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One Queensridge Place

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Not to be confused with One Queensbridge.
One Queensridge Place
One Queensridge Place
Map
General information
TypeResidential
LocationLas Vegas, Nevada USA
Construction started2005
Completed2007
Height
Roof234 ft (71 m)
Top floor20
Technical details
Floor count20
Design and construction
Architecture firmJMA Architecture Studios
DeveloperExecutive Home Builders
Main contractorPerini Building Company
Other information
Number of units219
Website
www.queensridgeplace.com
One Queensridge Place in 2013.

One Queensridge Place is the name given to two residential skyscrapers located on the west side of the Las Vegas Valley in the highly affluent Queensridge neighborhood of Summerlin, Nevada. Construction began in 2005 and concluded in 2007. The buildings are twins, measuring approximately 233.5 feet (71.2 m) high. Each tower has 20 constructed floors with curtain wall facades and distinctive architecture. The resulting large windows allow for views of the Las Vegas Strip and the Red Rock Mountains.[1]

History

The project was originally announced as Versailles in March 1998,[2] to be constructed on 14.5 acres of land adjacent to Summerlin's Badlands Golf Course,[3][4] near the southwest corner of Rampart Boulevard and Alta Drive.[5]

The project would consist of three 12-story towers with a total of 84 condominium units in 10 different floor plans,[4] ranging in size from 3,000 square feet to 13,000 square feet, with prices between $1.1 million and $7.7 million.[3] The project would have offered full-time security, concierge and valet service, a spa, a ballroom, and access to the nearby golf course.[3]

Construction, to be handled by Taurus Development – a Canada-based international real estate developer – was to begin in May 1998,[4] and was scheduled to be completed 14 months later.[3] Five other companies were involved in the project's development, including Peccole Nevada Corporation, which provided part of the property for the project.[3]

Condo units for Versailles had gone on sale by April 1999.[6] Taurus Development planned to begin construction the following month,[7] with an expected completion date of early 2001.[6] In December 2000, Peccole Nevada announced that Taurus Development was no longer involved with the project, which Peccole Nevada still planned to construct with a different development team. At that time, Peccole Nevada was also preparing to develop a separate resort on nearby land that would consist of 300 fractional timeshare-like units.[8]

A new project was announced in July 2004, as Queensridge Towers. At that time, it was to consist of three 18-story towers and one 14-story tower, with a total of 385 condominium units at an average of 3,850 square feet. The smallest units would be in the 2,000 square-foot range, while eight of the largest units would be 13,000 square feet. The average price for a unit would be $1 million.[5] The first phase of construction – two 18-story towers – began in April 2005, with the project now named One Queensridge Place.[9] The project, developed by Peccole Nevada and Executive Home Builders, was designed by JMA Architecture Studios, while Perini Building Company served as the general contractor.[9][10] In November 2005, IDB Development Corporation joined the project as an investment partner.[9]

In January 2006, the project received a $250 million construction loan from HSBC. At that time, Perini Building had finished the eighth floor of one tower and the ninth floor of the other tower, which would contain a combined total of 219 units.[11] The towers were topped off in May 2006.[12] As of February 2007, the project was 85 percent sold.[13] Construction had finished by September 2007.[14] The first residents were expected to begin occupying the building early that month.[10]

In October and November 2007, One Queensridge Place was cited for water waste by the Las Vegas Valley Water District, which was unaware that a fountain on the property was part of its cooling tower augmentation unit.[15][16] The water district had banned commercial fountains in 2003, because of a drought.[15] The water district later decided not to fine the property after being informed that the fountain was part of the buildings' cooling system.[16] Engineers believed the cooling system would generate energy savings of 10 to 12 percent for the property.[15]

In April 2009, the 219-unit property had only sold six condo units in the past six months because of a recession. To increase sales, the next 10 units were to be sold at a discount of 25 to 50 percent. Prices usually started at $900,000 for a 2,000-square-foot unit.[17] In February 2010, One Queensridge Place had gone a year without selling a condominium unit; 85 units remained unsold, and eight were in default.[18] Singer Pia Zadora purchased a $2 million condo unit at One Queensridge Place in May 2010.[19] By November 2010, 138 condo sales had closed.[20] Sales had improved by April 2013.[21]

One Queensridge Place was built at a cost of $400 million. The property's artisans were inspired by landmarks such as Champs-Élysées in Paris, the Parthenon in Athens, and the Trevi Fountain in Rome.[22] One Queensridge Place contains four two-story penthouses, two on each tower. Each penthouse is 16,000 square feet and was priced at over $20 million.[1] The property's 20-acre site is approved for two additional towers and a total of 400 units.[23]

The towers are among the most expensive in the United States. Condo prices range between $1,200,000 and $20,000,000. The penthouses on the top 2 floors of each structure are approximately 15,000 square feet (1,400 m2) each. The average price for a unit is $2,300,000.[24]

References

  1. ^ a b Morrison, Jane Ann (April 5, 2008). "Atop One Queensridge Place: Imagination dances in unbridled opulence". Las Vegas Review-Journal. Retrieved May 11, 2016.
  2. ^ Shubinski, Jennifer (August 27, 2004). "Onward and upward". Las Vegas Sun. Retrieved May 11, 2016.
  3. ^ a b c d e "Buyers sought for million-dollar condos". Las Vegas Sun. March 27, 1998. Retrieved May 11, 2016.
  4. ^ a b c Caruso, Monica (March 28, 1998). "Upscale condos previewed". Las Vegas Review-Journal. Archived from the original on October 3, 1999.
  5. ^ a b Negron, Sito (July 8, 2004). "High-rise towers OK'd off Rampart". Las Vegas Sun. Retrieved May 11, 2016.
  6. ^ a b Caruso, Monica (April 12, 1999). "High Society". Las Vegas Review-Journal. Archived from the original on September 9, 1999.
  7. ^ Macy, Robert (April 8, 1999). "Developers pitching pricey penthouses as Vegas enters the condo market". Las Vegas Sun. Retrieved May 11, 2016.
  8. ^ "Timeshare-like project planned by Peccole". Las Vegas Sun. December 14, 2000. Retrieved May 11, 2016.
  9. ^ a b c Smith, Hubble (November 7, 2005). "One Queensridge Place project adding investment partner". Las Vegas Review-Journal. Archived from the original on November 23, 2007.
  10. ^ a b "Royal entrance at Queensridge". Las Vegas Review-Journal. September 15, 2007. Retrieved May 11, 2016.
  11. ^ Smith, Hubble (January 7, 2006). "High-rise market taking some hits". Las Vegas Review-Journal. Archived from the original on January 11, 2006.
  12. ^ Smith, Hubble (May 22, 2006). "Luxury condo towers topped off in Queensridge". Las Vegas Review-Journal. Retrieved May 11, 2016. (subscription required)
  13. ^ Smith, Hubble (February 13, 2007). "Plenty of luxury condos available". Las Vegas Review-Journal. Archived from the original on February 16, 2007.
  14. ^ "The State Bird of Nevada". Las Vegas Review-Journal. September 2, 2007. Retrieved May 11, 2016.
  15. ^ a b c Morrison, Jane Ann (December 6, 2007). "Drought can bring fountain of pretty yet practical solutions". Las Vegas Review-Journal. Retrieved May 11, 2016.
  16. ^ a b Morrison, Jane Ann (February 25, 2008). "Even if cooling tower looks like a fountain, it still might not waste water". Las Vegas Review-Journal. Retrieved May 11, 2016.
  17. ^ Wargo, Buck (April 24, 2009). "Queensridge developer disputes report, says loan is solid". Las Vegas Sun. Retrieved May 11, 2016.
  18. ^ Wargo, Buck (February 5, 2010). "CityCenter condos may outperform market". Las Vegas Sun. Retrieved May 11, 2016.
  19. ^ Katsilometes, John (June 5, 2010). "Sheldon Adelson feeling some recovery momentum in tourism, convention business". Las Vegas Review-Journal. Retrieved May 11, 2016.
  20. ^ Wargo, Buck (November 12, 2010). "High-rise condo sales at CityCenter a mixed bag". Las Vegas Sun. Retrieved May 11, 2016.
  21. ^ Marcus, Steve (April 11, 2013). "One Queensridge Place". Las Vegas Sun. Retrieved May 11, 2016.
  22. ^ Hansel, Mark (January 18, 2008). "Where art and architecture converge". Las Vegas Sun. Retrieved May 11, 2016.
  23. ^ "Former UNLV basketball player still flying high". Las Vegas Review-Journal. April 23, 2007. Retrieved May 11, 2016.
  24. ^ http://www.foxcor.com/queensridge.html
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