Monday, October 25, 2004
Copyright © Las Vegas Review-Journal
Fairfield Grand time share to top out
By HUBBLE SMITH
REVIEW-JOURNAL
Construction continues on the Fairfield Grand Desert Resort on Harmon Avenue. The $36 million, 15-story time-share project is scheduled to open next fall or winter.
Photo by Clint Karlsen.
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Fairfield Communities is building the 188-unit third tower at Fairfield Grand Desert Resort, a time-share property at 265. E. Harmon Ave. with about 600 existing units.
The 15-story tower will be topped out this week, with a scheduled opening in late fall or early winter 2005, said Arnetta O'Neill, construction coordinator for Orlando, Fla.-based Fairfield.
M.J. Dean is the general contractor for the $36 million project.
O'Neill said the first two towers have done extremely well and there's continued demand for time shares in Las Vegas.
"We're trying to keep up with demand," she said. "This place is pretty much full all the time. It's so much cheaper (than hotels), it's like a house. If you have a family of three or more, the only thing you're paying for is transportation."
Las Vegas experienced a boom in time-share development during the 1990s, starting with the Polo Towers in 1992.
Hilton Grand Vacations built properties at the Las Vegas Hilton and on the Strip, near Circus Circus. Monarch Grand Vacations and Trendwest Resorts, which was acquired by Fairfield, started a time-share corridor with development on Las Vegas Boulevard South.
Marriott Vacation Club International acquired a 2.5-acre parcel on Harmon in a deal with Diamond Resorts International, developer of the Polo Towers, and is building the $300 million, 888-unit Grand Chateau time share.
Fairfield completed the $60 million first phase of Grand Desert Resort in 2001 and is looking at other property in Las Vegas, though nothing has been purchased, O'Neill said.
The company is preparing to build projects in San Diego and Palm Springs, Calif., and is looking at St. George, Utah.
MASTER PLANS: Focus Property Group is breaking ground Wednesday on its 850-acre master-planned Providence community in the northwest valley, near Interstate 215 and Hualapai Way.
Providence, originally called Cliff's Edge, was created with the acquisition of 485 acres in the Bureau of Land Management June 2003 auction. Focus paid $113 million for the land.
Builders include Perma-Bilt Homes, Woodside Homes, Pardee Homes, Lennar (Greystone and US Home), Beazer Homes, Toll Brothers, Kimball Hill Homes, R/S Development and Chartered Development. The first models are expected to open in May.
Mountain Falls Golf Club, a master-planned golf community by William Lyon Homes, is breaking ground Thursday on Manse Road, off Highway 160 near Pahrump.
MEDICAL COMPLEX: SR Construction has been awarded a $1.6 million contract for the site development of Horizon Ridge Medical Plaza in Henderson.
The project calls for 113,000 square feet in a total of seven buildings on 10 acres. It's scheduled to break ground in November, with completion expected early next year. Jon Downer will serve as project manager.
BROKER DEALS: Judi Woodyard of Commercial Associates represented STG Realty Ventures and DVK Realty Ventures in the 36-month lease of 1,239 square feet in The Plazas, 2330 Paseo Del Prado, to the state of Nevada for $76,745.
Donna Alderson and Greg Tassi of CB Richard Ellis represented Wynn Road LLC in a five-year lease of 34,000 square feet at 5475 Wynn Road to Dealer Computer Services. The transaction is valued at more than $1 million.
Suzette La Grange of CB Richard Ellis represented Glen, Smith & Glen Development in the $1.13 million sale of 6,000 square feet at 127 E. Warm Springs to the Dean Willmore Family Trust.
