Park Towers (Las Vegas)

Park Towers
General information
Status Complete
Type Condominiums
Address 1 Hughes Center Drive
Town or city Paradise, Nevada
Country United States
Coordinates 36°06′58″N 115°09′32″W / 36.116095°N 115.158865°W / 36.116095; -115.158865Coordinates: 36°06′58″N 115°09′32″W / 36.116095°N 115.158865°W / 36.116095; -115.158865
Construction started 1999
Completed 2001
Cost $120 million
Technical details
Floor count 20
Design and construction
Architecture firm JMA Architecture Studios
Developer High Rise JV LLC
Main contractor J.A. Jones Construction.
Other information
Number of units 84
Website
Official website

Park Towers is a 20-story twin-tower condominium property located east of the Las Vegas Strip, in Paradise, Nevada. The project was announced in 1998, and began construction the following year. The property was developed by Irwin Molasky and Steve Wynn, and was completed in 2001.

History

The project was announced by developer Irwin Molasky in March 1998, as The Park at Hughes Center.[1] Within a year, the project had been renamed as Park Towers.[2] The project was planned as a $100 million, two-tower condominium project with 84 units;[3] between 30 and 40 percent of the units were already sold out as of February 1999.[2] The project was to be developed by Irwin Molasky and Mark Fine, along with Molasky's three sons, Steven, Andrew and Alan Molasky.[1][3] The project would be built on 3.8 acres (1.5 ha) of land at the Hughes Center business park on Howard Hughes Parkway,[4][5] near Flamingo Road and Paradise Road,[5] east of the Las Vegas Strip.[6]

Groundbreaking was originally scheduled for fall 1998, but was delayed until April 1999, with construction expected to take 15 months to two years.[7] By July 1999, Steve Wynn had become a developer and designer in the project. Wynn had also purchased a $4 million Park Towers penthouse for himself and his wife, Elaine Wynn.[8] Irwin Molasky stated that Wynn "helped with the design and placement" of the project.[5]

In September 1999, it was announced that French bank Société Générale, as well as the Bank of Nova Scotia, would provide $70 million in construction financing to the project, which was expected to cost $120 million. Construction was scheduled to begin that month, with completion expected in the fourth quarter of 2000. Site preparation was 95-percent complete.[9] In February 2000, construction was scheduled for completion that September. The project's website featured 24-hour camera footage recording the towers' construction. Planned for the property were elevators that would not move before scanning each resident's security card.[5]

The first residents began occupying the property in March 2001.[6] By May 2001, Wynn had sold his Park Towers penthouse to Marc Schorr, an executive for MGM Mirage.[10][11] Completion of the project was celebrated in July 2001.[12] The project was developed through Irwin Molasky's High Rise JV LLC.[13] Portions of the project were designed by JMA Architecture Studios.[14] $1 million was spent on landscaping.[15] Prices for units at Park Towers ranged from $750,000 to $5 million.[16] Shaquille O'Neal considered purchasing a unit at Park Towers.[17][18]

In July 2001, J.A. Jones Construction, the general contractor for the project, filed an arbitration claim and an $18.9 million lien on the project, alleging insufficient payment. High Rise JV stated that the work for which the construction company did not receive payment was either incomplete or not up to the developer's standards. John Bond, president of J.A. Jones Construction, denied the claims and said, "We complied with every direction of the developer from the inception to the completion." Bond also said that several design plans for the project were changed late in development, increasing the cost and amount of work.[13] In August 2001, after J.A. Construction cancelled a meeting that was to be held with High Rise JV, the development company filed a lawsuit to reduce the price of the lien to $3.2 million, the amount of money owed to the construction company.[6] The lien was reduced in September 2001.[19]

Park Towers, along with Turnberry Place, inspired a condominium boom in Las Vegas that began in 2003.[20] As of 2011, Irwin Molasky lived in a penthouse suite at Park Towers.[21] In March 2013, Schorr, now the retiring chief operating officer for Wynn Resorts, listed his 9,000 sq ft (840 m2), two-story penthouse for sale at a price of $9.8 million.[22]

References

  1. 1 2 Caruso, Monica (March 6, 1998). "Swanky high-rise project unveiled". Las Vegas Review-Journal. Archived from the original on November 22, 2002.
  2. 1 2 Schorr, Melissa (February 24, 1999). "Vegas Rising". Las Vegas Sun. Retrieved March 16, 2017.
  3. 1 2 "Nordstrom has no plans for Strip mall". Las Vegas Sun. April 29, 1999. Retrieved March 16, 2017.
  4. ↑ "High-rise condo complex approved". Las Vegas Sun. October 23, 2003. Retrieved March 16, 2017.
  5. 1 2 3 4 Levine, Phil (February 7, 2000). "Luxury condo developer surveys Vegas scene, sees some overbuilding on Strip". Las Vegas Sun. Retrieved March 16, 2017.
  6. 1 2 3 Leong, Grace (August 9, 2001). "Suit challenges lien against Park Towers". Las Vegas Sun. Retrieved March 16, 2017.
  7. ↑ Smith, Hubble (December 3, 1998). "Developers show off model of high-rise apartment project". Las Vegas Review-Journal. Archived from the original on September 16, 2000.
  8. ↑ Ryon, Ruth (July 22, 1999). "Their Newest Beach House Is a Super Model". Los Angeles Times. Retrieved March 16, 2017.
  9. ↑ "Paris bank enters LV residential market". Las Vegas Sun. September 9, 1999. Retrieved March 16, 2017.
  10. ↑ Berns, Dave (March 13, 2000). "It's up in the air where Wynn will live after buyout". Las Vegas Review-Journal. Archived from the original on November 13, 2002.
  11. ↑ Smith, Hubble (May 15, 2001). "Luxury towers eclipse rivals". Las Vegas Review-Journal. Archived from the original on August 12, 2002.
  12. ↑ Foyt, Elizabeth (July 11, 2001). "Park Towers celebrates completion". Las Vegas Sun. Retrieved March 16, 2017.
  13. 1 2 Ferguson, Kevin (July 23, 2001). "Molasky, Park Towers developer in lien dispute". Las Vegas Sun. Retrieved March 16, 2017.
  14. ↑ Smith, Hubble (October 29, 2000). "Form & Function". Las Vegas Review-Journal. Archived from the original on November 4, 2002.
  15. ↑ Smith, Hubble (December 3, 2000). "Nevadan-At-Work: Irwin Molasky: Managing Partner of the Molasky COS.". Las Vegas Review-Journal. Archived from the original on August 5, 2002.
  16. ↑ Schiffman, Betsy (April 5, 2002). "Tax-Free Home Away From Home". Forbes. Retrieved March 16, 2002.
  17. ↑ Clarke, Norm (July 16, 2000). "Las Vegas pad a slam dunk for Shaq". Las Vegas Review-Journal. Archived from the original on April 27, 2002.
  18. ↑ Clarke, Norm (June 24, 2001). "Shaq getting serious about buying in Las Vegas". Las Vegas Review-Journal. Archived from the original on August 12, 2002.
  19. ↑ "Lien against LV condos reduced". Las Vegas Sun. October 3, 2001. Retrieved March 16, 2017.
  20. ↑ Shubinski, Jennifer (August 27, 2004). "Onward and upward". Las Vegas Sun. Retrieved March 16, 2017. Two high-rise luxury condominium projects set the stage for the current potential boom. Park Towers opened in 2001, and Turnberry Place opened the first of its towers the same year.
  21. ↑ Smith, Hubble (September 25, 2011). "Clout: Who's got juice in Vegas?". Las Vegas Review-Journal. Retrieved March 16, 2017. Real estate developer Irwin Molasky came to Las Vegas in 1951 with a couple of thousand dollars and now lives in a penthouse suite at Park Towers, the $100 million luxury condominium towers he built at Hughes Center.
  22. ↑ Segall, Eli (March 29, 2013). "Retiring casino exec selling condo for $9.8 million". VegasInc.com. Retrieved March 16, 2017.
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