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Allure luxury condo tower nearing completion

The 41-story, 428-unit Allure luxury condo tower on Sahara Avenue is about 85 percent completed with the first escrow closings expected in September, an executive for the developer said Tuesday.

"The building’s almost buttoned up," said Richard Cavenaugh, president and chief operating officer of Chicago-based Fifield Cos. "Our goal is to be finished and off the project by the end of the year."

Sales have been relatively slow with 30 units remaining priced from the mid-$500,000s, he said. Floor plans range from 671 square feet to 4,400 square feet. A penthouse at Allure sold for $4.5 million last year.

Maintaining an aggressive 25-month schedule, general contractor Bovis Lend Lease is making its final push on construction, working mostly on the interior of the building with glass infill in strategic locations.

The five-story parking garage is near completion, making way for construction to begin on Allure’s pool, landscaped deck and private cabanas on the sixth floor.

Allure’s place in the Las Vegas skyline will be distinguished by its signature crown that will be lit sometime next month.

Project cost is estimated at $150 million.

The north end of the Strip has become the focus of redevelopment activity with a flurry of recent real estate transactions, including MGM Mirage’s purchase of 26 acres at Sahara and the Strip, across from Allure.

Fifield secured the site in a joint venture with land owner Andrew Fonfa. A condo-hotel tower planned for the site was canceled.

Fifield Senior Vice President Alan Schachtman said the north Strip will soon be known for its high-end hotels and casinos and mixed-use projects.

Fifield has developed and built more than 50 projects in the United States worth more than $4 billion and has 13 projects under development worth an estimated $2 billion. Cavenaugh said the company may look at doing luxury apartments in Las Vegas.

TAHITI VILLAGE: Martin-Harris Construction topped off second-phase construction at Tahiti Village time share resort on Las Vegas Boulevard, consisting of three 10-story towers totaling 554,000 square feet. The 370,000-square-foot first phase was completed in 2006.

Also, Whitehall Street Global Real Estate, affiliated with Goldman Sachs Group, has made a "substantial investment" in ASNY Corp., parent company of Tahiti Village developer Consolidated Resorts. The transaction’s terms weren’t disclosed.

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