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  #201  
Old Posted May 6, 2006, 9:20 PM
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Palms Place going Vertical

May 06, 2006
Copyright © Las Vegas Review-Journal

SOARING HIGHER

Palms Place project costs have jumped

By HUBBLE SMITH
REVIEW-JOURNAL

It's a good thing for developer George Maloof that he was able to increase prices six times while selling Palms Place, the 49-story, 600-unit condo-hotel under construction on west Flamingo Road.

He needs to make up for the $50 million jump in construction costs since the project was announced last year. Palms Place originally was estimated at about $300 million, or half of the total $600 million expansion at the Palms hotel.

The expansion project is now at $650 million, Maloof said Friday at a groundbreaking ceremony for Palms Place, the third tower at the off-Strip hotel-casino. Prices went from under $1,000 a square foot for studio suites to about $1,500 a foot for the penthouses.

"Many of you have had the opportunity to look at all the new projects in town and I truly believe Palms Place will be an icon in Las Vegas," Maloof said.

The project is among several condo-hotel developments in Las Vegas, including The Residences at MGM, the Platinum and Viera at Lake Las Vegas. Owners have the option of renting their units and sharing revenue with the developer.

Palms Place, which will connect to the Palms hotel through the SkyTube, an enclosed moving walkway, will be home to an affluent clientele that includes Hollywood stars, professional athletes and recording artists, Maloof said.

Celebrity couple Jessica Simpson and Nick Lachey had purchased a unit at Palms Place, but Maloof said he didn't know what would become of the condo in light of their pending divorce. Other celebrity residents will include basketball player Brad Miller of the Sacramento Kings and rapper Eminem.

Maloof thanked architect Jon Jerde of Los Angeles-based Jerde Partnership for designing Palms Place and Wells Fargo Bank for providing the financing. General contractor is M.J. Dean and completion is scheduled for December 2007.

The tower will have a 60,000-square-foot pool and spa, gated entrance with 24-hour security, valet parking, room service, a two-story conservatory and business center.

General Contractor Whiting-Turner is finishing work on the $300 million, 40-story Playboy tower next to the Palms. The tower features the first Playboy Club in Las Vegas, opening in September, along with a recording studio where the Killers, a Las Vegas band, is working on its second album.

"This takes our brand to another level," Maloof said. "We're so excited about the Playboy Club, we stuck the bunny on the tower."

Clark County Commissioner Lynette Boggs-McDonald said Las Vegas is experiencing a "paradigm shift" similar to what happened when Steve Wynn opened The Mirage in 1989.

"The Mirage opened and everyone wondered if that would work and you know that story," she said. "Here we have the Manhattanizing of Las Vegas with all of these projects coming, and this is going to be one of the hippest."



Find this article at:
http://www.reviewjournal.com/lvrj_ho...s/7249777.html
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  #202  
Old Posted May 7, 2006, 12:27 AM
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Streamline Tower looks like they are close to going vertical.. They have a crane now on site.. most of the excavation is completed..

I hope that HUE Lofts breaks ground soon! I really like that project, and it would be nice to see the ARTS District explode with tower cranes.. Plus Gateway tower too.. I like it as well..
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  #203  
Old Posted May 7, 2006, 1:49 AM
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Can someone snap some shots of the Molasky Corporate Center along Grand Central Parkway downtown?
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  #204  
Old Posted May 7, 2006, 1:57 AM
GeorgeLV GeorgeLV is offline
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Quote:
Originally Posted by LMich
Can someone snap some shots of the Molasky Corporate Center along Grand Central Parkway downtown?

Here's one posted about two weeks ago by Bender13 from the RJ.

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  #205  
Old Posted May 7, 2006, 2:06 AM
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Thanks. Does anyone know who the architect is? I know who the developer is. BTW, speaking of the Palms, has anyone noticed that the renderings showing all three towers always has the Palms Fantasy Tower (Tower II) shorter than the original tower? Is it really taller in real life than the original tower, or were plans changed? If so, the height in the diagram needs to be changed.
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Last edited by LMich; May 7, 2006 at 2:23 AM.
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  #206  
Old Posted May 7, 2006, 2:23 AM
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Tomorrow, I will see if one of my buddy's will drive downtown and along the strip so I can snap some photos.. I've been meaning to do it for a long time, but just haven't got around to actually doing it.. So in the next few days, look for an extensive photo update on Vegas Construction..
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  #207  
Old Posted May 7, 2006, 3:03 AM
GeorgeLV GeorgeLV is offline
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Quote:
Originally Posted by LMich
Thanks. Does anyone know who the architect is? I know who the developer is. BTW, speaking of the Palms, has anyone noticed that the renderings showing all three towers always has the Palms Fantasy Tower (Tower II) shorter than the original tower? Is it really taller in real life than the original tower, or were plans changed? If so, the height in the diagram needs to be changed.
I go to the movies there all the time, so I can say with confidence that the Fantasy tower is slightly taller than original tower. The floor count is probably less than 40 though as several floors are double height.
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  #208  
Old Posted May 7, 2006, 6:04 AM
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I like the Palms theater, too, if even just for the experience. The Palms is one of the coolest resorts in town.
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  #209  
Old Posted May 7, 2006, 8:09 PM
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Originally Posted by BruceH
I don't think the problems with Las Ramblas and ICON had anything to do with demand falling off the cliff in Las Vegas as Perez puts it. Demand for Las Vegas luxury condos is still happening. Our supply is far less than that of Florida, the buyers for our condos are global and demand is solid but no longer speculative as occuring in Florida. Creating good design (not 11 towers on small acreage), knowing your construction costs up front, proper branding and quickly going from reservation to contract to construction has a lot to do with how succcessful you are as a developer in Las Vegas.

We're getting lots of calls from buyers out of Miami, Naples and other Florida cities where they believe the 60,000 condos in the current construction pipeline are a train wreck waiting to happen. They are pulling out of Florida and investing in Las Vegas. Just sold a $4.6 million penthouse to one of them this week and getting more inquiries from Florida than we've seen in months.

Look at the May issue of Inc Magazine and Business 2.0. Las Vegas is the #1 pick and is THE place to work and live. Not Florida.

Las Vegas is in an excellent position to see a smooth, normal condo high rise market as only a limited number of high rises are being built at this time. The next wave won't be for another 1-2 years which further helps smooth out the demand/supply curve. Florida will be making the bad news investment headlines, not Las Vegas.
Actually, Moody's places LV in precisely the same category as Miami as cities 'on the bubble'. And it has been surprising to me that Miami, though arguably farther along in its boom - and with its far greater supply - has had comparatively few cancellations, possibly fewer than LV.

FYI, though a Floridian, I'm pulling for Miami and LV equally. I'd very much like to see both prosper.
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  #210  
Old Posted May 8, 2006, 6:59 AM
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Hey, could you guys update me on these projects either approved or proposed?

1. French Quarter Lofts - East Bonneville at South Casino Center, this is a small development (11 stories, 34 units) that has been approved. Construction was to start in late 2005, with a summer completion date of this year, but I've heard nothing, and their site hasn't been updated.

2. Key Largo - 377 E. Flamingo Rd., this is a tiny, 3-story Quality Inn hotel east of the strip that has proposed 2 towers, one hotel and one condominium. According to Emporis.com they were approved, but I don't remember hearing about them at all.

3. Royal Resort Hotel Tower - 99 Convention Center Drive, I'm simply wondering if this is still a real proposal or just a vision at the moment?

4. The Flatiron - Does this have a website?

5. Dynasty Tower (Rio Drive Tower, Hunter High-Rise): was this ever a publically released proposal?
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Last edited by LMich; May 8, 2006 at 7:04 AM.
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  #211  
Old Posted May 8, 2006, 5:48 PM
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Got this today in my email. I really hope they don't put that huge "Charlie Palmer" sign at the top...

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  #212  
Old Posted May 9, 2006, 3:50 AM
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For anyone up for some excitment at 2:30 this morning, you should go to see the Boardwalk imploded.. I think I might just stay up and go down to the strip to see it.. The Bellagio Parking Garage still isn't done, but I am sure that once it is in the next few months, that CityCenter will start going up.. They are doing a lot of Site Preparations already, they have the front of the site cleared, and only the back parking lot remains.. Cant wait!! Anyone know of any other renderings of what the whole thing will look like? I have seen bits and pieces, but no final rendering..
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  #213  
Old Posted May 9, 2006, 4:02 AM
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Developers hire local talent for W condo-hotel work

Klai Juba, M.J. Dean will work on project

By HUBBLE SMITH
REVIEW-JOURNAL

Developers of the $1 billion W Las Vegas condominium-hotel project planned for Harmon Avenue and Koval Lane have selected a general contractor and architect, both from Las Vegas.

M.J. Dean Construction, builder of Mandalay Bay, Monte Carlo, Luxor, Circus Circus, Hard Rock Hotel and Panorama Towers, has been named general contractor.

Utility installation work has begun on the 24.5-acre site and M.J. Dean is building the $5 million sales center for W Las Vegas Residences.

Las Vegas-based Klai Juba Architects is working with Lacina Heitler Architects of New York in designing the hotel, casino and residences.

Charles Allem Designs was also named to the project.

W Las Vegas is being developed through a partnership between Edge Resorts and Starwood Hotels and Resorts Worldwide.

The project will include a mix of hotel and condo-hotel units with resort-style amenities.

Edge Chairman Reagan Silber said assembling the development team for W Las Vegas is a "huge step forward." In January, W Las Vegas secured $232.5 million in development financing led by Société Générale Corporate and Investment Banking.



Find this article at:
http://www.reviewjournal.com/lvrj_ho...s/7174920.html
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  #214  
Old Posted May 9, 2006, 3:10 PM
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I was watching TV this morning and I saw this site a new high rise concept called Sullivan Square. THeir website is www.quiteordinary.com . I haven't heard or seen anything on this suburban project yet. Does anyone have more information?
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  #215  
Old Posted May 9, 2006, 4:24 PM
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BTW - whats the most annoying thing about some condos? No lights at night- right? well i noticed the residence at mgm turnberry tower 1 - which now took its crane down. its finished on the exterior, so they are test LIGHTING! the crown atop the tower will be lighted which each side lit up as well.

its pretty nice. now we can see them at night! Turnberry place should light up there tops as well.....i would doubt panorama has lighting- havnt seen any.

Oh Those balconies facing the strip on the new fantasy tower at the palms..well they are actually glass pools! nice huh?

i havnt seen any new coverage on the boardwalk implosion (?)
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  #216  
Old Posted May 9, 2006, 4:59 PM
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http://klastv.com/Global/story.asp?S=4876815

Las Vegas Boardwalk Casino Imploded
May 9, 2006 09:34 AM PDT Build Your Own Newscast

Las Vegas Casino Imploded


The Boardwalk Hotel and Casino is now a part of Las Vegas history. The structure was imploded to make room for a new mega-resort.

The 16-story structure came down on Tuesday morning at 2:30 a.m. It only took a matter of seconds for the building to fall down creating a thick cloud of smoke and dust.

Nearly 1,000 explosives were strategically placed on six different floors.

"It was amazingly impressive. It's just an everyday thing for Vegas, it's out of this world," said Gary Johnson, who watched the implosion.

After 38 years of business, The Boardwalk closed in January so MGM-Mirage could use the land to build its $5 billion City Center project.

The project will be a place for people to live, work and play. There will be hotels, a casino, luxury condos and a retail area.

The first phase of the project is expected to open in 2010.
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  #217  
Old Posted May 9, 2006, 7:28 PM
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Great video of the end of the Boardwalk.. I went down to Harmon and LVB to watch.. I will probably go take some photo's this afternoon of the developments.. Look for some updates this evening.
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Last edited by vegasrain84; May 9, 2006 at 7:38 PM.
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  #218  
Old Posted May 10, 2006, 3:15 AM
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Hey, I was reading a press release on ONE Las Vegas' website, and they say that only tower 1 will be done next year. Can anyone confirm exactly how many of the 5 towers is currently under construction, right now?
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  #219  
Old Posted May 10, 2006, 4:55 AM
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Sullivan Square

Quote:
Originally Posted by AhChu
I was watching TV this morning and I saw this site a new high rise concept called Sullivan Square. THeir website is www.quiteordinary.com . I haven't heard or seen anything on this suburban project yet. Does anyone have more information?
Yeah, it's a cool GREEN project - Durango and 215 - village concept and if it sells well will be a nice project. I think it will be the first green project to be built in Las Vegas.
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  #220  
Old Posted May 10, 2006, 3:29 PM
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^^^ no the molasky corprate off ice downtown is green architecture as well
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