A $900 million luxury resort-style condominium project within the gated private McDonald’s Highlands is on track to begin work on the site in early June after Henderson City Council gave its approval.
The city council on May 3 approved a development agreement, zoning changes, an interim map, and a design review revision for Pinnacle Residences in MacDonald Highlands — the first high-rise building to be built in the valley since the Great Recession.
The project, a development for Las Vegas-based Azure Resorts and Mexico-based Luxus Development and New York-based Luxus Development, will contain 171 high-rise apartments in two towers. It will also have 10 luxury single-family homes as part of its 11-acre development that was first announced for millions of properties in November. There will also be two modular homes to be built within two blocks of construction on those starting in 90 days and expected to be completed within 14 months.
Azure president and founder Jim Reilly, who resides in Seven Hills in Henderson, said he’s excited about how interest in the project has grown over the past few months. This will be Azure’s first project in the continental United States after developing residential villas in Mexico and Hawaii.
“We have over 200 reservations,” Riley said. “The community has shown tremendous support for this product on this site. It will put the community on a more global stage.”
Kristen Ruth Silberman, partner at Corcoran Global Living and exclusive listing agent for Pinnacle Residences, said she was excited about the interest in the project.
“We’ve had a great response without doing any advertising,” said Ruth Silberman. “This will be a one-of-a-kind project.”
It said Pinnacle Residences continues to accept fully refundable reservations. The MacDonald Highlands real estate office is open Tuesday through Sunday.
The blasting and other site work will begin in June and take five or six months. Construction will begin with foundation work in December or January. Riley said the first tower will take 27 months from the time construction begins with its opening in the second quarter of 2025. The second tower will take another 45 to 60 days to complete.
Riley said he has seen a cost increase of between 7 percent and 15 percent since the project was announced in November, and that will affect the prices charged for each unit. He added that the market also swayed with the rise in prices.
Riley said potential buyers, who have already paid between $10,000 and $100,000 for their reservations, will have a chance to secure their units in late September or early October with a 20 percent to 25 percent discount. The revelation comes as the stock market has lost a lot of its value in recent weeks with the Federal Reserve raising interest rates.
“There is some really violent volatility in the market right now and fortunately our demographics are a little different than that of first-time homebuyers,” Riley said.
“We are confident this is a product that people will want. Lots of buyers will be moving sideways from other homes. As long as prices are consistent we believe the timing will be good. There is not much stock in the luxury space, and no other product will be competitive with this in the future. The perspective is in Henderson City. The timing would be right for us. I would have loved to have gone faster on that for a year or two, but that’s what it is at this point.”
About 75 percent of buyers are Las Vegas residents, who will be moving out of single-family homes, and about 10 percent are current owners in McDonald’s Highlands and are making the purchase as an investment or relocation plan. The other 25 percent is moving from states that have high taxes.
“We haven’t done any out-of-state marketing yet, so almost everything is done through word of mouth and the local community of brokers,” Riley said.
Many of the buyers are empty nesters or soon-to-be, Riley said, and they’ve outgrown the need for a 10,000-square-foot home with a pool and yard. People can work remotely and live in a place where they don’t have to worry about parcels, mail or maintenance.
“They want the flexibility to go into their second or third home for two to three weeks at a time and not have to deal with their primary residence, maintenance headaches, and daily deliveries,” Riley said. “Our sweet spot is 45 to 65. I think we will have more younger buyers once we start marketing in California and other markets. It provides an easy and flexible lifestyle for those who want to continue to travel and work remotely.
“I was talking to a guy who lives in the strip and wanted more of a sense of community, and that’s what we’re ultimately going to have here — a sense of suburban community but we still have great access to the Las Vegas Strip and all the amenities that it provides. You’ll know your neighbors and you’ll share with them the things and you will eat lunch, dinner, and events.”
Riley said he expects 40 to 50 percent of bookings to fall once he submits specific unit rates and homeowners association costs. Prices are expected to start “in the $2 million range and rise in excess of $20 million.”
One of the towers will have 24 floors and the other will have 25 floors. There will be underground parking from four to five floors. There are 18 small penthouses with either a spa or a built-in pool. The four penthouses will contain a swimming pool and spa.
Penthouses have an area of 7000 to 7,500 square feet inside and 2,500 to 3,500 square feet outside. Small penthouses have an area of 4,500 to 5,500 square feet inside and 1,200 to 4000 square feet outside.
The other units range in size from 2,250 to 4,200 square feet with two to four bedrooms. The outdoor area will be from 550 to 1,200 square feet. Four units on the ground floor tucked away in front of the garage have private plunge pools that you can exit to from your balcony.
“You have 270-degree views of the entire Las Vegas Valley,” Riley said. “All units focus on the center of the strip and will have views from downtown to Allegiant Stadium and beyond.”
Pinnacle Residences will have a concierge, valet parking and 24 hour security; gourmet restaurant and lounge overlooking the city and strip; Room service; private chef service; private dining room; special occasions, such as wine tastings and special dinners; resident wine cellar and wine cabinets; multi-level resort-style pool with a view of the strip; Poolside food and drinks; Outdoor jacuzzi and grotto. Private cabana barbecue grill area for event garden with grant food service; full-service gym and spa; personal training; fitness room; steam rooms; indoor jacuzzi golf simulator games room; media examination room; The children’s room; pet spa accepting parcels boardrooms and meeting rooms; And the library.
The project will contain four hotel suites that apartment owners can use when visiting friends and family. They only pay the cleaning fee.
The ten houses, which will be the final stage of construction and will be delivered three to four months after the completion of the towers, will be located in front and below the apartment towers and feature the same architectural style and interior design.
No reservations have been made at the moment for those homes, which will range between 4,500 square feet and 12,000 square feet. These homes will be one-story, two-story and some with basements. Price points are expected to be between $8 million and $20 million.
“We had some excess land, and we want to allow some select buyers the opportunity to keep a single-family home, but in a fully serviced environment,” Riley said. “They will have access to all the amenities, management, food delivery service, package delivery, and the benefits of every condominium owner.”
There is an announcement pending this summer regarding the branding and management of apartment towers, but Riley said it would be a known name to operate the property.
“We are currently studying the leading luxury hospitality brand in the world,” Riley said. “This is a one-of-a-kind project, so we are trying to figure out how to deliver the most value to our buyers. Number 1 is branding the project and continuing to elevate what we offer, and since we are going to sell through 171 of those, we wanted to know how to maximize value for these buyers and create a trend My rise is higher for them when they decide they are ready to resell it.Owning an internationally known brand is something that can elevate not only the project, but the community, the city of Henderson and the city of Las Vegas.It also provides certainty to buyers and helps them understand what they are going to get rather than relying on developer to introduce it.
Pinnacle has revealed plans for Noble Heights, an original upscale culinary concept in partnership with local hospitality veterans and business partner couple Elizabeth Blau and chef Kim Cantinwala. Noble Heights will feature farm and ranch and sea-centric cuisine and will not only be open to all residents of MacDonald Heights but the entire valley. There will even be catering for condominiums and residences.
Blau is known for creating portfolios of inaugural restaurants in Wynn and Bellagio and transforming the city’s food and drink philosophy. Canteenwalla has led restaurants and resorts around the world and is the former Executive Chef of MGM Grand in Las Vegas. Blau and Canteenwalla own the West Valley Honey Salt and Buddy V Restaurant in The Venetian.
“We will have food and beverage poolside, and we will have a food and beverage outlet (including lounge) in Noble Heights with a private dining room, private wine pantry and executive meeting rooms,” Riley said. “We will have a food delivery service.”
Blau said she was introduced to Project Pinnacle by Routh-Silberman.
“Any night when I’m at the restaurant (in the West Valley), people ask me when we’re going to open our doors on the other side of town,” Blau said. “It was always something on our minds. When we saw Jim’s plan for Pinnacle, it was a no-brainer. We were impressed by the design and stunned by the unusual scenery, hence the name Noble Heights. We wanted to create something that was a modern steakhouse. We are inspired by Farms in northern Nevada and the states and farms nearby and definitely the sea. We want it to feel classy and timeless but also have a regional feel to it and an extension of the Las Vegas Valley.”
The restaurant will feature steaks, pork chops and lamb chops from a wood-fired grill. “We’re going to enjoy the seafood,” she said.
Blau said the restaurant will be open for dinner seven days a week but also serve brunch on the weekends.
“I think this would be a great thing for the residents but also for the community,” Blau said. “With booking, we will be open to the Las Vegas community.
This is more upscale than honey salt but the menu will provide something for everyone.”
