Palms hotel developer George Maloof said he expects to receive a certificate of occupancy for the 47-story, 599-unit Palms Place condominium-hotel by the end of February, completing a $650 million expansion that includes the Fantasy Tower distinguished by the signature Playboy Club emblem.
Maloof said the project cost more than originally estimated, but “nothing too out of the ordinary.”
M.J. Dean was the general contractor for Palms Place. Whiting-Turner, general contractor for Fantasy Tower, passed on the project because “their plate was full,” Maloof said.
Condos at Palms Place sold for slightly less than $1,000 a square foot, with floor plans of 600 square feet and 1,200 square feet. Maloof said 20 percent deposits have been made on all the units, though it remains to be seen how many close escrow.
Palms Place joins an emerging market of condo-hotels on or near the Strip, including the Platinum, Residences at MGM Grand and Trump Tower. Another 3,000 units are under construction at CityCenter, Fontainebleau and Cosmopolitan.
The units feature designer accessories, fully equipped kitchens, 42-inch plasma televisions, rainfall showerheads, jetted tubs and private balconies. The 50,000-square-foot pool and spa boasts the first hammam, or Turkish bath, in Las Vegas.
Amenities include a restaurant and lounge operated by restaurateur Kerry Simon, beauty salon, 24-hour room service, lobby bar, concierge service and business center.
Guests of Palms Place can walk to the Palms casino through the SkyTube, an elevated, enclosed moving walkway that joins the two buildings.
GENERAL CONTRACTOR: Las Vegas-based LaPour Partners has selected R&O Construction as general contractor for the 123-room Element by Westin Hotel at the beltway and Town Center Drive in master-planned Summerlin.
The $21 million project is a joint venture between developer Jeff LaPour and Starwood Resorts Worldwide.
The hotel, scheduled for completion in the third quarter, will target extended-stay travelers. Rooms will have full kitchens, contemporary bathrooms with oversized shower, swiveling flat-screen televisions, large desks with open shelving and custom-designed closets.
BANKRUPTCY FILING: Atherton-Newport Investments, an Irvine, Calif., real estate firm with apartment investments in Las Vegas, filed for Chapter 11 bankruptcy protection.
The filing was in response to actions by one of Atherton-Newport’s creditors. The firm expects to continue operations throughout the bankruptcy process and develop a comprehensive restructuring of all of its legal and financial affairs.
Atherton-Newport, formed in 2001, controls about 5,000 multifamily units in Las Vegas, Phoenix, Seattle and southern Florida. The company bought the 180-unit Courtney’s Bay apartments at 9850 Bermuda Road for $26.7 million and the 328-unit Deer Creek apartments at 700 E. Flamingo Road for $21 million in 2006. It sold the Lantana apartments at 6501 W. Charleston Blvd. for $48 million in 2007.
OFFICE BUILDING: Core Construction is building a two-story, 32,000-square-foot medical office building at Rainbow Boulevard and Sunset Road. Completion of the $3.8 million project is scheduled for June. Las Vegas Urology plans to occupy 5,000 square feet and lease the remaining space.
NICU UNIT: SR Construction completed the 1,400-square-foot neonatal intensive care unit at St. Rose Dominican Hospital at 102 E. Lake Mead Parkway. Construction cost was $482,000.
Contact reporter Hubble Smith at firstname.lastname@example.org or (702) 383-0491.MILLION-DOLLAR HOME SALES
Luxury Homes of Las Vegas reported the following million-dollar home sale last week:
• $1.6 million, 3 bedroom, 3.5 bath, 3,797 square feet, city, golf and mountain views, four-car garage, stainless steel appliances, granite countertops, Red Rock Country Club.