L’Octaine, called key to redevelopment, opens

Dan Kulin

Thursday, June 23, 2005 | 9:07 a.m.

The L'Octaine apartments in downtown Las Vegas -- touted by the mayor and some City Council members as an important part of the redevelopment plan for the city's inner core -- were ceremoniously opened to the public Wednesday.

The four-story building at Las Vegas Boulevard South and Gass Avenue is a new affordable housing project along a boulevard that has become the place to be for proposed luxury high-rises.

But while projects such as Soho Lofts just down the block from L'Octaine are aimed at those who can afford to spend more than $300,000 -- with some into the millions of dollars -- for a condominium, L'Octaine apartments have modest rents for people and families that meet strict income limits.

And the L'Octaine apartments are going fast to people like Brian Paco Alvarez, a 31-year-old museum consultant and artist.

The first tenants moved in about two weeks ago, and as of Wednesday afternoon 38 of the 51 apartments were leased.

Alvarez moved into his two-bedroom, two-story apartment about 10 days ago, and said the move was a "major move up" from the apartment he had near UNLV.

Naturally, because they are new, the L'Octaine apartments don't have the problems of older buildings. But the location was a main attraction for Alvarez, whose balcony overlooks the boulevard.

"For me, if you're going to talk about downtown redevelopment you have to live down here. You have to live it," Alvarez said.

"It's important to build a community and when you get more people down here, that's how you build a community."

Councilman Gary Reese said before Wednesday's ceremonial ribbon cutting at L'Octaine that the city needs people living downtown.

"And L'Octaine is something that even myself could afford to move into," said Reese, who is a barber.

Councilman Lawrence Weekly, whose ward includes L'Octaine, said the apartments are important for the revitalization of downtown.

Carolyn Goodman, who stood in Wednesday for her husband Mayor Oscar Goodman who was out of town, said the apartments will "bring great life to downtown."

She also joked that now the mayor has a place to stay "when we get into one of our fights."

In a written statement, the mayor said L'Octaine "will fill a need we have in our downtown for housing that our workers, teachers and families can afford."

L'Octaine is a project by The Tom Ham Group, a San Diego-based firm that specializes in such residential housing projects.

The company also developed the 319-unit Campaige Place Las Vegas, which is also in downtown at Eighth Street and Stewart Avenue.

At L'Octaine rents start at $461-a-month for a one-bedroom apartment; two-bedroom apartments rent for $690 a month; and three-bedroom apartments are $796 a month. The apartments range in size from 427- to 1,225-square-feet.

Income limits for L'Octaine residents start at $20,650 a year for a single person, although some apartments allow for single-person households to make up to $24,780 a year; a two-person household can make up to $28,320 annually; and a three-person household can make up to $31,860 annually.

L'Octaine, 801 Las Vegas Blvd. South, was a $9 million project that was helped with tax-credit bonds from the state plus $1.65 million in federal HOME funds received through the city, and $850,000 in city redevelopment funds.

Reese said some have expressed concern about L'Octaine becoming a slum, or crime-ridden, both of which he believes will not happen, thanks in part to the on-site security.

Jennifer Adaro-Martin, a vice president of developer Tom Ham, said there is on-site management around the clock. Also, she said, criminal background checks are done on prospective renters.