One Las Vegas, being built on the south Strip near Blue Diamond Road, will have 1,000 condominiums. Photo by Ralph Fountain.

One Las Vegas, a high-rise luxury condo project on the south Strip near Blue Diamond Road, topped off construction Friday of the 20-story first tower and is up to the 16th floor of the second tower.

The project is among 15 local high-rise condo towers under construction that will bring some 12,000 units to the market in the next three years.

Chet Nichols of Las Vegas-based Amland Development said the 182-unit first tower is on schedule for completion late this year and that homeowners are looking forward to moving into their units.

"People always clamor for the Strip views, but you come up here at night and see the lights in the southeast (valley) and the mountains," Nichols said as he showed a corner unit on the 18th floor. "This is the best view of the mountains. I've said it from day one."

Projected construction cost for the first two towers containing 359 units is $142 million, which Corus Bank of Chicago has financed fully, Nichols said. Five towers and 1,000 units are planned for the 20-acre site.

The general contractor for the project is J.E. Dunn Northwest; the architect is Kobi Karp of Miami. About 400 construction workers are on the job.

Prices at One Las Vegas start in the high $200,000s for one-bedroom, 830-square-foot units and exceed $1.7 million for 2,850-square-foot penthouse suites.

Nichols said that is an affordable price range for the community's resort-style amenities, including three pools with private cabanas, a tennis court, concierge service, valet parking and a multimedia theater room.

He also points to the location, off Interstate 15 at the new Blue Diamond exit, near McCarran International Airport and the Strip, but without the noise and congestion.

"Our story has always been I-15, the 215 (Beltway) and the airport," Nichols said. "Now you've got Town Square (retail and entertainment center) coming."

Jeremy Aguero, principal of Applied Analysis, a Las Vegas-based research firm, has estimated that only 30 percent of the proposed 91,000 units in 135 projects will get built. He said there is insufficient demand to absorb all of the units in the development pipeline.

Several projects have already been cancelled, including Las Ramblas and Icon last year and Sandhurst this year. Construction of Spanish View Towers in the southwest valley was stopped after subcontractors filed $30 million in liens against the developer for unpaid work. Developer Rod Yanke said he should have new financing in place this week, though he cannot disclose the lender or amount.

Amland previously developed the Park Avenue mid-rise luxury condos at Las Vegas Boulevard and Agate Avenue, a successful project that was priced from $130,000 when it was announced in October 2002. The company also is building high-end condos at Lake Las Vegas.

BSR Group of Israel joined with Amland in developing One Las Vegas and Prima at Lake Las Vegas. The company has built more than 26 high-rise projects around the world, including the Toyota Tower in Tel Aviv and Waterfront Square in Philadelphia.