Luxe Lofts files for bankruptcy

Luxe Lofts, a stalled condominium project on West Flamingo Road, filed for Chapter 11 bankruptcy Wednesday, joining other projects such as Mira Villa and Vantage Lofts on the list of bankrupt luxury condo developments in Las Vegas.

Frank Hamadani, managing member of Qualitect and developer of Luxe Lofts, estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million in the bankruptcy filing. Creditors were estimated at 100 to 199.

Construction of the 83-unit project started in 2006 and units were priced from the high $400,000s. It was competing against a slew of other announced projects that never materialized, including The Mercer, Spa Lofts and Promenada at Rainbow.

Oakview Building Consensus was general contractor for the $38 million project.