Published Monday, Jan. 14, 2008 | 3:18 p.m.
Updated Thursday, Oct. 30, 2008 | 2:14 p.m.
The regularity with which new mega-projects keep getting proposed in Las Vegas really makes you wonder how long the current economic downturn is going to last.
One of the latest might also make you question the contention that high-rises in downtown Las Vegas attract investors, but they don’t draw full-time residents.
Solterra Holdings Nevada LLC., received a special use permit from the City Council last week for plans to build Solterra Towers, a pair of 550-plus-foot, 50-story, condo-and-commercial projects in the southeast corner of Gass Avenue and 1st Street.
The same company also received a special-use permit to build mid-rise, 14-story condominium buildings at 1st Street and Hoover, which is adjacent to the high-rises.
Over the last four years, of course, dozens of high-rise mixed-use projects have been proposed for the downtown area. Most of those came during the housing “bubble,” when there was such a need for housing, people submitted their names to lotteries with the hopes of being chosen to get the chance to bid on a new home.
The difference between those and Solterra: The bubble is over. The need for living units isn’t expected to creep back up for another two years. So if you’re putting out plans now, as one City Hall source put it, “you probably mean it.”
To see an architectural sketch of what the building might look like, see items 99 and 100 of the City Council Agenda.