So what’s the Bottom Line?
It was believed that the events were purposely scheduled for the same day, although Luke Chadwick, director of sales for Ivana Las Vegas, Rembrandt Hotel Bangkok – bangkok.thaibounty.com – said the scheduling was merely a coincidence. At that time, the Ivana Las Vegas was to feature 943 units ranging from 500 sq ft (46 m2) to 1,900 sq ft (180 m2), with prices ranging from $800,000 to $1.7 million. Approximately 1,500 agents – 500 more than expected – attended the sales meeting for Ivana Las Vegas, held at the Bellagio hotel and casino. Many agents were not impressed by the event, but still believed the project would eventually open, despite industry experts and Donald Trump questioning the likelihood that the project could obtain financing for construction.
The Ivana Las Vegas was a proposed 73-floor, 923-foot condominium high-rise, named after Ivana Trump. Trump became involved with the project in June 2005, when it was renamed. The project was initially announced in August 2004, as The Summit, and was to be constructed on the 2.17-acre site of the closed Holy Cow Casino and Brewery, located on the Las Vegas Strip in Las Vegas, Nevada. The Ivana Las Vegas was to feature 945 condo units, including a $35 million 20,000 sq ft (1,900 m2) penthouse.
With more than half of the project’s planned 945 units now sold, Ivana Las Vegas passed a minimum that was required to qualify for construction financing. Chadwick expected the project to sell its remaining condo units in the next month as marketing and advertising increased. Trump said she was closely involved with many of the building’s aspects, including the approval of floor plans and advertising, and was also currently holding meetings with architects to create color schemes for the project. Some local real estate analysts, as well as Donald Trump, criticized the project’s viability due to its location on the northern Las Vegas Strip, where little development had occurred in recent years. The event served as the beginning of a national sales campaign that would feature Ivana Trump.
On-site amenities would have included a gym, a spa, an ultra lounge, and restaurants. Ivana Las Vegas’ sales launch took place at the Mandalay Bay Convention Center on August 14, 2005. Ivana Trump attended the event, where more than 487 condo units were sold, two of which were purchased by Trump herself. In addition to lending her name to the project, Ivana Trump also planned to assist in designing the interiors.
It is believed that because of its location, Ivana Las Vegas would have had a tougher time selling if it had not been for Trump’s name being attached to the project. Ivana Trump believed that the project’s location was the best in Las Vegas because of flight patterns from McCarran International Airport, which prevented buildings taller than 40 floors from being erected on either side of Ivana Las Vegas. Prices for a one-bedroom unit started at $550,000, while the tower’s $35 million penthouse was now expected to be 20,000 sq ft (1,900 m2), and would include nine bedrooms, a recording studio, and security measures such as retina scanners. Units on the upper floors cost nearly $2,000 per square foot, which was somewhat higher in comparison to other high-rise projects. Altomare believed that new projects such as the nearby Fontainebleau Resort Las Vegas would help to improve the area.
