Las Vegas' first luxury high-rise off the Strip was a gamble, but it paid off for Turnberry Place.
By R.E. Blake Evans
Talk about a big pay off. The original premise for Las Vegas' Turnberry Place--an upscale trio of residential towers a half-block off the glitzy Vegas Strip--was considered far too risky by many experts. But good timing and the ever-growing sophisticated playground of Vegas' theme park style hotels hedged the bet.
Aventura, Fla.- based Turnberry Associates announced plans for the luxury sky homes back in 1999--and sales have been sizzling since. "If the accelerated sales pace is any indication, the risk is paying off," says Bruce Weiner, president of Turnberry Place. The first tower was completed and sold out in early 2000; tower two, still under construction, is 85 percent sold. The third tower has seen 35 percent of its units sold during the pre-construction phase.
"Our sales are well in excess of even our most ambitious projections," says Weiner. "Groundbreaking for the second tower occurred much sooner than anticipated. At this rate, we will sell-out each building within one year and complete the entire project a year ahead of schedule."
The community will offer residents a 70,000-square-foot private club facility, luxury dining, sports, swimming pools, and spa facilities. Ten floor plans, ranging from 1,550 to 8,000 square feet, are available. The homes are priced from $500,000 to over than $5.25 million.
More is on the way: Turnberry Associates announced it is starting another community in Las Vegas called Madison Towers.
Project: Turnberry Place Tower two, Las Vegas; Sales started: October 2000; Sales through July 2001: 395; Units planned: 740; Units released through July 2001: 395; Price: $500,000 to $5.25 million; Unit size: 1,550 to 8,000 square feet; Builder: Turnberry Associates, Aventura, Fla.; Architect: Swedroe Architects, Miami; Interior merchandiser: Dejardin & Associates, Miami; Marketing communications: O'Connell & Goldberg, Hollywood, Fla.