One Las Vegas towers get occupancy certificates

One Las Vegas, the latest in a wave of luxury condominium projects built in Las Vegas over the last few years, has received certificates of occupancy for its first two towers and has closed escrow on more than 40 units, developer Wayne Krygier said.

The $150 million first phase consists of 359 condo units in two 20-story towers just off Las Vegas Boulevard, south of Windmill Lane.

Krygier, president of Las Vegas-based AmLand Development, said sales have been “significant” and he expects to close escrow on another 150 units over the next 90 days. Prices start in the $400,000s for one-bedroom units.

Permit applications have been submitted to finish the pool area and main entrance off Las Vegas Boulevard. The tennis courts, spa, cabanas, barbecue and valet will be completed in the next 90 days, he said.

“In a tough economy, the tough have to get going,” Krygier said. “We’re hiring additional sales staff because we can’t keep up with the foot traffic of new buyers. It’s not robust. Let’s not kid ourselves. But maybe people are seeing the value.”

AmLand and its joint venture partner, BSR Group of Israel, plan to develop the 20-acre site into five towers with 1,000 units and retail. Krygier said he’s working with two hotel chains, one of which already has a presence in Las Vegas, to build a 220-room boutique hotel on the property.

J.E. Dunn is general contractor. The project is virtually on budget, though a little late, which Krygier attributed to the velocity of construction in Las Vegas and delays in inspecting life safety systems.

SalesTraq, a Las Vegas research firm, reported 27 closings at One Las Vegas through May.

Buyers are hesitant to close escrow today on luxury condo units that have depreciated in value from the agreed sales price a couple years ago, SalesTraq President Larry Murphy said.

Krygier said One Las Vegas just closed a $1 million-plus unit that appraised at nearly $600 a square foot.

APARTMENT PURCHASE: Siegel Group Nevada completed its acquisition of the 137-unit Casa Palms apartment complex in downtown Las Vegas.

It will be renamed Siegel Suites.

The price was $5 million, or $36,500 a unit, keeping with Siegel’s business strategy of purchasing “value-added” multifamily properties at discounted prices, Chief Executive Officer Stephen Siegel said in a statement.

The property is on Las Vegas Boulevard, one block from another Siegel Suites.

BUILT OUT: Crisci Builders completed $800,000 in tenant improvements for architecture firm Gensler of Nevada at 3883 Howard Hughes Parkway. Gensler incorporated sustainable design principles and has received Leadership in Energy and Environmental Design platinum certification.

Crisci also finished the interior for two retailers at the Palazzo on the Strip.

Interior finishes at Annie Creamcheese vintage clothing boutique include terrazzo flooring, custom entry door, special lighting and upholstered ceiling draperies. Project cost was $502,000.

NEW TENANT: American International Group, an insurance and financial firm, has signed a five-year lease for 20,000 square feet of office space at Arroyo Corporate Center.

The lease transaction is valued at nearly $3 million.

Arroyo Corporate Center is part of the 450-acre Arroyo mixed-use development in southwestern Las Vegas.

The project’s first phase consists of a two-story, 50,000-square-foot building and a three-story, 75,000-square-foot building.

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

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