Another developer takes a chance on partially built Vantage Lofts
Vantage Lofts, a mothballed Henderson condo project, has been sold and is said to be headed for completion.
Southern Nevada developer Rothwell Gornt Cos. sold the partially built 110-unit project this month for $10 million to Seattle property manager and investor John Goodman.
Goodman plans to complete the 10-acre luxury development, Rothwell Gornt principal Rich Crighton said.
The property was listed for sale in March at $14.35 million. According to the brochure, it needs $13.4 million of additional construction work.
“This will be his Vegas trophy,” Crighton said.
Goodman is the founder and chairman of the Pinnacle Family of Cos., which employs more than 4,000 people nationwide. Its website says Pinnacle is one of the largest multifamily property management companies in the country, overseeing a portfolio valued at more than $22 billion. The company also says it manages more than 16 million square feet of office, retail and industrial space.
Goodman did not respond to requests for comment.
Vantage Lofts’ original developer, Slade Development, pursued the $160 million project at Gibson Road and Paseo Verde Parkway during the building boom. The three-building project, perched on a hill with Strip views, was supposed to open in 2007 with condos priced from $400,000 to $1.6 million.
Vantage, however, was mothballed in spring 2008 and went bankrupt a few months later. Slade executives spent more than $70 million and left one building 90 percent complete, another 80 percent complete and one 70 percent complete.
Crighton’s firm bought the property out of bankruptcy court in February 2012. He told VEGAS INC last fall that his company planned to spend $15 million to finish the project, with construction lasting six to nine months. He wouldn’t say what his company would sell the condos for, but he noted that Slade’s prices were “astronomical compared to what we’ll do.”
In January, Crighton’s group received Henderson City Council approval to rent the units instead of selling them, giving him the option to turn Vantage Lofts into an apartment-rental complex.
Ultimately, though, he let the unfinished buildings collect more dust and flipped them to Goodman.
Crighton declined to disclose his own purchase price, which was kept out of the public record as part of his acquisition last year, but he acknowledged that he made a profit on the recent sale.
“That’s why we wake up in the morning,” he said.