Home Subscribe Las Vegas Review-Journal
  Jobs Cars Homes Shopping Travel Weddings Golf Best of Las Vegas Photo   Search:

RECENT EDITIONS
Sun Mon Tue Wed Thu Fri Sat

Business
Feb. 23, 2008
Copyright © Las Vegas Review-Journal

Move-in day almost here for Palms Place

Condo tower gets temporary certificate of occupancy

By ARNOLD M. KNIGHTLY
REVIEW-JOURNAL

The hamman at Drift Spa inside Palms Place. Parts of the 50,000-square-foot spa and pool area are slated to open Feb 29. Palms Place, a condominium tower, received a temporary certificate of occupancy.
Photo by Clint Karlsen.



A view inside a Palms Place condominium. The 599-unit Palms Place tower features studio units, one-bedroom suites and penthouses.
Photo by Clint Karlsen.



George Maloof points out the view Friday from penthouses inside the Palms Place condo tower. The 520-foot tower sits on the western end of the Palms hotel-casino's 32-acre site on Flamingo Road.
Photo by Clint Karlsen.

The Palms Place condominium tower received a temporary certificate of occupancy from Clark County inspectors Friday, clearing the way for buyers to begin closing their sales and moving in Feb. 29, owner George Maloof said.

The 599-unit tower has a mix of 600-square-foot studio units and 1,200-square-foot one-bedroom suites. There are also 21 penthouses on the top four floors.

The Palms will add the condos to its hotel room inventory for owners wishing to rent the units out when they are not using them.

Maloof said he expects approximately 80 percent of the studio and one-bedroom suite owners to agree to rent their units. The individual owners will receive 50 percent of the room's rented price on the nights they are used.

Most Popular Stories
  • Going, going ... not gone
  • Grand plans for big hotel
  • Home prices return to 2004 levels, market watcher says
  • THE STRIP: Tropicana owner bankrupt
  • Long Gaughan: El Cortez owner sells stake in downtown casino
  • At last, positive signs in housing
  • Off-Strip hotels push harder
  • Station thinks big with Viva project
  • HOUSING MARKET: Foreclosure wave loses steam
  • INSIDE GAMING: MGM Mirage may say 'take two'



    • However, Maloof was careful to say the Palms is not guaranteeing revenue amounts to any owners.

    The first 10 units are scheduled to become available for rent March 5, with 40 more the next day and 25 more on March 7.

    Maloof said the plan is to add nearly 25 rooms a week to the hotel's room inventory during the next few months.

    The 21 penthouses, which range in size from 2,000 square feet to 7,000 square feet, are still under construction. They are expected to be completed by May.

    Buyers include rapper Eminem, guitarist Paul Stanley of Kiss, singer-actress Jessica Simpson and wrestler Hulk Hogan.

    The 520-foot nongaming tower sits on the western end of the Palms hotel-casino's 32-acre site on Flamingo Road.

    Parts of the 50,000-square-foot spa and pool area are scheduled to open Feb 29. However, Sunset Tan, which is featured on E! Entertainment, will open in mid-March.

    The Simon Restaurant & Lounge, which is being developed by chef Kerry Simon, will open in late April.

    The property will employ 540 people.

    Contact reporter Arnold M. Knightly at aknightly@reviewjournal.com or (702) 477-3893.

    Links powered by inform.com


    Leave Your Comment 3 Reader Comments
    Terms & Conditions
    The following comments are provided by readers and are the sole responsiblity of the authors. The reviewjournal.com does not review comments before publication nor guarantee their accuracy. By publishing a comment here you agree to abide by the comment policy. If you see a comment that violates the policy, please notify the web editor.

    Some comments may not display immediately due to an automatic filter. These comments will be reviewed within 48 hours. Please do not submit a comment more than once.
    Current Word Count:

    Go Green wrote on February 23, 2008 06:10 PM: If the owner gets 50% of the rented price who gets the other 50%? It cant be George, he does not own the suite.


    The Donald wrote on February 23, 2008 12:13 PM: 80% will be rented - that's nice. I'm sure the other 20% will enjoy the low-life weekend renters destroying the property. What a stupid investment.


    J wrote on February 23, 2008 10:26 AM: "singer-actress Jessica Simpson"

    HA! She is neither.

    Can't wait for Kerry's new place to open!