Luxe Lofts is the second stalled condominium project in Las Vegas to be resurrected in the past year, with model units expected to be completed by the end of January and sales starting in February.
Patrick Humes and David Thurman of Los Angeles-based BondRok Partners bought the unfinished 83-unit luxury condo project in May for $6.75 million and renamed it The Modern.
The bank-owned project at 8925 W. Flamingo Road, once valued at $38 million, was listed for sale in March for $10 million, or about $120,000 a unit. Cost to build was $540,000 a unit, on average.
Five floor plans range from 1,135 square feet for one-bedroom, two-bath units to 2,700 square feet for three bedrooms and three baths. Pricing runs from $198,000 to $417,000, compared with prices starting in the high $400,000s when the project was announced in 2006.