Jennifer Adaro-Martin stands outside one of the units being built at L'Octaine Apartments in downtown Las Vegas. Adaro-Martin is in charge of marketing and leasing for The Tom Horn Group, which is developing the new project. The 51-unit complex is now about 65 percent leased. Photo by Gary Thompson.

The 51-unit L'Octaine urban apartments in downtown Las Vegas are about 65 percent leased and construction should finish by the end of July, said Will Newbern, president of the San Diego-based developer, The Tom Hom Group.

About a fourth of the residents have already moved into the one-, two- and three-bedroom apartments on the southeast corner of Las Vegas Boulevard and Gass Avenue.

The only "hang-up" is the building permit to finish the spa, Newbern said. Potato Valley Cafe has signed a lease for roughly half of the 4,000 square feet of retail space on the ground floor.

Paramount Financial Group provided equity for the $9 million project, which included construction costs and land acquisition.

Newbern said he received redevelopment money from the city of Las Vegas. He believes downtown is poised for growth.

"I think it's booming. There's limited supply and pretty heavy demand," he said. "I think you're going to see that the demand for downtown condos will be second-home buyers."

L'Octaine is one block from the SoHo Lofts luxury condominium project under construction on Las Vegas Boulevard.

The apartments provide affordable housing for downtown employees with rents starting at $571 a month. A three-bedroom unit goes for about $800 a month.

The Tom Hom Group previously built Campaige Place, an affordable housing project at Eighth Street and Stewart Avenue. The developer also has projects in San Diego, Phoenix and Memphis, Tenn.

NEW RESTAURANT: TWC Construction will serve as general contractor for Traluca, a new restaurant coming to the Southern Highlands community in the southern Las Vegas Valley.

Construction of the 7,500-square-foot wood-frame building is anticipated to start in early July and finish in the fall. The contract is valued at $1.2 million.

The restaurant's design will incorporate Mediterranean-style elements such as stone and tile flooring, wood paneling and clay-tile roof. It will seat 175.

Carmine Vento, founder of Villa Pizza and proprietor of Carmine's Little Italy, Instant Replay and Ventano's in Las Vegas, is a partner in the restaurant with Luigi Bomparola.

PRICE ADJUSTMENT: Larry Murphy, president of SalesTraq, a local housing research firm, is reporting on his Hi-Rise Hot Sheet that units at Las Vegas Central are now starting at $300,000, up from the $139,000 prices originally advertised for the high-rise condominium project.

The project by Las Vegas-based Langson Development is scheduled to break ground in November on Sierra Vista Avenue.

NEW TOWER: Turnberry Associates will begin construction today on the first tower of the Aventura, Fla.-based developer's newest luxury high-rise residential community in Las Vegas.

Turnberry Towers will house 636 residences at the corner of Paradise Road and Karen Avenue when both 45-story towers are completed in 2008.

The developer will have six towers under construction in Las Vegas by the end of the year, including the fourth and final tower at Turnberry Place and two of the three towers at The Residences at MGM Grand.

BUSINESS PARK: Investment Equity Development, a Las Vegas-based real estate developer, plans to build the Copper Pointe Business Park off Interstate 215 between Sunset and Russell roads in the southwestern valley.

Construction of the $16 million project is expected to begin and finish in summer 2006. The office development consists of two buildings totaling 64,000 square feet. Tenants will have high-visibility signs on the beltway and covered parking.