It didn't get the publicity of Donald Trump's ground-breaking ceremony, nor the press of the Ivana Educational Forum, but ADG Development officially broke ground on their Loft 5 mid-rise condo development on Wednesday. Grading of the 10-acre site located on Las Vegas Boulevard South and Pebble Road has begun, with the foundation for the first of eight building pads to be poured in the coming weeks.
The aptly named developer and executive vice president of Loft 5, Tom Gamble, says 75% of the units in the 272 unit, $75 million dollar project have been sold and the first units are scheduled to be delivered to purchasers in approximately 8 months. Four different floor plans are available and range from 1,200 square feet to 2,500 square feet.
Loft projects are becoming extremely popular in the Las Vegas valley now, and it's probably because they're cheaper to build compared to their high rise counterparts. As such, developers of mid-rises are finding it's a bit easier to get financing on their projects as well. Case in point: Lehman Bros, a Wall Street Investment bank has partnered with Loft 5 in providing $10 million in mezzanine construction financing to go along with a $56.5 million construction loan from Chicago-based Corus Bank. That's a lot of financial backing to insure the success of the 5-story Loft project.
Loft 5 amenities include 20 foot ceilings, private terraces, Poggenphol cabinets, sub-zero appliances, 2 acres of open courtyard space, a finess center with saunas and steam rooms, 2 swimming pools, a business center, plus a lounge and private theater.
In my opinion, Loft 5 joins C2 Lofts, Juhl, Metropolis, SoHo Lofts, and Newport Lofts as excellent opportunites for loft ownership in Las Vegas. Please feel free to contact me regarding availabilities and pricing for any of these and other Las Vegas high rise condo hotel projects.
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