One Queensridge Place

The project was originally announced as Versailles in March 1998,[2] to be constructed on 14.5 acres of land adjacent to Summerlin's Badlands Golf Course,[3][4] near the southwest corner of Rampart Boulevard and Alta Drive.[5]

The project would consist of three 12-story towers with a total of 84 condominium units in 10 different floor plans,[4] ranging in size from 3,000 square feet to 13,000 square feet, with prices between $1.1 million and $7.7 million.[3] The project would have offered full-time security, concierge and valet service, a spa, a ballroom, and access to the nearby golf course.[3]

Construction, to be handled by Taurus Development – a Canada-based international real estate developer – was to begin in May 1998,[4] and was scheduled to be completed 14 months later.[3] Five other companies were involved in the project's development, including Peccole Nevada Corporation, which provided part of the property for the project.[3]

Condo units for Versailles had gone on sale by April 1999.[6] Taurus Development planned to begin construction the following month,[7] with an expected completion date of early 2001.[6] In December 2000, Peccole Nevada announced that Taurus Development was no longer involved with the project, which Peccole Nevada still planned to construct with a different development team. At that time, Peccole Nevada was also preparing to develop a separate resort on nearby land that would consist of 300 fractional timeshare-like units.[8]

A new project was announced in July 2004, as Queensridge Towers. At that time, it was to consist of three 18-story towers and one 14-story tower, with a total of 385 condominium units at an average of 3,850 square feet. The smallest units would be in the 2,000 square-foot range, while eight of the largest units would be 13,000 square feet. The average price for a unit would be $1 million.[5] The first phase of construction – two 18-story towers – began in April 2005, with the project now named One Queensridge Place.[9] The project, developed by Peccole Nevada and Executive Home Builders, was designed by JMA Architecture Studios, while Perini Building Company served as the general contractor.[9][10] In November 2005, IDB Development Corporation joined the project as an investment partner.[9]

In January 2006, the project received a $250 million construction loan from HSBC. At that time, Perini Building had finished the eighth floor of one tower and the ninth floor of the other tower, which would contain a combined total of 219 units.[11] The towers were topped off in May 2006.[12] As of February 2007, the project was 85 percent sold.[13] Construction had finished by September 2007.[14] The first residents were expected to begin occupying the building early that month.[10]

In October and November 2007, One Queensridge Place was cited for water waste by the Las Vegas Valley Water District, which was unaware that a fountain on the property was part of its cooling tower augmentation unit.[15][16] The water district had banned commercial fountains in 2003, because of a drought.[15] The water district later decided not to fine the property after being informed that the fountain was part of the buildings' cooling system.[16] Engineers believed the cooling system would generate energy savings of 10 to 12 percent for the property.[15]

In April 2009, the 219-unit property had only sold six condo units in the past six months because of a recession. To increase sales, the next 10 units were to be sold at a discount of 25 to 50 percent. Prices usually started at $900,000 for a 2,000-square-foot unit.[17] In February 2010, One Queensridge Place had gone a year without selling a condominium unit; 85 units remained unsold, and eight were in default.[18] Singer Pia Zadora purchased a $2 million condo unit at One Queensridge Place in May 2010.[19] By November 2010, 138 condo sales had closed.[20] Sales had improved by April 2013.[21]

One Queensridge Place was built at a cost of $400 million. The property's artisans were inspired by landmarks such as Champs-Élysées in Paris, the Parthenon in Athens, and the Trevi Fountain in Rome.[22] One Queensridge Place contains four two-story penthouses, two on each tower. Each penthouse is 16,000 square feet.[1] The property's 20-acre site is approved for two additional towers and a total of 400 units.[23]

• Official website