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Boca Raton

   Like its Florida cousin, Nevada's Boca Raton will cater to year-round residents and vacation homebuyers who seek luxury and convenience. The new Boca Raton Resort Condominiums will consist of four seven-story mid-rise buildings. Phase One is scheduled for completion in February 2006, with the opening of the first 173 units.

UPDATED: 12-20-04

• Price range: Pre-sales are not yet available, but prices will start in the mid-$200,000s and range up to $1 million.
• Description of typical home: Boca Raton will feature 756 luxury condos on the southern edge of Las Vegas.
• Lifestyle: Boca Raton residents will enjoy close proximity to the Las Vegas Strip. Residents will live near a new retail mall and two hotel-casinos being developed by Coast Resorts and Station Casinos.

Source: November 20, 2004 Las Vegas Review-Journal:

Developers of the latest condominium project in Las Vegas have taken a different approach than the 75 or 80 other projects on the planning board.

Instead of marketing a project that's yet to be built, they started construction first and are now taking reservations for Boca Raton, a $400 million luxury midrise condo resort at the southwest corner of Las Vegas Boulevard South and Serene Avenue.

Las Vegas-based Palm Beach Resort Condominiums broke ground on the 173-unit first phase Wednesday, with completion expected in February 2006. Prices range from the $200,000s to the millions.

Upon completion, Boca Raton will have four seven-story towers with 756 units.

"Most of these projects, they have a concept, they option for a piece of land and go out and start explaining it," said Stewart Simpson, senior vice president of development for Boca Raton. "Instead of saying we have this dream and hope we can make it happen, we had a dream and we didn't tell anyone about it and did our homework. It isn't a dream anymore, it's reality."

Palm Beach Resort secured an acquisition and development loan from Bank Midwest and purchased 15 acres in January for $12.8 million, with a "significant" amount of equity money put up by the partnership, Simpson said.

The developers went to Clark County to get their use permit with a zoning increase to 50 units an acre, then hired the design team of Pierce Goodwin Alexander and Linville, project engineers Wright Engineering and general contractor UPA Resort Construction Group.

With 80 percent of the design work completed, they went to the Nevada Real Estate Division to get approval to begin taking reservations and contracts.

"All of this prior to groundbreaking," Simpson said. "Now we're under construction. We have not taken one reservation. We did everything first."

They're in the final stages of negotiating with a couple of major lenders for a $280 million construction loan, he said.

Boca Raton's condos will cater to both year-round residents and vacation home buyers looking for a part-time residence.

"We are very excited to begin construction on what will become Las Vegas' premier luxury condominiums," said Jerry Peterson, managing partner of Boca Raton. "This area of Las Vegas is experiencing a vast amount of high-end growth, and we're happy to be getting in on the ground floor."

Residents of Boca Raton condos will be close to a large retail mall planned by Simon Property Group and Olympia Group to the south and two hotel-casinos being developed by Coast Resorts and Station Casinos.

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