ALTAMONTE SPRINGS, Fla., August 5, 2003 (PRIMEZONE) -- Del American, a nationally recognized developer of luxury multifamily communities, announced today that it has acquired 20 acres of land just east of the famed Las Vegas Strip for the development of a luxury residential community.
Christopher DelGuidice, chairman and chief executive officer, said, "We are proud to bring a new level of luxury and lifestyle to Las Vegas. We are making a $225 million commitment for nearly 1,000 units to the Las Vegas community -- a commitment that will provide the city a new chapter in sumptuous living. This project, on Flamingo Road just east of the Strip, is funded and well on its way.
"While I am anxious to discuss the details of this development, it is more appropriate to let them unfold over the next few weeks. I am convinced, however, that this will be one of the most exciting residential developments this city has ever experienced. Del American is new to Las Vegas, but our work and name will become quickly known here, as it has throughout the nation," he said.
Over the last two years, Del American has developed, leased and sold luxury apartment communities in cities throughout the United States including, Minneapolis, Tampa and Orlando. The company has more than $300 million in new development, $1 billion in total development volume and 10,000 units in the United States.
"We have put together a strong, creative and innovative development team for this project," Mr. DelGuidice continued. "This team includes JMA Architecture Studios of Las Vegas, the city's most experienced, prestigious and award-winning architect and Weis Builders, one of the nation's top 200 contractors. The design team has been given the freedom to create what we believe will be the most innovative and livable luxury communities in Las Vegas."
An award-winning developer, Del American's Grand Reserve at Park Place in Clearwater, Florida received the Best Garden Apartment Community award from the National Association of Home Builders in 1999 and was a finalist for its Grand Bellagio and Grand Venezia at BayWatch communities earlier this year.
Mr. DelGuidice said, "We look forward to becoming an important part of Las Vegas, not only as a developer and purveyor of luxury living, but as a family business with a strong and long history of contributing to the community as a socially responsible corporate citizen."
About Del American
Del American is proud to be one of the nation's top developers of multifamily communities. Based in Altamonte Springs, a northern suburb of Orlando, Florida, the company employs more than 60 people and has developed, over the past 20 years, award-winning properties valued at nearly $1 billion.
About JMA Architecture Studios
With offices in Las Vegas and Henderson, JMA Architecture Studios is the largest and oldest architecture firm in Nevada. The company has an array of clients in markets including, hospitality, government, education, health care, interior design and commercial sectors.
About Weis Builders
Headquartered in Minneapolis, Weis Builders is a nationally ranked contractor with total revenues of $287.5 million. Engineering News Record lists Weis Builder as #133 of the top 400 General Contractors in the United States. The company employs more than 300 associates nationwide and is supported by national offices in Rochester, MN; Chicago, IL; and San Diego, CA.