Stephanie Village at Green Valley, a mixed-use condominium project formerly known as 17th & Vine, is under construction at 64 N. Stephanie St. in Henderson.
The $200 million project has taken on additional ownership with Babcock & Brown, an Australian-based global investment and advisory firm with $9.3 billion in real estate assets.
LVMB, a company formed by Las Vegas apartment builder Dan Shaw, is the primary developer.
Construction of 17th & Vine was originally scheduled to begin in summer 2005, but Shaw said it became very difficult to finance large projects in this market. It was among numerous “urban village” projects planned for Las Vegas that failed to materialize.
Upon completion, Stephanie Village will have 466 condo units, two restaurants, 58,000 square feet of retail and 15,000 square feet of office space on the 22.5-acre site. Amenities include an outdoor amphitheater, four swimming pools, clubhouse, fitness center and underground parking.
Shaw said the 114-unit first phase is about 50 percent sold. Prices range from $315,000 for a one-bedroom, 900-square-foot unit to $785,000 for three bedrooms and 2,295 square feet.
Vanguard Construction is general contractor; Welles Pugsley is the architect. Completion of the first phase is expected in about 10 months.
Shaw is co-founder and chief executive officer of Las Vegas-based Realty Management, a multifamily development and property management firm. He formed VSS Gaming to purchase the former Showboat on Boulder Highway for $23.5 million in 1999, renaming it the Castaways. Station Casinos bought the hotel out of bankruptcy and demolished it last year.
TENANT WORK: Crisci Builders, a Las Vegas-based general contractor, has finished commercial tenant improvement work for Teksystems, an information technology services company in Marnell Corporate Center. Crisci was contracted for $320,000 to build out 5,538 square feet. Paul Auzenne served as project manager; Parker Scaggiari was architect of record.
OFFICE PARK: Glen, Smith & Glen Development has completed the first phase of The Park at Northpointe, a 13-acre office park on Martin Luther King Boulevard near Craig Road in North Las Vegas. The single-story office complex will consist of 18 office buildings (10 in the first phase) with street frontage ranging from 4,200 square feet to 7,200 square feet, available for sale or lease.
ICSC SHOW: Las Vegas-based commercial real estate developer Plise Cos. will be exhibiting at the International Council of Shopping Centers 2007 Spring Convention May 21-23.
Jon Field, general counsel and leasing director for Plise, will be at the Las Vegas Convention Center to discuss projects such as the $2 billion City Crossing mixed-use development planned for 126 acres near Henderson Executive Airport.
City Crossing will have 600,000 square feet of retail space, 1 million square feet of office space and 2,500 luxury residences with “lifestyle amenities.” First phase is scheduled to open in late 2009.
CONSTRUCTION REPORT: Total construction spending rose 0.2 percent in March, seasonally adjusted, while the gain for February was revised from 0.3 percent to a huge 1.5 percent, Associated General Contractors of America chief economist Ken Simonson reported.
New private single-family construction edged up 0.1 percent for the month, though it was down 27 percent from a year ago. The next largest category, the hard-to-measure residential improvements, more than reversed a big February gain but were still 19 percent ahead of the March 2006 total. Multifamily construction showed modest gains for both periods.
APARTMENT SALE: The Bentley Group represented both the buyer and seller of the 516-unit Lantana Apartment Homes at 6501 W. Charleston Blvd. The price was $48.1 million, or $93,217 a unit.
The buyer was Bean Investment Real Estate of Portland, Ore., and the seller was Atherton-Newport of Newport Beach, Calif.
Bentley Group also closed the sale of the 100-unit Piedmont Springs Apartments at 1700 N. Lamb Blvd. for $8.45 million, or $84,500 a unit.
FIRE EXERCISE: Developers of the planned $850 million Pinnacle Las Vegas high-rise condo are donating the existing Falconi Honda building on Tropicana Avenue to the Clark County Fire Department to conduct live training exercises and drills.MILLION DOLLAR HOME SALES
Luxury Homes of Las Vegas reported the following million-dollar home sales last week:
•$3.75 million, 5 bedroom, 8 bath, 8,877 square feet, Strip, golf and mountain views, European style, two master bedrooms, theater, MacDonald Highlands.
•$1.2 million, 4 bedroom, 4 bath, 4,374 square feet, new custom on half acre, surround sound, granite, Southeast.
•$3.6 million, 5 bedroom, 7 bath, 5,779 square feet, 36th floor with spectacular Strip views, decorator ready, Turnberry.
•$3.2 million, 2 bedroom, 4 bath, 3,515 square feet, Strip views, upgraded finishings and furnishings, Park Towers.
•$1 million, 2 bedroom, 3 bath, 2,050 square feet, 23rd floor, marble floors, partially furnished, Turnberry.
•$1.12 million, 5 bedroom, 5 bath, 4,608 square feet, half acre, semicustom with cherry cabinets, stainless steel appliances, Northwest.