Jul. 7--VERGE CONDOMINIUM PROJECT WILL GET MAKEOVER: The 318-unit Verge mid-rise condominium project planned at Main Street and Bonanza Road in downtown Las Vegas is being redesigned to add 52 units, developer Gerald Schaffer said.
The $135 million project is 80 percent sold and going forward, Schaffer said. Staff contacted all of Verge's buyers and none asked for refunds on their deposits, he said.
Verge's sales center was moved from Boyd Gaming Corp.'s property on the southeast corner across Bonanza Road to the 2.7-acre site, saving $13,000 in monthly rent. But it has yet to reopen.
The phone line works, but Schaffer said he's stopped selling the remaining units, having met the bank's 50 percent sales requirement for financing.
Utility issues with Nevada Power Co., Cox Communications and Embarq Corp. have delayed construction, he said.
"You have three separate entities that require plans to be submitted," Schaffer said. "The power company says, 'What about the telephone company?' NDOT (Nevada Department of Transportation) has its rights of way. The negotiations of what we can and cannot do and the delays ... each one of these things has to be fundamentally approved by the city before we pull the permits."
Schaffer said it's costing $2 million to redesign the project. The architect is taking out some of the higher-end units and replacing them with more affordable product.
"There were designs in there that really don't fit and it makes no sense to have it that way," he said.
The redesign will take about three months, Schaffer said.
He's negotiating with general contractor Ledcor to begin construction possibly by December.