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Smith, Hubble (January 15, 2008). “Condo auction won’t happen”. Las Vegas Sun. Retrieved March 28, 2017. When housing prices dropped, he bought a condo in Newport Lofts. Woodman, Xania (March 5, 2009). “The Culture Club: In praise of those who put the “art” in “party””. Peterson, Kristen (August 28, 2009). “Investing in the District”. Skolnik, Sam (August 15, 2008). “Downtown’s biggest booster unbowed”. Las Vegas Sun. Retrieved March 28, 2017. The Brett Wesley Gallery is temporarily housed in a posh penthouse at Newport Lofts, as swank a place as any for a gallery, not to mention a party. He has been holding exhibits in the penthouse for nine months.
While most of the cancelled condominium projects did not have difficulty selling, their respective developers could not build the projects at a suitable cost due to construction expenses rising 30 percent to 50 percent. In February 2006, representatives from six projects announced the formation of the Las Vegas High Rise and Condominium Alliance, which would promote the mid-rise and high-rise condominium market in Las Vegas. By that point, after the cancellations of several high-rise condominium projects, banks had become more resistant to developers who were seeking construction financing for proposed projects. Two banks were heavily involved in Las Vegas’ high-rise condominium market at that time: Corus Bank and Hypo Real Estate Corporation.
Las Vegas Strip at 2900 Sirius Avenue. Scandia and The Congress Group agreed to delay the initial escrow closing date of May 2005, so that final costs for the new project could be completed. At the time of the announcement, the property was in the process of being sold by Highrise Partners to The Congress Group for an undisclosed amount of money, with escrow expected to close in September 2005. Groundbreaking was expected to occur in the first quarter of 2006, with the first units available for occupancy in spring 2008. Opus Las Vegas would have featured 1,400 parking spaces spread across four levels, along with 20,000 sq ft (1,900 m2) of residential retail stores. Up to that point, The Congress Group had spent a year determining construction costs.
By 2009, the Naomi Arin Contemporary Art gallery was operating inside Soho Lofts. It opened with 275 condominium units in a 21-story tower, although sales suffered as a result of the weak local and national economy. In January 2011, a small grocery store, Resnicks Grocery, opened inside a 1,400 sq ft (130 m2) space inside Soho Lofts that was previously occupied by an art gallery. The Contemporary Arts Center later operated from within one of Soho Loft’s ground-level spaces.
Greenough, who was unable to work out a deal with potential developers that would incorporate Tommy Rocker’s into any planned condominiums, later chose to build his own condominium on the property. The structure was to be named Rocker Tower. Greenough had toured Viennese parking garages as part of his research into automated-garage technology. Greenough hoped that the building would be certified by the Leadership in Energy and Environmental Design Green Building Rating System. The tower was expected to be the first in southern Nevada to feature a computerized automated parking structure, with the intention of saving space and decreasing pollution. In January 2006, Greenough received approval for a 46-story, 252-unit condominium tower, to be constructed on his property at a cost of $150 million.
Above the first floor would be six floors used for parking, and 18 floors for condominium units. The project was designed by Las Vegas-based MWT Ofra, and was scheduled for a vote by the Las Vegas Planning Commission and the City Council in May and June 2005, respectively. The company had previously developed single-family residential homes in California, as well as an 11-story building in Seattle. A local expert believed that the project was in a bad location: an older part of Las Vegas with little development. Cielo Vista would have been the company’s first Las Vegas project.
