Buildings cleared so City Tower may progress in Henderson

A former Texaco station, supper club and motorcycle shop at the corner of Lake Mead Drive and Water Street in downtown Henderson have been demolished to make way for the $90 million City Tower mixed-use development.

The 2.5-acre parcel is seen as the gateway to the Water Street District and redevelopment projects such as the Pinnacle, Meridian and Water Street South.

City Tower, developed by brothers Arik and Ilan Raiter, is planned for two 12- and 15-story towers with 40,000 square feet of retail space, 168,000 square feet of office space, 137 condominiums and nine penthouse units. A 10,000-square-foot restaurant will be on the office building’s top floor.

First-phase construction of the retail space and six-story parking garage with 782 spaces is scheduled for completion in second quarter 2008.

Arik Raiter said City Tower’s location is ideal.

"As one of the only authentic downtown main streets in Southern Nevada, the Water Street District is special," he said. "While many urban centers try to imitate it, the Water Street District is the only location where you’ll feel a true sense of community."

Raiter said he paid more than $1 million an acre for the site.

APARTMENT SALE: The 338-unit Boulders at Lone Mountain apartment complex at 3450 Hualapai Way was sold for $56.3 million, or $145,000 a unit. TR Boulders Corp. bought the apartments, which were built in 2000. Sauter Cos. was the broker.

Also, the Bentley Group represented Southern California investment group National Commercial Ventures in the sale of Villaggio Di Murano apartments at 9475 W. Tompkins Ave. The 88-unit complex sold for $11.5 million, or $131,000 a unit. The group bought the property in 2005 for $9 million.

LAW OFFICE: SR Construction has completed a single-story, 4,000-square-foot office building for Dickerson Law at 1745 Village Center Circle. Construction cost was about $995,000. Perlman Architects was the architect.

OFFICE PURCHASE: Tropicana Executive Center, a 14-building office complex on east Tropicana Avenue at Tamarus Street, has been sold for $15.6 million.

The buyer was a limited liability company owned by The Koll Co., a Newport Beach, Calif.-based real estate firm, and the Public Employee Retirement System of Idaho. The seller was Argo Corp. of Las Vegas. The center has 52 suites and 100,000 square feet of rentable space on 8.5 acres.

TRANSACTIONS: Randy Broadhead and Amy Lance of CB Richard Ellis represented Dermann Investors in the sale of 4,176 square feet of office space at 10781 W. Twain Ave. for $1.09 million.

Christina Strickland of CB Richard Ellis represented Cheyenne Marketplace in the 10-year lease of 3,000 square feet of retail space at 1374 W. Cheyenne Ave. to Southwest Gas Corp. The lease is valued at $883,302.

Daniel Doherty and Patti Dillon of Colliers International represented Roberts Ranch Venture in the sale of 36,776 square feet of warehouse and distribution space at 5520 Stephanie St. for $5.4 million. The buyer was Mysztyc Properties.

MILLION-DOLLAR HOME SALES

Luxury Homes of Las Vegas reported the following million-dollar home sales last week:

• $1.23 million, 2 bedrooms, 3 bath, 2,195 square feet, Strip and downtown views, balcony, black marble floors, Turnberry.

• $2.3 million, 6 bedrooms, 7 bath, 5,521 square feet, casita, wine cellar, courtyard with fountain, Summerlin.

• $1.3 million, 4 bedrooms, 5 bath, 3,924 square feet, mountain and golf views, pool and spa, outdoor barbecue, Red Rock Country Club.

• $1.16 million, 4 bedrooms, 4 bath, 4,642 square feet, two master bedrooms, plantation shutters, exercise room, Spanish Hills.

• $1.38 million, 4 bedrooms, 5 bath, 4,866 square feet, elevated golf views, courtyard entry, golf membership included, Lake Las Vegas.

• $2.9 million, 3 bedrooms, 5 bath, 5,673 square feet, plasma televisions and surround sound, views of Strip, golf and mountains, Seven Hills.

• $1.9 million, 4 bedrooms, 6 bath, 5,428 square feet, golf, mountain and valley views, five fireplaces, water features, large viewing deck, Seven Hills.

• $1.3 million, 4 bedrooms, 4 bath, 4,107 square feet, golf, mountain and city views, three balconies, two fireplaces, marble baths, MacDonald Highlands.