Nina Magsaysay Rosete said her goal as principal of Las Vegas-based Modern Living Holdings is to create a modern living space at The Mercer, a 113-unit condominium development planned for the southwest valley.

Modern Living, a new development firm in Las Vegas, has entered a joint venture with JDL Development of Chicago to build the $50 million mixed-use condo and retail project on five acres at Tropicana Avenue and Grand Canyon Drive.

The three- to four-story project has been fully funded by First American Bank in Chicago. Vanguard Construction is the general contractor. Construction documents are being completed and the project is expected to break ground in the spring. Completion is scheduled for spring 2008.

The Mercer will bring a modern flair to its residences, something different from the Tuscan themes that prevail in Southern Nevada, Rosete said.

"First, there is modern aesthetics that encompass the project from the exterior to the interior, just the detail and care we've take to design the floor plans within The Mercer," she said. "We won the AIA (American Institute of Architects) merit award for design. It's just evidence of the public really viewing this as something special."

All floor plans have dedicated work areas, a place for the computer and bookshelves, separate from the bedrooms, so that a two-bedroom unit is truly two bedrooms that can be used for children or guests, Rosete said.

Prices start from about $300 a square foot, which is less than prices at comparable projects such as Spa Lofts, Luxe Lofts, Vantage Lofts and Loft 5, she said. One-bedroom, 800-square-foot units start at $229,000, two bedrooms at $399,000 and three bedrooms at $699,000.

Standard amenities include custom cabinetry, stainless steel appliances, wood flooring, 10-foot ceilings, prewired security systems, gated and covered parking and semi-private elevators used by six residents.

The Mercer will include 12,000 square feet of retail space and is "sure to be a hot property," JDL President Jim Letchinger said.

JDL, established in 1993, has completed more than 1,000 high-end residential units, primarily in Chicago.

"In Chicago, we have this urban-type living in townhomes and mid-rise condos," Letchinger said. "The 35-year-old professional seems to prefer that environment, the built-in community aspect."

As a real estate developer, Letchinger said he's "always worried about the other shoe falling off," especially during high times, but he's not concerned about the Las Vegas market, despite a record inventory of 20,815 homes and 5,135 condos for sale.

"We're not a single-family home development. That's a business unto itself and I've never compared myself to it," he said. "We're not high-rise. The glut would concern me if all these units were built. Competition doesn't concern me because I think we have an advantage in pricing, especially based on the finishings we're providing."

John Restrepo of Restrepo Consulting Group said pricing for The Mercer is OK. However, in Las Vegas' more competitive real estate market, issues of brand identity, the developer's experience in building this kind of project, financial strength, location and construction costs are equally important.

"Assuming all those things are in place, you have to keep in mind what the competition is and what the housing market does in the next year and half," he said. "When people say they don't compete with single-family homes, that's B.S. We are a price-driven market here in many ways. If I've got $700,000 to spend on a home, let me look at all my options. I may look at a higher-end home in Summerlin with a small lot."

In his August luxury condominium market summary, Restrepo reported 4,288 existing and prospective units in 14 projects that have "gone vertical" in construction, representing 6.5 percent of the 66,075 units in 119 mid-rise and high-rise projects that are planned or under construction.