Thursday, November 04, 2004
Copyright © Las Vegas Review-Journal

Council backs construction of 923-foot residential tower

The Las Vegas City Council on Wednesday approved development of what will be the tallest residential building west of the Mississippi River.

At least it will be if it's built.

The Summit, a 73-story, 923-foot condominium high-rise tower, is planned for the northeast corner of Sahara Avenue and Las Vegas Boulevard.

The building, with 951 condos, would sit on two acres, part of which was until March 2002 home to the Holy Cow! casino. The developers expect to sell 75 percent of the units as second and third homes, with only 25 percent purchased by Las Vegans.

The tower's bottom three floors would be public space with shops, restaurants and clubs.

Backers of such mixed-use residential projects have flooded City Hall seeking approval over the past six months.

The City Council has taken a somewhat skeptical approach in the belief that many developers will be unable to secure financing or the projects will fall through for other reasons before completion.

That attitude prompted Mayor Oscar Goodman on Wednesday to ask the group of Australian investors backing the Summit, "How real is this project?"

The backers assured him they were serious about developing the tower and should have it completed by 2008.