Unfinished Henderson condo project Vantage Lofts up for sale again
Developer Rich Crighton bought Vantage Lofts with plans to finish the mothballed Henderson condos and sell them at a steep discount.
But after letting the upscale project collect dust for a year, Crighton will let someone take it off his hands — for the right price.
Brokers with NAI Sauter Cos. sent out a marketing brochure this week for the partially built 110-unit project at Gibson Road and Paseo Verde Parkway. It is listed for sale at $14.35 million and, according to the brochure, needs $13.4 million of additional construction work.
The 10-acre project consists of three 3-story buildings with underground parking. Almost all of the units are one or two levels. The buildings’ shells, roofs and plumbing are done, but the structures need heating, ventilation and electrical work, as well as interior doors and glass.
Crighton’s firm, Rothwell Gornt Cos., bought Vantage Lofts out of bankruptcy court last February. He has not started construction yet.
Crighton on Tuesday attributed the delay to the firm’s busy schedule, saying they own a lot of projects in the Las Vegas Valley and are trying to work on all of them. His group is in talks with a general contractor to finish Vantage Lofts, but he and his partners are “exploring all of our options.”
“If someone offered us the right price, we would take it,” he said.
Vantage Lofts’ original developer, Slade Development, pursued the $160 million project during the building boom. The property was supposed to open in 2007 with condos priced from $400,000 to $1.6 million.
The project, 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 told VEGAS INC last fall that his firm 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. That gives him the option to turn Vantage Lofts into an apartment-rental complex but does not require him to, he said.