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  #541  
Old Posted Jul 27, 2006, 6:00 PM
Reverie
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^Well I sorta of like the Mayor trying to push more projects with this idea, and I hate flippers. But if if this means he makes it less appealing to future developers who may want to build something, there'll be less proposed buildings. I think the best way to still to try to get the few developers that do care about downtown, such as Sam Cherry to start the ball rolling and creating demand, hype, and other draws so that other developers who would not have jumped into such a risky market will do so in the future after seeing Cherry's success.
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  #542  
Old Posted Jul 27, 2006, 6:49 PM
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Quote:
Originally Posted by Downtown Joe
http://www.lasvegassun.com/sunbin/st...66650614.html:

Today: July 27, 2006 at 7:38:46 PDT

Mayor to developers of tardy high-rise projects: Build it or lose it
By Dan Kulin <dan@lasvegassun.com>
Las Vegas Sun


A year ago, a company called the 702 Group bought a 1.1-acre site in downtown Las Vegas for about $5 million, then later won City Council approval for a 55-story condominium and retail project on the property.

Now, having not moved ahead with that 349-condo project, the partnership has the land at Las Vegas Boulevard and Garces Avenue - still with a nondescript one-story building on it - on the market for $9.5 million.

Impatient to see more high rises and fewer "For Sale" signs on downtown sites pitched to the council as the future home of glitzy, skyward-soaring projects, Mayor Oscar Goodman wants to put developers on a shorter leash by giving them less time to deliver on their promises - and, more important, less time to try to "flip" their land.

"Two years is plenty of time to flip," Goodman said, referring to the practice of buying land, securing development approvals - also known as entitlements - and then selling the land for a higher price.

"But if they flip it, the project never gets done, and that's not what I want," he said. "That's not accomplishing our dream and vision."

During the last few years, the council has approved more than 30 high rises for downtown . To date, however, only one has been completed and three are under construction.

Like the 702 Group's property, some of those other sites - none showing any physical evidence of the high-rise projects promised - also are for sale. And in the near future, some city officials fear, more could be.

Determined to squeeze out the speculators and limit permits to those who actually intend to build, Goodman hopes to shrink the period for which downtown high-rise plans are valid from the current two years to one year. At the end of the year, plans would expire and developers would have to get the council to reapprove them, which typically hinges on whether a developer is securing financing or obtaining building permits.

The shortened time frame could deter speculators by making their initial land purchases riskier, given that they would have less time to try to sell the property to someone else.

But 702 Group co-owner Paul Freed argues that Goodman's plan ultimately could harm rather than expedite downtown high-rise development.

Freed said companies like his provide a necessary service for the development community by securing land, wading through the approval process and assuming the risk of permit denials so that builders don't have to .

"The mayor and council have done a great job of creating an environment that attracts developers from all over the world," Freed said. "But reducing the time frame would indicate they are pulling in the reins and have a psychological effect on developers."

Developer Paul Murad said he agrees with the mayor's objective but is not certain that his proposed solution would work.

"I agree you need to slow down the entitlement and flipper schemes," said Murad, who is working on securing financing for a 39-story condominium/hotel project at Charleston Boulevard and Fourth Street, which the council approved in March.

"The flippers drive up the price of land and that stifles development, and you have extra middlemen involved," Murad added. "But obviously having more government control is not always welcome."

Tightening government regulations, Murad said, could undercut Las Vegas' developer-friendly reputation. "Right now it's a very easy place ¦ to do business."

Although Goodman is accustomed to getting his way on downtown-related matters, it is uncertain whether the council would go along with his idea. Some have expressed concerns about meddling with development regulations.

Councilman Larry Brown said while he needs more time to examine the mayor's proposal, he questions the wisdom of changing the rules.

"That's a market-driven process," he said, adding that more government regulations might make downtown less appealing to developers.

Brian Gordon of Applied Analysis, a real estate advisory firm, said he is not sure how tightening the timeline would affect development.

The market, not the city, dictates timing of the development of a high-rise project, he said.
Is this Club Ren ?
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  #543  
Old Posted Jul 27, 2006, 7:06 PM
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Quote:
Originally Posted by Dale
Is this Club Ren ?
No, it's a project by the 702 Group called Las Vegas at Garces.

702 Group has a website showing all their teaser projects. I had a feeling that these were all bogus since all five of them popped up at the same time.
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  #544  
Old Posted Jul 27, 2006, 7:16 PM
Dale Dale is offline
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Originally Posted by jazfingr
No, it's a project by the 702 Group called Las Vegas at Garces.

702 Group has a website showing all their teaser projects. I had a feeling that these were all bogus since all five of them popped up at the same time.
Okay then, I guess Club Ren's still in the game ? I got a little edgy when I read, '55 story', 'downtown' and 'single building still on property' and thought that sounded like Club Ren.
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  #545  
Old Posted Jul 27, 2006, 8:37 PM
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club ren IS in the same boat. its not part of the faux 702 group, but did 'break-ground' a while back, but no 'construction' has taken place. its a vacant lot with a single building rotting away. so club would fit in with these properties. but at least there is still hope for it....hopefully.

on another note, i was looking at http://www.eekarchitects.com/portfolio_intro.cfm
and noticed that there is a project or part of one for city center.....

there are dozens of cranes, trucks, and concrete mixers on the city center site. but i noticed a week ago that there is a crane and constuction goin on between new york new york and monte carlo...where the restaraunt arrows once was.....

Check out this picture.....




there is NO info about this project ...they only talk about city center. so it seem that city center not only runs between cosmo and monte carlo, it actually seeps behind monte carlo and around the side inbetween monte and NYNY. not to mention the design offices are now built behind NYNY.....
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  #546  
Old Posted Jul 27, 2006, 11:28 PM
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CHECK OUT THESE VEGAS SCALE BUILDING MODELS!

http://www.globalarchitecturalmodels.com/gallery.htm

Some are old, some new- some changed....
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  #547  
Old Posted Jul 28, 2006, 3:35 PM
solstadwest solstadwest is offline
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anyone wish to guess on the fate of cosmo?!
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  #548  
Old Posted Jul 28, 2006, 5:04 PM
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Quote:
Originally Posted by solstadwest
anyone wish to guess on the fate of cosmo?!
Don't tell me Cosmo's in touble too ! Good grief !
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  #549  
Old Posted Jul 28, 2006, 5:49 PM
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Originally Posted by Dale
Don't tell me Cosmo's in touble too ! Good grief !
It shouldn't be. So far, only pure condo projects have been cancelled. AND it's already under construction!

HUE part of wave of new downtown LV development


HUE Lofts developer Eddie Haddad talks Thursday about the project from his sales center office. "It's a long design process," he said.

Quote:
It's been more than a year since real estate entrepreneur Eddie Haddad paid $1.8 million for a half-acre parcel in the heart of the Las Vegas Arts District at Charleston Boulevard and Casino Center Drive and announced plans to build HUE Lofts, a 38-story, 450-foot luxury condominium.

HUE is part of some $14 billion in new development coming to downtown Las Vegas, including dozens of high-rise projects that have yet to secure financing and break ground.
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SoHo Lofts, a development by Sam Cherry, is completed and Newport Lofts and Streamline Tower are under construction. Others appear to be pie in the sky, destined to join Krystle Sands, Aqua Blue and most recently Vegas 888 as the 30 percent to 40 percent of proposed high-rise units that experts predict won't get built.

Haddad said he's glad he didn't start selling units in 2005 when construction costs were a moving target.

"A year ago, I had permission from Nevada Real Estate Division to go to sales, but had I gone, I'd have a problem right now because I sold too cheap," the 34-year-old president of Las Vegas-based Resources Group said at HUE's sales center at 300 W. Charleston Blvd. "There'd be lawsuits."

Now that he's zeroed in on hard construction costs of about $150 million, Haddad will begin taking reservations of $1,000 on the 270 units.

A total of $10,000 will be due when buyers select their units, followed by the balance of 10 percent of the purchase price at contract and another 10 percent when construction starts, scheduled for January 2007.

Completion is expected in early 2009.

Denver-based RNL Design is designing the project and Vancouver, British Columbia-based UPA Group is general contractor.

Units range from 1,100 square feet to 1,800 square feet and are priced from $700 a foot.

That sounds expensive now, but Haddad expects high-rise units to go for $2,000 a square foot in the next five to seven years.

"Why did it take so long? Because we had to talk to our subs, talk to our general contractor, talk to our engineers to get a target budget and stick to it. What we're giving is reality. You can't build this for cheaper than you sell it," Haddad said.

"We'll go to sales contract only when I get a guaranteed maximum price, which means I'll have city comments on the plans, once we get the loan commitment, the insurance commitment and guaranteed price," he also said.

All units are two-story lofts with 19-foot floor-to-ceiling windows and private balconies, creating a high-rise that's "about transparency and openness to the outside," Haddad said. Amenities include concierge service, valet parking, business center, rooftop pool and 24-hour security.

Haddad said he's debt-free on the land and soft costs such as design, entitlement and marketing.

"You know what it is? Put your money where your mouth is," he said.

It's hard to substantiate a high-rise in Vegas with all of the negative press about other projects that have failed and developers being sued, Haddad said.

"These are the external forces I'm trying to maneuver around and finish my plan. It's a long design process," he said. "You have to hire the right contractor to work with you and the subs. I go to lunch once a week with our major subs. I can tell you where every screw is going in this building."

Haddad has put together a rental program for investors that would pay a 7 percent return annually plus property taxes and association fees. Rents would be at least $2,800 a month, he said.

Las Vegas has a few buyers for million-dollar high-rise units, but most of the buyers will come from out of state and out of country, especially with the weakness of the U.S. dollar, Haddad said.
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  #550  
Old Posted Jul 28, 2006, 5:56 PM
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Quote:
Originally Posted by ScottG
CHECK OUT THESE VEGAS SCALE BUILDING MODELS!

http://www.globalarchitecturalmodels.com/gallery.htm

Some are old, some new- some changed....
Thanks for the link! The Website has a model of the HGVC


Also the Canncelled Versallies Grand Condominiums


Vegas Grand which is taking forever to start construction


Turnberry Place, you can see one tower is different
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  #551  
Old Posted Jul 28, 2006, 6:59 PM
ScottG ScottG is offline
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what and when was Versallies Grand Condominiums proposed? any renderings?

and what do you mean about cosmo...any news? it is under construction...unless you are insinuating something.


does anyone have an idea about that malll being built between nyny and monte carlo....i hear the whole front of monte carlo is being redone (but the source aint creditable) however, the sidewalk on the LV blv is fenced off where that mall is goin......its crazy how citycenter is crawling all over the place!
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  #552  
Old Posted Jul 28, 2006, 11:45 PM
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no she's not back (yet)

but i found a site that shows some cool designs, some we've already seen, some with rendering that we havnt,

http://www.library.unlv.edu/arch/aiaawa05.html

check out each year...
some projects are pretty interesting..some are from firms some from student work....i belive.
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  #553  
Old Posted Jul 29, 2006, 6:11 AM
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Originally Posted by ScottG
what and when was Versallies Grand Condominiums proposed? any renderings?
It was proposed a while ago, it had a website, an emporis page but never started constructed.
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  #554  
Old Posted Jul 29, 2006, 6:41 PM
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Here are some random photos, hope you like them...

Been awhile since we've seen this one eh?


Strip Skyline from South


LOFT 5


ONE L AS VEGAS


CityCenter


SKY LV


MGM/PANORAMA - I like this photo, I don't know why.


SKY Again


ENCORE, how tall is this thing supposed to be again?

Last edited by Reverie; Jul 29, 2006 at 6:57 PM.
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  #555  
Old Posted Jul 29, 2006, 7:54 PM
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It would be sweet if we knew what Encore looked like. Stupid Wynn..
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  #556  
Old Posted Jul 31, 2006, 3:32 PM
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Does anyone know the story with Soho? When is it going to open?
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  #557  
Old Posted Jul 31, 2006, 9:25 PM
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tower 3 of panorama now has a crane up. city center parking garage is almost done (and HUGE) mgm residences tower 2 almost done. alllure getting tall with turnberry tower 1 taller and tower 2 coming close. newport is big, soho (aint open?) WMC=goldmine- crazy driving past that on the freeway. city center has so many construction realignments/cranes/ concret mixers/ trucks/ cranes/ cranes/ cranes everywhere, cosmo gets lost in it all...i will asume there are lots of drilling there too...

evelution lofts now have billboards everywhere.....wheres its website?
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  #558  
Old Posted Jul 31, 2006, 9:50 PM
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What floor are they at on Trump? Also does anybody know if there is a link for a webcam? Thanks in advance.
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  #559  
Old Posted Jul 31, 2006, 10:37 PM
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trump has got to be on floor 12 lets say (its getting up there- its a big bar of gold)

has anyone realized that flatiron is exactly like ivana (aka the summit) BOTH are flat-iron type sites. and the design is the same for both except flatiron stops halfway up.
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  #560  
Old Posted Aug 1, 2006, 12:40 AM
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Jul. 30, 2006
Copyright © Las Vegas Review-Journal

INSIDE GAMING: Strip flip in the offing, industry sources say

Harrah's Entertainment recently picked up options on the former Westward Ho site, adjacent to the Stardust, industry sources say. It then used the options as leverage to open talks with Boyd Gaming Corp. Boyd owns the Barbary Coast, which is in the middle of the two Strip blocks owned by Harrah's. The theory is that Boyd should be willing to swap the Barbary Coast for the Westward Ho site plus some cash. Boyd could then expand its planned $4 billion Echelon Place development on the Stardust site and Harrah's could master plan its two blocks without a Boyd property sitting in its midst. Negotiations are said to be under way, but so far Boyd is unenthusiastic.

Advertisement

Industry insiders last week said Michael Gaughan's deal to buy back the South Coast from Boyd Gaming Corp. was a clear sign competition is alive and well in the gaming industry, even the Las Vegas locals market. One top executive, not wanting to be named talking about competitors, said new entrants are knocking at the door and Wall Street financial types are lined up to back the right kind of deals. "Michael proves there are even old-timers panting to get back in to one of the hottest industries in the country," another said, also not wanting to be named.

There's a new mutual fund to watch, focused as it is on the politically incorrect territory of casino, gaming and lottery companies. The fund is managed by Dan Ahrens, author of "Investing in Vice," and was set up to exploit the "dark side of human nature," which some say is a natural for Wall Street, especially during economic doldrums. Ahrens wrote in his book that no matter what the stock market is doing, individuals indulge in vices such as gambling, drinking and smoking. With gaming stocks up more than 25 percent year-to-date, Ahrens and a lot of investors see his new "socially irresponsible" fund as a good bet. Only one other fund fits the mold, the Vice Fund, which Ahrens previously managed.

Surveys nationwide are now showing it may take $4 a gallon to get people to significantly change their driving habits. But they confirm there is a price point out there somewhere. And they also find the decision isn't strictly between gasoline prices and driving. It's between their discretionary spending and lifestyles they can realistically afford. At some point, those surveyed say they realize they'll have to give up something and decide what that is. Hospitality industry insiders still believe Americans will yield on a lot of other luxuries before they give up vacations, which they see as a God-given right.

Gaming Wire Editor Rod Smith can be reached by phone at 477-3893 or by e-mail at rsmith@reviewjournal.com.
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