Streamline Tower units nearly ready for residents

Streamline Tower is scheduled to bring 275 luxury condo units on line in the next few months, joining SoHo Lofts and Newport Lofts in the downtown Las Vegas high-rise market.

The 21-story tower on Las Vegas Boulevard at Ogden Avenue is substantially complete and ready for inspections and testing, managing partner Dusty Allen said. He's hoping to receive a temporary certificate of occupancy in March, which would allow buyers to start closing escrow.

Workers are going through the "punch list," or finishing work, on the interior units, he said.

"Obviously, there's struggles out there that are becoming more widely known," Allen said. "We're still trudging along. Obviously, like other developers, we wish there'd be more sales."

He said the tower is about 65 percent sold. Some high-rise condo buyers have had trouble closing escrow as financing that was once available has either disappeared or qualifications and terms have changed as a result of the subprime mortgage crisis.

"We think it's still a very viable and exciting option for a primary or second home or an investment," Allen said.

The developers are committed to repairing and manicuring streets around Streamline, including a coating on Sixth Street that will make it "pretty," Allen said.

Construction on Streamline started about two years ago and topped out in May.

Units are priced from the mid-$400,000s for one bedroom to upward of $1 million for three bedrooms. Common amenities include a rooftop pool and terrace, fitness center, 24-hour security, valet parking and concierge service.

Martin-Harris Construction is the general contractor for the $125 million project; PGAL is the architect. Corus Bank of Chicago is the construction lender.

Patrick McCourt of Washington-based Barclays North and Kevin Kelly of Vegas Valley Properties are also partners in the project.

CONSTRUCTION REPORT: Southern Nevada's construction industry continued to be a tale of two markets in the fourth quarter, a report from the Las Vegas chapter of Associated General Contractors showed.

Although the residential sector struggled through a high inventory of homes for sale and dramatically reduced new permit activity, the commercial side remained strong.

The number of commercial permits fell 1.8 percent to 1,368 in 2007, but the value of those projects increased 55 percent to $2.5 billion, the largest commercial construction year in history.

Overall taxable construction spending totaled $3.2 billion during the year, down 11.8 percent from $3.6 billion in 2006, the Associated General Contractors reported.

APARTMENT SALE: The 32-unit Merlayne Villas apartments at 409 E. Merlayne Drive in Henderson were sold for $2.8 million. Kevin Keefe and Luis Velazquez of Marcus & Millichap brokerage represented the sellers, George and Charlotte Miserlis.

SPENCER PROJECT: Danoski Clutts Building Group recently broke ground on Spencer Street Distribution Center, an 86,000-square-foot industrial development near Spencer Street and Sunset Road. Completion is scheduled for fourth quarter.

BROKER TRANSACTIONS: Mike Richards of Gatski Commercial represented Sirenas Garden in the lease of 10,800 square feet at Regency Plaza, 320 N. Nellis Blvd. The 60-month lease is valued at more than $900,000.

Michael De Lew and Greg Pancirov of Colliers International represented Rocklin LLC in the sale of 4,800 square feet of industrial space in the Alto Business Park at 2870 Marco St. to David and Jeanine Moore for $513,600.

Dan Doherty and Patti Dillon of Colliers International represented N.I.K., doing business as Pole Position, in the lease of 56,484 square feet of industrial space at 4175 S. Arville St. The 10-year lease is valued at $5.1 million.

Randy Broadhead of CB Richard Ellis represented Beltway Corporate Center in the lease of 15,731 square feet of office space to Kravitz, Schnitzer, Sloane, Johnson & Eberhardy. The five-year lease is valued at more than $3 million.

Contact reporter Hubble Smith at hsmith@reviewjournal.com or (702) 383-0491.