Las Vegas Real Estate
In Business Las Vegas December 9 - December 15 Current Issue Special Publications Search In Business In Business on TV The List Book of Lists About InBusiness Media Kit Subscribe Contact Us Real Estate and Development Centex takes over Urban Village project By Jennifer Shubinksi / Staff Writer Fresh from paying $146 million for the 15-acre Westward Ho site near the north end of the Strip, Centex Destination Properties has turned its sights to the south with the purchase of Urban Village Las Vegas. Denver-based Centex Destination Properties, a division of the Houston-based Centex Homes, bought the first phase - 13.6 acres - and the original Urban Village Las Vegas concept promoted by Diversified Real Estate Group. The purchase price was not disclosed. Clark County recorder's data does not show any recent sales between the two parties. Centex Destination Properties has the option to purchase the remainder of the 50-acre site at a later date, said C.J. Julin, Centex Destination vice president of market ing. The Urban Village concept will remain largely unchanged from its Diversified beginnings. (Diversified Real Estate Group is owned by Philippe Pageau-Goyette, formerly involved in the under-construction Manhattan Condominiums at Las Vegas Boulevard South and Serene Avenue and who is also involved in the development of condo tower Club Renaissance in downtown Las Vegas.) Urban Village, at the southwest corner of Las Vegas Boulevard and Pyle Avenue, will include five neighborhoods with about 2,400 condominium houses in brownstones, high rises, live-work spaces, flats, lofts and condo-hotel units. Also slated for the project will be restaurants, service retailers, a pool complex and fitness center, jogging paths and parks. The first phase of the project will consist of the brownstone portion of the project, Julin said. The architecture will resemble the brownstones of the East Coast, Chicago and Boston areas with an emphasis on brick, Julin said. Reservations for the first phase will begin after the first of the year with construction tentatively scheduled for the spring, Julin said. Price ranges for units were not disclosed. John Restrepo, principal at Las Vegas-based Restrepo Consulting Group, said large companies buying out smaller companies' ideas is not uncommon, whether it's in the high-tech field or in real estate. "Maybe Philippe wants to focus on Club Renaissance and they (Centex Destination Properties) probably gave him an offer he couldn't refuse," Restrepo said. Restrepo said this type of transaction is positive for the market and means the project will probably get built more quickly than if it had stayed with a smaller developer. "It will allow Philippe to focus on his downtown property," Restrepo said. "They are a small company and they can only manage so many projects at one time." Officials with Centex Destination Properties view the Las Vegas market as the place to be right now. "There's nothing like Las Vegas in the world," Julin said. "In Las Vegas, that's the attraction - Las Vegas." Centex Destination Properties entered the Las Vegas market several years ago with its Lake Las Vegas resort communities. It was the positive feedback from that project that in part spurred the company to pursue further opportunities in the valley, Julin said. Centex Homes, a large Las Vegas homebuilder, has built homes in Las Vegas since 1952. Centex Destination Properties has essentially made bookends of Las Vegas Boulevard - with its Urban Village at the south and the Westward Ho at the north. Centex Destination Properties in September, together with Gary Tharaldson, created a limited liability company to acquire the Westward Ho hotel and casino. Details on redevelopment of the site have not been released. Tharaldson was the original financier for Diversified Real Estate Group for the Urban Village Las Vegas concept. Urban Village Las Vegas is helping define Centex Destination Properties' direction, Paul Stashick, president of the West Division of Centex Destination Properties, said in a statement. "We plan to take this concept to addi tional markets and create similar villages that reflect the unique qualities of other cities," Stashick said in the statement. In other news: • Del American, the development company that was sued for changing its pricing structure on the under-construction Vegas Grand, has announced new plans for its previously announced condominium at Flamingo Road and Hugh Hefner Drive, near the Palms. Now called Las Vegas 888 (previously called Las Vegas One), the planned 50-story tower is now in the reservation stage. Condominiums at Las Vegas 888 are priced from $750,000 to more than $10 million. • Wright Engineers is under construction with an office building at Buffalo Drive and Peak to accommodate its expanding workforce. The 16,000-square-foot building will be located next door to its existing building, which will continue to house its structural and engineering departments. The new building will accommodate the company's expanding civil engineering department and surveying division. "The Las Vegas construction market has been unbelievable and we have been fortunate as a company to ride the wave of this phenomenal growth," said Brent Wright, president and chief executive of Wright Engineers. "This additional office will help us to better serve our clients and accommodate our continued growth." The move-in date for the new building, which Wright Engineers has purchased, is July. • Las Vegas-based Slade Development re cently announced its plans for Vantage Lofts, planned for the southwest corner of Gibson Road and Paseo Verde Parkway in Hender son. Vantage Lofts is planned for construction in three phases. Phase one will encompass 110 units and has an expected completion date in the fourth quarter of 2006. Construc tion of phase two is scheduled to begin the second quarter of 2006. Slade Development, which has built and sold custom homes in the past, is the developer and design builder. Metropolitan Realty is the development's broker. The development consists of one-and two-bedroom flats, town homes and two-story lofts ranging in size from 1,000 to 2,600 square feet. The project will be terraced into the hills with glass walls that will give views of the city and the mountains, the developer said. • Sunvest Communities USA LLC bought three Las Vegas apartment properties totaling 836 units for a total cost of $103 million. The company's Las Vegas portfolio already includes the Latigo and Desert Shore Villas properties, both condo conversions. Sunvest bought the 180-unit Southgate, 2615 W. Gary Ave., in Las Vegas from St. James Las Vegas LLC for $21.6 million. The lender is Key Bank National. The company also purchased Traverse Point, a 296-unit property at 45 Maleena Mesa St. in Henderson, from Traverse Point Apartments LLC for $39.96 million. The Lender is JP Morgan Chase Bank NA. It also bought Pinehurst Apartments, 6650 Warm Springs Road in Las Vegas from Pine hurst Apartments LLC for $42 million for 360 units. The lender is JP Morgan Chase Bank NA. Jennifer Shubinski covers real estate and development for In Business Las Vegas and its sister publication, the Las Vegas Sun. She can be reached at (702) 259-8832 or by e- mail at js@lasvegassun.com. IBLV Homepage Click here for problems or questions. Read our policy on privacy and cookies. Advertise on Vegas.com. Work for Vegas.com. All contents © 1998 - 2005 Vegas.com The Most Visited Place on Earth
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San Diego real estate, MLS real estate listings, San Diego County real estate San Diego real estate San Diego county real estate - San Diego homes San Diego real estate Search the San Diego MLS San Diego real estate source San Diego real estate . . .Buying, selling, relocating . .to INSURE the BEST POSSIBLE DEAL Use the expertise of Bob Schwartz, Certified Residential Specialist Cell/Pager: 619-300-8819 Home office: 619-286-5604 *This site is continually (usually twice weekly) updated. Just Listed! San Carlos - Cosmetic Fixer! SAVE TENS OF THOUSANDS 4Br./2.5Ba.+Fam. Rm 1,800+Sq.Ft. . Click Here for more info on this San Carlos home Westerly Sunset Views Value Ranged just $499,000 to $529,000 San Diego local real estate facts . 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Las Vegas Real Estate Las Vegas Real Estate George Clooney, Rande Gerber and Preeminent Real Estate Developers to Transform Las Vegas Skyline With Las Ramblas Las Vegas real estate is on the rebound; Real Estate Prices Soaring Lake Las Vegas Resort Announces the Tom Fazio Course Rainbow Canyon Scheduled Ground in Early 2005 Lake Las Vegas Resort, a 3,592-acre residential, golf and resort community 17 miles from the Las Vegas Strip, announced plans to build Rainbow Canyon, a new 18-hole, par-71 golf course designed by Tom Fazio. Rainbow Canyon will be Lake Las Vegas Resort's fourth course and will join the resort's other award-winning golf courses, Reflection Bay Golf Club, SouthShore Golf Club, and The Falls Golf Club. Rainbow Canyon's construction is slated to break ground in the first quarter of 2005 with an expected opening in 2007. The new course will be nestled in the mountains on the northern shore of Lake Las Vegas, adjacent to the award-winning Reflection Bay Golf Club, and will stretch from the lake's shoreline to the Rainbow Garden Geological Preserve. It will measure more than 7,000 yards and will feature extraordinary canyon settings, holes along Lake Las Vegas' shoreline and elevation changes that showcase Lake Mead, the Rainbow Gardens and Lake Las Vegas Resort. "Rainbow Canyon is a unique golf course design due to the topography of the land," said R.F. Boeddeker, president and chairman, Transcontinental Properties, Inc., Lake Las Vegas Resort's master developer. "Using the lay of the land, Tom Fazio has created one of Lake Las Vegas Resort's most challenging courses that truly complements the resort's other golf clubs. The resort prides itself on offering golfers some of the finest play available in the country and the addition of the new course reinforces Lake Las Vegas Resort's position as a world-class golf destination." Fazio has been involved with the design and construction of golf courses throughout the United States, including Shadow Creek Golf Course in North Las Vegas. "It is a real pleasure to be able to return to one of my favorite cities to design a special new golf course," said Fazio. "I have always thought that some of the most creative people in the world practice their trade in Las Vegas, and I am honored that the ownership of Lake Las Vegas Resort has given me the opportunity to be involved in their wonderful development. "Like Lake Las Vegas Resort itself, Rainbow Canyon will be unique, spectacular, and of the highest quality. I get excited about all of our new projects, but I am already looking forward to teeing it up on this one. It's going to be awesome!" About Lake Las Vegas Resort Lake Las Vegas Resort is a premier residential and resort destination situated on a privately owned 320-acre lake located 17 miles from the Las Vegas Strip. Within the 3,592-acre master planned resort are exquisite residential offerings including custom home sites, waterfront and golf villas, resort condominiums and luxury executive homes. The Mediterranean-inspired destination also features world-class resorts, including the AAA Five Diamond- rated The Ritz-Carlton, Lake Las Vegas, the AAA Four Diamond-rated Hyatt Regency Lake Las Vegas Resort, Spa and Casino and MonteLago Village Resort, a collection of four challenging golf courses, pampering spas, elegant casinos, a full-service marina with watercraft rentals and yacht cruises and MonteLago Village, an enchanting enclave at the center of Lake Las Vegas Resort, offering water's edge restaurants and cafes, quaint boutiques and the 40,000-square-foot Casino MonteLago. For more information, call (800) 564-1603 or visit www.lakelasvegas.com . Source: Lake Las Vegas Resort HENDERSON, Nev., Dec. 20, 2004 /PRNewswire/ -- Locate a Las Vegas Real Estate Agent to Buy/Sell or Home Appraisal from GuidetoRealty GuideTo Real Estate Get Free Information on Real Estate Services Compare Nevada refinance and home equity loan offers from up to four competing lenders in under a minute. GuideToLenders.com brings you the best. Click for more information Las Vegas Business Press Subscribe: $80.15 ($1.54/issue) 52 issues/12 months Las Vegas Real Estate Home Page Las Vegas Entertainment Magazine Home 2005 EMOL.org