The plans were all too familiar: to build condo towers in Las Vegas.
The end result was also all too common: the project went nowhere.
Now, more than 15 years after one developer set out to build a cluster of skyscrapers in the Southwest Valley, to leave a giant hole in the ground, another developer is moving forward with them. shots of large apartment complex on site.
Founder of Tru Development Co., Tim Deters, recently told me that he intends to take out a construction loan in October for a 614-unit rental project and start building the underground garage and the first batch of apartments thereafter.
The project, 8030 W. Maule Ave., between Buffalo Drive and Cimarron Road just south of the 215 Beltway, is expected to cost nearly $ 200 million, he said.
Deters’ plans predate the current real estate boom that swept through Las Vegas last year with rapidly rising sale prices and rents, reduced inventory and issues of affordability.
But his project is in a part of town that has grown rapidly for years and that would end a site that for a long time was a failed remnant of a past real estate craze, comprising little more than a crater. intact with a partially built garage.
Like other developers of apartments in the valley, Deters plans to have a lot of equipment in its project. He said it would include a 12,000-square-foot clubhouse with a high-end gym and that the first phase of the complex would have a swimming pool with cabanas, a beer garden and an indoor workout room. outdoors.
Deters said the apartment market as a whole is seeing “a lot of activity right now” and developers are still not building enough to meet demand. He also pointed to the higher development costs, saying that when they go up, rents go up too.
Overall, rents are climbing at an increasing rate amid the current housing frenzy. The typical Las Vegas-area home rental rate climbed nearly 23% year-over-year in July, compared to an increase of about 9% nationwide, reported the Zillow ad site.
Las Vegas rent growth was the second fastest among the 50 metropolitan areas in the report and was up from a 6.7% annual gain in January.
Still, new apartment projects are being rented out and many people have moved in here, Deters noted.
“Everything is working very well at the moment,” he said.
Like countless other sites in the valley, Deters’ plot was previously believed to contain something else – in this case, it was a project called Spanish View Tower.
During the mid-2000s bubble, developer Rodney Yanke acquired the property and announced that Spanish View, made up of three 18-story condo towers, would “surpass anything Las Vegas has seen” and be “the foundation of living at height ”in the Western United States
It was one of many skyscrapers proposed during the “Manhattanization” era of Las Vegas, and one of many oversized projects from that era that never materialized.
The work crews excavated the site and began to build an underground garage. But construction came to a halt in mid-2006, according to creditors who filed court documents to push the project into bankruptcy.
Ultimately, a project lender acquired the bankruptcy site, but the lender also went bankrupt. Las Vegas broker and investor Jack Woodcock, another project lender, acquired the property through foreclosure in 2012 and then partnered with Deters on the apartment complex.
Clark County Commissioners approved the project plans in late 2017.
Developers have been building apartment complexes across the valley for years, although no one has built residential skyscrapers in the Las Vegas area for over a decade.
Considering what happened the last time, can you blame them?