Las Vegas—The Martin, a 45-story luxury condominium skyscraper just one block from the Las Vegas Strip, is about to get a $3 million touchup. Property owner iStar Residential has brought the Kor Group aboard to help take the already high-end property to even greater heights.
Located along Dean Martin Drive, The Martin features 372 one- and two-bedroom residences carrying price tages ranging from the mid-$200s to over $1.5 million. iStar Residential, a division of real estate finance and investment company iStar Financial, took over ownership of the property from the original developer, and in January it, kicked off the property’s renaissance with a name change from Paramount Tower to The Martin. But that was just the beginning. The rebranding endeavor continues with Kor’s participation.
Kor is charged with spearheading the redesign, which will brighten the shine on the porte-cochere, lobby, library lounge, pool area and poolside lounge, spa and fitness center, business center and conference room. “Kor [is] the group behind the Viceroy Hotel chain. Given their hospitality experience, we thought they would be the perfect fit to help us restructure the amenity offerings,” David Sotolov, senior vice president at iStar Residential, tells MHN. “All those amenities that you see in the hospitality sector, we’re going to do in a condo project, as well as the redesign. So a lot of what you will see in the new lobby and new library lounge and pool area will be the look and feel of a high-end hotel.”
While the condominium market has yet to fully recover in Las Vegas—or anywhere else, for that matter—iStar Residential sees a market for The Martin. “We have a lot of people who’ve been looking for a second home for years, but were priced out of the market in 2004, 2005 and 2006, that now can come in and buy at 40 to 50 percent below where these homes were priced five years ago,” Sotolov notes. “We feel like—given a lot of the projects that have gone rental and sold out to investors—there has been that segment that really wants something high quality, well-located, well-designed, that just hasn’t found anything in Las Vegas that appeals to them. And that’s another reason why we decided to invest a little more money and really bring the level up another notch to provide something that we think will appeal to that market; we believe that market is out there—and we’ve seen it.”