Remember we mentioned before that the Related Group, Developers of ICON Las Vegas, had a big announcement in store for the near future? Well, the near future is now: Related and Centra Properties of Las Vegas have teamed with actor George Clooney and Scott & Rande Gerber to build a unique urban village called Las Ramblas which will consist of 11 separate buildings and 150,000 square feet for commercial use such as shopping, restaurants, etc.
Located east of Las Vegas Boulevard in between the Hard Rock Expansion and the site of Starwood's proposed "W" hotel-condominium on the corner of Harmon & Koval, the high rises - called "The Gateway Towers" - are being designed by the award winning architectural firm, Arquitectonica, and will be built in front of the Las Rambles community. Reservations are currently being accepted for the east Gateway Tower for 1, 2, and 3 bedroom units. 344 condos comprise the 42 story tower with the first 6 floors being parking and retail related.
Building amenities include 24-hour valet, covered parking, a swimming pool, a full-time concierge staff, and priority access to the hotel, spa, gourmet dining and casino. In addition, housekeeping services will be available as well as an on-site fitness center.
The fully-furnished hotel condo units, measuring 880 square feet to 1,910 square feet, feature 9ft, 6" ceilings, wall to floor ceiling windows, spacious walk-in closets, and of course will have the latest in technology including state of the art touch screen and plasma TVs, high speed internet, data/voice, and satellite access. The European style kitchens will feature granite countertops and appliances and the bathrooms will include marble flooring and countertops with custom designed vanities and walk-in marble showers (including a spa tub in the master bath).
A 10% deposit is required at contract in November 2005 and a further 10% at ground breaking in early 2006, with completion estimated to be sometime in mid 2008. When completed, Las Ramblas will span more than 4,400 condo & hotel units in nearly 8 million square feet. Reservation deposits for the residences at The Gateway will start at $30,000 for a one bedroom unit, $40,000 for the two bedroom units and $50,000 for the three bedroom units. Reservation deposits for the condo hotel units will start at $25,000 for studios, $50,000 for one and two bedroom units, and $100,000 for penthouse and bungalow suites.
With 300 hotel units, 2,764 condos, 1,326 condotel units and 19 bungalows, you're certain to find something that meets your investment criteria before the project's first phase is complete in early 2008. Then again, we haven't talked prices yet. In the meantime, for priority placement into this project, please contact me. Whether you like George Clooney or not, anything the Related Group is associated with is worth looking into further.
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