Pinnacle Founder Chases Elusive Finish Line for Henderson Condos
The troubled Vantage Lofts development has had a rocky road to cross over the past few years since its initial stall back in 2007. Since then, it has been flipped from developer to developer, received a number of changes to the initial project, including an idea to turn the condo development into apartment rental units, and still not reached completion.
By Alex Girda, Associate Editor
The Vantage Lofts development in Henderson has encountered a rocky road since the $160 million condominium project stalled six years ago. After several developers have come up short in their efforts to finish the architecturally distinctive but financially troubled project, the Seattle-based developer and investor John Goodman is betting on a reversal of fortune.
Goodman, founder and chairman of the Pinnacle Family of Cos., bought the property from Rothwell Gornt Cos. in a $10 million deal, VegasINC reported. Rothwell, a venture capital fund, had acquired the property in February 2012, nearly four years after construction stopped on the project’s 110-unit first phase. Vantage Lofts’ original sponsor, Slade Development, had originally envisioned a $160 million, 300-unit condominium complex.
By last August, Rothwell was submitting permit applications and expected to complete work in six to nine months at a cost of about $15 million, as City Pages noted at the time. Rothwell received city permission in January 2013 to turn the condos into rental units but later decided to put the property on the market. Completion costs are estimated at upward of $13 million.
Rendering courtesy of lasvegascondoloft.com
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