Urban Village Centex Destination Properties Cancelled
Centex Destination in Denver division president confirmed Thursday that Centex Destination Properties has stopped sales at Urban Village Las Vegas effective immediately and will refund deposits to more than 70 buyers of the brownstones for sale. Capital costs were reviewed by Centex after interest fell short of Centex’s presale requirements of the Las Vegas real estate development. It was necessary for them to allocate their resources elsewhere.
Many national home builders are improving their balance sheets by selling their land holdings and cutting back on new home construction in Las Vegas who have excess inventory.
Centex homes started infrastructure work and grading during the summer for the first phase of “brownstone” homes for sale in Las Vegas, four-story condominiums modeled after the type of homes found on the East Coast. Urban Village condos were priced from $360,000 to $760,000 with reservations on more than 300 units.
The mixed-use project at Urban Village real estate was to eventually have commercial businesses such as postal services, dry cleaners, restaurants and boutique retail. A condo-hotel was also planned.
Las Vegas real estate investor Philippe Pageau Goyette in April 2005 acquired the land for $35 million after dissolving his partnership with Manhattan condos developer. Construction was scheduled to begin in June 2005. Pageau Goyette is also the developer of Club Renaissance condos in Las Vegas, which has yet to begin construction downtown. Late last year, he sold the land to Centex Destination Properties.
Centex paid about $38 million for 15 acres with an option to buy the rest, putting down a significant deposit on the land.