LV-based AmLand plans condo towers

Jennifer Shubinski

Thursday, Feb. 17, 2005 | 10:40 a.m.

Las Vegas-based AmLand Development Inc. is entering the high-rise market with a series of condominium towers in south Las Vegas.

The company, which has been successful with its complex of five-story Park Avenue condominiums at the northeast corner of Serene Avenue and Las Vegas Boulevard South, plans on constructing five buildings ranging in height from 18 stories to 21 stories at the northwest corner of Shelbourne Avenue and Las Vegas Boulevard, just south of Windmill Lane.

The company has been taking reservations for the project, called One Las Vegas, and expects to issue hard contracts in March. Construction is expected to begin in June.

AmLand will have a preconstruction party this evening for invited guests.

Chet Nichols, executive vice president of AmLand Development, said many out-of-state buyers have been interested in purchasing the condos.

"Out-of-state buyers are much quicker to buy the condominiums because they know the value of condominiums" Nichols said. "There's not a lot of existing resident base that is familiar with high-rise life and the value of a condominium."

The 359 units will range in size from 830 square feet to 2,850 square feet with prices starting in the high $200,000s. Nichols said there are only 12 units for under $300,000.

The property will have three pools, tennis and basketball courts, two fitness facilities and other amenities, Nichols said.

AmLand, which has been in the valley for 15 years, is entering what appears to be a crowded market of high-rise projects in the Las Vegas Valley. Local industry insiders have said there area as many as 80 projects to more than 100 on the drawing board.

Nichols isn't worried about the potential competition.

"As far as announcements, so many are sheer hype and people are entitling the land and looking to flip," he said. "So many have already gone by the wayside. A few have gone forward, but they are definitely the minority.

"People who think there will be 75 projects, that's not going to happen."

Herb Press, president of Herbert Gordon Press Design who is the designer of record for the project and has worked on numerous high-rise projects in New York, said one thing that sets AmLand apart from the multitude of announced projects is its experience.

"They are by no means a first-time developer," he said. "They have a great vision and can identify buyers' interests."

AmLand also is launching Prima Las Vegas at Lake Las Vegas Resort, a complex of 107 condo units and 46 single-family homes on the north shore of the lake.

Construction on Prima, which will be four stories tall, will begin in June, Nichols said.

The units will be up to 3,200 square feet large and the single-family homes will be just less than 4,000 square feet. Prices range from $600,000 to $1.5 million.

Prima is not AmLand's first Lake Las Vegas project.

The company built Vila de Lago, a collection of town homes and single-family homes.

Nichols said after struggling for several years to sell properties at the resort community, the project sold out -- at 50 percent above asking price -- last year.

The Prima condos will be the only guard-gated project on the north shore, and will be concrete construction, which makes the units virtually sound proof, Nichols said.

A separate 50-story condominium project, also called One Las Vegas, by Florida developer Del American was announced last fall. That project is scheduled to be built at Hugh Hefner Boulevard near Flamingo Road and Valley View Drive.

Nichols said AmLand has the federal trademark to the name One Las Vegas and Del American has agreed to change the name of its project.

Officials for Del American said they are not ready to release the new name for its project.