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Panorama Towers

From Wikipedia, the free encyclopedia
Not to be confused with Panorama Tower.
Panorama Towers
Panorama Towers at sunset
Map
General information
StatusCompleted
TypeLuxury high-rise condominium complex
GroundbreakingOctober 2004
OpeningDecember 2006 (December 2006)
Cost$600 million
OwnerPanorama Towers HOA
ManagementRMI Management, LLC
Height420 ft (130 m)
Technical details
Floor count33
Design and construction
Architect(s)Klai Juba Architects
DeveloperLaurence Hallier and Andrew Sasson
Structural engineerLochsa Engineering
Main contractorM.J. Dean Construction, Inc
Other information
Number of units650
Website
Panorama Towers Las Vegas

Panorama Towers is a high-rise condominium complex located in Paradise, Nevada.[1][2] Developed by Laurence Hallier and Andrew Sasson, the $600 million aqua-blue glass 635-unit complex sits on 8.5 acres (3.4 ha)[3] on Dean Martin Drive and is centrally located across from the Las Vegas Strip one-quarter mile (0.40 km) from CityCenter.[4][5]

The complex consists of two towers, completed in 2006 and 2007. A third tower was completed in 2008 and was later rebranded as The Martin in 2011. A fourth tower had been planned but was never built.

History

[edit]
Early model design of Panorama Towers

Panorama Towers was announced on September 7, 2003, as a business venture between partners Andrew Sasson and Laurence Hallier, who owned Sasson/Hallier Development LLC. The project was announced as a 250-unit condominium complex that would stand 30 stories high and would be built on 10.5 acres (4.2 ha) of land.[6] Las Vegas-based architecture firm Klai Juba was hired to design the project.[7] Klai Juba's iconic aqua-blue glass towers have been nominated and won numerous awards from the design, construction and excellence service of the complex. Among the many honours, was The Best of Las Vegas' architecture award by the editors of the Las Vegas Review-Journal,[citation needed] and "High-Rise of the Year" by the Community Associations Institute.[8] Sasson described the target clientele as local residents who enjoy high-end design, and the ideal central location of being only a block from the heart of the Las Vegas Strip, which he labeled as Las Vegas' beachfront.[9][10] The project was named for its panoramic views of the Las Vegas Strip and of Red Rock Canyon.[11]

Sales for a second tower had begun by July 2004.[12] By September 2004, construction was underway on one of the towers. That month, a 35-story third tower, standing 500 feet (150 m) tall, was approved by Clark County. The third tower would be slightly smaller than the other two towers, with only 250 units compared to 350 for the others. The second tower was scheduled to begin construction in January 2005, with construction on the third tower scheduled to begin six months later.[13] During construction, actors Leonardo DiCaprio and Tobey Maguire purchased units at Panorama Towers.[14][15][16] DiCaprio also attended the groundbreaking ceremony, held in October 2004.[14][11]

Construction on the first two towers was underway in April 2005, at which point a lawsuit was filed against The Related Companies by Sasson/Hallier. The two companies had previously negotiated a possible joint venture for the Panorama Towers project, and Sasson/Hallier provided various database information – including contracts, financials, and marketing information – to Related as part of the negotiations. Ultimately, negotiations failed, and Sasson/Hallier alleged that Related kept the database information to develop and market its proposed Icon condominium project.[17]

Panorama Towers during and after construction

By March 2006, a fourth tower was being planned.[18] The fourth tower was to be constructed south of the property,[19] and was to stand 44 stories tall.[20] A groundbreaking ceremony for the third tower was held on April 21, 2006. Pamela Anderson appeared at the event as Hallier's date. Anderson, who referred to the project as "Pamorama", was to become a resident in the future fourth tower and said she would hire David LaChapelle to design her new residence.[21][22][23][24] At that time, the first tower – standing 33 stories, with 308 units – was 90 percent complete, with an expected opening in July 2006, approximately six months later than initially planned. The second tower had been topped off at that time, and was scheduled for completion in January 2007.[25]

M.J. Dean Construction was the general contractor for the first and second tower, while Taylor International was the general contractor for the third tower,[25] which was constructed north of Harmon Avenue and the other two towers.[19] The first tower opened in December 2006, while the second tower – with 326 units – was scheduled to open in summer 2007. The first and second tower were constructed at an estimated cost of $300 million.[19]

In April 2007, a Vice President of Sales for the project said there was no timetable for developing the fourth tower due to the local high-rise market becoming questionable.[24] The second tower opened in late 2007.[26] In January 2008, Hallier said that the second tower had sold 98 percent of its 320 units.[27] The third tower, Panorama North, was completed in 2008.[28] In 2009, Hallier listed his unfinished three-level, 7,000 sq ft (650 m2) "chairman's penthouse" in the first tower for sale, at a price of $2.8 million.[29] In 2011, Panorama North was spun off as a separate property renamed The Martin.[28][30]

In February 2011, Anderson sued Hallier, alleging that he reneged on a promise to build her a condominium unit at Panorama Towers. In June 2011, Hallier filed a counter-complaint against Anderson, claiming that she was in breach of a 2006 agreement in which she was to make numerous promotional appearances to help market Panorama Towers. Hallier said Anderson's promised condominium unit was contingent on her appearances, which he said she failed to do. Hallier sued Anderson for $22.5 million, the total price of the unsold units that Anderson was to promote. In January 2012, Hallier and Anderson settled out of court as part of an undisclosed deal.[23][31]

In 2013, the unfinished 14,176 sq ft (1,317.0 m2) penthouse in the second tower sold for $3.9 million.[32] As of 2013, Panorama Towers was patrolled by an 80-camera security system and two dozen security personnel, and utilized fingerprint security scanners.[33]

Value

[edit]

Initial condominium prices ranged from $270,000 to $1 million during the pre-construction phase. Even after facing the worst real estate market in the city's history, Panorama Towers has rebounded with one of highest appreciation rates in the region. The units have regained a significant amount of their value with prices nearly doubled over the final six months of 2011.[34]

[edit]
  • Entrance to one of the spa facilities
    Entrance to one of the spa facilities
  • One of the hot tubs located in the spas
    One of the hot tubs located in the spas
  • One of the sauna rooms
    One of the sauna rooms
  • Fitness center
    Fitness center
  • The yoga and pilates studio
    The yoga and pilates studio
  • One of the poker rooms
    One of the poker rooms
  • One of the conference rooms
    One of the conference rooms
  • Lobby
    Lobby
  • One of the 24-hour concierge desks
    One of the 24-hour concierge desks
  • One of the limousines for residents
    One of the limousines for residents

See also

[edit]

References

[edit]
  1. ^ Panorama Towers Yahoo Local Page
  2. ^ Panorama Towers Google+ Page
  3. ^ "A Room With A View" (PDF). Nevada Contractor Magazine. February 2005. Archived from the original (PDF) on June 20, 2004.
  4. ^ "Boardwalk Closing to Clear Way for CityCenter". Casino City Times. September 16, 2005.
  5. ^ "Panorama Towers Building Statistics". Goldstein Properties.
  6. ^ "Condominium Project Planned". Las Vegas Sun. September 8, 2003. Archived from the original on June 20, 2004.
  7. ^ "As City Grows, Developers Build Upward". Las Vegas Review-Journal. October 6, 2003. Archived from the original on June 20, 2004.
  8. ^ "Las Vegas' Panorama Towers Wins CARES Award". PR Log. April 1, 2009.
  9. ^ "VegasBeat". Las Vegas Sun. September 12, 2003. Archived from the original on June 20, 2004.
  10. ^ "New Las Vegas Game: 2 BR's, Strip Vu". New York Times. December 14, 2004.
  11. ^ a b Smith, Hubble (November 14, 2004). "Housing Market: Looking Up". Las Vegas Review-Journal. Archived from the original on November 16, 2004.
  12. ^ Smith, Hubble (July 23, 2004). "Project adds to vertical reality". Las Vegas Review-Journal. Archived from the original on November 23, 2004.
  13. ^ "Third part of high-rise condos approved". Las Vegas Sun. September 23, 2004. Retrieved February 6, 2017.
  14. ^ a b Clarke, Norm (October 24, 2004). "DiCaprio to drop anchor in Vegas". Las Vegas Review-Journal. Archived from the original on October 30, 2004.
  15. ^ Hirsch, Jerry (August 22, 2005). "Rising Stars on the Strip". Los Angeles Times. Retrieved February 6, 2017. Leonardo DiCaprio and Tobey Maguire have purchased units at the Panorama Towers complex.
  16. ^ Clarke, Norm (August 12, 2007). "DiCaprio's new digs near ready". Las Vegas Review-Journal. Retrieved February 6, 2017.
  17. ^ Shubinski, Jennifer (April 25, 2005). "Lawsuit alleges developer wrongly used information". Las Vegas Sun. Retrieved March 9, 2018.
  18. ^ Shubinski, Jennifer (March 31, 2006). "First of 'new wave' condos to open". Las Vegas Sun. Retrieved February 6, 2017.
  19. ^ a b c Smith, Hubble (March 5, 2007). "Most Panorama Tower residents keeping condos". Las Vegas Review-Journal. Archived from the original on March 15, 2007.
  20. ^ "Panorama Towers News". Vegas Today and Tomorrow. February 3, 2005.
  21. ^ Katsilometes, John (April 23, 2006). "John Katsilometes takes in the panoramic views at Pamorama - er, Panorama Towers". Las Vegas Sun.
  22. ^ Clarke, Norm (April 23, 2006). "Kevin, Britney drama goes on". Las Vegas Review-Journal. Archived from the original on July 25, 2008. Retrieved February 6, 2017.
  23. ^ a b Katsilometes, John (January 28, 2012). "The concept of Pamela Anderson at 'Pamorama' didn't end up too suite". Las Vegas Sun. Retrieved February 6, 2017.
  24. ^ a b Katsilometes, John (April 27, 2007). "John Katsilometes happens upon Pamela Anderson, who might not be moving into 'Pamorama' after all". Las Vegas Sun. Retrieved February 6, 2017.
  25. ^ a b Smith, Hubble (April 24, 2006). "Panorama Towers escapes sharp cost increases". Las Vegas Review-Journal. Archived from the original on July 19, 2006.
  26. ^ "Rising to New Challenges". Las Vegas Sun. December 26, 2007. Retrieved February 6, 2017. Panorama Towers, a high-rise luxury condo project just west of the Strip, opened its second tower less than three months ago [...]
  27. ^ "Project on Strip Suffers Setback". Casino City Times. January 17, 2008.
  28. ^ a b "Panorama Tower North Becomes The Martin". Vegasnews.com. January 21, 2011.
  29. ^ Smith, Hubble (June 27, 2009). "Panorama Towers developer thinks condo will fetch fortune in future". Las Vegas Review-Journal. Retrieved February 6, 2017.
  30. ^ "To lift sales, Panorama North tower renamed The Martin". Las Vegas Review-Journal. January 26, 2011. Retrieved February 6, 2017.
  31. ^ Clarke, Norm (June 30, 2011). "Developer suing 'Baywatch' star". Las Vegas Review-Journal. Retrieved February 6, 2017.
  32. ^ Robison, Jennifer (April 24, 2013). "Couple shells out $3.9 million for unfinished Las Vegas penthouse". Las Vegas Review-Journal. Retrieved February 6, 2017.
  33. ^ Segall, Eli (May 9, 2013). "Thumbs up — or at least on the scanner — for Panorama Towers". Las Vegas Sun. Retrieved February 6, 2017.
  34. ^ "Panorama Towers Las Vegas High Rise Condos Outperform". Yahoo News. November 1, 2011.
[edit]
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