Spa Lofts luxury condominium project canceled, industry sources say

Spa Lofts, a 147-unit luxury condo development planned at Rainbow Boulevard near the Las Vegas Beltway, has reportedly been canceled, industry sources said.

The project is being developed by The Light Group, whose principal, Andrew Sasson, opened nightclubs at Bellagio and Treasure Island and was a former partner in Panorama Towers.

The Light Group Web site advertises Spa Lofts as "an urban space that functions as a residence, workplace and gathering place, all while keeping an open mind about the infinite possibilities of day-to-day living."

Construction was scheduled to start in January, with completion this month.

HCA and Graham Downes Architecture had begun full architectural and interior design work. Spa Lofts was to have two six-story, wood-framed buildings around a central courtyard with underground and surface parking.

No telephone number or contact information, other than an e-mail address, is given for Spa Lofts or Light Group. The "press" link on the Web site bounced back as "not found."

The project is one of several condo complexes planned for the southwestern valley.

Two major developments are ManhattanWest by Gemstone Development and Sullivan Square by Glen, Smith and Glen Development. Work has also started on The Mercer, Promenade at Rainbow and Metreon Las Vegas.

Gemstone Chief Executive Officer Alex Edelstein said it would be wrong to pin Spa Lofts' failure on the existence of too many condo projects in southwest Las Vegas.

"Spa Lofts is getting canned because it doesn't have any buyers and it doesn't have any buyers because ManhattanWest is taking all of them," Edelstein said. "ManhattanWest came to the market with a tremendously superior offering at a dramatically lower price. We drove SpaLofts out of business."

Edelstein said taking Spa Lofts and the suspended Paxton Walk project out of the mix, along with expensive Strip high-rises, leaves less than 10 projects with any vitality in the entire valley.

"That is not a high number for a city of this size." he said.

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