LAS VEGAS HIGH-RISE &
CONDOMINIUM ASSOCIATION

The suburban sprawl that resulted from the development of single-family houses in Greater Las Vegas is quickly pushing into land owned by the Bureau of Land Management. The result is a paradox; despite the expanses of empty land surrounding the city, the acreage of available Real Estate is relatively small. Because the land-depleted metropolis continues to attract newcomers, the logical place to house the population surplus is in vertical structures such as condominiums, mid-rises and high-rises.

Although the concept of vertical living is well-established in places like New York City, which ran out of land decades ago, the Las Vegas market is still adjusting to the vertical transition. As with any new concept, there has been a lag time between the need for vertical structures and the availability of accurate information about them.

The Las Vegas Highrise and Condominium Association (LVHCA) was founded in 2005 to counteract misconceptions in the media and in the marketplace. The association’s premise is to unite the high-rise industry and related industries into a single voice by disseminating accurate information to its professionals, to the media, and to the market.

As a means of educating industry professionals, LVHCA is planning an educational program to be rolled out this coming year. The curriculum will be centered on developing vertical projects with topics including lingo, construction issues, financing, and the life cycle of guiding a vertical development from conception to occupancy.

Kiki Bandilla, newly elected president of LVHCA, says that consumers are far more educated about the vertical lifestyle now than they were two years ago. Buyers are more willing to embrace vertical living because they better understand the lifestyle. The increase in consumer acceptance is a consequence of two main factors: first, the media have gained access to more accurate information, thanks in part to LVHCA; second, many consumers are moving to Las Vegas from cities with vertical communities.

Two years ago the Las Vegas market was unfamiliar with the concept of vertical living. Then came a period of frenzied buying, and now the first occupants have moved into their new vertical residences. Over the next five years, these residents will experience the vertical lifestyle and share their experience with friends and other potential buyers.

The target buyer for vertical residences is the consumer who prefers living in an urban setting without the hassle of yard work and within walking distances to restaurants, to grocery stores, and possibly even to work. Kiki says that a vertical residence “puts you where you want to be, when you want to be there.”

Catering to the vertically inclined consumer requires a wide set of professionals. These professionals include REALTORS^®, developers, architects, management executives and lenders, among others. Because it is a young organization, LVHCA is continually adjusting to meet the needs of its members. The newly elected board is therefore in the continual process of gauging the ways the organization can best serve its constituency.

Kiki, who was elected president of LVHCA on October 22, 2007, is in charge of programs for the association. She brings expertise in vertical development from her work with Viridian Group, the full-service brokerage and exclusive sales channel for Sullivan Square. Developed by Glen, Smith & Glen, Sullivan Square is one of only two LEED-certified vertical developments under construction in Las Vegas (the other being CityCenter).

Matt Hennessy, the new vice president of LVHCA, facilitates marketing and public relations. He says that single-family units simply can’t compare to the overall vertical dwelling experience. “Why would you want to do more yard work yet receive far fewer amenities?” he says. A lending professional [www.HennessyLendingTeam.com] and native of Las Vegas, Matt has been a preferred lender for Metropolis High-Rise/Lofts and Panorama Towers as well as several other major projects.

Patty Fournier, the new secretary of LVHCA, is in charge of membership for the association and hopes to grow that membership. She hopes to accomplish this by expanding the organization’s focus. She explains, “We’ve focused on high-rises so far. Now it’s time to bring condos, mid-rises and low-rises to the forefront.” Patty brings architectural expertise to the association from her work with Humphreys & Partners Architects, a firm that designs vertical developments nationwide.

Karen DuBose, the new treasurer of LVHCA, is in charge of education. She brings after-sale management and homeowners’ association expertise to the association. Karen serves as vice president for CAM operations in the high-rise and luxury property division at RMI Management, a company that manages more than 230 homeowners associations representing more than 75,000 residential units.

With Kiki’s development knowledge, Patty’s understanding of architecture, Karen’s after-sale management experience, and Matt’s lending expertise, the LVHCA board reflects the diversity of the association’s nearly 100 members.

Kiki says that the association is offering a number of incentives to attract new members. There are three tiers of membership: the associate membership, the affiliate membership, and the executive membership.

As Las Vegas continues its upward growth, industry professionals and consumers alike turn to LVHCA to learn about every facet of vertical development. As the industry consolidates its voice, buyers and sellers join forces to make the Las Vegas vertical experience a reality.

To learn more about becoming a member of LVHCA, contact Patty at (702) 785-8580.

Photography: Britt Pierson