Developer Alison Burk surveys the area where a rooftop lounge is being built at the nearly constructed Lotus apartments on Spring Mountain Road and Valley View Boulevard.
The Sky Lounge — an elevated getaway for residents complete with an electric fireplace, seating and planters — will soon be complete. Through the wooden bones of the construction, it easy to see what has developers excited: An epic view of the Strip, mountains and downtown.
Burk, a partner at the Las Vegas-based Fore Property Co., points out which of the nearby properties four stories below have recently sold. It’s more than half.
“The Strip can only go so far to the north and so far to the south. This whole quarter is commercial tourism, so it’s going to start going this way,” Burk said. “People were buying the land up across the street, all the way down to the (Interstate) 15, looking at several different projects.”
Big change could be coming to this oft-overlooked area. With this luxury property aimed at young professionals, Burk is betting on Chinatown as the sleeper hit of real estate.
Downtown and Summerlin may garner all the attention, but Chinatown boasts a central location and easy access to both the Strip and Interstate 15. Also, Burk says that Spring Mountain is the second most popular restaurant corridor in town, behind only the Strip. Today, it still has a pre-gentrification vibe, with a mix of dingy office buildings, strip malls and industrial lots.
Of its 10 local apartment properties, Lotus is the only urban-style mid-rise, with interior hallways. While luxury apartments are springing up all over the valley, what makes Lotus stand out is its location.
The response in Las Vegas to Lotus has been positive, she says. With little competition for that product type in that location, Lotus has nearly rented out its stock of one-bedroom apartments. The first move-in was March 30, and Lotus Business Manager Taryn Stephenson says that 20 more are scheduled for this weekend. Most residents work within a 2-mile radius.
Audience and amenities
When they came up with the concept of Lotus, Burk says that Fore Property envisioned catering to “people who work on the Strip, young professionals and people who work in the service industry.” In this part of town, that’s been a somewhat untapped market.
“They live in some of these less desirable housing projects around here; they live in the condo towers; some of them live in the suburbs — but there wasn’t true rentals,” Burk says. “It’s perfect timing that all these condos are switching back to the sales side after years of being rentals.”
Lotus will have many luxury amenities.
There will be climate-controlled lockers for those who subscribe to food delivery services. In the well-appointed lobby, there’s a concierge desk with a planned service that will help residents with planned driving, cleaning and pet services. Stephenson says they’re still working out some details — like whether Lotus will purchase its own car and hire a driver or contract with a third party.
There’s a plan for a robust number of social functions for residents, with a focus on lifestyle and wellness. Stephenson says it will be a great way for Vegas newcomers to make friends. A planned brunch will start the festivities. High winds of the past few weeks have delayed the finish on the two swimming pools, and the DJ booth and cabanas are still under construction. The TV in the karaoke room is ready and waiting to be installed.
Right off the highly styled common areas, the apartment gym boasts the latest equipment, including a boxing machine with video screen, battle ropes, and a prime view of the Strip. There’s also a separate yoga/spin room and a massage room.
The next phase of building includes ground-level restaurant space. They won't reveal who, but a long list of restaurateurs expressed interest. Expect an update in the fall.
The cost
The units are as stylish as the rest of the building. They have clean, modern floor plans with quality appliances and full washer/dryers. Premium units have 10-foot ceilings, wine fridges, rain showerheads and dramatic wraparound balconies. Aside from the views, the units are not what you’d call expansive — suburban sprawl this is not.
Rental prices, while not at California levels, reflect the luxury.
The smallest unit is a 667-square-foot studio and starts at $1,225 per month. There are five one-bedroom floor plans, ranging from 688 to 827 square feet ($1,345 to $1,469 per month). The average two bedroom costs about $1,850 per month. Prices start at $2,500 for the largest unit, a 1,465-square-foot three bed, two bath home.