Gemstone Development tops off Element House - Business

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Aug. 18, 2008
Copyright © Las Vegas Review-Journal

Gemstone Development tops off Element House

Developer says project 'icon' in southwest LV

By HUBBLE SMITH
REVIEW-JOURNAL

ManhattanWest, a condo development in southwest Las Vegas, topped off construction of its flagship building, Element House.
Photo courtesy of Gemstone Development

Gemstone Development has topped off construction of Element House, the nine-story flagship building at ManhattanWest near the Beltway and Russell Road.

The $350 million, 700-unit condo project, designed by Denver-based OZ Architecture with North Las Vegas-based APCO Construction as general contractor, is already becoming an "icon" in southwest Las Vegas, developer Alex Edelstein said.

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"While other projects that launched the same time we did never made it beyond digging holes, we've proven that ManhattanWest is moving forward quickly towards completion," he said.

The Element House tower will offer residences from studios to three-bedroom units as well as a 7,000-square-foot fitness facility and rooftop lounge and pools. Prices start in the $400,000s.

The 20-acre, mixed-use development will have 200,000 square feet of shops, restaurants and office space in 12 separate buildings. Among the first commercial tenants are Elixir coffeehouse and wine bar and Don Antonio's restaurant. A boutique market will sell freshly prepared food, sundries and packaged liquor.

Edelstein also announced a preliminary agreement with Intercontinental Hotels for a 120-room Staybridge Suites that will cater to business travelers.

Gemstone finished construction last year on the $230 million, 700-unit Manhattan condominiums on south Las Vegas Boulevard, one of the larger mid-rise projects in Las Vegas.

Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.

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Please enter your name Name: Please enter your email Email: Please enter a comment COMMENTS : (word count limit is 300) You have reached the maximum number of words allowed Current Word Count: Note: Comments made by reporters and editors of the Las Vegas Review-Journal are presented with a yellow background. Report abuse Independent_Thinker wrote on August 18, 2008 05:36 PM: Doom and gloom! You guys were the ones that were probably buying the Manhattan condos at the top of the market and are now bitter! People who buy now while we're in a down market will prosper in the long run. Everybody "knows" this but everyone is afraid right now just like in every other recession I've seen. Remember, "When others are scared, be greedy" -Warren Buffett. Oh and by the way these condos are 70% sold...so I don't think an apartment conversion is in the cards, LV Renter. Do some research before you write a development off. Report abuse LVCasinoInfo.com wrote on August 18, 2008 01:13 PM: Has Mr. Hubble actually driven past the Manhattan Condos? That place is a depressing ghost town with far far more units empty than filled. If you go on LV MLS, there has to be 100 for sale. Not exactly a screaming success that this guy should be touting from a rooftop. Report abuse Robert wrote on August 18, 2008 12:03 PM: While I respect Hubble's writings, I kept waiting for the "Special to the Review-Journal" byline that accompanies the press release "articles" that adorn the "Real Estate" section of the Review Journal. This was and is a puff piece without much research other than quotes from Edelstein. Before glorifying the "Manhattan" Project, how about an analysis that there are over 100 lawsuits (yes that number is accurate) arising out of Manhattan and the fiasco which it became for buyers. To "Contractor" end users beware since Mr. Edelstein has sued over 100 of those "end users" at Manhattan. Hence why when one tries to check to Court records on Mr. Edelstein, one finds the Court does not even show all of the lawsuits over the past 18 months but instead states "More than 100 cases found, only first 100 will be displayed!" Report abuse eric wrote on August 18, 2008 10:40 AM: $400's... HA! Won't be worth half that! Report abuse LV Renter wrote on August 18, 2008 09:10 AM: Does anyone want to guess the day they will announce they are converting to apartments? What is up with building all of the Courtyard like hotels. Are there really that many business travelers who need rooms not in casinos off the strip? There is already Element by Westing on 215 and Town Center under construction Report abuse Contractor wrote on August 18, 2008 08:52 AM: I think it's great to see Alex Edelstein getting it done. He's the only one delivering this quality product at these prices. Hopefully the real end users will appreciate it and buy the condos.