San Diego-based CityMark Development topped off construction of the 15-story high-rise at Juhl, a $170 million mixed-use development at Bonneville Avenue and Third Street in downtown Las Vegas.
CityMark President Rich Gustafson said the first residents should be able to move into the 15-story high-rise and nine-story midrise units by May. Condo prices start in the high-$400,000s.
The 346-unit condo project with 13 live-work units is going to transform the neighborhood, he said.
“When it’s done, this neighborhood will have a whole different feel. It’s going to make it safer. People who own care. Crime goes down,” Gustafson said.
CityMark was awarded the project after responding to the city of Las Vegas’ request for a proposal to develop the 2.4-acre parcel in 2004. The land was placed in delayed escrow, which allowed the company to begin sales and line up construction financing before transferring the title. The price was $50 a square foot, or about $5 million.
A portion of the price was held back as CityMark sold units, said Scott Adams, director of the city’s office of business development.
Concrete work should be finished by mid-September, CityMark construction manager Rick Wilczak said. About 35,000 cubic yards of concrete have been used for the project.
Juhl has four buildings of six, seven, nine and 15 stories. The roof is on the live-work units and the seventh floor of the flats was just poured, Wilczak said. Framing is up to the eighth floor of the high-rise.
Plans have been submitted for phased occupancy, starting with the high-rise and midrise. What’s unique about this project, Wilczak said, is the “horizontal” phased occupancy, as opposed to vertical. He believes it’s a first for the city.
Turner Construction is general contractor for Juhl; Corus Bank of Chicago provided the financing.
HOOTERS SHOWROOM: General Design & Construction has finished the 3,755-square-foot Night Owl showroom inside Hooters Hotel at 115 E. Tropicana Ave.
Work involved demolition of the existing lounge, 13 Martini bar, and remodeling the showroom. The $235,513 project included custom corrugated metal paneling, new booths, flooring, millwork, granite and wall finishes. Construction began in February.
UNITED MORTGAGE: SR Construction has broken ground for the 21,668-square-foot office building for First United Mortgage at Sunset Road and Durango Drive, near the Beltway. Estimated construction cost is $3.8 million and completion is expected in first quarter 2008. Dekker Perich Sabatini is the architect.
EJM PROJECT: LM Construction has begun full-scale earthwork and grading for a 148,000-square-foot industrial building by EJM Development at Arrowhead Commerce Center in the airport submarket. Construction cost for the tilt-up building is $6.4 million.
Completion is estimated for second quarter 2008. The cross-dock building will offer office and warehouse space divisible to 15,680 square feet with ESFR fire sprinkler system, 30-foot ceilings, 61-foot concrete truck apron, 9-foot-by-10-foot dock-high loading doors and 12-foot-by-14-foot grade-level loading doors.
Larry Monkarsh, owner of LM Construction, said the project is one of the last large-scale industrial boxes to be built in that area. It will push the 110-acre Arrowhead center over 1 million square feet. Major tenants include General Electric Co., FedEx Corp., Siemens AG, Diebold and DHL Express.
PROPERTY SALE: Two office buildings and a parcel of land ready for development in Hughes Airport Center were sold for $22 million. Irvine, Calif.-based CIP Real Estate and Newport Beach, Calif.-based Buchanan Street Partners purchased the properties in a joint venture in March 2005.
Centra Realty of Irvine bought 5.8 acres at 740 Pilot Road, near McCarran International Airport, for $5.5 million. The buyer plans to develop a mixed-use project with office and industrial buildings as well as separate condo units.
A Las Vegas company bought the two-story, 44,000-square-foot office building for $10 million and a California partnership bought the one-story, 46,000-square-foot office building for $6.5 million.MILLION-DOLLAR HOME SALES
Luxury Homes of Las Vegas reported the following million-dollar home sales last week:
$1.15 million, 4 bedroom, 4.5 bath, 4,025 square feet, cherry wood cabinets, stainless steel appliances, pool and raised spa, plantation shutters, Anthem Country Club.
$2.18 million, 7 bedroom, 5.5 bath, 7,500 square feet, custom office, maid quarters, copper hand-finished wet bar, mountain view, Legacy.
$1.06 million, 4 bedroom, 4.5 bath, 4,275 square feet, marble and travertine throughout, single story, gated community, Southwest.
$1.35 million, 5 bedroom, 5.5 bath, 4,443 square feet, spectacular golf views, courtyard, media center, gourmet kitchen, Red Rock Country Club.
$1.5 million, 4 bedroom, 5.5 bath, 4,063 square feet, upgrades, designer finishes, Queensridge.
$1.5 million, 6 bedroom, 6 bath, 5,932 square feet, waterfront, granite and stone floors, indoor climate-controlled pool and spa, Desert Shores.
$13 million, 6 bedroom, 10 bath, 18,800 square feet, 8.5-acre compound, two pools, tennis courts, furnished, Northwest.
$1.13 million, 2 bedroom, 2.5 bath, 2,195 square feet, Strip and valley views, upgrades, 23rd floor, Turnberry Place.