Pinnacle (Las Vegas)

Last updated
Pinnacle
Pinnacle (Las Vegas)
General information
Type Condo hotel
Town or city Paradise, Nevada
CountryUnited States
Coordinates 36°06′01″N115°12′19″W / 36.100292°N 115.205224°W / 36.100292; -115.205224 Coordinates: 36°06′01″N115°12′19″W / 36.100292°N 115.205224°W / 36.100292; -115.205224
Cost$850 million
Height410 feet
Design and construction
Architecture firmYoungblood Wucherer Sparer Architects
DeveloperThe Falcon Group
Other information
Number of units1,104

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.

Contents

History

Plans were announced for Pinnacle in March 2005, when the Las Vegas Valley was experiencing a condominium boom. The mixed-use project would include two condominium towers, to be built on a 12-acre (4.9 ha) property at the southwest corner of West Tropicana Avenue and Cameron Avenue, across from The Orleans hotel-casino. [1] It would be located a mile and a half west of the Las Vegas Strip. [2] The land was occupied at that time by the Falconi Honda automobile dealership, [3] which closed in October 2004. [4] The property had been owned since 1987 by Angelo Falconi, [3] [5] a Pittsburgh businessman. [2] The Pinnacle project was being planned by The Falcon Group, led by Falconi in partnership with Elysium Enterprises, a Las Vegas consulting firm, and Praxis Resources Inc., a Pittsburgh development company. [1] [2]

Pinnacle was to include 1,104 condominium units, [6] located across two 36-story gold glass towers that would be adjoined by three sky bridges, which would contain units themselves. [7] [8] [4] [9] The towers would measure 410 feet in height. [10] Condominium buyers would be given the option of combining units into a single unit. Other plans included retail, office, and restaurant space. [1]

As of November 2005, the project was expected to cost $650 million. [10] A search for a general contractor was underway at the time, [10] with New York-based Turner Construction ultimately being chosen. [2] In addition to condo unit sales, the project would also receive financing from Marshall & Stevens, a New York firm. [2] In March 2006, Falcon chose Youngblood Wucherer Sparer Architects to design the project, which was now expected to cost $850 million. [8] In May 2006, it was announced that Interstate Hotels & Resorts would manage a portion of Pinnacle, as condo owners would have the option of putting their unit into a condo hotel rental program. [11] [12] In June 2006, The Falcon Group began negotiations with Berkshire Capital Financial of New York for a $550 million loan, while Pinnacle's sales office was scheduled to open later that month. [13] Berkshire agreed to provide $40 million in interim financing. [14] Groundbreaking was initially to take place around November 2006, [5] [4] with completion scheduled for the second quarter of 2009. [11] Hawaiian residents were among the target demographic. [12]

The Falconi Honda dealership was demolished in July 2007, to make room for the new project. Up to that time, Falcon Group had spent two years to plan the project and to obtain entitlements and zoning. At the time, the property for Pinnacle was valued at approximately $8 million per acre. By the time of demolition, Marnell Corrao Associates had been chosen as the new general contractor. Groundbreaking was now scheduled for later in 2007, with the opening planned for spring 2010. Approximately 2,000 construction jobs would be created by the project, which would ultimately employ 500 people upon opening. At that time, condominium prices were from the $400,000 range to more than $1.4 million. Amenities were to include a 3-acre (1.2 ha) wet deck, a movie theater, a health and fitness center, restaurants, a spa, and an office and business center. Michael Bellon, managing partner for The Falcon Group, said, "We wanted to create something that single-handedly redefined the standard of Las Vegas condominium living." [3] [15] By September 2007, Marnell Corrao had been replaced by Dick Pacific Construction, [16] which also became a partner in the project. [4] In October 2007, after repeated delays, groundbreaking was announced to begin by mid-2008. [4]

In January 2008, Green Cable LLC filed a class action lawsuit on behalf of Pinnacle condominium buyers. Green Cable sued the development team for an alleged breach of contract, as construction had yet to begin after three years. The lawsuit stated that buyers initially purchased units with the belief that Pinnacle would be opened by August 2008. The suit sought at least $5 million in returned deposits, damages and attorney's fees. It also alleged that the property site was contaminated with high benzene levels because of dropping ground water levels. Sam Schwartz, a principal for Green Cable, said, "Generally, we believe Pinnacle is an excellent project. At this point in time, however, due to the construction delays the project has endured, the buyers I represent, including myself, believe it is in the best interests of all the parties that we go our separate ways." [4]

Pinnacle's sales gallery closed on February 22, 2008, and the project's cancellation was announced on March 3, 2008. [9] The cancellation was the result of financial issues brought on by the Great Recession, as the project did not pre-sell enough units to qualify for its first round of loan money. [17] [18] The project had pre-sold about 48 percent of its units, although 55 percent was required to qualify for the financing. [18] The land was later sold through foreclosure in 2013, and plans were approved in 2017 for a five-story apartment building to be constructed on the site. [18] However, the property remained vacant as of 2019. [19]

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 later became US president. 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.

<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">The Ogden</span> Condominiums in Nevada, United States

The Ogden is a 21-story luxury condominium tower located at 150 North Las Vegas Boulevard in downtown Las Vegas, Nevada. The Ogden was announced in 2004 as the Streamline Tower condominium project, to be built on the former 1-acre (0.40 ha) property of the Golden Inn motel, which was demolished at the end of the year. Work on the property began in 2005, to prepare it for the new project, which began construction the following year. The project was financed by Corus Bank, and was developed by a half-dozen investors, including Las Vegas Stars baseball player Dusty Allen.

<span class="mw-page-title-main">Palms Place</span> Condo hotel in Paradise, Nevada

Palms Place is a 47-story condo hotel in Paradise, Nevada, near the Las Vegas Strip. It is connected to the Palms Casino Resort. The project was announced in March 2005, to capitalize on a condominium boom occurring in Las Vegas at the time. Groundbreaking took place in May 2006, and the tower was topped off in August 2007. Palms Place opened in 2008, during the Great Recession, and some buyers had difficulty completing their unit purchases because of poor economic conditions.

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

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">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 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 the Red Rock Mountains.

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.

The Sandhurst Las Vegas is a cancelled high-rise condominium and mixed-use project that was planned for construction in downtown Las Vegas. The project was announced in October 2004, with the New Jersey-based Sandhurst Development as the developer. The project was designed by JMA Architecture and was to include a 35-story tower with 398 units. Two additional towers were also planned early in the project's history.

Majestic Las Vegas is a cancelled high-rise condominium project that was to be built on property previously occupied by the La Concha Motel on the Las Vegas Strip, in Winchester, Nevada. The project was announced by La Concha owner Lorenzo Doumani in February 2004. The 42-story condominium tower was to be accompanied by Hilton's Conrad Las Vegas, a Conrad-branded, 37-story hotel that would operate in a separate high-rise building on the same property. The project was initially expected to open in February 2006.

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.

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.

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 Shubinski, Jennifer (March 9, 2005). "Condo towers planned near Orleans casino". Las Vegas Sun. Retrieved May 10, 2017.
  2. 1 2 3 4 5 Schooley, Tim (January 9, 2006). "Falconi stakes Vegas resort – Washington County entrepreneur developing $600M condo". Pittsburgh Business Times. Retrieved April 25, 2020.
  3. 1 2 3 "Former auto dealership makes way for high-rises". Las Vegas Review-Journal. July 16, 2007. Retrieved May 10, 2017.
  4. 1 2 3 4 5 6 Illia, Tony (February 10, 2008). "Condo-hotel project faces class action lawsuit". Las Vegas Review-Journal. Retrieved May 10, 2017.
  5. 1 2 Crompton, Janice (July 16, 2006). "Another mark to make". Pittsburgh Post-Gazette. Retrieved April 25, 2020.
  6. ↑ Bayer-Polak, Erika (July 11, 2006). "High-rise project announced – Two 36-story towers expected to include 1,104 residences". View News. Archived from the original on October 23, 2006.
  7. ↑ "Pinnacle Las Vegas". VegasTodayAndTomorrow.com. Retrieved May 10, 2017.
  8. 1 2 Smith, Hubble (March 27, 2006). "Vegas Grand condos ready to take a turn toward the sky". Las Vegas Review-Journal. Archived from the original on April 6, 2006.
  9. 1 2 "Financing-plan trouble halts Vantage Lofts work". Las Vegas Review-Journal. March 3, 2008. Retrieved May 10, 2017.
  10. 1 2 3 Smith, Hubble (November 25, 2005). "Condominium craze continues with wave of new projects: Twin-tower Pinnacle, Onyx among projects". Las Vegas Review-Journal. Archived from the original on September 8, 2006.
  11. 1 2 Eckert, Barton (May 26, 2006). "Interstate Hotels to manage new Vegas condo resort". Washington Business Journal. Retrieved April 25, 2020.
  12. 1 2 Wu, Nina (October 12, 2006). "Las Vegas condo targets Hawaii buyers – The $850 million project is banking on its price appeal". Honolulu Star-Bulletin. Retrieved April 25, 2020.
  13. ↑ Smith, Hubble (June 12, 2006). "Frame up for Hughes Center tower". Las Vegas Review-Journal. Archived from the original on June 22, 2007.
  14. ↑ "Pinnacle condo-hotel secures financing" . Las Vegas Business Press. June 16, 2006. Retrieved April 25, 2020– via NewsLibrary.
  15. ↑ "Pinnacle readies for construction". Las Vegas Review-Journal. July 15, 2007. Retrieved April 25, 2020.
  16. ↑ "Pinnacle Las Vegas again changes contractors" . Las Vegas Business Press. September 7, 2007. Retrieved April 25, 2020– via NewsLibrary.
  17. ↑ "Pinnacle High-Rise Canceled, Deposits Returned". Southwest Contractor. April 2008. Archived from the original on October 10, 2008.
  18. 1 2 3 Segall, Eli (June 13, 2017). "Developer plans 5-story apartment building near The Orleans". Las Vegas Review-Journal. Retrieved April 25, 2020.
  19. ↑ Segall, Eli (March 6, 2019). "Some bubble-era project sites in Las Vegas still vacant". 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.