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In business real estate quarterly real estate quarterly Unfinished Henderson condo project Vantage Lofts put up for sale again penthouse condo for sale: $9.8M By Eli Segall staff writer By Eli Segall staff writer A retiring casino executive is trying to sell his Las Vegas penthouse condo for $9.8 million. Wynn Resorts Chief Operating Officer Marc Schorr listed his 9,000-square-foot, two-story condo last month on Redfin. The 19th-floor home at Park Towers has access to a private elevator and the master bedroom includes a gym. The high-rise, located off Howard Hughes Parkway near Flamingo Road, also offers valet parking, a concierge, 24-hour security, a tennis court, theater and wine locker. Schorr bought the condo in fall 2000 from developer Irwin Molasky and apparently paid $4.25 million, according to Clark County property records. He listed the condo on Redfin on March 18, less than two weeks before he notified Wynn Resorts that he plans to retire from the company on June 1. Schorr, who has more than 30 years of casino industry experience, became Wynn's COO in June 2002. Last year, he earned a $2 million salary and almost $9 million in total compensation, according to a company regulatory filing. He could not be reached for comment. Developer Rich Crighton bought Vantage Lofts with plans to finish the mothballed Henderson condos and sell them at a steep discount. But after letting the upscale project collect dust for a year, Crighton will let someone take it off his hands — for the right price. Brokers with NAI Sauter Cos. sent out a marketing brochure in late March for the partially built 110-unit project at Gibson Road and Paseo Verde Parkway. It is listed for sale at $14.35 million and, according to the brochure, needs $13.4 million of additional construction work. The 10-acre project consists of three 3-story buildings with underground parking. Almost all of the units are one or two levels. The buildings' shells, roofs and plumbing are done, but the structures need heating, ventilation and electrical work, as well as interior doors and glass. Crighton's firm, Rothwell Gornt Cos., bought Vantage Lofts out of bankruptcy court last February. He has not started construction yet. Crighton attributed the delay to the firm's busy schedule, saying they own a lot of projects in the Las Vegas Valley and are trying to work on all of them. 14 20130415_VI14_F.indd 14 His group is in talks with a general contractor to finish Vantage Lofts, but he and his partners are "exploring all of our options." "If someone offered us the right price, we would take it," he said. Vantage Lofts' original developer, Slade Development, pursued the $160 million project during the building boom. The property was supposed to open in 2007 with condos priced from $400,000 to $1.6 million. The project, however, was mothballed in spring 2008 and went bankrupt a few months later. Slade executives spent more than $70 million and left one building 90 percent complete, another 80 percent complete and one 70 percent complete. Crighton told VEGAS INC last fall that his firm planned to spend $15 million to finish the project, with construction lasting six to nine months. He wouldn't say what his company would sell the condos for, but he noted that Slade's prices were "astronomical compared to what we'll do." In January, Crighton's group received Henderson City Council approval to rent the units instead of selling them. That gives him the option to turn Vantage Lofts into an apartment-rental complex but does not require him to, he said. | 15 APRIL 2013 | 4/11/13 2:57:26 PM