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To: Jeff Jordan who wrote (4607)	10/5/2005 7:02:11 PM
From: robert b furman	Read Replies (2) \| Respond to of 5125

Hi Jeff, Congrats on a great real estate deal. Awesome to have such an open decision to make. I hope it brings you greathappiness. Bob

To: Jeff Jordan who wrote (4607)	6/1/2006 6:51:06 AM
From: Jeff Jordan	Read Replies (1) \| Respond to of 5125

>>>Well, it's a reality now! The Mayor and City Council approved the site plan and zoning for a 275' highrise condo + 10,000SF commercial on my property today.<g> Condo's for sale! LOL<<< UPDATE: The $120M project was a bit ambitious financially for the developer so they've scaled back to a 12 story project and has been approved by Mayor Goodman and the City Council. They really want the project to anchor down the Las Vegas Trail system on the corner of Rancho/HWY 93/95 and Bonanza. The Trail system is planned as a gateway into downtown Fremont Experience area from the west. Binions old ranch house is the next street over off Bonanza and is on the market @ $3M acre x10ac. The City of Las Vegas has been considering buying it? (my sources) The rest of Bonanza has been pieced together and a 3 tower project will be going up 2008. Our project is called "The View" and we need to get it started before the others IMO. CNBC had a story about Las Vegas's Condo boom last week and as usual only got some of the story right. They just don't understand Las Vegas, who really does? The city is absolutely amazing! Fact is there isn't anymore land left in the valley so the next wave is high density condos. It would be cool to have a condo overlooking the strip but they start in the $800K range. Our project will be in the affordable or attainable range. In Vegas land is valued approx. $400K-$500K residential, so affordable housing has disappeared. The View is a 300 unit planned community starting @ $250K, Man, they must be small?<g> In CNBC's story they showed Hilton's time share condo project...they showed the pool area where I was cleaning @ $90hr. last Fall...remember?<g> They were completing their 3rd tower. Very successful. The developer has run into some difficulty acquiring his financing at this stage that is why I haven't been taken out yet. So I have offered to try to help find another banker or investor group? I know the combined properties are worth $6M I'm not sure what the value of the approved project is worth? The next stage requires approx. $5M, $400K takes me out and completes the land deal. The rest I suppose goes to presales/architect design changes/building permits etc? I'm not up to speed on all the details yet. Construction costs are high in Vegas, CNBC got that part of their story right. Precast concrete has gone thru the roof! Seems like they are highballing the 12 story project cost @ $90M but, what do I know about that? 12 story steel is supposed to be the economical way to go? I know it's fast! The Texas and Fiesta casinos are just down the street on Rancho. Cox Cable built their new office park across the street and own the adjacent lots. They scaled back their project after the 2000 downturn. I think they are looking for $5M and expect to pay 5-6pts? I will have all the data on the project in a few days and can make it available to anyone interested in this type of real estate investment. Maybe I can come out of this deal with a small condo?<g> It really is a good looking project, the location is very good also! I will post the architects rendering soon. I'm really curious about the economics of these types of real estate development now and have old friends in Tulsa that should be able to educate me on the inside baseball. Condo's for sale! LOL.....no seriously!<g> If anyone is interested in this opportunity or can help contact me immediately! Seriously ....but, I'm going fishing right now, so I can trade the market tomorrow.<g>