Construction is going vertical at Boca Raton condominiums on Las Vegas Boulevard at Serene Avenue, a 756-unit, seven story midrise project being developed by Palm Beach Resort Condominiums. Photo by Gary Thompson.
Construction of the midrise Boca Raton condominiums is set to go vertical this month above two levels of underground parking, Palm Beach Resort managing partner Jerry Peterson said.
The luxury condos are going up on Las Vegas Boulevard at Serene Avenue in the fast-growing area called the south Strip, across the boulevard from another midrise condo project, Manhattan.
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Both condo projects are being built by Martin-Harris Construction.
The first of four seven-story buildings at Boca Raton is expected to be finished in fall 2006, delayed from a February 2006 completion date when the $400 million project was announced in November 2004.
Of the 378 units in the first two buildings, 270 have been sold, Peterson said. Prices start in the mid-$300,000s.
Upon completion, Boca Raton will have 756 luxury condos with resort-style pools, a fitness center, walking and jogging trails, concierge service and shuttle service along Las Vegas Boulevard.
Architecture firm PGAL designed the condos and Las Vegas-based Wright Engineering is the engineer.
Las Vegas-based Palm Beach Resort Condominiums purchased the 15-acre site for $12.8 million in January 2004, with a significant amount of equity put up by the partnership.
The south Strip is experiencing vast growth, with South Coast casino scheduled to open this month and a nearby casino in the planning stages by Station Casinos. Time-share resorts such as Grandview by Berkley Group, Cancun Caribe by Monarch Vacation Resorts, WorldMark by Trendwest Resorts and Tahiti Village by Las Vegas-based Consolidated Resorts are also prominent in the area.
A joint venture between Simon Property Group, owner of the Forum Shops at Caesars, and Olympia Group, developer of the Southern Highlands master-planned community, to build a regional shopping mall south of Cactus Avenue has been dissolved.
RANCH SALE: James Beasley, president and broker of Beasley & DeVarreau Sotheby's International Realty, sold the JV Bar Ranch in Northern Nevada for $4.1 million.
The 3,200-acre JV Bar Ranch is in Lida, near the White Mountains and Sierra Nevada Mountains, and is considered to be the oldest working ranch in Nevada. It has 18 natural springs, juniper and pinion pine forests and is home to deer, big-horn sheep, eagles, coyotes and mountain lions.
The ranch was previously owned by television personality Art Linkletter and will be developed as a golf and ski resort with high-end cabin homes, Beasley said.
REBUILD EFFORT: KB Home, the largest home builder in the Las Vegas Valley, is forming a joint venture with The Shaw Group, a Baton Rouge, La.-based engineering and construction firm, to build new homes in Louisiana in the aftermath of Hurricane Katrina.
The goal is to provide permanent housing and increase economic development in Louisiana, KB Chairman and Chief Executive Officer Bruce Karatz said.
