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A Las Vegas condo tower that opened in July 2009 is getting a $3 million makeover to give it the feel of a hotel and to boost sales.
The owner of The Martin, formerly known as Panorama Tower North on the west side of I-15 across from CityCenter, will undergo a remodel starting in mid-September. The work is expected to be completed by the end of the year.
The Kor Group, the Los Angeles developer and design team behind the Viceroy Santa Monica and Viceroy Anguilla hotels, has been hired to lead the sales and marketing, interior design and ownership program that will offer five-star services to residents.
Condominium investment group iStar Financial acquired the 45-story high rise in 2009 out of foreclosure and rebranded it The Martin in January. So far, the company says 103 of the 372 residences have been sold.
The redesign will include a renovation of the building’s common areas and include the porte-cochere, lobby, library, lounge, pool and poolside lounge, spa, fitness center, business center and conference room.
The improvements are intended to help the high rise stand out from the competition at a time sales of new units are sluggish in a slow economy and financing is difficult for high rise units.
“Despite the state of the Las Vegas real estate market over the last couple of years, we have maintained strong sales that continue to gain momentum as the market recovers,” said David Sotolov, a senior vice president at iStar Residential. “Our re-investment in The Martin will further improve and solidify the luxury, high-end quality of the asset.”
The Kor Group has constructed more than 10,000 apartment and condominium units, including the Eastern Columbia building and Barker Block development in Los Angeles. It has developed hotels and resorts around the world, including the Viceroy and Tides brands.
Units at The Martin range in size from 1,035 square feet to 1,962 square feet. There are five penthouses ranging in size of 3,653 to more than 13,000 square feet.
Prices range from the mid $200,000 to more than $1.5 million.