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Gaming Guru

Jennifer Shubinski

Condo Tower In Works For North Strip

13 July 2004

A group of Los Angeles-based developers announced plans to build Sky Las Vegas, a 40-story residential luxury high-rise condominium tower located on the west side of Las Vegas Boulevard, just north of Circus Circus hotel-casino and south of the Hilton Grand Vacations Club time shares.

Nevada Development Partners is a partnership of Aaron Yashouafar, chief executive of Milbank Real Estate Services Inc., a Los Angeles-based real estate company, along with David Pourbaba and Neil Kadisha, both developers from Southern California.

The Clark County Planning Commission last week voted to recommend approval of the project, with a vote for final approval by the County Commission expected in August, Yashouafar said.

Milbank has several different divisions, including a 25-year-old real estate division, a management (the company currently oversees more than 1.5 million square feet of commercial office and retail space) and maintenance services division, and a financial services and capital investment division.

The company recently purchased Figueroa Tower, a 24-story, 279,000-square-foot office building in downtown Los Angeles, according to Colliers International, Los Angeles office. A national real estate trade magazine reported the sale price was $62.4 million.

Kadisha is an original investor and former director of Qualcomm, a company that develops digital wireless communications products and services, and he is currently chief executive of Omninet Capital LLC, a Beverly Hills, Calif., investment firm involved in real estate and private equity.

Pourbaba has developed mixed-use projects in California and Texas, according to a statement from Nevada Development Partners.

Sky Las Vegas is set to be built on three acres. The partnership closed escrow on the land in March for $13.5 million, according to Clark County Assessor data.

Preliminary plans are for about 350 units that will range in size from 800 square feet to 2,500 square feet. Prices are expected to range from $400,000 to more than $3 million. In addition to penthouse units, the developers plan to offer two-story rooftop suites.

In addition to the residential tower, plans call for three stories of commercial space for offices and retail.

Construction is expected to begin during the first quarter 2005. Project costs were not disclosed.

Sky Las Vegas developers also are vying to offer the first residential condominium on the Strip -- as opposed to time shares or condominium-hotels.

"It's the ideal Las Vegas location for those seeking immediate access on Las Vegas Boulevard," Kadisha said.

Development and land expert Richard Lee, spokesman for First American Title Co., said the continued announcements of high-rise towers over the past six months is a function of many things, including land costs, an evolution of the city, and a realization by many developers that Las Vegas is a desirable place to live, as well as visit.

"We're talking to experienced people from Chicago, New York and London. They look at this market and say it is just ripe, it is perfect and it is next," Lee said.