COLUMN: New plans for Las Ventanas

Good news: Construction is set to begin in September on Las Ventanas, a life care facility in Summerlin.

More good news: American Baptist Homes of the West has agreed to sponsor the project, in conjunction with Greystone Communities and Westport Realty Advisors.

Such were the topics of discussion at a recent luncheon hosted by the developers for charter members of the planned community.

Paul Steinhoff, president and chief operating officer of Greystone, reported sales were coming along nicely at Las Ventanas, despite direct local competition from The Springs.

"Ours is a superior location, and adding ABHOW shows our strong commitment to the marketplace to do it the right way," he said.

Steinhoff admitted the decision was made to go nonprofit after looking at the structure of The Springs, and how partnering with ABHOW made sense.

With ABHOW on the project, Las Ventanas has gained a nonprofit status that will yield many advantages for residents. Among those advantages are: better financing terms through lower-cost, long-term debt; lower costs over time as a result of not having to meet an owner's profit requirements; a local board serving local people; and a regulated business environment.

David Ferguson, president and chief executive officer of ABHOW, was quick to point out that any connection with the Baptist church is purely nominal.

"We have a couple of ministers on our board of directors, but there is no religious connection," Ferguson said. "In fact, I'm a Presbyterian."

The financial picture is what's changing, according to Ferguson, who said, "There are a lot of advantages" in having ABHOW join the construction and management team. For example, the project will have better insurance rates and better purchasing power because of ABHOW already operates 14 continuing-care retirement communities in five states.

Larry Landry, president, chief executive officer and founder of Westport, said having ABHOW join the group has resulted in acceleration of construction because of a combination of financing. He pointed out that the tax advantages of having the nonprofit ABHOW associated with Las Ventanas not only makes funding easier, but offers more benefits to the residents both in terms of faster construction and more stable monthly fees.

John Spooner, senior vice president of Greystone, conducted an information session that took on the resemblance of a revival meeting. All the charter members were exhorted to go out and spread the word about the great deal that is Las Ventanas.

The best news, however, was the start of construction in September. Spooner originally said the facility would be ready for occupancy in spring 2004, but the seniors cheered when Steinhoff corrected Spooner and said residents would be moving in before the end of 2003.

Carmel Hopkins, real estate product manager for the Las Vegas Review-Journal and Las Vegas Sun, can be reached at 380-4574. Her e-mail address is Carmel_Hopkins@ reviewjournal.com. Snail mail is P.O. Box 70, Las Vegas, NV 89125.

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