VEGAS INC Magazine - Latest Las Vegas business news, features and commentaries about gaming, tourism, real estate and more
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In business real estate bulk sale of veer towers units signals positive trend for 2013 By Eli Segall staff writer A New York investment firm has paid $119 million cash for more than 60 percent of the condos at CityCenter's Veer Towers. The bulk sale of 427 units to Ladder Capital, recorded Dec. 20 in Clark County, means almost all the available inventory has been snapped up. The 37-story luxury high rises on the Strip are 98 percent sold, developers said. The 11 remaining units are pent- houses. Ladder paid about $300 per square foot, while asking prices for individual buyers have started in the $500 range, said Tony Dennis, executive vice president of CityCenter Residential. About 320 of the units sold to Ladder are already being rented, he said. Dennis said the deal was in the works for more than a year and brings "new energy and new money" into the market. The deal gives a boost to Las Vegas' condo sector and, as Dennis sees it, shows that "the future is going to be better than it is today." Veer Towers, which lean at a 5 degree angle, have 335 units each. The homes range from about 500 to 3,300 square feet. Amenities include valet parking, exercise facilities, steam rooms and saunas. The 67-acre CityCenter complex is a joint venture between MGM Resorts International and a subsidiary of Dubai World, a Dubai-owned holding company. This was at least the second bulk sale of residential units on or near the Strip in 2012. Hilton Worldwide's timeshare division bought roughly 300 condo units at Donald Trump's golden high-rise, Trump International Hotel Las Vegas. Hilton plans to use the units as timeshare accommodations starting this spring. utilities NV Energy to suspend rebates, collect $10 million lost to conservation By Cy Ryan staff writer CARSON CITY — The state Public Utilities Commission ordered NV Energy to suspend rebates to consumers who purchase energy efficient light bulbs and to retailers for stocking energy efficient electronics. In a 2-1 vote, the commission said the company had failed to show the value of these and three other rebate programs in conserving energy. The commission also approved a request by the utility to collect $10 million from ratepayers to cover revenue lost to conservation programs. In all, the commission nixed the util- ity's plans to offer more than $8 million in various rebate programs to reduce energy use. At the same time, it increased from a recommended $26.5 million to $36 million the amount the company would return in rebates for a high-efficiency air conditioning program. The commission also said NV Energy can spend $3.5 million over three years to study building a plant at or near existing facilities to meet expected population growth by 2018. The commission rejected a request for a $5 million study to scope out other locations for future plants. 4 Minimum number of best news website awards a media company should win before you log on. tune in at 7 a.m. mondays on KunV 91.5 for the latest in gaming, tourism and real estate news. Leach, Kats, Chareunsy, Coolican, Brewer, Velotta, Spotleson, Bern Visit Vegasinc.com for past episodes and more business news. Pulitzer | Dupont | EPPY | General Excellence 8 | VEGASINC RADIO 07515_VINC_RadioHouse_AD_c2.indd 1 20130107_VI08_F.indd 8 7 JANUARY 2013 | 8/29/12 9:10 AM 1/3/13 2:19:48 PM