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Palms Place

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Coordinates: 36°06′51″N 115°11′56″W / 36.114262°N 115.198769°W / 36.114262; -115.198769
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Palms Place
Palms Place in 2008
Map
General information
TypeCondo hotel
Address4381 West Flamingo Road[1]
Town or cityParadise, Nevada
CountryUnited States
Coordinates36°06′51″N 115°11′56″W / 36.114262°N 115.198769°W / 36.114262; -115.198769
GroundbreakingMay 5, 2006
Topped-outAugust 10, 2007
Opened2008
Technical details
Floor count47
Design and construction
Architecture firmJerde Partnership
DeveloperGeorge Maloof
Main contractorM.J. Dean
Other information
Number of units599

Palms Place is a 47-story condo hotel in Paradise, Nevada, near the Las Vegas Strip. It is connected to the Palms Casino Resort. The project was announced in March 2005, to capitalize on a condominium boom occurring in Las Vegas at the time. Groundbreaking took place in May 2006, and the tower was topped off in August 2007. Palms Place opened in 2008, during the Great Recession, and some buyers had difficulty completing their unit purchases because of poor economic conditions.

History

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Palms Place was announced by George Maloof on March 2, 2005, as part of a $600 million expansion of the Palms resort, which was opened by the Maloof family in 2001. The Palms Place tower would include 599 condo hotel units. The project was meant to capitalize on a condominium boom occurring in Las Vegas at the time. Construction of the tower was scheduled to begin in 2006.[2][3][4] Additional hotel rooms were originally planned for the property until 2004, when condo-hotel units were chosen instead because of the demand for residential units.[2] The Los Angeles-based Jerde Partnership was the designer for Palms Place.[3]

Units in the tower had already generated buyer interest prior to the project's official announcement, at which point more than 50 percent of the units had been reserved. The Palms' existing customer base included actors, musicians, and sports figures who were interested in purchasing units in the tower.[3][5] Most of the remaining units were sold within a couple months.[5] The project was initially expected to cost $300 million, although rising construction costs brought the budget to $350 million. Sales prices were increased six times over the next year to keep up with the rising construction costs. The project was financed by Wells Fargo, and M.J. Dean was the general contractor. A groundbreaking ceremony took place on May 5, 2006,[6][7] and the tower was topped off on August 10, 2007.[8][9]

A certificate of occupancy was issued in February 2008, and the first residents were expected to begin moving in at the end of the month. The tower's penthouses were still under construction and were expected to be finished by May 2008.[10] Individual owners had the option of renting out their units as hotel rooms, for a 50 percent profit.[11] A grand opening event was held on May 31, 2008, and was attended by various celebrities, as well as George Maloof.[12][13] The property opened during the Great Recession.[13][14] Maloof said, "Sometimes you can't help when you open. You just have to work hard and live through it."[13]

As of October 2008, sales had only been finalized for 342 units, or 57 percent of the 599 units. Because of poor economic conditions, buyers had difficulty obtaining the necessary credit to finalize their purchases.[15] In May 2009, the Palms began offering financial assistance to approximately 150 buyers who had already made down payments but were unable to get full financing to close on their purchases. At the time, 370 unit sales had been finalized.[11]

Notable residents have included Jessica Simpson,[16][17][18] Eminem,[19][20] Paul Stanley,[21][22] Hulk Hogan,[23] and Floyd Mayweather Jr.[24] Phil Maloof owned a Palms Place penthouse, which he put up for sale in 2014, at a cost of $38 million. The purchase would include artwork by Pablo Picasso and Salvador Dalí.[25] After months without a buyer, Maloof decided to include a Lamborghini Huracán as part of the purchase.[26][27] The Muleseum, a 1,300 sq ft (120 m2) suite dedicated to the Moscow mule cocktail, was debuted in March 2018. The suite included a bar with several variations of the drink available.[28]

Maloof put his penthouse on the market again in 2019, with a $15 million listing price.[29][30][31] Turnkey Pads, a vacation property company, purchased the penthouse later that year for $12.5 million,[32][33][34] making it the most expensive high-rise condo sale in Las Vegas history.[35][36] Turnkey spent $1 million to renovate the penthouse and add a helipad. The company began renting the penthouse out in December 2019, with prices ranging from $5,000 to $25,000 a night. Turnkey also owned and managed approximately 100 other units at Palms Place.[37]

Features

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Palms Place (left) alongside the Palms' two hotel towers, 2012

Palms Place consists of a 47-story condo hotel tower,[19][38] located on the western end of the Palms resort property.[10] Palms Place is connected to the main Palms resort through a moving walkway known as the SkyTube.[19][38] Residential units include 600 sq ft (56 m2) studios, 1,200 sq ft (110 m2) suites with one bedroom, and penthouses ranging 2,000 to 7,000 sq ft (190 to 650 m2).[19] The tower contains 21 penthouses, occupying the top four floors.[10][11]

Amenities include concierge service, 24-hour room service, and a business center.[38] The property also features a 50,000 sq ft (4,600 m2) pool and spa,[38] known as Drift Spa. The spa spans two floors and includes a fitness center,[39] the first Turkish bath in Las Vegas,[38] the Palms Place Salon, and a tanning salon named Sunset Tan.[39][40] A bar, Rojo Lounge, operates in the lobby.[19][41]

A restaurant, Simon Restaurant and Lounge, opened in May 2008. It was operated by chef Kerry Simon. The restaurant was located in a 6,000 sq ft (560 m2) space on the sixth floor, next to the pool area,[42][43] offering a view of it via floor-to-ceiling windows.[44] The restaurant's design consisted of Earth elements such as fire, stone, water and wood, as well as an herb wall of living plants.[1] The eatery's target clientele was young and hip people.[45] The restaurant included a sushi bar,[1] and eventually became popular for its Sunday brunch.[46][47] Servers would wear pajamas during brunch, and customers had the option to do so as well.[48] The restaurant became a popular dining spot for celebrities.[48][49] Scenes would later be shot at the restaurant for The Real Housewives of Beverly Hills and La La's Full Court Life.[48][50]

In July 2008, Palms Place introduced a weekly, evening pool party event that would start off with cocktails in the Simon restaurant before moving to the pool deck for DJ music and swimming.[51] During the first month, the pool parties featured $7,000 worth of rubber ducks. The 25,000 ducks came in a variety of colors and designs.[52][53] The Duck Party returned in 2012, with more than 25,000 rubber ducks.[54][55][56]

In February 2015, it was announced that Simon would close in three months when its lease was scheduled to expire. At the time, chef Simon was battling multiple system atrophy,[57][49][58] and he celebrated his birthday at the restaurant shortly before its closure.[47][59] The Simon restaurant was replaced by Cafe 6, which opened in May 2015. Café 6, named after its location on the sixth floor,[60][61][44] featured a new menu focused on burgers.[62] In 2018, Cafe 6 was replaced by Laguna Pool House & Kitchen.[63]

References

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  1. ^ a b c Padgett, Sonya (January 14, 2009). "Simon toys with comfort food, adds healthier fare". Las Vegas Review-Journal. Retrieved March 1, 2020.
  2. ^ a b Benston, Liz (March 3, 2005). "Palms plans condo-hotel tower". Las Vegas Sun. Retrieved March 1, 2020.
  3. ^ a b c Stutz, Howard (March 3, 2005). "Palms joins upward trend in Las Vegas". Las Vegas Review-Journal. Archived from the original on April 5, 2005.
  4. ^ Illia, Tony (March 7, 2005). "Palms joins vertical condo crowd". Las Vegas Business Press. Retrieved March 1, 2020 – via NewsLibrary.
  5. ^ a b Smith, Hubble (May 6, 2005). "Palms condo project selling fast". Las Vegas Review-Journal. Archived from the original on May 8, 2005.
  6. ^ "New $350 million Palms high-rise breaks ground". Las Vegas Business Press. May 5, 2006. Retrieved March 1, 2020 – via NewsLibrary.
  7. ^ Smith, Hubble (May 6, 2006). "Soaring Higher – Palms Place project costs have jumped". Las Vegas Review-Journal. Archived from the original on May 18, 2006.
  8. ^ Curtis, Anthony (August 19, 2007). "1 Strip project digs to the bottom, another tops out". The Arizona Republic. Retrieved March 1, 2020 – via Newspapers.com.
  9. ^ "University biomedical center expansion advances". Las Vegas Review-Journal. August 27, 2007. Retrieved March 1, 2020.
  10. ^ a b c Knightly, Arnold M. (February 23, 2008). "Move-in day almost here for Palms Place". Las Vegas Review-Journal. Retrieved March 1, 2020.
  11. ^ a b c "Palms Place condo buyers are offered seller-backed financing". Las Vegas Review-Journal. May 29, 2009. Retrieved March 1, 2020.
  12. ^ "Sensations". Las Vegas Review-Journal. June 1, 2008. Retrieved March 1, 2020.
  13. ^ a b c Abowitz, Richard (June 8, 2008). "Glitzing up a market downturn". Los Angeles Times. Retrieved March 1, 2020.
  14. ^ "Question of the Day". Las Vegas Advisor. October 8, 2015. Retrieved March 1, 2020.
  15. ^ Knightly, Arnold M. (October 14, 2008). "Credit squeeze hits high-rises". Las Vegas Review-Journal. Retrieved March 1, 2020.
  16. ^ "Simpson and Lachey buy Las Vegas condo". UPI. April 27, 2005. Retrieved March 1, 2020.
  17. ^ Clarke, Norm (May 6, 2006). "Childless couple in custody battle". Las Vegas Review-Journal. Archived from the original on May 18, 2006.
  18. ^ Akane, Kimo (March 12, 2008). "Kimo's Vegas". MidWeek. Retrieved March 1, 2020.
  19. ^ a b c d e Blaine, Dean (October 14, 2008). "Spirit of celebrity chic is intact at Palms Place Hotel & Spa: Travel Weekly". Travel Weekly. Retrieved March 1, 2020.
  20. ^ "Eminem rents theater, buys condo". UPI. July 28, 2005. Retrieved March 1, 2020.
  21. ^ "Stanley may be Vegas' Phantom". Las Vegas Review-Journal. February 27, 2008. Retrieved March 1, 2020.
  22. ^ Collier, Lyn (August 17, 2014). "Kiss guitarist to sell Palms Place pent-house". Las Vegas Review-Journal. Retrieved March 1, 2020.
  23. ^ "LV condo is focus of divorce hearing". Las Vegas Review-Journal. August 14, 2008. Retrieved March 1, 2020.
  24. ^ Leitereg, Neal J. (May 1, 2015). "Floyd Mayweather Jr. lands a knockout pad above the Vegas Strip". Los Angeles Times. Retrieved March 1, 2020.
  25. ^ Segall, Eli (June 27, 2014). "Want the Palms Place rooftop penthouse? You can snag it for $38 million". VegasInc. Retrieved March 1, 2020.
  26. ^ Segall, Eli (November 13, 2014). "Buy $38 million Palms penthouse, and they'll throw in a Lamborghini". VegasInc. Retrieved March 1, 2020.
  27. ^ Chen, Stefanos (August 1, 2016). "$22 Million Las Vegas Penthouse Comes With Picasso and Lamborghini". The Wall Street Journal. Retrieved March 1, 2020.
  28. ^ Mancini, Al (March 27, 2018). "Las Vegas' newest party suite is themed after the Moscow mule". Las Vegas Review-Journal. Retrieved March 1, 2020.
  29. ^ Flemming, Jack (February 12, 2019). "Phil Maloof seeks $15 million for flashy Las Vegas penthouse". Los Angeles Times. Retrieved March 1, 2020.
  30. ^ Stone, Susan (February 14, 2019). "Phil Maloof's Las Vegas penthouse lists for $15M". Las Vegas Review-Journal. Retrieved March 1, 2020.
  31. ^ Stone, Susan (March 15, 2019). "Palms rooftop bachelor pad lists for $15M". Las Vegas Review-Journal. Retrieved March 1, 2020.
  32. ^ "Former New Mexico state Sen. Phil Maloof sells flashy Vegas penthouse for $12.475 million". Los Angeles Times. November 7, 2019. Retrieved March 1, 2020.
  33. ^ Segall, Eli (November 8, 2019). "Look inside this Palms Place penthouse that sold for $12.5M". Las Vegas Review-Journal. Retrieved March 1, 2020.
  34. ^ Horwath, Bryan (November 13, 2019). "Buyer to rent out Palms Place penthouse, install helicopter pad". Las Vegas Sun. Retrieved March 1, 2020.
  35. ^ Dinant, Jason; Gartner, Jordan (November 10, 2019). "New Palms Place penthouse owners hope to attract players". KTNV. Retrieved March 1, 2020.
  36. ^ Wargo, Buck (January 31, 2020). "High-rise luxury resales set records in 2019". Las Vegas Review-Journal. Retrieved March 1, 2020.
  37. ^ Wargo, Buck (January 31, 2020). "Palms Place penthouse gets $1M remodel; rents for up to $25,000 a night". Las Vegas Review-Journal. Retrieved March 1, 2020.
  38. ^ a b c d e Smith, Hubble (January 28, 2008). "Certificate of occupancy expected soon for Palms Place". Las Vegas Review-Journal. Retrieved March 1, 2020.
  39. ^ a b Stapleton, Susan (March 28, 2008). "Catch My Drift". Las Vegas Review-Journal. Retrieved March 1, 2020.
  40. ^ "Bronze Mettle". Las Vegas Review-Journal. March 31, 2008. Retrieved March 1, 2020.
  41. ^ Grafiada, Jennifer (March 4, 2009). "Sizzling happy hour launches at Rojo Lounge". Las Vegas Weekly. Retrieved March 1, 2020.
  42. ^ Smith, Hubble (May 14, 2008). "Celebrity chef to open Palms Place eatery". Las Vegas Review-Journal. Retrieved March 1, 2020.
  43. ^ Friess, Steve (May 22, 2008). "Kerry Simon is taking over Las Vegas' restaurant scene". Los Angeles Times. Retrieved March 1, 2020.
  44. ^ a b Knapp Rinella, Heidi (June 11, 2015). "Cafe 6 at the Palms keeps things quirky". Las Vegas Review-Journal. Retrieved March 1, 2020.
  45. ^ Knapp Rinella, Heidi (June 5, 2009). "Simon Restaurant & Lounge". Las Vegas Review-Journal. Retrieved March 1, 2020.
  46. ^ Chareunsy, Don (April 9, 2015). "A fond farewell to Simon's legendary Sunday brunch". Las Vegas Weekly. Retrieved March 1, 2020.
  47. ^ a b Wang, Andy (May 13, 2015). "One final brunch at Simon: Musing on a rock-star chef's legacy". Las Vegas Weekly. Retrieved March 1, 2020.
  48. ^ a b c Elfman, Doug (June 16, 2011). "Palms Place pool, restaurant a great place for star spotting". Las Vegas Review-Journal. Retrieved March 1, 2020.
  49. ^ a b Elfman, Doug (February 28, 2015). "Las Vegas losing a gem with Simon closing". Las Vegas Review-Journal. Retrieved March 1, 2020.
  50. ^ Leach, Robin (June 24, 2013). "Strip Scribbles: Las Vegas is in the spotlight for new reality TV shows". Las Vegas Sun. Archived from the original on June 27, 2013.
  51. ^ "On deck at the pool at Palms Place". Las Vegas Weekly. June 26, 2008. Retrieved March 1, 2020.
  52. ^ Woodman, Xania (July 3, 2008). "Duck, Duck, Sploosh!". Las Vegas Weekly. Retrieved March 1, 2020.
  53. ^ Feldberg, Sarah (July 29, 2008). "Au revoir nos petit canards (or get your ducks now!)". Las Vegas Weekly. Retrieved March 1, 2020.
  54. ^ "The Duck Party: Quack attack is back!". Las Vegas Sun. June 4, 2012. Retrieved March 1, 2020.
  55. ^ Adams, Mark (June 6, 2012). "Hot Spots: Richie Hawtin at Drai's, Duck Party at the Palms and more". Las Vegas Sun. Retrieved March 1, 2020.
  56. ^ Stapleton, Susan (June 8, 2012). "Haute Event: The Duck Party Returns to The Palms". Haute Living. Retrieved March 1, 2020.
  57. ^ Leach, Robin (February 27, 2015). "Ailing Kerry Simon to close Simon in Palms Place, KGB in Harrah's". Las Vegas Sun. Archived from the original on March 1, 2015.
  58. ^ Elfman, Doug (March 3, 2015). "You can still eat at Simon until May 22". Las Vegas Review-Journal. Retrieved March 1, 2020.
  59. ^ Elfman, Doug (May 10, 2015). "Celebrity chef Kerry Simon celebrates 60th birthday in Palms restaurant". Las Vegas Review-Journal. Retrieved March 1, 2020.
  60. ^ Stapleton, Susan (May 26, 2015). "Café 6 Takes Over the Former Simon Space at Palms Place". Eater. Retrieved March 1, 2020.
  61. ^ Knapp Rinella, Heidi (May 27, 2015). "New restaurant Cafe 6 knows how to have fun with food". Las Vegas Review-Journal. Retrieved March 1, 2020.
  62. ^ Radke, Brock (September 9, 2015). "Palms Place's Café 6 takes a breezy space in an even more casual direction". Las Vegas Weekly. Retrieved March 1, 2020.
  63. ^ Martin, Bradley (October 30, 2018). "Laguna Pool House & Kitchen Replaces Café 6 at Palms Place". Eater. Retrieved March 1, 2020.
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