The Gramercy Officially Makes Its Mark

(Las Vegas, NV)- What was once a sign of our troubled economy, is now a sign of Las Vegas’ recovery.  Right off of the 215 at Russell Road, an abandoned project has been brought back to life.

What was supposed to be the Manhattan West stopped construction several years ago after investors pulled their financing.  The empty buildings that had, for the most part, nearly been completed sat empty for the last several years.  However, it’s a property that has new wings.  The Krausz Companies and WGH Partners purchased the property two years ago and immediately went to work.  They renamed the property “The Gramercy.”

It’s being described as a 500-thousand square foot urban village, complete with living space, office space, retail opportunities and restaurants.  The developer wanted to appeal to Las Vegas’ young professional clientele.

“The speed that we have been able to do leasing here is great.  You just don’t find these kind of projects anymore,” said co-owner David Pyle of The Krausz Companies.  ” I think it’s a sign that Las Vegas’ economy is doing really well.  We have had a lot of interest.  Even from the sign hanging on the side for the living space, we’ve had nearly 900 people who are interested.”

Pyle says construction on a coffee shop is already underway and is expected to open by the end of the year.  Restaurants are also being designed.  He expects those restaurants and the residences to start being utilized early next year.

This project is not necessarily unique.  Downtown Summerlin, which opened up its shopping experience in October is also starting construction on residences.

“I don’t really look at it as competition.  I think it’s going to be synergetic,” added Pyle.

On Thursday morning, it became even more official when a 10,000 pound steel letter “G” was placed on property.  Developers say it’s symbolic that they are here to stay.