Juhl (Las Vegas)

Last updated
Juhl
Juhl in Las Vegas (2020).jpg
Juhl residential buildings in 2020
Juhl (Las Vegas)
General information
TypeCondominiums, retail, restaurants
Location Downtown Las Vegas, Nevada
Address353 East Bonneville Avenue [1]
CountryUnited States
Coordinates 36°09′49″N115°08′47″W / 36.163681°N 115.146469°W / 36.163681; -115.146469
GroundbreakingMid-March 2006
Topped-outAugust 2007 (15-story tower)
OpenedJune 2009
Cost$178 million
Design and construction
Architecture firmMartinez + Cutri Corporation
DeveloperCityMark Development
Structural engineerGlotman Simpson
Main contractor Turner Construction
Other information
Number of units344

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.

Contents

History

Construction

The 2.4-acre (0.97 ha) [2] property, located in downtown Las Vegas, was initially occupied by four houses. The Las Vegas Redevelopment Agency solicited proposals from approximately a dozen companies across the United States to develop the land. [3] [2] CityMark Development, of San Diego, [4] was ultimately chosen in 2004. [3] [2] CityMark purchased the property for $5.2 million in 2005, [5] [6] and planned to build Juhl, a $167 million mixed-use and condo project. Juhl would include six towers, standing between six and 15 stories, with a total of 341 condominium units. The project would include 24,000 sq ft (2,200 m2) of retail space, while parking would be located on the first five floors. [3] CityMark had previously reinvigorated San Diego's downtown Gaslamp Quarter area. [7] [6]

Groundbreaking took place in mid-March 2006, with the opening scheduled for April 2008. [6] The houses on the property were demolished, and by April 2006, $600,000 of underground work and the relocation of utilities had begun on the site. Turner Construction was the general contractor, [3] while San Diego–based Martinez + Cutri Corporation was the architect. [8] [6] Glotman Simpson of Vancouver was the structural engineer. [6] Corus Bank provided $106 million to fund the project. [9] In August 2006, 600 cubic yards of concrete were delivered by more than 75 trucks for the foundation of the project. [10]

The target demographic consisted of young professionals who desired to live near the Las Vegas Arts District. [11] In December 2006, approximately 60 percent of Juhl's units had been sold through binding purchase agreements. [8] Many of the buyers were people who worked downtown, such as lawyers and judges. [4] That month, construction crews poured the third and fourth floors of the residential and parking structures for the project. Approximately 115 construction workers were on the site at that time, with the number expected to increase to 200 to 225 within the following 15 to 18 months. [8] In July 2007, several businesses were being planned for the new project, including a bar, a coffee shop, and a jewelry store. [12] Three cranes were used during construction of the 15-story tower, [13] which was topped off in August 2007, with the first residents expected to move in by May 2008. [2] At that time, 70 percent of Juhl's units had been sold. [14]

Juhl remained under construction in June 2008. [15] The planned opening was delayed by more than a year, [16] due to construction issues. A person involved in the project said there were significant engineering issues on the project: "There was no post-tensioning or reinforcing steel to support the concrete. The floor slabs deflected two to three inches between the columns. It was so bad that the glass didn't fit, the interior walls were cracking, and water lines were breaking." CityMark said the delay was due to "typical" project delays, while the Las Vegas Redevelopment Agency said that minor and major structural modifications were made to the project. [6]

Operation

Juhl ultimately opened in June 2009, with little fanfare. The project was valued at $178 million. As a result of its delayed opening, the project suffered the effects of the Great Recession. [6] Juhl featured 341 units, [17] but only 21 units (six percent) had closed escrow, and CityMark began offering discounts to buyers who did finalize their purchases. [6] Much of Juhl's retail space was also vacant. [18]

ST Residential, at a cost of $14 million, [19] purchased the project after the failure of Corus Bank in September 2009. [1] [20] In August 2011, Juhl still had 307 units left unsold. [21] In 2013, ST Residential sold Juhl's 306 unsold units to a partnership between KRE Capital, based in California, and Dune Real Estate Partners, based in New York. [1] [22] The companies purchased the units under the name DK Las Vegas. [23] Juhl's unsold units were turned into rentals, [1] and the property was 95 percent occupied as of 2015. [24] In 2016, the Juhl began offering an artist-in-residence program. [25] [26]

On March 23, 2017, it was announced that Juhl's unsold units would be put on sale in late April 2017, while renewing some rental agreements to keep the building occupied. [1] [27] In 2018, the Juhl partnered with The Believer to begin a writer-in-residence program on the property. The program allowed writers to live and work in a Juhl loft with an attached studio. [26]

Features

Juhl has a total of six residential buildings, which connect to each other. [6] The Juhl property spans a city block, and includes 344 condominium units, [28] some of which are located within the 15-story tower, the tallest building on the site. Units range from 600 sq ft (56 m2) to nearly 2,000 sq ft (190 m2). [1] The 10th floor features a lounge known as Vino Deck. [23] Juhl also includes a pool, an outdoor movie theater, and a CrossFit gym. [29] A bike store opened at Juhl in 2013. [30] In 2015, lease agreements were signed for six businesses – including restaurants and retailers – to open at the base of the complex. [24] A 20,000 sq ft (1,900 m2) area on the ground floor, known as The Promenade at Juhl, celebrated its opening on November 17, 2016. [31] It contains various businesses, including restaurants and retailers. [32]

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References

  1. 1 2 3 4 5 6 Segall, Eli (March 23, 2017). "Owners of Juhl in downtown Las Vegas to begin selling units". Las Vegas Review-Journal. Retrieved April 25, 2020.
  2. 1 2 3 4 "Juhl high-rise condo tower topped off downtown". Las Vegas Review-Journal. August 6, 2007. Retrieved April 25, 2020.
  3. 1 2 3 4 Smith, Hubble (April 14, 2006). "Downtown condo-retail project valued at $167 million under way". Las Vegas Review-Journal. Archived from the original on April 21, 2006.
  4. 1 2 Cohen, Billie (September 24, 2006). "In Las Vegas, Downtown Steps Up to the Table". The New York Times. Retrieved April 25, 2020.
  5. ↑ Kalil, J.M. (October 21, 2004). "City sells land for 14-story complex downtown – Council OKs $5.2 million deal for 2.38 acres for 334 lofts, retail space". Las Vegas Review-Journal. Archived from the original on October 30, 2004.
  6. 1 2 3 4 5 6 7 8 9 Illia, Tony (July 6, 2009). "After long wait, Juhl condo project opens; Source says significant engineering problems plagued mid-rise". Las Vegas Business Press. Archived from the original on July 9, 2009. Retrieved September 15, 2020.
  7. ↑ Kalil, J.M. (December 19, 2004). "The Pitchman". Las Vegas Review-Journal. Archived from the original on December 28, 2004.
  8. 1 2 3 Smith, Hubble (December 4, 2006). "Juhl condos 60 percent sold as progress continues: Project will include 340 condominiums, ground-floor shops". Las Vegas Review-Journal. Archived from the original on January 22, 2007.
  9. ↑ Smith, Hubble (October 8, 2006). "A high and tight market: High-rise condo market failures cause lenders to grow cautious". Las Vegas Review-Journal. Archived from the original on July 21, 2010.
  10. ↑ Smith, Hubble (August 14, 2006). "Construction continues apace at Pebble Place". Las Vegas Review-Journal. Archived from the original on August 21, 2006.
  11. ↑ Hopkins, Carmel (October 29, 2006). "In Vegas real estate, the house always wins". Los Angeles Times. Retrieved April 25, 2020.
  12. ↑ "Juhl promises residents easy stairwell commutes". Las Vegas Review-Journal. June 17, 2007. Retrieved April 25, 2020.
  13. ↑ "The State Bird of Nevada". Las Vegas Review-Journal. September 2, 2007. Archived from the original on July 1, 2016.
  14. ↑ Goldman, Abigail (August 27, 2007). "Changes Downtown Coming From On High". Las Vegas Sun. Retrieved April 25, 2020.
  15. ↑ Skolnik, Sam (June 11, 2008). "Quiet on the northern front: Downtown condo tower mostly empty as revitalization efforts limp along". Las Vegas Sun. Retrieved April 25, 2020.
  16. ↑ Smith, Hubble (August 2, 2009). "High-rise plans go flat in Las Vegas". Las Vegas Review-Journal. Retrieved April 25, 2020.
  17. ↑ Bosshart, Becky (June 11, 2009). "Movin' on down: As the economy worsens, Downtown is finding itself an unexpected beneficiary". Las Vegas Weekly. Retrieved April 25, 2020.
  18. ↑ "Wednesday morning while the giant sleeps" . Las Vegas Examiner. August 5, 2009. Retrieved April 25, 2020– via NewsLibrary. I ride by the project Juhl and notice the ground floor lease spaces seem to be mostly vacant still with temporary graphics suggesting actual businesses on the store front window films.
  19. ↑ Smith, Hubble (May 13, 2012). "Chances open up for Las Vegas downtown living space". Las Vegas Review-Journal. Retrieved April 25, 2020.
  20. ↑ Green, Steve (September 12, 2009). "Regulators seize Corus Bank, plan sale of Vegas projects". Las Vegas Sun. Retrieved April 25, 2020.
  21. ↑ Wargo, Buck (August 10, 2011). "Investors ramping up Las Vegas condo sales". Las Vegas Sun. Retrieved April 25, 2020.
  22. ↑ Segall, Eli (January 3, 2014). "Downtown's Ogden, Juhl among properties acquired in deal". VegasInc. Retrieved April 25, 2020.
  23. 1 2 "Juhl lifestyle director creates social calendar". Las Vegas Review-Journal. June 15, 2019. Retrieved April 25, 2020.
  24. 1 2 Segall, Eli (February 18, 2015). "Businesses opening in downtown Las Vegas high-rise". VegasInc. Retrieved April 25, 2020.
  25. ↑ "New Artist in Residence for Juhl announced". KTNV. August 25, 2017. Retrieved April 25, 2020.
  26. 1 2 Ventura, Leslie (July 12, 2018). "The Juhl, 'The Believer' and others join forces for an ambitious writer-in-residence program". Las Vegas Weekly. Retrieved April 25, 2020.
  27. ↑ Meehan, Jeffrey (April 3, 2017). "Juhl units to go back on sales market". Las Vegas Business Press. Retrieved April 25, 2020.
  28. ↑ "Juhl partners with UNLV School of Architecture". Las Vegas Review-Journal. October 20, 2019. Retrieved April 25, 2020.
  29. ↑ Duck, Allison (December 27, 2019). "Dwell: A penthouse at Juhl, the latest trends and more". Las Vegas Magazine. Retrieved April 25, 2020.
  30. ↑ Snel, Alan (September 19, 2013). "Bike shop owner pedals to the beat of a different drum". Las Vegas Review-Journal. Retrieved April 25, 2020.
  31. ↑ Garcia, Tony (November 14, 2016). "Celebrate The Promenade at Juhl's grand opening ribbon-cutting and champagne toast". KSNV. Retrieved April 25, 2020.
  32. ↑ Lupiani, Joyce (January 12, 2017). "Rockin' new barber shop open in DTLV". KTNV. Retrieved April 25, 2020.
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