Two New Multi-Use Towers Could Soon Rise on the Las Vegas Strip
Plans have been unveiled for the construction of a pair of 600-foot towers on a 10-acre plot situated just south of the Fontainebleau Las Vegas. This ambitious project, which combines residential living, hotel accommodations, dining establishments, and a theater, was recently detailed in submissions to the Winchester Town Advisory Board.
A birds-eye view of the Las Vegas Strip at night. (Source: Fly Over the World)
LISTEN TO THIS ARTICLE:The property, which belongs to the Las Vegas Convention and Visitors Authority (LVCVA), is set to be acquired by a joint venture between Las Vegas developer Brett Torino and New York's Paul Kanavos. The former, a veteran in Southern Nevada's real estate sector with over 40 years of experience, is leading the development in collaboration with Kanavos.
Related: Las Vegas Strip Hotel Closures Set to Boost Earnings in 2024The Advisory Board will hear the proposal on August 13. One of the towers will feature 425 residential units, while the other will provide both short-term and long-term rental units. The residential offerings will include a variety of options: more than 160 one-bedroom units, 201 two-bedroom apartments and 54 three-bedroom units. There will also be eight upscale penthouse suites.
The developers have highlighted the site’s strategic location near the Las Vegas Convention Center, emphasizing its suitability for a hotel. However, they face challenges, including a significant 75-foot height restriction that requires a waiver for the project to proceed. The developers remain committed to advancing the project and are also seeking additional waivers and reductions to ease its development.
The waivers requested include reducing the required number of parking spaces from 3,027 to 1,577, decreasing loading spaces from 44 to 13, and cutting down electric vehicle-capable parking spaces from 631 to 329. Furthermore, the developers are seeking to modify or eliminate requirements for "amenity zones" and street landscaping.
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A Phased Approach
The project, as outlined in LVCVA’s documents, will be developed in two phases. The first phase will focus on the western portion of the site along the Strip, featuring a shopping center, restaurants and other dining options, a plaza and other amenities. The second phase will see the construction of the residential and hotel towers, a covered theater, and more plaza space.
This development promises to significantly transform the area by introducing a blend of residential and commercial spaces designed to appeal to both locals and tourists. The inclusion of a theater and outdoor dining aims to enrich the entertainment options nearby, while the residential units will provide additional housing in the bustling city.
With Torino’s extensive background in real estate and Kanavos’ partnership, the project has strong potential for successful completion. The developers' determination to navigate regulatory challenges and their vision for a mixed-use development that integrates living, commercial, and entertainment spaces could make this a noteworthy addition to the Las Vegas Strip.
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