Developer pushes ahead with new high-rise in downtown Las Vegas

A Las Vegas developer is launching a luxury high-rise project in Symphony Park, the latest big real estate venture in the mixed-use spread of land.

Red Ridge Development founder Patrick Brennan held a ceremonial groundbreaking Tuesday for his $450 million project on a roughly 6-acre plot in downtown Las Vegas. It is slated to feature a 32-story condo tower, a five-story apartment building and retail and office space.

He said in an interview at the event that he expects to complete the condo building, Cello Tower, in 30 months and the neighboring apartment complex in 22 months.

Cello is slated to include a gym, spa and entertainment lounge, he said, noting its seventh floor is set aside for indoor and outdoor amenities.

Plans also call for a national grocer on his project site. Brennan declined to name the tenant but said he is in lease negotiations.

Southern Nevada’s heavily suburban housing market is blanketed with single-family housing tracts and garden-style apartment complexes, along with plenty of strip malls that locals typically drive to.

But Brennan, who grew up in Las Vegas, said the valley has long missed out on having neighborhoods with retail and cultural offerings “that you can actually walk to,” and he contends the demand for this style of living is significant locally.

Symphony Park, which spans 61 acres along Grand Central Parkway at Bonneville Avenue, is home to The Smith Center for the Performing Arts and the Discovery Children’s Museum. Developers also built two upscale apartment complexes there in recent years, Parc Haven and Auric, and more construction is underway.

Dallas real estate firm Jackson-Shaw said Monday that its dual-branded AC Hotel and Element hotel project — a five-story, 441-room property — is slated to open in September in Symphony Park.

Nashville-based Southern Land Co., which developed Auric, also is building a 22-story residential tower and five-story apartment complex in Symphony Park.

Both are slated to open in late summer or early fall, said development manager Alex Woodin.

Brennan was no stranger to this pocket of downtown. He worked on Parc Haven as development manager for Texas-based Aspen Heights Partners, the project’s developer.

In early 2023, the Las Vegas City Council approved selling Brennan his current project site for nearly $12 million, below appraised values. Under the deal, he could shave $1 million off the price if he landed a national or regional grocer and another $1 million if buyers reserved at least 50 percent of the condos.

Brennan said Tuesday that he has fulfilled both conditions and that he expects to close his purchase of the land in about 30 days.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.