Certificate of occupancy secured for Allure Las Vegas

Chicago-based developer Fifield Cos. has secured the initial certificate of occupancy for Allure Las Vegas, a $150 million luxury condo tower on Sahara Avenue, two blocks west of the Strip.

Residents began moving furniture into their units last week, just in time for New Year’s Eve fireworks.

At 41 stories, Allure is officially the tallest residential building in the city of Las Vegas.

Built by general contractor Bovis Lend Lease, the project features 428 units with 15 floor plans ranging from 671-square-foot studios to 4,400-square-foot, two-story penthouses. The remaining 20 units are priced from the mid-$500,000s.

Fifield Senior Vice President Alan Schachtman said the completion of Allure is part of the shift in development to the Strip’s north end. It started with expansion of the Fashion Show mall and building of Wynn Las Vegas, Hilton Grand Vacations and Sky Las Vegas.

MGM Mirage bought 34 acres of vacant land across Sahara from Allure for $535 million and plans to do a CityCenter-type project in partnership with Kerzner International, owner and developer of the Atlantis resort in the Bahamas.

Aspen Highlands Holdings purchased the former Holy Cow casino and brewery site, once planned for the Ivana Las Vegas condominium tower, for $47 million.

The Sahara was purchased by SBE in March and is slated for a $300 million renovation. Publishing and Broadcasting Ltd., an Australian media and gaming company, put a 20 percent cash investment into Fontainebleau, a $3 billion development by Turnberry Associates at the former El Rancho site.

The Stratosphere was purchased by Goldman Sachs Group’s real estate funds, along with 17 acres, with plans to redevelop the property into a resort-casino with a convention center.

"It’s kind of what we always predicted would happen in that area," Schachtman said. "That was a logical expansion. People talk about the Strip ending at Sahara (Avenue). You’re going to see a push from the Strip toward downtown, an integration of downtown with the resort corridor. I think that’s inevitable."

Allure’s amenities include an outdoor pool deck with private cabanas, fitness center with locker rooms, media center, conference room, catering kitchen, business center, Wi-Fi in all public spaces, resident storage, 24-hour security, concierge service and valet parking.

Fifield has developed more than 50 projects in the United States worth some $4 billion. The company is working with land owner Andy Fonfa on a second phase of Allure and has a piece of land under contract for an upscale apartment project, Schachtman said.

"We still like the Vegas market," he said. "It’s a thriving market and a strong economy. You still have entertainment, dining, job growth. The key to it is figuring out what works in what locality."

BUSY FALL: Las Vegas-based Crisci Builders completed tenant improvement work for Buffalo Wild Wings on Las Vegas Boulevard and Warm Springs Road and interior remodeling of Spanish Trail Clubhouse.

The 5,600-square-foot Buffalo Wild Wings is the sixth restaurant Crisci has completed for the chain. The project’s value was $650,000.

At Spanish Trail Clubhouse, Crisci renovated the bar, dining room, kitchen, locker room and pro shop, as well as coffered ceilings and custom finishes, for about $4.5 million.

Crisci is near completion on the interior build-out of three retail stores at Palazzo, the new tower at The Venetian. Women’s fashion Diane Von Furstenberg and women’s luxury shoe designer Christian Loutboutin spent about $600,000 and $800,000, respectively, for interior finishes on 1,500 square feet for each store. Elton’s Men’s Store spent $1 million to build out 2,000 square feet.

Arizona-based Vertical Holdings has contracted Crisci to build Tule Springs Village, a two-story, 56,000-square-foot retail and office complex at Durango Drive and Farm Road, for $5.2 million. The anchor will be Tuesday Morning, a discount home accessories and gift store.

NEW RETAIL: Las Vegas-based retail developer Territory is adding three new tenants at Centennial Gateway, a 350,000-square-foot shopping center at U.S. Highway 95 and Ann Road.

Sportsman’s Warehouse signed a 15-year lease for 55,465 square feet; 24 Hour Fitness also signed a 15-year lease for 45,000 square feet plus an outdoor pool; and Fresh & Easy Neighborhood Market signed a multi-year lease for 14,000 square feet. All three tenants will open in the fall.

Second-phase construction of Centennial Gateway is scheduled to begin in March with expected completion in the fourth quarter. The project is a joint venture with Schwartz Development and Olympia Development.

Contact reporter Hubble Smith at hsmith@reviewjournal.com or (702) 383-0491.

ad-high_impact_4
Business
Technology reshapes the pawn shop industry
Devin Battersby attaches a black-colored device to the back of her iPhone and snaps several of the inside and outside of a Louis Vuitton wallet. The device, installed with artificial intelligence capabilities, analyzes the images using a patented microscopic technology. Within a few minutes, Battersby receives an answer on her app. The designer item is authentic.
Recreational marijuana has been legal in Nevada for one year
Exhale Nevada CEO Pete Findley talks about the one year anniversary of the legalization of recreational marijuana in Nevada. (K.M. Cannon/Las Vegas Review-Journal)
Young adults aren't saving for retirement
Financial advisors talk about saving trends among young adults. (Bailey Schulz/Las Vegas Review-Journal)
President Trump’s tariffs could raise costs for real estate developers, analysts say
President Donald Trump made his fortune in real estate, but by slapping tariffs on imports from close allies, developers in Las Vegas and other cities could get hit hard.
Las Vegas business and tariffs
Barry Yost, co-owner of Precision Tube Laser, LLC, places a metal pipe into the TruLaser Tube 5000 laser cutting machine on Wednesday, June 20, 2018, in Las Vegas. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Nevada Film Office Connects Businesses To Producers
The director of the Nevada Film Office discusses its revamped locations database and how it will affect local businesses. (Bailey Schulz/Las Vegas Review-Journal)
Opendoor isn't the typical house flipping company
Unlike most house flippers, the company aims to make money from transaction costs rather than from selling homes for more than their purchase price.
The Venetian gondoliers sing Italian songs
Gondolier Marciano sings a the classic Italian song "Volare" as he leads guests through the canals of The Venetian in Las Vegas. (K.M. Cannon/Las Vegas Review-Journal)
Building In Logandale
Texas homebuilder D.R. Horton bought 43 lots in rural Logandale. (Eli Segall/Las Vegas Review-Journal)
Indoor farming in Southern Nevada
Experts discuss Nevada's indoor farming industry. (Bailey Schulz/Las Vegas Review-Journal)
Former Fontainebleau could have become a Waldorf Astoria
Months after developer Steve Witkoff bought the Fontainebleau last summer, he unveiled plans to turn the mothballed hotel into a Marriott-managed resort called The Drew. But if Richard “Boz” Bosworth’s plans didn’t fall through, the north Las Vegas Strip tower could have become a Waldorf Astoria with several floors of timeshare units. (Eli Segall/Las Vegas Review-Journal)
LVCVA CEO Rossi Ralenkotter announces plans to retire
Rossi Ralenkotter, CEO of the LVCVA, on Tuesday confirmed a Las Vegas Review-Journal report that he is preparing to retire. Richard N. Velotta/ Las Vegas Review-Journal
Cousins Maine Lobster to open inside 2 Las Vegas Smith’s stores
Cousins Maine Lobster food truck company will open inside Las Vegas’ two newest Smith’s at Skye Canyon Park Drive and U.S. Highway 95, and at Warm Springs Road and Durango Drive. Cousins currently sells outside some Las Vegas Smith’s stores and at Fremont Street and Las Vegas Boulevard. (K.M. Cannon/Las Vegas Review-Journal)
Las Vegas home prices to continue to rise, expert says
Lawrence Yun, chief economist at the National Association of Realtors, gives homebuyers a pulse on the Las Vegas housing market. (Eli Segall/Las Vegas Review-Journal)
NV Energy announces clean energy investment
The company is planning to add six solar projects in Nevada, along with the state's first major battery energy storage capacity. Bailey Schulz/Las Vegas Review-Journal
3 Mario Batali restaurants on Las Vegas Strip to close
Days after new sexual misconduct allegations were made against celebrity chef Mario Batali, his company announced Friday that it will close its three Las Vegas restaurants July 27. Employees of Carnevino Italian Steakhouse, B&B Ristorante and Otto Enoteca e Pizzeria, all located in The Venetian and Palazzo resorts, were informed of the decision Friday morning. Bastianich is scheduled to visit the restaurants Friday to speak to employees about the next two months of operation as well as how the company plans to help them transition to new positions.
Nevada has its first cybersecurity apprenticeship program
The Learning Center education company in Las Vegas has launched the first apprenticeship program for cybersecurity in Nevada. It was approved by the State Apprenticeship Council on May 15. (K.M. Cannon/Las Vegas Review-Journal)
Las Vegas union members voting to authorize the right to strike
Thousands of Las Vegas union members voting Tuesday morning to authorize the right to strike. A “yes” vote would give the union negotiating committee the power to call a strike anytime after June 1 at the resorts that fail to reach an agreement. (Todd Prince/Las Vegas Review-Journal)
Small businesses struggle to find qualified candidates
A 2018 survey found that over two-thirds of small businesses in Nevada find it somewhat to very difficult to recruit qualified candidates. Bailey Schulz/Las Vegas Review-Journal
Nevada secretary of state website offers little protection against fraudulent business filings
Property developer Andy Pham tells how control of his business was easily seized by another person using the secretary of state website.
Caesars may be going solo in its marijuana policy
Several Southern Nevada casino companies aren’t following Caesars Entertainment’s lead on marijuana testing.
How much is the Lucky Dragon worth?
Less than a year-and-a-half after it opened, the Lucky Dragon was in bankruptcy.
Gyms and discount stores take over empty retail spaces
Grocery stores used to draw people to shopping centers. But many large retail spaces have been vacant since 2008. Discount stores like goodwill and gyms like EOS Fitness are filling those empty spaces, and helping to draw shoppers back in. K.M. Cannon/Las Vegas Review-Journal
Funding source of Las Vegas stadium for the Raiders is sound, expert says
The stadium is funded in part by $750 million of room taxes, the biggest such tax subsidy ever for a professional sports stadium. Robert Lang, executive director of Brookings Mountain West and The Lincy Institute at UNLV, says that is a good use of public funds. (Richard Velotta/Las Vegas Review-Journal)
Las Vegas needs light rail, expert says
Robert Lang, executive director of Brookings Mountain West and the Lincy Institute said he is afraid of a "congestion mobility crisis." Las Vegas needs a light rail system, he said, to accommodate the city's growing number of attractions. (Richard Velotta/Las Vegas Review-Journal)
Three takeaways from Wynn Resorts' Earnings Call
Matt Maddox came out swinging in his first earnings conference call as Wynn Resorts chief executive officer, boasting of record Las Vegas quarterly revenues and applicants lining up for work.
Star Wars VR Comes to Las Vegas
Sneak peak at the new "Star Wars: Secrets of the Empire" VR experience at the Grand Canal Shoppes.
Elaine Wynn continues her fight to change Wynn Resorts board
Elaine Wynn, the largest shareholder of Wynn Resorts Ltd., is seeking to kick a friend of her ex-husband Steve Wynn off the company’s board of directors. (Todd Prince/Las Vegas Review-Journal)
Zillow is getting into house flipping in Las Vegas
Las Vegas Review-Journal real estate reporter Eli Segall says flipping houses has waned in popularity after the housing bubble burst.
Ellis Island Buys Mt. Charleston Lodge
Ellis Island, which operates a casino, brewery and hotel just off the Strip, purchased the Mt. Charleston Lodge in early April.
TOP NEWS
News Headlines
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like