Monday, November 15, 2004
Copyright © Las Vegas Review-Journal
Grandview's third tower gets under way
By HUBBLE SMITH
REVIEW-JOURNAL
Work began recently on the Grandview Resort time share's third tower at 9940 Las Vegas Blvd. South.
Photo by John Gurzinski.
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The Penta Building Group has started work on the third tower at The Grandview at Las Vegas, a time-share development at 9940 Las Vegas Blvd. South.
The 12-story, 120-unit tower is expected to be completed in about a year. David Kruljac is the project manager for Penta. Construction cost is estimated at $21 million.
Ten towers are planned for the 27-acre parcel that's part of the South Pointe development, which includes the new South Coast casino currently under construction.
The time share is being developed by Berkley Group of Fort Lauderdale, Fla.
RIO EXPANSION: The Rio Pavilion Convention Center is in its sixth month of undergoing a 60,000-square-foot expansion.
Completion of the $39 million project is slated for May. Once completed, the total meeting space available at the Rio will exceed 160,000 square feet.
The expansion requires a massive amount of steel, concrete and other materials. When construction is complete, more than 1,000 tons of steel will have been used, or the equivalent of six Boeing 747 jets.
The center will have nearly 100 miles of cable and 900 tons of air-conditioning equipment, enough to cool 300 homes.
The concrete being used could build 83 homes and the 167 tons of rebar involved would produce 53 full-sized pickup trucks.
OFFICE PROJECT: Boyd Martin Construction recently broke ground on a 32,000-square-foot office building at Serene Avenue and Manhattan Road in the southeast valley.
The $4.5 million project by Pecos Serene Investments is slated for completion in January.
LAND LOANS: Builders Capital recently provided a land acquisition loan in the amount of $975,000 to Bridgekeeper. The loan was used to buy 5 acres near Interstate 215 and Centennial Parkway.
Builders Capital also loaned $1.14 million to Southwest Desert Equities to buy 5 acres of residential land in the same area.
Both companies are subsidiaries of Focus Property Group.
RECORD MONTH: Ken Lowman, owner of Luxury Homes of Las Vegas, reported record sales of more than $8.2 million in October, a 13 percent increase over the previous high set in April.
The outlook for the high-end home market remains good as buyers take advantage of profits they made selling homes for $750,000 to $1 million and reinvesting in homes for $1.5 million to $2 million, Lowman said.
He said there will be more than 400 sales this year of homes in excess of $1 million.
"Home sites for new construction have become scarce and highly priced, costs to build have increased and custom home resales have become a much more compelling value," he said.
