List of Condominiums in Las Vegas
Del American closed escrow on the property in January 2005, at a cost of $50 million. The sales office for Vegas 888 closed in July 2006, at which point the property was reportedly for sale. Amland Development won the right to use the name. In February 2005, Amland Development took legal action against Del American to continue using the name for its own condominium project, also known as One Las Vegas. In August 2006, Del American announced intentions to instead build a mixed-use resort, hotel and casino on the property. Approximately $250 million worth of condominium units had been presold, with approximately $75 million spent on the project, most of which came from Lehman Brothers.
Since the 1990s, various condominium projects have been proposed for the Las Vegas Valley. Park Towers and Turnberry Place, two high-rise condominium properties located near the Las Vegas Strip, were completed in 2001; they subsequently inspired a condominium boom that started in 2003, when various developers began announcing projects that were planned throughout the Las Vegas Valley. Many projects were ultimately cancelled because of a rise in construction costs, as well as a lack of skilled construction workers and contractors who were qualified to build high-rises; both reasons were attributed to the large number of projects being announced.
By the end of 2008, only three additional developers had successfully completed condominium high-rises near the Las Vegas Strip: MGM Mirage (The Signature), Donald Trump (Trump International), and Andrew Fonfa (Allure Las Vegas). As of August 2009, less than 25 percent of the proposed condominium projects had been built, as predicted by some analysts; developers of projects that were completed were having difficulty selling their units as a result of the 2008 recession.
In August 2004, the 21-story project was approved by the Las Vegas City Council to include 18 condominium units, 116 apartments – Read the Full Post bangkok.thaibounty.com – , and 2,200 sq ft (200 m2) of ground-level retail space. By January 2005, the closed Holy Cow Casino and Brewery (the planned future site of The Summit) had been converted into a $1 million sales office for Liberty Tower. That month, it was announced that Australian developers Joseph Di Mauro and Victor Altomare would finance the project, which they also planned to do for The Summit.
Ellis decided to become involved in the Aqua Blue after meeting with the project’s developer, Michael Peterson, who had developed and owned condominiums and restaurants in Wisconsin and Chicago. The project’s expected cost was $600 million. In June 2005, Peterson began considering offers for the property. In January 2005, retired basketball player Michael Jordan became involved in Aqua Blue. Jordan would also open the 65,000 sq ft (6,000 m2) Michael Jordan Athletic Center inside the new building. Jordan was to open two restaurants at Aqua Blue: Michael Jordon’s Steak House and Michael Jordon’s 23 Sportcafe.
