Palms Place facts for kids
Quick facts for kids Palms Place |
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Palms Place in 2008
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| General information | |
| Type | Condo hotel |
| Address | 4381 West Flamingo Avenue |
| Town or city | Paradise, Nevada |
| Country | United States |
| Coordinates | 36°06′51″N 115°11′56″W / 36.114262°N 115.198769°W |
| Groundbreaking | May 5, 2006 |
| Topped-out | August 10, 2007 |
| Opened | 2008 |
| Technical details | |
| Floor count | 47 |
| Design and construction | |
| Architecture firm | Jerde Partnership |
| Developer | George Maloof |
| Main contractor | M.J. Dean |
| Other information | |
| Number of units | 599 |
Palms Place is a tall building with 47 floors in Paradise, Nevada. It's close to the famous Las Vegas Strip. This building is a special type called a condo hotel. This means people can buy units to live in, but they can also rent them out like hotel rooms. Palms Place is connected to the Palms Casino Resort, a well-known hotel and casino.
The idea for Palms Place was shared in March 2005. It was built during a time when many new condos were being built in Las Vegas. Construction started in May 2006. The building reached its full height in August 2007. Palms Place officially opened in 2008. This was during a tough economic time called the Great Recession. Because of this, some people who wanted to buy units had trouble getting the money they needed.
Contents
Building History: Palms Place Story
Planning and Early Sales
George Maloof first announced Palms Place on March 2, 2005. It was part of a big $600 million plan to make the Palms Casino Resort even bigger. The Maloof family had opened the Palms resort in 2001. The new Palms Place tower would have 599 condo hotel units.
This project was planned to take advantage of a big increase in people wanting to buy condos in Las Vegas. At first, more hotel rooms were planned. But by 2004, they decided to build condo-hotel units instead. This was because so many people wanted to buy homes there. The Jerde Partnership from Los Angeles designed Palms Place.
Even before the project was officially announced, many people wanted to buy units. More than half of the units were already reserved. The Palms resort had many famous customers, like actors, musicians, and sports stars. These people were interested in buying units in the new tower. Most of the other units were sold within a few months.
Construction and Opening Challenges
The project was first expected to cost $300 million. But building costs went up, so the budget increased to $350 million. The sales prices for the units also went up six times over the next year. This helped cover the rising building costs. Wells Fargo helped pay for the project. M.J. Dean was the main builder.
A special ceremony to start construction happened on May 5, 2006. The tower reached its highest point on August 10, 2007. The building was ready for people to move in by February 2008. The first residents were expected to arrive at the end of that month. The very fancy penthouses at the top were still being built. They were finished by May 2008.
Owners of the units could choose to rent them out as hotel rooms. They would get half of the money earned from these rentals. A big opening party was held on May 31, 2008. Many celebrities and George Maloof attended. The property opened during the Great Recession. Maloof said that sometimes you just have to work hard through tough times.
Sales and Famous Residents
By October 2008, only 342 units had been fully sold. This was about 57 percent of the 599 units. Because of the tough economy, many buyers found it hard to get loans to finish their purchases. In May 2009, the Palms started offering help to about 150 buyers. These buyers had already paid some money but couldn't get enough financing. At that time, 370 units had been sold.
Some famous people have lived at Palms Place. These include Jessica Simpson, Eminem, Paul Stanley, Hulk Hogan, and Floyd Mayweather Jr.. Phil Maloof owned a very fancy penthouse there. He tried to sell it in 2014 for $38 million. The sale would include artwork by famous artists like Pablo Picasso and Salvador Dalí. When it didn't sell quickly, Maloof decided to include a Lamborghini Huracán car with the purchase.
In March 2018, a special suite called The Muleseum opened. It was 1,300 sq ft (120 m2) big and was all about the Moscow mule drink. It had a bar with many different kinds of the drink.
Phil Maloof put his penthouse up for sale again in 2019. This time, the price was $15 million. A company called Turnkey Pads bought it later that year for $12.5 million. This was the most expensive high-rise condo sale in Las Vegas history. Turnkey spent $1 million to make the penthouse even nicer and added a place for helicopters to land. The company started renting the penthouse out in December 2019. Prices ranged from $5,000 to $25,000 for one night. Turnkey also owned and managed about 100 other units at Palms Place.
Palms Place Features and Amenities
Building Design and Units
Palms Place is a 47-story condo hotel tower. It is located on the west side of the Palms resort property. Palms Place is connected to the main Palms resort by a moving walkway. This walkway is called the SkyTube.
The homes inside Palms Place come in different sizes. There are studios that are 600 sq ft (56 m2). There are also one-bedroom suites that are 1,200 sq ft (110 m2). The largest homes are the penthouses. These range from 2,000 sq ft (190 m2) to 7,000 sq ft (650 m2). The tower has 21 penthouses. They are located on the top four floors of the building.
Services and Relaxation Areas
Palms Place offers many services for its residents and guests. These include a concierge service, which helps with things like booking tickets. There is also 24-hour room service, so you can order food anytime. A business center is available for people who need to work.
The property also has a large pool and spa area. It is 50,000 sq ft (4,600 m2) big and is called Drift Spa. The spa covers two floors. It has a fitness center for working out. It also has the first Turkish bath in Las Vegas. The Palms Place Salon and a tanning salon called Sunset Tan are also part of the spa. In the lobby, there is a bar called Rojo Lounge.
Dining and Entertainment
A restaurant called Simon Restaurant and Lounge opened in May 2008. It was run by chef Kerry Simon. The restaurant was a 6,000 sq ft (560 m2) space on the sixth floor. It was right next to the pool area. It had big windows that went from the floor to the ceiling, giving a great view of the pool. The restaurant's design used natural elements like fire, stone, water, and wood. It even had a wall of living plants. This restaurant was popular with young and trendy people.
Simon Restaurant and Lounge had a sushi bar. It became very popular for its Sunday brunch. During brunch, the servers would wear pajamas. Customers could also wear their pajamas if they wanted to! This restaurant became a favorite spot for celebrities to eat. Scenes for TV shows like The Real Housewives of Beverly Hills and La La's Full Court Life were filmed there.
In July 2008, Palms Place started a weekly evening pool party. It would begin with drinks at the Simon restaurant. Then, everyone would move to the pool deck for DJ music and swimming. During the first month, these pool parties featured 25,000 rubber ducks. These ducks came in many colors and designs. The "Duck Party" came back in 2012 with even more rubber ducks.
In February 2015, it was announced that Simon restaurant would close. Chef Simon was very sick at the time. He celebrated his birthday at the restaurant just before it closed. A new restaurant called Cafe 6 replaced Simon in May 2015. Cafe 6 was named because it was on the sixth floor. Its menu focused on different kinds of burgers. In 2018, Cafe 6 was replaced by another restaurant called Laguna Pool House & Kitchen.
