Las Vegas Sun

March 28, 2024

Fast-growing builder lauded by magazine

ManhattanWest

Heather Cory

Construction for the $300 million ManhattanWest condominium project is underway, due to be finished in 2012. Gemstone Development, the projects developer, was recently named one of the fastest growing private companies in America.

ManhattanWest

Operating the elevator, Richard Skifton, right, takes Matt Leach, an electrician with Helix Electric, left, to a lower level at the ManhattanWest condominium project on Sept. 8. Gemstone Development, the projects developer, was recently named one of the fastest growing private companies in America. Launch slideshow »

As construction of the $330 million ManhattanWest mixed-use development continues on Oquendo Road, near Russell Road and the 215 Beltway, the project's developer has been recognized by Inc. magazine.

In its Sept. 1 edition, Inc., a monthly business magazine based in New York with a circulation of more than 700,000, named Las Vegas-based Group Gemstone the fifth fastest-growing private company in America.

The ranking is part of the 2008 Inc. 5000 list, which measured revenue growth from 2004 through 2007. To qualify, companies had to be based in the United States and be privately held.

Companies on the Inc. 5000 list also had to have at least $200,000 in revenue in 2004 and $2 million in 2007. After it was founded in 2003, Group Gemstone's revenue jumped from $733,780 in 2004 to $114.2 million in 2007, according to Inc.

Group Gemstone's first development, a $230 million project called Manhattan Condominiums, was completed in 2007 and sold out its initial 700 units. Manhattan Condominiums is at 30 E. Serene Ave., just east of Las Vegas Boulevard South.

Alex Edelstein, chief executive officer of Group Gemstone, said the company's growth over the past four years can be attributed to a combination of a pro-business attitude in the Las Vegas Valley and the company's vision for cutting-edge housing solutions.

"The growth of Las Vegas itself over the past several years has been a huge part of it," Edelstein said. "That growth has given companies like us the chance to build and expand."

Group Gemstone's latest project, ManhattanWest, is approximately six months away from completing its first of two phases. The second phase will begin soon thereafter with a timetable yet to be determined, said Mark Chatow of Group Gemstone.

Once completed, the 20-acre development is planned to feature approximately 700 condominiums ranging in price from $200,000 for studio units to $1 million for upscale 3-bedroom floor plans. A 121-room hotel component, Staybridge Suites, was added to the project six months ago.

The top floor of the development's tallest residential building — the nine-story, 73-unit Element House — will feature a clubhouse called the Sky Lounge with panoramic views of the Las Vegas Strip.

"We're not quite sold out, but we are selling steadily," Edelstein said. "Well over half of phase one has already been sold."

ManhattanWest will also include 200,000 square feet of restaurant and retail space, including Manhattan Market and the 3,000-square-foot Elixir coffeehouse and wine bar.

"People forget that even in today's market, there are thousands of homes being sold each month," Chatow said.

Despite the real estate slowdown, Chatow feels that ManhattanWest's amenities will continue to attract buyers.

"That will make it much easier to keep the project moving forward while others never got off the ground," he said.

A 200-seat Italian restaurant is planned along with a Dog Day Care Center, where a full-time staff will be available to look after residents' canine companions during the workday.

"I don't think there is any other residential development in the valley that offers such a service for dogs and their owners," Edelstein said.

Jeff O’Brien can be reached at 990-8957 or [email protected].

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