Valley growth goes vertical

     All residential growth in the Las Vegas Valley has been horizontal. From the first indigenous wanderers to the late 1990s, the valley has been subject to sprawl.
      The past few years have seen developers in fierce competition for the few large parcels of BLM land available. Otherwise, infill is becoming the order of the day.
      Growth in the valley has taken a twist. High-rise condominium developments are becoming less of a novelty, and Paradise Road is becoming the home of high-rises.
      Longtime local developer, entrepreneur and philanthropist Irwin Molasky has his high-rise dream going up in The Howard Hughes Center, near the heart of The Strip.
      Park Towers is going up right under Molasky's nose. He oversees the construction site from the project's eighth-floor sales office on Howard Hughes Parkway.
      Molasky is building the twin towers in conjunction with Steve Wynn, another local developer, entrepreneur and philanthropist. Also involved are Molasky's sons, Steven, Andrew and Alan and his daughter, Beth; and Mark Fine, who was instrumental in the development of Green Valley and Summerlin.
      The 20-story towers feature five floor plans. Originally 84 homes were planned for the towers, but the number has gone down because some buyers grabbed up entire floors.
      Needless to say, Molasky has bought a penthouse home and is surrounding himself with friends and family, including Steve and Elaine Wynn. A few of Molasky's longtime neighbors in Regency Towers also are moving into this new project.
      What Park Towers offers is an elegant lifestyle in the heart of Las Vegas.
      A similar lifestyle will be offered at Turnberry Place, four 38-story towers under construction on Paradise Road across from the Las Vegas Hilton.
      The residential project of 740 condominiums is the Las Vegas debut for Florida-based developers Donald and Jeffrey Soffer. The Soffers operate Turnberry Associates, which also has residential and commercial projects in Florida and Pittsburgh.
      The first tower is under construction, the gated entry is being touched up, and ground will be broken May 23 for the clubhouse.
      The Soffers are settling in for the long run. The company plans to build another set of towers on land it owns on Paradise Road near Turnberry Place. These condos will start in the $150,000 range.
      Turnberry Associates also bought the El Rancho hotel on Las Vegas Boulevard, so we can look for more exciting events along the northern end of the Strip.
      Park Towers and Turnberry Place will feature the amenities that attract people who have millions of dollars to put into their homes.
      Valet, underground parking will be a part of the intense security system in the high-rises, and so will private elevators going to the homes.
      Common areas will feature restaurants, lounges, game rooms, libraries, swimming pools, business centers and concierge services.
      Turnberry Place exec John Riordon said the company is selective with employees.
      "We want the very best, experienced workers who want to find a home and know their clientele, instead of the continuous turnover of faces experienced in hotels. We know we'll have to pay to get these people," Riordon said.
      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@lasvegasnewspapers.com. Snail mail is P.O. Box 70, Las Vegas, NV 89125.

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