Major Mixed-Use Project Starts in Henderson, Nev.

$200M condo project also adds office, retail and restaurant space


REVIEW-JOURNAL

Stephanie Village at Green Valley, a mixed-use condominium project formerly known as 17th & Vine, is under construction at 64 N. Stephanie St. in Henderson.

The $200 million project has taken on additional ownership with Babcock & Brown, an Australian-based global investment and advisory firm with $9.3 billion in real estate assets.

LVMB, a company formed by Las Vegas apartment builder Dan Shaw, is the primary developer.

Construction of 17th & Vine was originally scheduled to begin in summer 2005, but Shaw said it became very difficult to finance large projects in this market. It was among numerous "urban village" projects planned for Las Vegas that failed to materialize.

Upon completion, Stephanie Village will have 466 condo units, two restaurants, 58,000 square feet of retail and 15,000 square feet of office space on the 22.5-acre site. Amenities include an outdoor amphitheater, four swimming pools, clubhouse, fitness center and underground parking.

Shaw said the 114-unit first phase is about 50 percent sold. Prices range from $315,000 for a one-bedroom, 900-square-foot unit to $785,000 for three bedrooms and 2,295 square feet.

Vanguard Construction is general contractor; Welles Pugsley is the architect. Completion of the first phase is expected in about 10 months.

Shaw is co-founder and chief executive officer of Las Vegas-based Realty Management, a multifamily development and property management firm. He formed VSS Gaming to purchase the former Showboat on Boulder Highway for $23.5 million in 1999, renaming it the Castaways. Station Casinos bought the hotel out of bankruptcy and demolished it last year.