Houston developer Jim Noteware said he's carefully prepared his entry into Las Vegas real estate with the $50 million, 178-unit Brickwater condominium complex at Giles Street and Mesa Verde Lane, near the Las Vegas Outlet Center.

"We understand the market, the long-term residential profile of Las Vegas, and the key element is demographic growth," Noteware said at the project's sales center behind The Bootlegger restaurant on Las Vegas Boulevard. "You have a very successful business environment. It's beyond gaming. It's entertainment, convention business, the military. Also, the proximity to everywhere in the Southwest."

Noteware and his New York-based private equity partners bought 10 acres one block east of Las Vegas Boulevard for $15.9 million in August 2005. Brickwater is planned for five of those acres, followed by a sister project across the street. He also has 10 adjacent acres under contract.

Brickwater's urban design includes four levels of condos with covered parking on each level, an 18-seat stadium theater, lounge, game room with billiard tables, exercise room, conference room, catering kitchen, private rooms for parties and a resort-style pool.

Units range from 800 square feet to 1,550 square feet and are priced below similar product in the area at about $330 a square foot, Noteware said. Completion is expected in early 2008.

Noteware worked closely with his contractor and architect in the "design-build" process to make sure they could build what was being designed and sold.

The development team includes Tribble & Stephens, general contractor; Clerkley-Watkins Group, architecture, planning and interior design; and Howard Frazier Barker Elliott, investment bankers. Construction loan is from Alabama-based Compass Bank.

Noteware Development, founded in 2002, specializes in infill projects in rapidly growing urban areas.

The company is developing Sevilla, a Mediterranean-themed condo complex near Phoenix, and recently announced The Jamestown, a 198-unit project next to Candlestick Park in San Francisco.

OFFICE PARK: Las Vegas-based Investment Equity Development plans to build Lakeview Professional Park, a 34,000-square-foot office complex near Sahara Avenue and Durango Drive.

The $11 million project consists of three single-story buildings with units ranging from 2,500 to 14,000 square feet for lease or sale.

MEDICAL BUILDING: Las Vegas-based SR Construction has completed a 3,675-square-foot office building for Ventana Health Association at 1885 Village Center Circle in Summerlin. The $600,000 project consisted of site work, shell building and tenant improvements. David Rodeback was the project's architect.

SULLIVAN SQUARE: Glen, Smith & Glen Development opened its $2 million, 6,000-square-foot sales center for Sullivan Square at Hacienda Road and Spanish Ridge Avenue.

The center showcases an architectural model for Sullivan Square, a 16-acre, mixed-use urban development planned at Durango Drive and Sunset Road, with residential towers, office buildings, Central Park and Market Street.

A vignette of the first 157-unit high-rise condo tower is on display.