Slade Development plans to have model units at the 110-unit first phase of Vantage Lofts at Gibson Road and Paseo Verde Parkway in Henderson finished in September. Occupancy is expected in October.
Flats and two-story, urban-style lofts range from 1,000 square feet to 2,600 square feet.
They're priced from $450,000 to $1.6 million, or about $450 a square foot on average.
The first three buildings are wood-framed over concrete podium parking and ready to have stucco applied to the exterior. Plumbing and electrical systems are being installed and work has begun on the 8,200-square-foot clubhouse.
Scripps Investments and Loans of La Jolla, Calif., is financing the $160 million project, which will have more than 300 units on 20 acres when completed.
The units feature 20-foot, floor-to-ceiling storefront windows, high-end appliances and plumbing fixtures, Italian cabinetry and a variety of optional custom upgrades. Common amenities include the clubhouse, three swimming pools, hot tubs, fitness center, theater and private parking garage.
Originally scheduled for completion early this year, Vantage Lofts was delayed by a number of factors, including changes in the secondary lender, a shortage in subcontractor labor and issues with the city of Henderson over design and engineering components, developer Stacy Slade said.
"Part of the complexity is the 60-foot (elevation) drop in the property," he said. "That's why we have so many great views. We knew there'd be challenges. Everything turns out to be more than anticipated, but overall, the project is looking like we wanted it to."
Vantage Lofts recently opened a 1,200-square-foot sales center at 145 S. Gibson Road. About half the units released so far have been sold, sales and marketing director Andrew Jolley said.
LAND ACQUISITION: Glen, Smith & Glen Development has acquired two parcels of land totaling 56 acres in Henderson and Las Vegas for more than $65 million. Both parcels are zoned for mixed-use development and are located along the Las Vegas Beltway -- 40 acres on Stephanie Street and 16 acres on Russell Road.
The company plans to develop something similar to its 16-acre Sullivan Square mixed-use project under construction at Durango Drive and the Beltway. Details will be released later this year.
Other commercial real estate projects by Glen, Smith & Glen include business parks at Spanish Ridge, Northpointe, San Martin, Warm Springs and Patrick Professional Park.
INDUSTRIAL PARK: Harsch Investment Properties has completed construction on the 523,000-square-foot second phase of Speedway Commerce Center at Las Vegas Motor Speedway.
Construction cost for the first two phases, consisting of eight buildings and 1.9 million square feet, is estimated at $53 million. Harsch bought the industrial park from Bruton Smith, chief executive officer of Charlotte, N.C.-based Speedway Motorsports, for $44 million in 2001.
Headquartered in Portland, Ore., Harsch owns more than 7.5 million square feet of industrial space in Las Vegas.
LAND LOAN: Las Vegas-based Builder's Capital recently provided a loan in the amount of $2 million to refinance the debt on 320 acres of raw land in Mohave County, Ariz. The borrower was Red Lake Investments.
RSS