Thursday, Oct. 7, 2004 | 11:11 a.m.
Former Citibank officials have joined forces to develop a high-rise tower in downtown Las Vegas.
Details of the planned condo tower in the downtown area of Parkway Center near the Las Vegas Premium Outlets and the under construction World Market Center were announced this week.
Sandhurst Development LLC, will go before the Las Vegas Planning Commission Oct. 21 for preliminary approval of a gated 34-story tower that will have 409 units, the group detailed in a news release. Plans submitted to the city actually call for a 31-story tower.
Project costs are estimated at $180 million. The tower is being financed by private investors and U.S. institutional investors, a spokesman for the developers said.
Prices for the units, which start on the seventh floor, will be sold in the mid-$200,000s to more than $2 million for penthouses.
Plans call for a 30,000-square-foot spa and health club, a 10,000-square-foot restaurant, a pool and other amenities including a 700-space parking garage.
The tower will be located with blocks of the under-construction World Market Center, which is expected to draw thousands of people to the downtown area, and which also is creating a demand for corporate housing, said Steven Ressler van Gorp, redevelopment officer of the city of Las Vegas.
Sandhurst Development plans to break ground in March 2005, with a presales launch scheduled for December.
Michael Mirolla is managing member of Sandhurst Development, and prior to this project he was an executive at Silverstein Properties Inc. in New York City and has served as vice president for Citibank Corporate Realty Services group.
Robert DeMartino is member/controller of Sandhurst Development, and has served as a vice president at Citibank management support of the northeast region.
Joseph Manzella is a managing member of Sandhurst Development and has more than 26 years of experience in architecture, corporate interiors and project management.
Robert Dexter is Sandhurst Development's senior adviser and was previously executive vice president of Citibank's owned real estate operations.