Boca Raton (condominiums)

Last updated
Boca Raton
Boca Raton (condominiums)
General information
TypeCondominiums
AddressWest Serene Avenue [1] [2]
Town or city Enterprise, Nevada
CountryUnited States
Coordinates 36°01′12″N115°10′29″W / 36.020115°N 115.174857°W / 36.020115; -115.174857
GroundbreakingNovember 17, 2004
OpenedMid-2007
Technical details
Floor count7
Design and construction
Architecture firmPierce Goodwin Alexander and Linville
DeveloperPalm Beach Resort Condominiums LLC
EngineerWright Engineering
Main contractorMartin Harris Construction
Other information
Number of units378

Boca Raton is a mid-rise condominium property in Enterprise, Nevada, south of the Las Vegas Strip. The property consists of two seven-story buildings with a total of 378 units. [1] [3] Construction began in 2004, and the property opened in mid-2007. A second phase, consisting of two additional buildings, was canceled due to poor sales in the original buildings, a result of the Great Recession.

Contents

History

Construction

In January 2004, Las Vegas-based Palm Beach Resort Condominiums LLC purchased 15 acres (6.1 ha) of land at the southwest corner of South Las Vegas Boulevard and Serene Avenue, at a cost of $12.8 million. Unlike other condominium projects in the Las Vegas area, Palm Beach Resort received county approval for Boca Raton, had the project designed, and began construction before taking reservations. Stewart Simpson, the senior vice president of development for the project, said at the start of construction, "Most of these projects, they have a concept, they option for a piece of land and go out and start explaining it. Instead of saying we have this dream and hope we can make it happen, we had a dream and we didn't tell anyone about it and did our homework." [4] The project was designed by Pierce Goodwin Alexander and Linville (PGAL). [4] [5]

Groundbreaking for the first phase began on November 17, 2004, with completion expected for February 2006. [6] Boca Raton was planned to ultimately consist of four seven-story towers, with a total of 756 units. [5] [7] Prices were expected to start at $200,000. The project was also planned to include a two-story underground parking garage. Las Vegas-based Wright Engineers was the structural project engineer, [5] while UPA Resort Construction Group was the general contractor. [4] [6] JPMorgan Chase provided a $134 million construction loan for the project. [8]

Martin Harris Construction became the general contractor in 2005, and Boca Raton's opening was delayed several times because of construction. [8] By December 2005, the mid-rise project had sold 270 units in its first two buildings, which contained a total of 378 units. The February 2006 opening had been delayed by that point. [9] [5] Following the completion of the underground parking garage, upward construction was underway as of January 2006, with the first 172 units scheduled to open in December 2006. [10] By May 2006, basketball player Paul Pierce had purchased a unit in the project. [11]

Both buildings had been topped out by August 2006. The buildings used 16,000 cubic yards of concrete and 2,000 tons of steel, with 250,000 hours spent working on them up to that point. Completion of the first phase was scheduled for January 2007, and would include a 10,000 sq ft (930 m2) clubhouse. [12] Construction was nearing completion in late May 2007, and residents were expected to move in by June. [13] The second phase was to be finished by late 2009. [14]

Opening and sales

Approximately 70 people moved in during July 2007, and the 378-unit first phase was entirely finished in October. It was announced that construction for the second phase was 12 to 18 months away. [8] Approximately 160 units were sold in 2007, but sales decreased the following year due to the Great Recession. Unit purchases stopped entirely in 2009, and the other two buildings were canceled before the start of construction, due to the poor economy. JPMorgan Chase sued Boca Raton's developer in 2010, alleging default of the construction loan. In 2011, an investment group purchased Boca Raton. [1]

In December 2017, the group listed the remaining 210 unsold units for sale in a bulk offer. [1] Joseph Daneshgar, a southern California investor and the founder of 3D Investments, purchased the units in August 2018, at a cost of $44 million. [15]

Related Research Articles

<span class="mw-page-title-main">Trump International Hotel Las Vegas</span> Hotel in Las Vegas, Nevada USA

The Trump International Hotel Las Vegas is a 64-story hotel, condominium, and timeshare located on Fashion Show Drive in Paradise, Nevada, US, named for owner Donald Trump, who was later elected president of the United States. It is located down the street from Wynn Las Vegas, behind the former site of the New Frontier Hotel and Casino on 3.46 acres (14,000 m2), near the Fashion Show Mall, and features both non-residential hotel condominiums and residential condominiums. The exterior glass is infused with gold.

The Las Ramblas Resort was a proposed mixed-use project that was to be constructed in Paradise, Nevada. The project was to be located on 25 acres (10 ha) of land on Harmon Avenue, east of the Las Vegas Strip. Las Ramblas would have included 11 towers encompassing a hotel and condominium residences for a total of 4,400 units, including 300 hotel rooms. Other amenities would have included a small casino, retail stores, a spa and health club, and nightclubs. The complex would have totaled 8 million sq ft (740,000 m2), and was designed by Arquitectonica. The design was inspired by La Rambla, an open-air street in Barcelona.

<span class="mw-page-title-main">The Signature at MGM Grand</span> Condo-hotel at the MGM Grand resort in Paradise, Nevada, near the Las Vegas Strip

The Signature at MGM Grand is a condo-hotel at the MGM Grand resort in Paradise, Nevada, near the Las Vegas Strip. It consists of three towers, each 38 stories in height, with a total of 1,728 units. MGM Mirage and Turnberry Associates partnered to develop the project, which was announced in 2002. Construction was underway in 2004, and the first tower opened in May 2006. The project was built on land previously used by the MGM Grand Adventures Theme Park.

<span class="mw-page-title-main">Panorama Towers</span> Luxury high-rise condominium complex

Panorama Towers is a high-rise condominium complex located in Paradise, Nevada. Developed by Laurence Hallier and Andrew Sasson, the $600 million aqua-blue glass 635-unit complex sits on 8.5 acres (3.4 ha) on Dean Martin Drive and is centrally located across from the Las Vegas Strip one-quarter mile (0.40 km) from CityCenter.

<span class="mw-page-title-main">Turnberry Place</span> Residential in Winchester, Nevada

Turnberry Place is a luxury high-rise condominium complex near the Las Vegas Strip in Winchester, Nevada. It includes four, 38-story towers, each rising 477 ft (145 m). The complex also includes the 80,000 sq ft (7,400 m2) Stirling Club, offering various amenities to residents and other members.

<span class="mw-page-title-main">Sky Las Vegas</span> Residential in Winchester, Nevada

Sky Las Vegas is a 45-story luxury high-rise condominium tower with 409 units, situated on a 3-acre site on the Las Vegas Strip in Winchester, Nevada. A two-story retail project had initially been planned for the site in 2001, although it ultimately did not materialize. Plans for Sky Las Vegas were announced in July 2004, with construction beginning the following year and its opening occurring in May 2007.

<span class="mw-page-title-main">Turnberry Towers</span> Residential in Winchester, Nevada

Turnberry Towers is a 45-story twin tower condominium complex in Winchester, Nevada, near the Las Vegas Strip. Initially, plans were announced in 1998 for Great Masters, a $300 million condominium project consisting of 56-story twin towers. The land was sold in 2000 to Turnberry Associates, which announced plans to build Madison Towers on the property. The $250 million condominium project would include 25-story twin towers, but the start of construction was delayed due to poor economic conditions as a result of the September 11 attacks. Conditions improved and the project was redesigned to be larger, with the new name of Turnberry Towers. Construction of the first tower began in June 2005, and was finished in 2007, followed by the completion of the second tower a year later.

<span class="mw-page-title-main">Allure Las Vegas</span> Residential in Las Vegas, Nevada

Allure Las Vegas is a condominium tower in Las Vegas, Nevada. The 41-story, 466 ft (142 m) tower was built between 2005 and 2007 and was designed by EDI Architecture. Construction was managed by Bovis Lend Lease.

<span class="mw-page-title-main">The Martin</span> Condominium tower in Las Vegas

The Martin is a luxury high-rise condominium tower located at 4471 Dean Martin Drive in Paradise, Nevada, near the Las Vegas Strip. The tower was originally part of the Panorama Towers complex, and was initially known as Panorama Tower North.

<span class="mw-page-title-main">One Queensridge Place</span> Residential in Las Vegas, Nevada USA

One Queensridge Place is the name given to two residential skyscrapers located on the west side of the Las Vegas Valley in the Queensridge neighborhood adjacent to the master planned community of Summerlin, Nevada. Construction began in 2005 and concluded in 2007. The buildings are twins, measuring approximately 233.5 feet (71.2 m) high. Each tower has 20 constructed floors with curtain wall facades and distinctive architecture. The resulting large windows allow for views of the Las Vegas Strip and Red Rock Canyon.

The Ivana Las Vegas was a proposed 73-floor, 923-foot condominium high-rise, named after Ivana Trump. The project was initially announced in August 2004, as The Summit, and was to be constructed on the 2.17-acre site of the closed Holy Cow Casino and Brewery, located on the Las Vegas Strip in Las Vegas, Nevada. Trump became involved with the project in June 2005, when it was renamed.

Las Vegas Grand is an apartment complex located east of the Las Vegas Strip in Paradise, Nevada. It was developed by Chris DelGuidice through his Florida-based company, Del American. Originally, DelGuidice planned to build apartments on the site around 2001, and he subsequently added a condominium component. The project was announced in August 2003, but the apartment aspect was removed from the project later that year because of rising construction costs. The project, to be known as Vegas Grand, was to consist of 880 condominium units.

<span class="mw-page-title-main">The Platinum</span> Condo hotel in Nevada, United States

The Platinum is a 17-story, 255-unit condo hotel located at 211 East Flamingo Road in Paradise, Nevada, east of the Las Vegas Strip. The project was approved in 2003, and began construction in 2005, as a joint venture between Diversified Real Estate Concepts, Inc. and Marcus Hotels and Resorts. The project was topped out in December 2005, and was opened in October 2006. In 2009, buyers filed lawsuits against Marcus for various allegations; the last of the lawsuits were settled in March 2013.

One Las Vegas is a condominium property in Enterprise, Nevada, south of the Las Vegas Strip. It consists of two 20-story towers with a total of 359 condominium units. Construction was underway in 2006, and the towers opened in June 2008. The following year, One Las Vegas entered foreclosure because of low sales, caused by the Great Recession.

<span class="mw-page-title-main">Juhl (Las Vegas)</span> Condominiums, retail, restaurants in Nevada, United States

Juhl is a mixed-use property in downtown Las Vegas, Nevada. It features six residential buildings, including a 15-story condominium tower, in addition to restaurants and retailers. Groundbreaking took place in 2006, but construction delays pushed the opening back more than a year. It opened in June 2009, with 341 condominium units, but buyers had difficulty finalizing their condo purchases due to the effects of the Great Recession. In 2013, Juhl's 306 unsold units were sold to a partnership of companies, which turned them into rentals and, in 2017, began putting the rental units back up for sale as condominiums.

The Club Renaissance was a proposed 60-story condominium tower that would have been built in downtown Las Vegas, Nevada. Besides residential units, other features would include office space, retail, and restaurants. The project was announced in January 2005, and construction was originally scheduled to begin later that year.

Krystle Sands was a proposed 45-story condo hotel that was to be built on the Las Vegas Strip in Winchester, Nevada. Reservations for the project's condominium units began in 2004, and construction was scheduled to start later that year, with the opening planned for 2006.

Pinnacle was a proposed two-tower condo hotel project that was to be built near the Las Vegas Strip in Paradise, Nevada. The project was announced in 2005, and would have included 1,104 units across two 36-story towers. Construction was to begin in 2006, but was delayed several times. Pinnacle was ultimately canceled in March 2008, due to financing issues caused by the Great Recession.

The Gramercy is a mixed-use development project in Spring Valley, Nevada, west of the Las Vegas Strip. It includes two office buildings and 160 apartment units. Gemstone Development began construction of the project, originally known as ManhattanWest, in 2007. The project initially was to include condominiums, retail, and office space. Construction was suspended in December 2008, because of financial problems. ManhattanWest was sold in 2013, and construction resumed, with the project now known as The Gramercy. It opened in November 2014. An unfinished nine-story condominium tower was imploded in February 2015, as completing it would have been too costly.

References

  1. 1 2 3 4 Segall, Eli (December 8, 2017). "Investors hope to sell more than 200 condos off Las Vegas Strip". Las Vegas Review-Journal. Retrieved April 25, 2020.
  2. ↑ "Downtown apartment complex sells for $11.52M". Las Vegas Business Press. September 18, 2018. Retrieved April 25, 2020.
  3. ↑ "Boca Raton News". VegasTodayAndTomorrow. September 12, 2007. Retrieved April 25, 2020.
  4. 1 2 3 Smith, Hubble (November 20, 2004). "Developers put building first: Condominium construction starts ahead of marketing". Las Vegas Review-Journal. Archived from the original on December 8, 2004. Retrieved April 25, 2020.
  5. 1 2 3 4 Smith, Hubble (December 12, 2005). "Boca Raton condos head higher on Strip". Las Vegas Review-Journal. Archived from the original on December 23, 2005.
  6. 1 2 "Condo project breaks ground". Las Vegas Sun. November 17, 2004. Retrieved April 25, 2020.
  7. ↑ "Nevada's High-Rise Market: Reaching Sky-High Levels". Nevada Business Magazine. November 1, 2006. Retrieved April 25, 2020.
  8. 1 2 3 "Residents moving into Boca Raton condominiums". Las Vegas Review-Journal. October 22, 2007. Retrieved April 25, 2020.
  9. ↑ "Boca Raton takes shape on the South Strip" . Las Vegas Business Press. November 14, 2005. Retrieved April 25, 2020.
  10. ↑ Smith, Hubble (January 23, 2006). "Henderson condo project to break ground in March". Las Vegas Review-Journal. Archived from the original on September 10, 2009.
  11. ↑ Katsilometes, John (May 8, 2006). "John Katsilometes has an update on Greg Brady, who's still groovy". Las Vegas Sun. Retrieved April 25, 2020.
  12. ↑ Smith, Hubble (August 14, 2006). "Construction continues apace at Pebble Place". Las Vegas Review-Journal. Archived from the original on August 21, 2006.
  13. ↑ "Move-in day coming at Boca Raton condominium project". Las Vegas Review-Journal. May 21, 2007. Retrieved April 25, 2020.
  14. ↑ "View from the Top: A Look at Nevada's Largest Commercial Projects". Nevada Business Magazine. August 1, 2007. Retrieved April 25, 2020.
  15. ↑ Segall, Eli (August 24, 2018). "California investor buys condo units south of Las Vegas Strip". Las Vegas Review-Journal. Retrieved April 25, 2020.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.