$200 million condo planned for southwest Vegas valley

By Liz Benston (contact)

Monday, March 14, 2005 | 10:46 a.m.

A group of real estate developers and a top Mandalay Resort Group official have emerged to break ground on a $200 million condominium tower to take shape at the southwestern curve of the Las Vegas Beltway, one of several towers proposed in the neighborhood.

The Curve, which would be built on 42.5 acres at the Las Vegas Beltway between Durango Drive and Sunset Road, is scheduled to break ground in January 2006 and open its first phase around January 2007.

Unlike many condo towers proposed around town, The Curve development is aimed at locals and has entirely local backers, Curve Development Co. President Edward Kile said.

"The focus of our project is people who want to live here and simplify their life," he said. "It offers a comfortable lifestyle that is convenient. You can get to the Strip in 10 minutes and get to McCarran Airport in 15 minutes and you don't have the congestion along Las Vegas Boulevard."

Partners in the project include Daniel Juba of Klai Juba Architects, Michael J. Dean of MJ Dean Construction, Robert "Randy" Black Jr., Michael Chernine and Bill Richardson.

Kile is an attorney and real estate contract expert, formerly with Attorney Consulting Real Estate Service in Solana Beach, Calif., and GE Franchise Finance Corp. in Scottsdale, Ariz.

All of the partners own land in the area and chose to combine their investments as well as buy up other pieces to create a continuous parcel, Kile said. The partners originally intended to build a medical or commercial project but that evolved into a residential-driven site, he said.

The partners are in the process of obtaining construction financing from a well-known lender, Kile said.

About 17 acres will be developed in the first phase, which includes two 18-story towers with a total of 376 units, 115,885 square feet of retail and restaurants and 61,201 square feet of office space.

The units range from 1,103 square feet to 2,025 square feet rooms. Prices start at $385,000 and top $1 million for a custom penthouse.

Richardson, who owned the Gold Strike hotel and casino before it was folded into the predecessor to Mandalay Resort Group, has served as that company's vice chairman since 1998. The Curve marks the first new development to involve a top Mandalay official since news of the company's acquisition by MGM Mirage, a deal expected to close by the end of the month. Richardson cashed out Mandalay stock worth more than $200 million last year.

Klai Juba Architects, The Curve's designer, was involved in crafting Mandalay Bay, Four Seasons, and the Hard Rock Hotel and Casino. The project's general contractor, MJ Dean Construction, also has specialized in casino resorts, building Mandalay Bay, the Hard Rock Hotel and Casino and the Monte Carlo. Chernine and Black are landowners and partners in LandBaron Investments.

The Clark County Commission approved the project in September but not before downsizing the towers, initially proposed at 300 feet, after complaints from residents and community activists.