New Las Vegas Condos Urban Village Includes Brownstones

Las Vegas Condos Urban Village Includes Brownstones

Centex Destination Properties has started development on the $1.5 billion, 2,400-unit "Urban Village" mixed-use project on Las Vegas Boulevard South, between Pyle and Frias avenues. The development firm purchased the 50-acre Las Vegas real estate site and project plans from Diversified Real Estate Group in December.

Las Vegas county records show that Centex paid $35 million for 13.59 acres being used for the first phase, or $2.575 million per acre. Diversified, by contrast, purchased the entire site in 2004 for $34.8 million, or $696,000 per acre, county records show. Reservations for the initial brownstones have been initiated. The brownstone and master plan theme are similar to Diversified's original plan, but the finishes and amenities package have been upgraded.

The first condo units, including brownstones, range from 938 to 2,225 square feet in size, with prices from $375,000 to $795,000. Las Vegas single-family homes, by comparison, averaged 2,223 square feet in February.

Urban Village will consist of five neighborhoods with buildings up to 12 stories, flats, live-work spaces, housing a combination of brownstones, lofts and condo-hotel units. The project additionally will offer restaurants, fitness center, shops, a pool complex, jogging paths and parks. Other features call for pet stations, rose gardens secured parking, outdoor grills and a bocci court. The finished Las Vegas condo Urban Village development, including brownstones, is expected to be finished in eight years.

Source: Business Press

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