Developer planning new luxury condos

Thursday, Aug. 7, 2003 | 10:55 a.m.

A Texas-based developer has purchased land to develop a luxury condominium tower near the corner of Desert Inn Road and Debbie Reynolds Drive.

Randall Davis, who has built several redevelopment and high-rise projects in Texas, bought the land for $1.9 million last month from Hawaiian time share company Royal Aloha Vacation Club.

Davis said he expects to demolish the time share structure within the next month and begin construction by October on Metropolis, an 18-story, 70-unit condo complex that will overlook the Wynn Las Vegas resort golf course on the north side of Desert Inn Road.

County building officials said Wednesday that no plans have yet been filed with their office. The project will require a demolition permit as well as a building permit.

Prices will range from around half a million to about $1 million per unit, said Davis, who is based in Houston. At least 30 of the units, which began pre-sales in February, have sold or are in escrow, he said.

Davis said the success of Turnberry Place, a high-end condo complex on Paradise Road, inspired him to invest in the town he has long visited as a tourist.

The tower will have a cosmopolitan, Art Deco look and luxury features such as oversized showers and granite accents, he said.

About half of the tower will have units with ceilings that are at least 10 foot high and the rest will be marketed as "lofts" with ceilings that are nearly 20 feet high. Plans also call for concrete slabs of 8 or 9 inches thick between floors to muffle sound.

The units will be sold as completed living spaces, unlike other complexes that require buyers to choose features first, he said. Some upgrades, such as wine chillers and glass balcony rails, will be available.

"This is much taller than anything I've done," said Davis, whose other projects also have a vintage look.

Davis said he has couple of partners in Houston and London in the project but is financing its cost with a loan from IBC Bank in Houston. The tower is is expected to cost from $35 million to $40 million.

Davis said he is interested in investing in real estate elsewhere in Las Vegas and will wait until Metropolis is under construction before actively scouting other sites.