Sandhurst Las Vegas

Last updated
Sandhurst Las Vegas
General information
StatusNever built
TypeCondominium
Location Las Vegas, Nevada
CountryUnited States
Coordinates 36°09′39″N115°09′23″W / 36.160871°N 115.156270°W / 36.160871; -115.156270 Coordinates: 36°09′39″N115°09′23″W / 36.160871°N 115.156270°W / 36.160871; -115.156270
Technical details
Floor count35 (tower one)
Design and construction
Architecture firmJMA Architecture
DeveloperSandhurst Development
Other information
Number of units398 (tower one) [1]

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.

A condominium, often shortened to condo, in the United States of America and in most Canadian provinces, is a type of living space similar to an apartment but independently sellable and therefore regarded as real estate. The condominium building structure is divided into several units that are each separately owned, surrounded by common areas that are jointly owned. Similar concepts in other English-speaking countries include strata title in Australia, Malaysia, New Zealand, and the Canadian province of British Columbia; commonhold in the United Kingdom; and sectional title in South Africa.

Mixed-use development Type of urban development strategy

Mixed-use development is a term used for two related concepts:

Downtown Las Vegas human settlement in United States of America

Downtown Las Vegas is the central business district and historic center of Las Vegas, Nevada. It is the original townsite and was the gambling district of Las Vegas prior to the Strip, and the area still incorporates downtown gaming. As the urban core of the Las Vegas Valley, it features a variety of hotel and business highrises, cultural centers, historical buildings and government institutions, as well as residential and retail developments. Downtown is located in the center of the Las Vegas Valley and just north of the Las Vegas Strip, centered on Fremont Street, the Fremont Street Experience and Fremont East. The city defines the area as bounded by I-15 on the west, Washington Avenue on the north, Maryland Parkway on the east and Sahara Avenue on the south.

Contents

Construction, which was initially expected to cost $180 million, was delayed several times due to rising costs. The project was ultimately cancelled in 2007. A year later, it was announced that the Grand Central Hotel would be built on the property, although it remains un-built as of 2018.

History

Sandhurst Development, a company made up of former Citibank officials, [2] had spent approximately three years researching the Las Vegas market before purchasing 3.2 acres (1.3 ha) from Union Pacific for $2.8 million in July 2004. [3] [4] [1] In early October 2004, Sandhurst Development announced plans for a $180 million, 34-story tower with 409 condominium units that would be constructed on the property. [2] The project was officially announced – as Sandhurst Las Vegas, Tower One – by Las Vegas Mayor Oscar Goodman during a weekly news conference on October 14, 2004. [4]

Citibank is the consumer division of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York. The bank has 2,649 branches in 19 countries, including 723 branches in the United States and 1,494 branches in Mexico operated by its subsidiary Banamex. The U.S. branches are concentrated in six metropolitan areas: New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami. In 2016, the United States accounted for 70% of revenue and Mexico accounted for 13% of revenue. Aside from the U.S. and Mexico, most of the company's branches are in Poland, Russia, India and the United Arab Emirates.

Union Pacific Railroad Class I railroad in the United States

Union Pacific Railroad is a freight-hauling railroad that operates 8,500 locomotives over 32,100 route-miles in 23 U.S. states west of Chicago and New Orleans. The Union Pacific Railroad system is the largest in the United States and is one of the world's largest transportation companies. The Union Pacific Railroad is the principal operating company of the Union Pacific Corporation, both headquartered in Omaha, Nebraska.

Oscar Goodman American attorney and politician

Oscar Baylin Goodman is an American attorney and politician. He was the mayor of Las Vegas, Nevada from 1999 to 2011. His wife, Carolyn Goodman, succeeded him as mayor in 2011. Goodman is an Independent.

The tower was to be located in downtown Las Vegas, [2] at the northeast corner of Charleston Boulevard and Grand Central Parkway, [5] east of Interstate 15. [6] The tower would be located south of the Clark County Government Center parking lot, [3] and near the under-construction World Market Center and the Las Vegas Premium Outlets North shopping mall. A presales launch was scheduled for December 2004. Sandhurst Development planned to begin groundbreaking on the project in March 2005, [2] with completion expected by September 2006. [4] At the time of the announcement, Union Pacific was in negotiations to sell its remaining land to Sandhurst Development, which planned to ultimately construct two additional condominium towers and commercial space on the property. [4] [6]

Nevada State Route 159 highway in Nevada

State Route 159 is a 31.204-mile (50.218 km) east–west highway in southern Nevada, providing access to Red Rock Canyon and serving as a thoroughfare in the Las Vegas metropolitan area. A portion of the west end of the route is designated a Nevada Scenic Byway.

Interstate 15 (I-15) is an Interstate Highway in the U.S. state of Nevada that begins in Primm, continues through Las Vegas and it crosses the border with Arizona in Mesquite. Within the state, the freeway runs entirely in Clark County. Many motorists use I-15 to visit Las Vegas, as it is the only primary Interstate Highway in the city. The highway was built along the corridor of the older U.S. Route 91 (US 91) and Arrowhead Trail, eventually replacing both of these roads.

Clark County Government Center

The Clark County Government Center serves as the government center building for Clark County, Nevada. It is located in Downtown Las Vegas. The 350,000-square-foot (33,000 m2) complex designed by Fentress Bradburn and opened in 1995 consists of a six-story county administration building, three one-story buildings for the county commissioners’ chambers, a multipurpose community facility and a central plant. It includes space for government administration, a law enforcement complex, a performing arts complex, a child-care facility and structured parking. It also contains a single-story auditorium, a pyramid-shaped cafeteria and a cylindrical, six-story reception hall, as well as office buildings.

In December 2004, the project was approved by the Las Vegas City Council for 35 stories with 413 units. Sandhurst Development relocated its headquarters from New Jersey to Henderson, Nevada, to oversee the mixed-use project. [6] The Sandhurst tower would have been the company's first Las Vegas project. [7] Sales began in January 2005, with prices starting at $250,000, based on construction prices at the time. [1] In early 2005, negotiations with Union Pacific were underway to purchase 12 additional acres that were located southwest of the 3.2-acre property. [8] The land was to be used for a second tower that would be smaller than the 35-story tower. [9] At that time, construction was expected to begin in June 2005, with completion in fall 2006. [8] Residential Constructors was to construct the project. [1]

Henderson, Nevada City in Nevada, United States

Henderson is a city in Clark County, Nevada, United States, about 16 miles (26 km) southeast of Las Vegas. It is the second-largest city in Nevada, after Las Vegas, with an estimated population of 310,390 in 2018. The city is part of the Las Vegas metropolitan area, which spans the entire Las Vegas Valley. Henderson occupies the southeastern end of the valley, at an elevation of 1,864 feet (568 m).

Delays and cancellation

Construction did not begin as scheduled. [10] Michael Mirolla of Sandhurst Development said that in July 2005, he backed off from beginning work on the project after learning that construction costs would be either 30 percent [1] or 50 percent higher than initially expected. [11] As a result, the starting price for units in the project increased to $475,000 that year. [12] By October 2005, the project was scheduled for occupancy at the end of 2007. [13] Preconstruction work on the site was underway in December 2005, as the tower was going through the final building approval process. Mirolla hoped to break ground in early January 2006, and said: "We made mistakes by projecting (construction) dates. Until you have a permit pulled, you can't tell. We're moving forward, but permits are taking a little longer than we thought. We had our full documents in with the city in May and here it is December. In September we were told to redesign the drainage. Now we go back to the engineers to redesign the drainage and that has to be approved. So we've learned a lot here." [10]

In May 2006, Mirolla said construction costs had lowered from what they were in July 2005, and that he hoped to purchase building permits and begin construction within six weeks. [11] Mirolla declined to identify the general contractor until all documents were signed. At the time, Mirolla was in the final stages of the loan process. Mirolla was in negotiations with Corus Bank as the primary lender, and had also met with JPS Capital. Later that month, Mirolla acknowledged rumors about the project's demise, confirming that the property had been privately listed for sale as a backup plan in the event of the project's cancellation. Although Mirolla had received offers for the property, he said the Sandhurst project was still being planned. At that time, construction costs were estimated at $200 million for the project, now with 398 condominium units; 45 percent of the units had been reserved up to that point, with starting prices now at $600,000 because of the rise in construction costs. [1] The project was delayed that year because of the high construction costs, as investors in the project wanted to wait until the costs stabilized. [12]

Corus Bankshares, Inc. operated as the holding company for Corus Bank, N.A., a United States company that offered consumer and corporate banking products and services. The bank's deposit products included checking, savings, money market, and time deposit accounts. Its loan portfolio primarily comprised commercial real estate loans, including condominium construction and condominium conversion loans; commercial loans; and residential real estate loans. The bank focused its lending activities in various metropolitan areas in Florida and California, as well as in Las Vegas, New York City, and Washington, D.C. It also provides safe deposit boxes, as well as clearing, depository, and credit services to check cashing industry locations in the Chicago area and in Milwaukee, Wisconsin. As of December 31, 2006, the bank operated 11 retail banking branches in the Chicago metropolitan area. Corus Bankshares was founded in 1958 and is based in Chicago, Illinois. Corus Bank is also known for having a relatively few number of branches for a publicly traded stock.

The project was cancelled in January 2007. Mirolla said he would return $7 million in deposits to 105 buyers, stating, "It doesn't mean this project won't come back. We just don't see the value of holding up our buyers. We're working with the group of investors who have title to the land, who still want to build Sandhurst, and if we can resurrect it, we'll reach out to the buyers." More than 60 percent of the project's condominiums were under contract, and the company had been negotiating with Corus Bank for approximately $250 million to finance construction, but Mirolla said that coming up with equity financing was difficult. [12]

In February 2007, Joseph Manzella of Sandhurst Development said, "We're talking with investors right now. We're working hard for the building." That month, Sandhurst Development was given two weeks to demonstrate to the Las Vegas City Council that progress had been made on the project. Otherwise, Goodman said the approval for the project would be revoked. Goodman had been concerned about property "flippers" who purchase property, obtain city approval for a project to raise the value of the land, and then sell it for a profit without any intention of constructing the project. Manzella said, "If we don't get an extension on the site plan, it will only hurt our chances of landing an investor." The company had spent $12 million on the project up to that point. [14] The City Council ultimately granted the company a six-month extension for the project, [15] [16] which did not materialize. [5]

Future land development

In April 2008, it was announced that the Grand Central Hotel would be developed on the property by Grand Central Partners, a joint venture between Merill Group of Companies and Craig Katchen's Pierce Development. [17] The project would consist of a 61-story hotel with 2,500 rooms, as well as 11,100 sq ft (1,030 m2) of retail space and a 260,000 sq ft (24,000 m2) convention center. [5] [18] The project was designed by JMA Architecture. [17] As of 2018, no further information has been released and the project remains un-built.

Design and amenities

Sandhurst Las Vegas was designed by JMA architecture. [13] The first tower was to include a pool and a 700-space parking garage, [2] while the ground floor would feature a 10,000 sq ft (930 m2) restaurant and a 30,000 sq ft (2,800 m2) spa and health club. [3] The project's lower floors would also feature 35,000 sq ft (3,300 m2) of commercial space for shops and other restaurants. [6] Units in the first tower were to be located starting on the seventh floor, [3] and would range in size from 800 sq ft (74 m2) to 2,000 sq ft (190 m2). [8] Two-story penthouse duplexes would range from 2,400 sq ft (220 m2) to 4,700 sq ft (440 m2), with prices starting at $2 million. [4] [8] The tower would have had a total of 900,000 sq ft (84,000 m2). [8]

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References

  1. 1 2 3 4 5 6 Smith, Hubble (May 13, 2006). "Sandhurst high-rise still on". Las Vegas Review-Journal . Archived from the original on July 19, 2011.
  2. 1 2 3 4 5 Shubinski, Jennifer (October 7, 2004). "Another high-rise tower planned for downtown". Las Vegas Sun . Archived from the original on February 27, 2017. Retrieved February 26, 2017.
  3. 1 2 3 4 Negron, Sito (October 15, 2004). "Plans for new condo high rise are announced". Las Vegas Sun. Archived from the original on February 27, 2017. Retrieved February 26, 2017.
  4. 1 2 3 4 5 Kalil, J.M. (October 15, 2004). "40-story, 409-unit condo tower going up off Charleston". Las Vegas Review-Journal. Archived from the original on October 29, 2004.
  5. 1 2 3 Spillman, Benjamin (April 24, 2008). "Grand plans for big hotel". Las Vegas Review-Journal. Archived from the original on July 29, 2016. Retrieved February 26, 2017.
  6. 1 2 3 4 Kalil, J.M. (December 16, 2004). "City Council approves 35-story condo tower". Las Vegas Review-Journal. Archived from the original on December 28, 2004.
  7. ↑ Kulin, Dan (December 16, 2004). "LV City Council rejection stuns high-rise developer". Las Vegas Sun. Archived from the original on February 27, 2017. Retrieved February 26, 2017.
  8. 1 2 3 4 5 Shubinski, Jennifer (January 31, 2005). "Developers eyeing other projects for downtown". Las Vegas Sun. Archived from the original on February 27, 2017. Retrieved February 26, 2017.
  9. ↑ Smith, Hubble (April 6, 2005). "View from above: bricks". Las Vegas Review-Journal. Archived from the original on September 12, 2005.
  10. 1 2 Smith, Hubble (December 16, 2005). "Development: Now you see them ..." Las Vegas Review-Journal. Archived from the original on December 30, 2005.
  11. 1 2 Kulin, Dan (May 1, 2006). "Many stalled in race to the sky". Las Vegas Sun. Archived from the original on February 27, 2017. Retrieved February 26, 2017.
  12. 1 2 3 Smith, Hubble (January 13, 2007). "Downtown condominium Sandhurst shutting down". Las Vegas Review-Journal. Archived from the original on July 4, 2008.
  13. 1 2 "Reaching for New Heights: High-Rise Construction Comes to Nevada". Nevada Business. October 1, 2005. Archived from the original on February 27, 2017. Retrieved February 26, 2017.
  14. ↑ McGrath Schwartz, David (February 11, 2007). "Council pressures downtown builders". Las Vegas Review-Journal. Archived from the original on April 4, 2007.
  15. ↑ McGrath Schwartz, David (February 22, 2007). "Las Vegas City Council grants extensions to two development projects downtown". Las Vegas Review-Journal. Archived from the original on March 1, 2007.
  16. ↑ "City Council sees flip side of 'flipper' argument". Las Vegas Sun. February 23, 2007. Archived from the original on February 27, 2017. Retrieved February 26, 2017.
  17. 1 2 "Development". GrantCentralHotelLV.com. Archived from the original on November 13, 2009. Retrieved March 14, 2018.
  18. ↑ "Grand Central Hotel". VegasTodayAndTomorrow.com. May 5, 2008. Retrieved March 14, 2018.
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