Sky Las Vegas

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Sky Las Vegas
2013-0222-Sky.jpg
General information
Status Complete
Type Residential
Location Winchester, Nevada
Address 2700 Las Vegas Boulevard South
Coordinates 36°8′19″N 115°9′41″W / 36.13861°N 115.16139°W / 36.13861; -115.16139Coordinates: 36°8′19″N 115°9′41″W / 36.13861°N 115.16139°W / 36.13861; -115.16139
Construction started 2005
Topped-out September 2006
Completed 2007
Opening May 2007 (May 2007)
Cost $325 million
Height 500 ft (150 m)
Technical details
Floor count 45[1]
Design and construction
Architecture firm Klai Juba Architects
Developer Nevada Development Partners
Main contractor M.J. Dean
Other information
Number of units 409[2]

Sky Las Vegas is a 45-story luxury high-rise condominium tower with 409 units, situated on a 3-acre site on the Las Vegas Strip in Winchester, Nevada. The tower's land, as well as nearby property, had been the site of the El Rancho Vegas hotel and casino from 1941 to 1960, when it burned down. The property remained vacant for decades. A two-story retail project had been planned for a portion of the site in 2001, although it ultimately did not materialize. Plans for Sky Las Vegas were announced in July 2004, with construction beginning the following year and its opening occurring in May 2007.

History[edit]

Early history[edit]

The property was initially occupied by the El Rancho Vegas hotel and casino, opened in 1941 and located at the southwest corner of South Las Vegas Boulevard and Sahara Avenue, an area that would ultimately become the northern end of the Las Vegas Strip. The El Rancho Vegas burned down in 1960, and Howard Hughes Corporation purchased the 39-acre (16 ha) property in 1966. William Bennett – the owner of the Sahara Hotel and Casino across the street – purchased the vacant property in 1995, and put it up for sale in 1999, at a price of $2.5 million per acre.[3]

In February 2001, NewMark Merrill – a developer of strip malls in southern California – announced plans to purchase 3 acres (1.2 ha) of the property, located north of Circus Circus and south of a planned Hilton timeshare high-rise.[4] NewMark Merrill was planning a two-story, 55,000 sq ft (5,100 m2) retail project for the property that would be known as the Boulevard Collection. The project was designed by Lee & Sakahara, and was to be opened in 2004. After the September 11 attacks, Hilton halted construction of its nearby timeshare project, and NewMark subsequently had difficulty securing tenants because of concerns about the lack of new development at the northern end of the Las Vegas Strip.[5]

Announcement and construction[edit]

Nevada Development Partners purchased the vacant 3-acre (1.2 ha) property from NewMark Merrill in March 2004, at a cost of $13.5 million. The company was made up of Aaron Yashouafar, the chief executive of the Los Angeles-based Milbank Real Estate Services Inc.; and David Pourbaba and Neil Kadisha, developers from southern California. In July 2004, plans were announced for Sky Las Vegas, a 40-story, 350-unit condominium tower. Construction was expected to commence in the first quarter of 2005, and was expected to cost $300 million. The project was being designed by Klai Juba Architects.[6][7]

An advertisement for Sky Las Vegas was published on February 1, 2005, and read, "Dear Tara Reid. Come let it all hang out." The advertisement referred to a wardrobe malfunction that Reid had while posing for photographers at an event the previous year. In March 2005, Reid sued Sky Las Vegas, alleging that the project was benefiting from her malfunction and that the advertisement misrepresented her as "sexually lewd or immoral." Reid wanted publication and distribution of the advertisement to cease.[8][9] The case was settled later that year.[10]

In early April 2005, it was announced that groundbreaking was scheduled for early May, with completion scheduled for late 2006.[11] The foundation was poured in September 2005.[12] Construction had reached the 19th floor in January 2006, with an additional floor being added approximately every four days. Approximately 85 percent of the project's 409 units had been sold up to that time.[13] NASCAR racer Geoff Bodine, who purchased a unit at Sky Las Vegas, attended a topping out party held for the project in September 2006.[14]

On April 3, 2007, a gas explosion occurred in a swimming-pool pump room on the fourth floor during construction. Three workers were sent to local hospitals, while a fourth worker had his injuries treated at the construction site. No damage was done to the building.[15] M.J. Dean was the general contractor for the project, which cost $325 million.[13] Hypo Real Estate co-financed the project by providing either $216.3 million[16] or $260 million.[13]

Opening and operation[edit]

Entrance

Sky Las Vegas opened in May 2007,[17] and was the first high-rise condominium project to open on the Las Vegas Strip.[18] Four three-story residences known as SkySuites – each with four bedrooms and five bathrooms and measuring 5,000 sq ft (460 m2) – occupy the upper three floors, above the penthouses.[19] In July 2007, an unfinished 2,985 sq ft (277.3 m2) penthouse sold for $2.7 million.[1] Some units were rented out because of difficulty selling them, as a result of the poor economy.[20]

On July 4, 2012, a kitchen fire that was caused by an unattended stove in one of the units forced a brief evacuation of the 32nd and 33rd floors. Southbound lanes on the Las Vegas Strip were also temporarily closed by firefighters. The fire was extinguished after 10 minutes, and with no injuries.[21] On April 25, 2013, a hot tub on the patio of a fifth-floor condominium caught on fire. South Las Vegas Boulevard was briefly closed off to traffic while firefighters contained the fire.[22][23]

A 14,378 sq ft (1,335.8 m2) CVS Pharmacy store that operates inside the building was sold in March 2014, at a cost of $30 million,[24] the most expensive sale price for a CVS store in the Las Vegas Valley.[2] In April 2015, the tower's remaining unsold 65 units were put on the market as part of a bulk sale that also included 26,800 sq ft (2,490 m2) of vacant retail space on the second and third floors. The sale, with a listed price of "best offer," did not include the CVS store.[25] In September 2015, Pathfinder Partners purchased the tower's remaining 64 units.[20] The CVS was listed for sale in January 2016.[26]

See also[edit]

References[edit]

  1. ^ a b "Record price fetched for 'gray-shell' condominium". Las Vegas Review-Journal. July 30, 2007. Retrieved March 29, 2017. 
  2. ^ a b Robison, Jennifer (April 14, 2014). "Strip drugstore sale one of priciest CVS deals ever". Las Vegas Review-Journal. Retrieved March 29, 2017. 
  3. ^ Morrison, Jane Ann (November 15, 2004). "When you wish upon the Strip, your dreams have room to grow". Las Vegas Review-Journal. Archived from the original on December 5, 2004. 
  4. ^ "Mall developer secures parcel". Las Vegas Sun. February 26, 2001. Retrieved March 29, 2017. 
  5. ^ Robison, Jennifer (April 1, 2002). "$30 million shopping center planned for the north Strip". Las Vegas Sun. Retrieved March 29, 2017. 
  6. ^ Shubinski, Jennifer (July 13, 2004). "Condo tower in works for north Strip". Las Vegas Sun. Retrieved March 29, 2017. 
  7. ^ Smith, Hubble (July 23, 2004). "Project adds to vertical reality: Sky Las Vegas is latest entry in high-rise condo building boom". Las Vegas Review-Journal. Archived from the original on November 23, 2004. 
  8. ^ "Tara Reid sues over 'let it hang out' ad". USA Today. March 10, 2005. Retrieved March 29, 2017. 
  9. ^ Clarke, Norm (March 12, 2005). "Dion's son savors NASCAR nirvana". Las Vegas Review-Journal. Archived from the original on November 21, 2005. 
  10. ^ Clarke, Norm (January 28, 2016). "Al Davis dreamed of moving Raiders to Vegas". Las Vegas Review-Journal. Retrieved March 29, 2017. On this day: Feb. 1, 2005: Sky Las Vegas Condominiums launches an ad campaign proclaiming, "Dear Tara Reid, Come Let It All Hang Out," a tacky reference to her wardrobe malfunction on a red carpet the year before. She sues, claiming her reputation was damaged, and the parties settle later in the year. 
  11. ^ Smith, Hubble (April 4, 2005). "Groundbreaking for Sky Las Vegas condos set for May". Las Vegas Review-Journal. Archived from the original on November 4, 2005. 
  12. ^ Smith, Hubble (September 19, 2005). "Luxury condominium tower reaches for the Las Vegas sky". Las Vegas Review-Journal. Retrieved March 29, 2017. (Subscription required (help)). 
  13. ^ a b c Smith, Hubble (January 13, 2006). "No money, no labor, no way: Lack of financing, qualified help seen to scuttle high-rises". Las Vegas Review-Journal. Archived from the original on February 5, 2006. 
  14. ^ Clarke, Norm (September 23, 2006). "Riviera's 'Splash' coming to end". Las Vegas Review-Journal. Archived from the original on December 15, 2007. 
  15. ^ "Explosion sends three workers to hospitals". Las Vegas Review-Journal. April 3, 2007. Retrieved March 29, 2017. 
  16. ^ Smith, Hubble (October 8, 2006). "A high and tight market: High-rise condo market failures cause lenders to grow cautious". Las Vegas Review-Journal. Archived from the original on July 21, 2010. 
  17. ^ "Condo market points down". Las Vegas Review-Journal. May 30, 2007. Retrieved March 29, 2017. "Of course, every project has investors," said Aaron Yashouafar, developer of Sky Las Vegas, which opened this month on the Strip. 
  18. ^ Robison, Jennifer (June 3, 2008). "As high-rises grow, sales slow". Las Vegas Review-Journal. Retrieved March 28, 2017. 
  19. ^ Nadler, Art (February 15, 2015). "Look inside some of the valley's sweetest suites". Las Vegas Review-Journal. Retrieved March 29, 2017. 
  20. ^ a b Segall, Eli (September 16, 2015). "Investors buy 64 condo units at Sky Las Vegas high-rise on north Strip". VegasInc.com. Retrieved March 29, 2017. 
  21. ^ Jourdan, Kristi (July 4, 2012). "Fire in condo kitchen shuts down traffic on the Strip". Las Vegas Review-Journal. Retrieved March 29, 2017. 
  22. ^ Nordli, Brian (April 25, 2013). "Fire at north Strip high-rise started on condo patio, official says". Las Vegas Sun. Retrieved March 29, 2017. 
  23. ^ Blasky, Mike (April 25, 2013). "Condo complex fire hinders Las Vegas Strip traffic". Las Vegas Review-Journal. Retrieved March 29, 2017. 
  24. ^ Robison, Jennifer (March 26, 2014). "Strip drugstore sells for $30 million". Las Vegas Review-Journal. Retrieved March 29, 2017. 
  25. ^ Segall, Eli (September 16, 2015). "Developers selling 65 condos in bulk at Strip tower". VegasInc.com. Retrieved March 29, 2017. 
  26. ^ "CVS on Strip Listed For Sale". Las Vegas Sun. January 28, 2016. Retrieved March 29, 2017. 

External links[edit]