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Apr. 07, 2009
Copyright © Las Vegas Review-Journal

Construction resumes for Mira Villa condominiums

By HUBBLE SMITH
LAS VEGAS REVIEW-JOURNAL
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Jason Koverchuk poses Monday on the balcony of a Mira Villa condo that overlooks the TPC golf course. Koverchuk's company, Nexus 30, is managing sales and marketing for Mira Villa, a mid-rise complex.
Jerry Henkel/Las Vegas Review-Journal





Construction has resumed at Mira Villa condominiums in Las Vegas with a new general contractor and a commitment from lenders to complete the 113-unit first phase by late summer, a marketing executive said Monday.

HDB, a subsidiary of Las Vegas-based Westmark Homes, halted construction on the project in January 2008 and filed for Chapter 11 bankruptcy, leaving about 85 buyers wondering what would happen to their reservation deposits and upgrade expenditures.

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    • Judge Bruce Markell approved $37 million in postbankruptcy financing from Nevada State Bank, Colonial Bank and TierOne Bank in November and gave buyers the option of requesting their deposits back or staying in the project. They would not be reimbursed for upgrades.

    Jason Koverchuk of Nexus 30, the company hired to manage sales and marketing for Mira Villa, said he's reaching out to all previous contract holders, whether or not they requested a return of their earnest money.

    "That's our focus right now, working with these homeowners to come down and meet with us and explore the opportunity again," Koverchuk said.

    Remaining units go on sale in June.

    He said Mira Villa is a unique mid-rise luxury condo for Las Vegas with views of Red Rock Canyon and the Strip and a convenient location. It's on Canyon Run Drive, across from the JW Marriott hotel, between Angel Park and TPC golf courses.

    Prices at Mira Villa vary depending on the views and are commensurate with current real estate values, Koverchuk said. They start in the low $500,000s, or $280 a square foot on average. Floor plans range from 2,000 square feet to 4,000 square feet for a three-bedroom penthouse.

    Buyer Frank Pankratz of Las Vegas said he requested a return of his deposit.

    He had planned to live at Mira Villa while his unit at nearby One Queensridge Place was being built. He purchased in August 2003 and was supposed to move in by November 2004.

    While construction sputtered at Mira Villa, the 18-story, $250 million Queensridge tower was ready for occupancy in late 2007.

    "It's a beautiful project," Pankratz said of Mira Villa.

    "I think the units are nice and so forth. If I wouldn't have been at Queensridge, I'd be happy there."

    U.S. Bankruptcy Court Trustee Timothy Cory brought in Las Vegas-based general contractor Isaac Building and Design to take the project through completion.

    Westmark President Mark Oiness had estimated that Mira Villa's first phase was 85 percent to 90 percent complete during a bankruptcy hearing last year. In all, 216 units are planned.

    Mira Villa is the first luxury condo project to be resurrected in Las Vegas.

    Other condo projects that have stopped construction or canceled sales include Spanish View Towers, Vantage Lofts, Paxton Walk, Sullivan Square, The Mercer and ManhattanWest.

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

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    perry wrote on April 12, 2009 12:55 PM: another over price apartment


    Charles wrote on April 09, 2009 12:51 PM: I'm sorry Robert you don't know what you are talking about. Queensridge is way overbuilt for this market, while Mira Villa is not. Mira Villa originally sold out before the boom - by primary buyers, unlike One Queensridge. And, the quality of the construction at Mira Villa has not diminished and is beautiful. I am a Realtor and have toured the property twice and feel that 280 / sq ft is quite appropriate for Mira Villa as 400 / sq ft is common with luxury product.


    Bob wrote on April 08, 2009 01:13 AM: It is nice to see a project get resurrected.
    At that 500k - 1m price level you can buy a really nice house on a golf course.
    To each their own.


    mark thomas wrote on April 07, 2009 07:04 PM: I too am excited about this project, what a great place to live, nice views, awesome clubhouse, weekend swinging parties. My wife Susan and I both are salespeople there, come in and see us. Saturdays we have free b.b.q s and open bar.


    Robert wrote on April 07, 2009 02:18 PM: Dave, I must respectfully disagree. In the 2009 market, the pool of buyers looking to spend $600,000- $1.2 Million for a midrise condo has evaporated. Many buyers at Mira Villa were speculators or second-home buyers who are no longer in the market. Mr. Pankratz's opinion is typical of many of the buyers, who will be lucky to get out with their earnest monies and only having to forfeit option deposits.


    Robert wrote on April 07, 2009 02:14 PM: Maybelline Porker-- it does not matter how much lipstick you put on this pig. The Units even in this depressed economy START at $280 per square foot for a stripped down, inward-viewing unit. One Queensridge is luxury highrise. Mira Villa is nothing more than an iffy half-built project.


    Dave Wayne wrote on April 07, 2009 12:31 PM: Unlike many of the developments that were a product of the real estate boom, Mira Villa was, and has been in high demand. It sold out largely before the boom, and now at discounted pricing there is no reason to believe that it won't sell out again.


    susan thomas wrote on April 07, 2009 11:45 AM: I love this development and am excited that the banks are going to complete it!


    ceo wrote on April 07, 2009 06:57 AM: $500 K That's the real sweetspot. Bet Pankrantz can't wait to get his deposit back. Wake up Developers! There is NO MARKET, NO DEMAND, NO CAPITAL.


    Nick Rivers wrote on April 07, 2009 05:22 AM: Nevada State Bank made huge loans to this developer, who had no idea what he was doing. No wonder Nevada State Bank lost $46 million last year.


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