Penta takes on latest addition to Golden Nugget

The $150 million project, scheduled for completion in late 2009, features a porte-cochere entry into the lobby, a second-floor pool that will tie into the existing pool’s upper deck above the live shark aquarium, and an owner’s suite with observation decks on the 25th floor.

The hotel tower will have a 3,000-square-foot Chart House restaurant with a saltwater aquarium and custom fabricated reef system.

A major construction challenge in building the tower is the logistical issue of the building footprint, Penta Vice President Ken Alber said. It takes up what would normally be the staging area for building materials and equipment needed for the project.

“Tower Three serves as a case study of how great projects come to fruition despite having their unique challenges,” Alber said.

Houston-based Landry’s bought the Golden Nugget and its sister property in Laughlin in September 2005 for about $325 million. The company spent $100 million renovating the downtown Golden Nugget in 2006.

Penta also recently completed Building C and the parking garage at World Market Center, the home furnishing trade center on Grand Central Parkway.

The 16-story, 2.1 million-square-foot building has 16 elevators and 34 escalators. Construction cost was $550 million.

HOUSING PRICES: Asking prices of properties listed for sale declined in 20 of 25 major markets, according to the Real-Time Housing Market Report published by California-based Altos Research and market analysis firm Real IQ.

Prices fell at the fastest rate in Las Vegas, which was down 4.8 percent in August and 8.6 percent over the most recent three-month period for an annualized rate of nearly 35 percent. Listing prices rose 1.9 percent in Denver and 1.4 percent in San Diego.

Markets that posted sequential price increases during the summer months showed weakness in August, said Stephen Bedikian, partner and research director for Real IQ.

“This could portend a general resumption of the downward trend in prices as most markets typically experience seasonal weakness in the fall and winter months,” he said.

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