Henderson’s Vantage Lofts Gets $15M Restart; Ryland Homes Debuts

A stalled 20-acre residential development is getting new life after its acquisition by Rothwell Gornt Cos., a venture capital fund. Recently acquired out of bankruptcy, the Vantage Lofts development is set to resume construction and is slated for completion in the next six to nine months, the Las Vegas Review-Journal reported.

Located at Paseo Verde Parkway and Gibson Road,  Vantage Lofts (pictured at right) will require about $15 million to complete its 110-unit first phase. Company principal Richard Crighton told the Las Vegas Review-Journal the company is in the process of submitting building permit applications. The intial value of the project was set at $160 million for around 300 units.

In other residential news, Ryland Homes is set to unveil its Indigo at Hillside development. Located near the Las Vegas Beltway and Cheyenne Ave., the project features single-family homes with rooftop decks and floor plans ranging between 1,863 and 2,031 square feet and rooftop decks.

According to data from Marcus & Millichap Real Estate Investment Services Inc., multi-family permitting is on the rise after years of decline (see chart below). The increasing number of permits likely signals an upturn in development during the next several years.

Photos courtesy of CalAtlantic Group; chart courtesy of Marcus & Millichap