Proposed Las Vegas high-rise condo tower may bring more Californians

LAS VEGAS (KSNV) — A new high-rise condo building is planned to come to Las Vegas as part of a mixed-use development plan that includes a grocery store, retail, and commercial space but most of the condo owners may be from California.

Las Vegas City Council approved on Wednesday to sell about six acres in Symphony Park for nearly $12 million to Las Vegas developer Patrick Brennan. He is the CEO of Red Ridge Development and wants to build an a 33-story condo tower along with a 700-space parking garage and 30,000-square-foot grocery store with two floors of offices above it. The idea is to create a pedestrian experience to shop, work and play.

“This really is showing more growth that's coming downtown,” he said. “The demand for people to really live in an urban environment, that they see in another major metropolitan area, that really hasn't existed in Las Vegas in a very, very long time.”

He plans to build high-end luxury units in the condo tower. He did not reveal the price range.

“We're not coming in with pricing that's closer to New York or Downtown Los Angeles or California,” Brennan said. “It's going to be priced right for Las Vegas residences for a luxury tower.”

Brennan can secure two $1 million reductions in the sale price if he meets certain stipulations. One is bringing in a national or regional-quality grocer.

“Before we break ground, we'd like to announce which grocery will actually be coming into the space” he said.

The other is if buyers reserve more than 50 percent of the 250 condos before Brennan closes on the property. Bob Hamrick, chairman of Coldwell Banker Premier Realty in Las Vegas is tasked with selling those homes.

“California is going to be a significant target for us because we know that many of the buyers will come from there,” Hamrick said. “We believe that it will demand and command the highest dollars in the marketplace.”

When News 3 asked about some finding more Californians moving to Las Vegas undesirable, Hamrick said it’s an inevitable reality.

“So, we want to leverage it to the most positive manner possible.” Hamrick said.

However, some who live downtown around Symphony Park are already interested in the development.

“I think I'm going to invest in and live there,” Pierre Pangelinan, who lives across the street in an apartment at Auric Symphony Park said. “I am wanting one of those for sure.”

Brennan wants to break ground on the mixed-use development next year with a completion date in 2028.