Las Vegas Review-Journal Real Estate column

(Las Vegas Review-Journal (KRT) Via Thomson Dialog NewsEdge) Sep. 25--TAHITI VILLAGE TIME SHARE PROJECT ENTERS NEW PHASE: Las Vegas-based time share developer Consolidated Resorts has started construction on the second phase of its $135 million Tahiti Village flagship property on Las Vegas Boulevard South, between the Las Vegas Beltway and Warm Springs Road.

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The second phase will have 284 time share units in a 10-story tower, designed and decorated to the same standards of the 154 units in the $60 million first phase, Consolidated Chairman Michael Kaplan said. Martin-Harris is the general contractor.

When finished, the 1,083 units will generate an estimated $1.5 billion in sales, Kaplan said.

The 1,550-square-foot, two-bedroom, two-bath condos come with a plasma-screen television. Units can be divided into two independent suites with the turn of a lock. Total living space will exceed 1 million square feet on the 27-acre site.

One of Tahiti Village's expected features is the quarter-mile "lazy river" that will take guests floating through the resort's inner courtyard, where they can enjoy the pool and Jacuzzi, Kaplan said.

Consolidated, founded in Hawaii in 1980, is a wholly-owned subsidiary of The ASNY Corp., a privately held diversified investment company with headquarters in Las Vegas.

Kaplan said he will be announcing the location and preliminary details for the company's next master-planned time share resort in the coming months.

Consolidated has developed nine resorts in Hawaii and three in Las Vegas, including Club de Soleil and Tahiti on west Tropicana Avenue.

LOFTS FINISHED: Blue Heron has completed the second phase of construction at Stone Canyon luxury lofts at Buffalo Drive and Del Rey Avenue and all 23 units have been sold, principal Tommy Isola said. Dax Contracting was the general contractor. Prices started in the $600,000s, or about $200 a square foot, for units ranging from 3,400 to 3,900 square feet.

MEDICAL OFFICE: TWC Construction has received a new contract valued at $9.8 million for the Centennial Hills medical office building developed by Ensemble Real Estate Co. and Universal Health Realty Trust at 8560 North Durango Drive. Construction of the four-story, 100,000-square-foot structural steel building is scheduled for completion in third quarter 2007. The 3-acre project is close to the new hospital being built in the Centennial Hills area.

HENDERSON OFFICE: San Juan Capistrano, Calif.-based commercial developer Mammoth Equities has finished a three-story, 58,000-square-foot office building in Henderson. The steel-framed Mammoth Professional Building is at 2470 St. Rose Parkway.

SALVATION ARMY: JVC Architects has been contracted to design a 5,000-square-foot chapel for the Salvation Army campus at 37 Owens St. The chapel will feature a bell wall, sanctuary, small prayer room and support area. Cost of the project is $1.4 million, and completion is scheduled for summer 2007.

TRANSACTIONS: Kevin Higgins and Garrett Toft of Voit Commercial Brokerage represented J&S Diesel in the sale of four acres at Decatur Boulevard and Diablo Drive to Heller Management Corp. for $4.45 million.

They also negotiated the sale of a 5,390-square-foot industrial building at 2612 Ables Lane to Enterprise Cabinets for $557,500.

Christina Roush, Charles Moore and Marlene Fujita of CB Richard Ellis represented Donahue Schriber Realty Group in the sale of a 188,000-square-foot retail building at Nellis Boulevard and Stewart Avenue to Sarofim Realty Advisors for $29.5 million.

Keith Spencer of CB represented Robert Russell in the sale of 12,133 square feet of industrial space at 4612 Industry Center Drive to Farmer Bros. Co. for $1.4 million.

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

--$1.1 million, 5,047 square feet, 6 bedroom, 6 bath, stone exterior, wet bar, family room, outdoor kitchen, putting green, Regency at The Lakes.

--$1.2 million, 3,888 square feet, 4 bedroom, 3.5 bathroom, Strip and mountain views, hardwood flooring, guard gated, two balconies in master bedroom, Christopher home, Summerlin.

--$1.35 million, 3,085 square feet, 3 bedroom, 2.5 bath, 11th fairway location with Strip and mountain views, infinity pool, spa, barbecue, fire pit, Anthem Country Club.

--$1.6 million, 6,538 square feet, 6 bedroom, 5.5 bath, half acre, pool, waterfalls, swim-up bar, grotto cave, five-car garage, family room with wet bar, Henderson.

--$1.79 million, 5,664 square feet, 5 bedroom, 4.5 bath, guard gated, two family rooms, beach entry pool with slide and waterfall, cabana with fireplace, putting green, travertine floors, Summerlin.

--$1.94 million, 5,730 square feet, 4 bedroom, 4.5 bath, separate casita and guest house with views of golf course and lit mountain, balcony, four-car garage, Red Rock Country Club.

--$1.95 million, 5,071 square feet, 5 bedroom, 4.5 bath, Canyon Fairways home, exterior stone accents, custom driveway, travertine, office, surround sound system, Summerlin.

--$2.48 million, 7,135 square feet, 6 bedroom, 5.5 bath, basement with theater, balcony, pool, waterfall, spa and barbecue, Summerlin.

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