five-story buildings is
scheduled for January, with a grand opening set for April
2006.
Jones & Greenwold is the architect of record and Poggemeyer
Design Group is doing the landscaping. No general contractor
was named.
Jeremy Aguero, principal of Applied Analysis, performed a
market study for Loft 5 and found that the price of real
estate on the South Strip, as it's being called, is quite
significant.
The area has a total of $2 billion in aggregate development
under way including South Coast casino, the Town Square
project by Turnberry Associates and Centra Properties and
several time-share projects.
Although Las Vegas development has shown signs of slowing, it
hasn't shown any signs of reversing, Aguero said.
"People who got land early are able to take advantage of a
kind of arbitrage in that industry," he said. "These guys put
the pieces together, the land and the financing, and that will
give them an advantage."
Loft 5 is being built on 10 acres, with another five acres
available for a second phase.
"What drove us here is simply the hot market, an up-and-coming
market," project designer Richard McCann said. "Our desire was
to do something a little different."
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Article ©: H. Smith,
Las Vegas Review-Journal
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