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Grading Started for Condo Project The Mercer
Las Vegas Review Journal September 24, 2007
by: Hubble Smith
Chicago-based JDL Development is grading the 5-acre site and laying underground utilities for The Mercer, a 113-unit mid-rise condo project at Tropicana Avenue and Grand Canyon Parkway in southwestern Las Vegas.
The Mercer is more than 50 percent sold and occupancy is expected in summer 2008. JDL President Jim Letchinger said Wednesday during a sales event celebrating the start of construction.
Although financial issues have delayed other condo projects in Las Vegas, The Mercer is fully financed by First American Bank in Chicago and proceeding with construction, he said. Vanguard construction is general contractor for the $50 million project.
Letchinger said he’s read about all of the foreclosures in Las Vegas and the downturn in the housing market, yet he hasn’t seen any price reductions for mid-rise luxury condos.
Foreclosures will allow people moving to Las Vegas to enter the housing market who might not have otherwise been able to afford a home here, he said.
“The real estate market doesn’t correct itself in little steps. It has to take one huge hit then it starts to recover.” Letchinger said. “It’s all driven but the capital markets. When capital markets wake up with too much product and too many loans, they shut the faucet off. That might be the wrong time.”
People who closed escrow eight monthes ago were really at the peak of the mortgage “boiling point.” He said.
Prices at The Mercer range from $442,000 for a two-bedroom, 1400-square-foot unit to $748,000 for a three-bedroom, 2370-square-foot unit.
JDL, established in 1993, has developed more than 1,000 high-end residential units and is currently building a high-rise rental apartment in Chicago. JDL formed a joint venture with Las Vegas-based Modern Living Holdings for The Mercer.