It took a little longer than expected, but the 378-unit first phase of Boca Raton is completed and residents have begun moving into the seven-story luxury condominium complex on Serene Avenue near Las Vegas Boulevard.
More than 140 units have closed escrow and about 70 people have been living at Boca Raton since July, said Jerry Peterson, managing partner and chief executive officer of Las Vegas-based Palm Beach Resort Condo. The project is about 80 percent sold, he said.
The $400 million Boca Raton is part of a wave of mid-rise luxury condos completed in Las Vegas over the last few years, including Park Avenue, Manhattan and Loft 5, all located south of the Strip.
Boca Raton, priced from the $400,000s, advertises a resort environment with two swimming pools, a 10,000-square-foot clubhouse, fitness center, 24-hour concierge service, private screening room, meeting space and underground parking.
The project was announced in 2004 after Palm Beach Resort Condo bought 15 acres for $12.8 million. When the project broke ground in November 2004, completion was scheduled for February 2006. That date was pushed back to December 2006, then June 2007.
Peterson said the delays were due to construction, not financing. J.P. Morgan Chase provided a $134 million construction loan for the first phase. Martin-Harris Construction took over as general contractor from UPA in 2005. PGAL is the architect of record.
Peterson said ground-breaking for the second phase is a year to 18 months out. Upon completion, Boca Raton will have 756 units.
C2 LOFTS: On the west side of Las Vegas Valley, C2 Lofts welcomed more than 20 residents to the first completed building.
C2 Lofts Vice President of Marketing Erika Geiser said it’s the "first authentic loft development" in the master-planned Summerlin community. Christopher Co. developed the 36-acre "live, work and play" urban center, off Charleston Boulevard west of the Las Vegas Beltway.
The lofts have exposed duct work, expansive windows and ceiling heights of 12 feet for single-story units and 22 feet in two- and three-story units. Floor plans range from 900 square feet to 3,300 square feet and units are priced from the $400,000s to more than $1 million.
SPANISH RIDGE: GSG Development broke ground on the 20-acre second phase of The Park at Spanish Ridge with a ceremony that included an art tour for fifth-graders from the developer’s "adopted" school, Petersen Elementary.
GSG principal Kenneth Smith said art is a key component to a healthy and creative work environment, but is not often found in Las Vegas office developments.
GSG has placed 26 artworks among three of its Las Vegas office parks.
The $50 million commercial project will bring 367,000 square feet of office space in 16 buildings to the southwest submarket. Perkowitz + Ruth Architects designed the office park; SR Construction is the general contractor. Completion is scheduled for third quarter 2009.
BANK DONE: Crisci Builders has completed $443,000 in tenant improvement work for Service 1st Bank at 8965 S. Eastern Ave. Construction on the 4,100-square-foot project began in June. Jerry Williams served as project manager for Crisci. JMA Architecture did the design.
Crisci and JMA also finished the 8,600-square-foot corporate office for Service 1st Bank in Centra Business Park at Durango Drive and the Las Vegas Beltway. The contract was for $280,000.
NEW TERRITORY: Las Vegas-based retail developer Territory Inc. is building 150,000 square feet of upscale lifestyle retail space at Newpark, a $350 million mixed-use development near Park City, Utah. A 30,000-square-foot Best Buy will anchor the development.
LEED CERTIFIED: The Animal Foundation’s regional shelter on Mojave Road has been awarded the first LEED (Leadership in Energy and Environmental Design) certification in Las Vegas.
The shelter, designed by Henderson-based Tate Snyder Kimsey Architects, uses solar energy for power, wind for ventilation and captures energy from the sun to heat the floors in the animal runs with radiant heat.
Newsweek magazine named the animal shelter was named one of the top 10 "green buildings" in the nation. The shelter also won a national award from the American Institute of Architects.MILLION-DOLLAR HOME SALES Luxury Homes of Las Vegas reported the following million-dollar home sales last week: $1.09 million, 3 bedroom, 2.5 bath, 4,473 square feet, contemporary style, slate floors, stainless steel appliances in large kitchen, fire pit and barbecue, casita with balcony, Roma Hills. $2.3 million, 4 bedroom, 4.5 bath, 4,725 square feet, golf, lake and mountain views, four-car garage, courtyard pool and spa, custom built-ins, faux finishes, marble floors, Red Rock Country Club. $1.51 million, 3 bedroom, 2.5 bath, 2,805 square feet, 27th-floor penthouse, Strip, mountain and downtown views, marble floors, custom media center, Turnberry Place.