WORK STARTS ON VERGE CONDOMINIUMS IN DOWNTOWN LV

A Caterpillar bulldozer tore into an old garage Wednesday to break ground for Verge, a 296-unit luxury condominium project at Bonanza Road and Main Street.

Developer Gerald Schaffer said the $100 million project will change the neighborhood in the evolving downtown area of Las Vegas. He's held the 2.7-acre parcel for six years, originally planning to build senior housing.

Verge will have 300,000 square feet of living space in eight stories over two levels of underground parking with 35,000 square feet of commercial space, including a rooftop restaurant, and about 40 offices comprising 10,000 square feet for residents' use only.

Yossi Attia, a partner in the project, said 80 percent of the units have gone to "hard contract," which means the 5 percent down payment is nonrefundable. State Bank of Arizona is providing $135 million in mortgages for buyers, he said. Prices start at about $250,000 for a 572-square-foot studio unit.

TWC Construction is the general contractor, replacing Building Consensus. The project was first scheduled to break ground last summer.

"People make promises they can't deliver on," Attia said.

Construction is scheduled for completion in 2009. Nothing can start until overhead power, cable and telephone lines are moved.

Schaffer said $14 million has already been invested in Verge, aside from the land. Construction cost is estimated at $85 million.

The developers are also interested in buying an adjoining 2-acre parcel to the north that will be leased as a staging area for construction. Verge bylaws will allow for a similar project there that would share Verge amenities, Attia said.

METREON PROJECT: Breslin Builders started construction on the $33 million Metreon Las Vegas mixed-use project being developed by Kennedy Commercial at Flamingo Road and the Las Vegas Beltway.

It will have 110,000 square feet of upscale shops, restaurants and office space situated between twin five-story residential towers. Like Juhl in downtown Las Vegas, Metreon will have live-work units in which business owners and shopkeepers live above their businesses.

The first phase of development is expected to be completed in mid-2008.

BROKER TRANSACTIONS: Zack Hussain of CB Richard Ellis represented Azure South in the sale of 70,000 square feet of retail land at Tenaya Way and Azure Drive for $1.9 million, or about $27 a square foot.

Jayne Cayton and Bret Davis of CB represented Equastone Park Flamingo in the seven-year lease of 3,200 square feet of office space at 2080 E. Flamingo Road to First National Bank of Nevada for $515,265, or about $1.91 a square foot per month.

Scot Marker of Colliers International represented Spring Oaks Shopping Center in the 60-month lease of 1,200 square feet of retail space at 4725 Spring Mountain Road to Mi Hye Moon and Jank Sig Kim for $168,333, or about $2.33 a square foot per month.

MILLION-DOLLAR HOME SALES

Luxury Homes of Las Vegas reported the following million-dollar home sales last week:

•$1.51 million, 4 bedroom, 4.5 bath, 3,943 square feet, Strip, city, golf and mountain views, great room with fireplace, Anthem Country Club.

•$1.25 million, 4 bedroom, 5.5 bath, 5,567 square feet, slate floors, chef's kitchen, two-family rooms, Southwest.

•$1.01 million, 4 bedroom, 4 bath, 3,795 square feet, hardwood floors, casita, pool and spa, Southwest.

•$1.13 million, 4 bedroom, 3.5 bath, 5,165 square feet, estate home, tennis court, guest house, 1,000-square-foot master suite, Southwest.

•$1.32 million, 4 bedroom, 5 bath, 5,244 square feet, in-law quarters, home theater, volume ceilings, Northwest.

•$1.32 million, 3 bedroom, 3.5 bath, 3,571 square feet, vaulted ceilings, hardwood and marble floors, Summerlin.

•$1.2 million, 5 bedroom, 5.5 bath, 3,602 square feet, pecan hardwood floors, casita, Queensridge.

•$1.8 million, 2 bedroom, 3.5 bath, 2,913 square feet, limestone flooring, linen and silk carpeting, Park Towers.

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