Tuesday, January 18, 2005
Copyright © Las Vegas Review-Journal

Chicago group planning luxury condominiums for Strip

The Allure high-rise condominiums will be built on this site being cleared along the Strip at Fairfield and Sahara avenues. Construction is expected to begin in the Spring. Photo by Jeff Scheid.

A Chicago developer has begun clearing the site for Allure, a high-rise luxury condominium project on West Sahara Avenue, between the Strip and Interstate 15.

It was formerly the location of the India Oven and Sushi House restaurants and a wedding chapel.

The first of two 40-story towers will offer 403 residences ranging in price from the $200,000s for studio units to $3 million for a limited number of penthouse units.

Amenities include a pool and private cabanas on the sixth floor, covered and secured parking, high-speed elevators, library, business center, game room and workout center.

Michelle Marsh, vice president of sales and marketing for Chicago-based Fifield Cos., said there's strong demand for luxury condo living in Las Vegas.

The condos are 70 percent "reserved" and construction is expected to start in the spring.

"Las Vegas is where people will want to be," Marsh said. "There is a strong demand for new urban homes in the Strip area, and Allure is absolutely positioned to fill that demand."

She said the condos will have views of the Strip and city skyline, soaring ceiling heights, granite countertops, individual balconies, Italian cabinets and stainless-steel appliances.

Beverly Lacey, a real-estate agent who specializes in high-rise condos in Las Vegas, said a typical reservation requires a buyer to put 10 percent down and another 10 percent when they "go to contract."

She said she has investors flying to Las Vegas from Japan and other Asian countries looking at the high-rise market.

"How about the Majestic?" Lacey said when asked about some of the premier projects in Las Vegas. "It's Conrad Hilton in conjunction with the Doumani family. Of all the luxury condos to date, and I've gone and seen all of their plans, this one by far is going to blow everybody out of the water."

The Majestic is planned for the former site of La Concha motel on the Strip, across from the Stardust.

Allure is just a couple blocks from the Summit, a 900-foot luxury condo project planned at the former site of the Holy Cow brewery and casino on the Strip at Sahara.

Established in 1977, Fifield has developed more than $3 billion in high-rise buildings, including 40 high rises in Chicago, and is working on the $170 million Californian on Wilshire condominium in Los Angeles.

Fifield handles all aspects of construction and development, including land and building financing, feasibility analysis and asset management.

The company starts three to four projects a year and regularly has five to seven projects at some stage of development at any one time.

Annually, the firm's fee revenues and development financing in place total about $400 million.