Calida Moves to Revive Stalled $350M Manhattan West Project
- Nov 09, 2012
Four years after its original developer filed for bankruptcy, the $350 million Manhattan West condominium project may be getting new life. The Calida Group is moving to acquire the stalled 700-unit development on Russell Rd., the Las Vegas Review-Journal reports.
Expected to fetch between $21 million and $23 million, the deal was spurred by the comeback of the area’s housing market. For its part, Calida Group is making a bid to join the ranks of Nevada’s most active multi-family developers, according to the Review-Journal. The company’s other major local projects include a 360-unit upscale apartment complex in Henderson.
Manhattan West’s original developer, Gemstone Development, planned a 12-building mixed-use project that was to include 150,000 square feet of office space and 50,000 square feet of retail space as well as 700 condo units. According to the Review-Journal, the residential units were priced in the $400,000 range, or about $300 per square foot. Floor plans and amenities aimed to emulate Manhattan-style characteristics.
Manhattan West eventually hit financial troubles when Gemstone allegedly found faulty construction work at the site. A dispute with the project’s general contractor, Apco Construction, led to serious funding issues that caused the project’s shutdown.
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