Las Vegas’s first two high-rise projects since before the Great Recession have surpassed more than $600 million in sales combined as construction commences at the end of the year.
The $1.3-billion Four Season Private Residences Las Vegas in MacDonald Highlands in Henderson leads the way with $542 million in sales with 97 of its 171 units in two towers sold so far. The project is expected to be completed in late 2026 with residents moving in the first quarter of 2027.
Cello Tower in downtown Las Vegas with 240 units has surpassed $100 million in sales.
Craig Eddins, executive vice president for the Four Seasons project, said normally sales slow in the luxury marketplace during the hot summers as people travel but that they were “robust and busy through the summer” with $41 million sales in July and $52 million in August.
“I think it is just showing how this product is resonating with the buyers,” Eddins said. “People who are making the move and relocating here, and people within the valley are just excited about this lock-and-leave concept, and this new type of living.”
The two-tower project, designed by Wimberly Allison Tong & Goos (WATG), will have residences that range from 2,279 square feet to 8,349 square feet on the interior and 627 square feet to 3,555 exterior square feet. Residences will feature semi-private elevators, private garages and fully furnished interiors done by Wimberly Interiors. Each residence will offer customizable terraces equipped with outdoor kitchens, social gathering spaces and dining areas.
The development also features three multi-level resort-style pools and the ability for residents of larger units to have pools outside of their condos.
Eddins said there’s a lot of excitement about Las Vegas that’s becoming more attractive to outsiders with Sony and Warner Brothers among those who want to build studios in addition to other projects on the horizon. It’s put Las Vegas on the radar despite it’s size of 2.3 million people.
“People come to Southern Nevada for the wonderful lifestyle and cost of living and economics is a factor,” Eddins said. “They are coming from other markets that have state income taxes and corporate income taxes, but another factor here is safety and security of living in a gated community. We’re in Henderson, and it’s always in the top five municipalities of its size for its safety. People are looking for that.
Strong sales are expected in the fourth quarter and first quarter of 2025 once vertical construction starts and especially with the election over, Eddins said. They expect to be sold out before buyers start moving into the towers in late 2026.
“We have done a lot of site work and finishing the utilities, and we should be pouring concrete the end of the fall and beginning of the winter,” Eddins said. “When that happens and this thing starts to come out of the ground and go vertical, there’s always a big lift. The people sitting on the sidelines who are not necessarily jumping in pre-construction will do so.”
Mortgage rates coming down as the Federal Reserve continues to cut rates helps even though the majority of buyers pay with cash, Eddins said.
“As interest rates come back down, they are smart buyers, too, and they would like to keep their money working for them,” Eddins said. “If we get back down to more reasonable interest rate levels, we know a lot of these buyers will be borrowing. We also have special financing available at favorable rates, and that’s coming down.”
Most of the buyers are from Northern and Southern California, but there’s buyers from Seattle, Denver, Hawaii, Canada and overseas. Some 70 percent are from outside Nevada with Southern California the top region, he added.
Prices continue to rise and will continue to do so. The least expensive residence starts at $3.67 million for two bedrooms at 2,300 square feet with an outdoor patio. Three bedrooms at 3,600 square feet start at $4.67 million while four bedrooms at 4,200 square feet start at $5.6 million. Junior penthouses at 4,700 square feet and 1,300 exterior space start at $11.7 million.
The penthouses available go from $22.95 million and $28.95 million. Penthouses start at 6,500 square feet and to up to 8,400 square feet. They have more than 3,100 square feet of exterior space.
Under the Four Season team, there will be 24-hour concierge service, including pet and car services and catering. Residents will have access to private chef services, in-residence wine cellars, and the option to rent a private wine room in the north tower. It has partnered with Wolfgang Puck Fine Dining Group as the exclusive food and beverage provider that will operate the restaurant, special events and pool offerings.
The project is a development of Las Vegas-and Mexico-based Azure Resorts & Hotels and Canada- and New York-based Luxus Development. In January they announced a partner in Two Roads Development a South Florida-based real estate development firm.
The 32-story Cello Tower is part of a larger project, Origin at Symphony Park with 6 acres of 54,000 square feet of retail and dining space, 48,000 square feet of office space scheduled for completion in 2026. Cello Tower, which will have a resort-style pool, fitness center and 24-hour concierge services, will be completed in 2027.
The prices have started at $750,000 and went as high as $7.5 million. Two penthouses recently sold for just under $9 million.
