{"id":10053,"date":"2022-06-28T13:23:00","date_gmt":"2022-06-28T20:23:00","guid":{"rendered":"https:\/\/essential.construction\/news\/?p=10053"},"modified":"2022-06-28T13:23:00","modified_gmt":"2022-06-28T20:23:00","slug":"luxury-condos-underway-in-the-las-vegas-valley","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/luxury-condos-underway-in-the-las-vegas-valley\/","title":{"rendered":"Luxury condos underway in the Las Vegas Valley"},"content":{"rendered":"
\n

Property: <\/strong>Pinnacle Residences
Developer<\/strong>: Luxus Group, Azure Resorts & Hotels
Location: <\/strong>Henderson, Nevada
Size: <\/strong>171 condos
Cost<\/strong>: About $800 million (including land)<\/p>\n<\/div>\n

Earlier this month, Canadian developer Luxus Group and Henderson, Nevada-based hospitality investor Azure Resorts & Hotels broke ground on a building type not seen in the Las Vegas market since the Great Recession \u2014 luxury high-rise residential.<\/p>\n

The Pinnacle Residences, expected to open in 2025, is the latest addition to the MacDonald Highlands, a gated 1,320-acre master-planned community in Henderson located around the DragonRidge Country Club. The 11-acre property will offer 171 condos across two towers, priced from $2 million for a two-bedroom condo to $25 million for a penthouse.<\/p>\n

The community is located within minutes of the Las Vegas city center, and all condos will offer views of the Las Vegas Strip. Units will range from 2,300 to 7,300 square feet in size, with balconies or terraces ranging from 550 to 4,200 square feet for each unit.<\/p>\n

Residents can choose their home finishes and may purchase a fully-furnished turnkey unit if desired. Smart home features, outdoor living and dining areas, private elevators and private garage space are also included, and penthouse and junior penthouse units will feature private pools and hot tubs.<\/p>\n

Amenities at the property are meant to evoke the feeling of a \u201cluxury wellness resort,\u201d according to a press release shared with Multifamily Dive. They include a gym, spa, restaurant, wine bar, pickleball courts and resort-style pool with private cabanas.<\/p>\n

Pinnacle Residences is an unusual addition both to the MacDonald Highlands, a largely single-family enclave, and to the city of Henderson, where the vast majority of residential zoning is for single-family housing, according to city records<\/a>.\u00a0<\/p>\n

In fact, most of the overall Las Vegas market\u2019s luxury residential sector has been dominated by single-family detached homes over the last decade, according to David Prokopenko, senior associate at real estate consulting firm RCLCO. At the same time, the achievable price points for multifamily rental and condominium communities have not been high enough to incentivize high-rise development \u2014 until recently.<\/p>\n

\u201cThe job market [in Las Vegas] had historically been centered around hospitality and retail,\u201d Prokopenko said. \u201cHowever there has been recent growth in high-paying occupations with higher potential spending power for housing. Alongside the growth of higher-paying jobs, the in-migration seen as a result from the COVID-19 pandemic has introduced new demand to the Las Vegas market.\u201d<\/p>\n

Long a second-home destination for Vegas residents, Henderson has experienced a huge surge in demand from affluent out-of-state buyers in the years following the start of the pandemic, said Prokopenko.<\/p>\n

This, in turn, has presented a growth opportunity in ultra-luxury condo development, according to Jim Reilly, project principal for Pinnacle Residences at Azure Resorts & Hotels.\u00a0<\/p>\n

\u201cThere are tons of people waiting to move to Henderson and there is little to no product,\u201d Reilly said. \u201cMacDonald Highlands in particular only has about 25 [single-family] lots left and very little in terms of completed home inventory.\u201d<\/p>\n

Pinnacle Residences\u2019s target demographics include high-income professionals and empty nesters. \u201cThe opportunity to work remotely has presented an opportunity for people\u2026to move to Nevada, Texas and Florida and continue their business without having to live in New York, California, and other high tax states,\u201d Reilly said. \u201c[And the empty-nester] demographic doesn\u2019t want to go through the hassle of building a large custom home at this stage of their life. Many are empty nesters or soon to be empty nesters. They want to be able to lock and leave.\u201d\u00a0<\/p>\n

Prokopenko expects that many of Pinnacle Residences\u2019 buyers will be seeking primary residences, while others will be motivated by the property\u2019s value as an investment, owing to the market\u2019s tax benefits and future growth potential.<\/p>\n

\u201cAs new developments continue to reshape the greater area,\u201d Prokopenko said, \u201cthe surrounding markets such as MacDonald Highlands, and premier developments such as the Pinnacle are positioned to continue capturing and supporting this growth.<\/p>\n

Click <\/em>here<\/em><\/a>\u00a0to sign up to receive multifamily and apartment news like this article in your inbox every weekday.<\/em><\/p>\n

This item was originally posted here: Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Property: Pinnacle ResidencesDeveloper: Luxus Group, Azure Resorts & HotelsLocation: Henderson, NevadaSize: 171 condosCost: About $800 million (including land) Earlier this … Read more<\/a><\/p>\n","protected":false},"author":0,"featured_media":10054,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1066,457],"tags":[],"class_list":["post-10053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-posts","category-construction-dive","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/10053","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/comments?post=10053"}],"version-history":[{"count":0,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/10053\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/media\/10054"}],"wp:attachment":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/media?parent=10053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/categories?post=10053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/tags?post=10053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}