"Everybody has talked about bringing the brownstone concept to Las Vegas, but we're the first to get it out of the ground," Orosel said during a tour of the $10 million first phase of construction.

The first eight units are scheduled for completion in the fall, including three units in the three-story clubhouse. Floor plans range from 1,500 square feet to 1,869 square feet. Prices start from $469,000.

The perimeter of Presidio Heights will have two-story townhomes and interior buildings will have the appearance and appeal of the traditional brownstone neighborhood.

Carina Corp., a private, Las Vegas-based home builder, had planned to build brownstones at the 40-acre Village at Centennial Springs in northwest Las Vegas. But the development never materialized after Carina founder Mark Doppe sold his company to Lennar Homes.

Urban Village, a 50-acre development proposed for the south Strip, also featured brownstone homes. But land owner Philippe Pageau-Goyette sold to Centex Destination Properties and the company later allowed the option on the land contract to expire.

OLM formed a joint venture with the Feledy family of New Jersey, owner of the land since the early 1960s. That brought about $4 million in equity to the project, Orosel said.

His partners are Chad Laposky and Kevin McCarthy. Together, they've brokered more than $100 million in land acquisition, construction and financing.

VERGE SALES: The $135 million Verge condominium project planned for downtown Las Vegas sold 229 units, roughly 75 percent of the project, at a single-day event for preferred buyers.

Prices for the 296-unit, 300,000-square-foot midrise community at Bonanza Road and Main Street started at $149,900. Construction is scheduled to start this summer and finish in fall 2008.

Verge Living Corp. President Darren Dunckel said Verge would be home to three new restaurants and bars: Tinoco's, a downtown favorite in the arts district; Bonjour Bistro, serving Southern French cuisine; and Classic Vines, a wine bar.

BOYD OFFICES: Crisci Builders of Las Vegas has completed $1.8 million in tenant improvement work for executive offices of Boyd Gaming Corp. at 3883 Howard Hughes Parkway. Paul Auzenne was project manager; JMA was the architect.

RETAIL FUNDING: Inland Mortgage Capital Corp. funded a $14.4 million loan to build a 36,000-square-foot retail center at Blue Diamond and Cimarron roads in the southwest Las Vegas Valley.