Monday, January 31, 2005
Copyright © Las Vegas Review-Journal

Developer plans condominium project for locals

Rendering shows Diversified Real Estate Group's proposed $400 million, downtown Las Vegas Club Renaissance project. COURTESY OF DIVERSIFIED REAL ESTATE GROUP

Philippe Pageau-Goyette wants to build the least-expensive high-rise condominium in Las Vegas and attract mostly local residents at his $400 million Club Renaissance project downtown.

Pageau-Goyette, president of Diversified Real Estate Group, said 95 percent of residents at the 60-story, 906-unit condo project at Casino Center Boulevard and Bonneville Avenue would come from the local market.

"I don't want to go after luxury, I want to go after locals," he said. "As of right now, we have no competition in the locals affordable market. A lot of guys are doing luxury."

Prices range from $150,000 for 540-square-foot studio units at the lower levels, which start on the 15th floor, to $2 million for penthouse suites. The tower will have a rooftop pool and sundeck and a 30,000-square-foot club and fitness center.

The lower floors will have 140,000 square feet of retail and professional space, including child care, dry cleaners, a food market and restaurants.

Pageau-Goyette said he doesn't expect any problems with the project, which has been approved by city planning and will go before the council in February.

Information from a database of 2,600 people who've registered for Club Renaissance showed that 1,000 casino employees and 600 single mothers are interested in living at a downtown high-rise, he said.

"Why we chose downtown, again, it has a massive employee base, all the lawyers and legal professionals," Pageau-Goyette said.

Diversified owns a 1.5-acre parcel that Pageau-Goyette and his partner, Las Vegas and North Dakota developer Gary Tharaldson, assembled for about $110 a square foot. He said it's worth about $210 a square foot now.

Pageau-Goyette was developing the Manhattan midrise condo project on South Las Vegas Boulevard. He sold his interest to former partner Alex Edelstein in exchange for 50 acres they had bought at South Pointe, where South Coast casino and Grandview time shares are under construction.

"Now I have a guy (Tharaldson) who co-signs for a construction loan. He finances the projects," Pageau-Goyette said.

Diversified plans to build an "urban village" at South Pointe with 2,400 residential units, including brownstones, lofts, flats and high-rise condos. They also have three condo projects going in Phoenix.

HENDERSON AIRPORT: Clark & Sullivan recently broke ground on a $21 million expansion project at Henderson Executive Airport that includes two 24,000-square-foot terminal buildings, a 76-foot control tower and 60,000-square-foot parking lot.

The new two-story terminal will have a pilot lounge, showers, snooze rooms and flight planning rooms for corporate flight crews.

The upper level will have office and conference space for lease, along with an upscale restaurant.

OFFICE PROJECT: Martin-Harris Construction has completed a three-story, 72,000-square-foot building at Southern Highlands Corporate Center, the first of several office buildings planned for the site.

Thomas & Mack Development Group is handling the leasing and construction management of the $5 million project, which is being developed by Gary Goett of Southern Highlands Development Group.