Lofty vision

Can Sam Cherry's loft development change the downtown demographic?

By Lynnette Curtis

When it comes to downtown Las Vegas, developer Sam Cherry is like an overgrown kid with his own playground, a multimillion-dollar set of giant Legos and a vision.

"From [U.S.] 95 heading downtown, you'll see a cluster of high-rises all the way up," he says. "From Charleston Boulevard to Main Street to Fremont Street to the Strip--all high-rises. That's what I want to see."

And Cherry is the kind of person who passionately--and literally--believes he can accomplish anything he sets his mind to, even leading the urban center of one of the nation's fastest-growing cities in an entirely new direction. After taking a very tangible, very expensive first step toward turning his vision into reality, the 26-year-old baby-faced business prodigy is now well on his way to converting the rest of the world to his way of thinking.

Cherry broke ground last week on his beloved downtown brainchild, the $61 million SoHo Lofts project at Las Vegas Boulevard South and Hoover Avenue. Modeled after New York City's artsy SoHo neighborhood, downtown's first high-rise condominium tower will be a 250-foot, 15-story building with 120 upscale, artist-style residential units and ground-floor retail stores and restaurants. It's meant to be a hip, classy alternative that appeals mainly to singles and childless married couples tired of tedious commutes and comfortable with a downtown high-rise lifestyle.

"The people who will live there have seen it in other markets like New York, Chicago and Miami," Cherry says, "and have lived in high-rises before. They want to see downtown grow. They're making an investment to build their lives here. They are true pioneers."

Cherry understands that pioneering spirit. He saw the potential for high-rise development in downtown Las Vegas years ago, when the city started sinking new money into the area by way of the $170 million Regional Justice Center. He got even more excited when, shortly after being elected, Mayor Oscar Goodman promised to make downtown redevelopment a major part of his agenda. Cherry's enthusiasm never waned, even when many called the $100 million downtown Neonopolis project a failure and questioned whether revitalization of the area could ever be successful.

"In real estate, you should always pay attention to where government money goes," Cherry says. "I got infatuated and fell in love with downtown, and a light bulb went off in my head. I never had any doubts about it. I've seen downtowns in other cities take off, just in my short lifetime."

So Cherry set out to convince everyone that his high-rise plans for downtown could succeed where other redevelopment projects--think Neonopolis--weren't exactly turning a hefty profit. This should have been a difficult task for a twentysomething man who hadn't even gone to college--who had, in fact, been kicked out of Green Valley High School because of excessive absences. But Cherry has somehow managed to maintain the fearless, boundless energy characteristic of the young while simultaneously developing the charisma of a seasoned politician. His enthusiasm is contagious.

He began by approaching business partner and longtime mentor Harris Rittoff, who, impressed with Cherry's intelligence and sincerity, had helped him get into the real estate business when Cherry was no more than a teenager. Cherry and Rittoff previously worked together to develop the Adobe Ranch Apartments and Abode Plaza commercial center at Warm Springs Road and Stephanie Street in Henderson. The much older Rittoff initially thought Cherry's downtown plans were, well, insane.

"He called me one night and said, `We have to build a loft-style high-rise in downtown Las Vegas,'" Rittoff recalls. "I told him he was crazy."

Then Cherry convinced Rittoff to take a ride with him.

"As soon as we went down Fourth Street, he was sold," Cherry says. "In 10 seconds, he recognized the potential."

"It was Chicago happening all over again," Rittoff says.

Others had a more difficult time believing that Cherry, who looks even younger than his 26 years, was for real.

"Initially, I'd get, `Oh, these guys are full of crap. They're not going to build anything,'" Cherry says. "It got under my skin because we were working hard and no one believed us."

Even the mayor was skeptical, Cherry says. "The first time we had a conversation, I was in my shorts and ball cap and baggy shirt. [Goodman] said, `When you go to jail for scamming people, I'll be your lawyer.'"

"I thought he was like a joke," Goodman says. "I told him, `Sam, if you're for real I'll kiss you on both cheeks. But if not, I'm going to throw you out the 10th story City Hall window.' Those windows don't open, so he'll have to go right through. Every night I include him in my prayers."

Cherry and Rittoff grew tired of being doubted, so they bought the 0.69 acres of downtown land outright, for just more than $1 million. People started to take them seriously.

"We laid the cash on the table," Cherry says. "Now people are truly excited about downtown. There will be 2,000 units for sale here by the end of this year. I think you'll have 10,000 people living down here in a short period of time."

"He's ambitious," Goodman says of Cherry. "His vision for downtown is a mirror of my own. He sees people living, playing and working downtown in a very urban, sophisticated environment. That's exactly what I think of when I talk about a map of downtown."

Cherry's vision has become part of--and helped spur--a renewed downtown energy. Developers are feeling out the area's potential for more high-rise residential condos and other projects. New ownership of several casinos along Fremont Street has created considerable buzz. Downtown's future seems a little brighter lately, despite lingering fears about safety and a reputation for seediness.

"Locals who have lived here a long time think downtown is dangerous," Cherry says. "I can't blame them. They've lived a cush lifestyle, in a fabulous house in a great neighborhood where everyone mows their lawns. They don't see people sleeping on the street. But that's part of downtown in any city, and crime can happen anywhere. My car was stolen in Green Valley."

Meanwhile, downtown hipsters, artists and small shop owners who have been in the area for years and have witnessed considerable recent development seem to feel mostly positive about what's happening, and about the SoHo Lofts in particular. This is somewhat surprising when you consider that most struggling artists can't afford to live in SoHo's artist-style lofts, with price tags of $400,000 to $650,000, and that few small business operators will be able to pay for a share of the building's 8,000 square feet of commercial space. But downtowners don't seem real concerned that their neighborhood will become too pricey anytime soon. Instead, they're grateful for anything that will bring revenue to the area.

"I'm thrilled with [SoHo]," says Cindy Funkhouser, owner of The Funk House antique store and organizer of downtown's monthly First Friday arts event. "It's higher end, but we need these kind of people. They'll be our clientele."

Funkhouser isn't worried about projects like SoHo driving up rents or making it difficult for smaller businesses to flourish downtown. "I don't think SoHo is going to cause that," she says. "A project like that can be done, then a project with affordable housing for artists. Everybody downtown is happy, including the artists. The kind of people who will move into SoHo will probably be art buyers."

Funkhouser says the remodeling of the old Holsum Bread Factory on Charleston into residential lofts is an example of more affordable housing coming to downtown.

Dray, the single-monikered owner of a new gallery just across the street from The Funk House, echoes Funkhouser's optimism. "I think [developments like SoHo] will make the art scene downtown explode," he says. "It will be the best part of town. What's happened is all kinds of people are taking an interest in the area now."

Dray admits he can't afford to live or rent commercial space at SoHo. He pays just $650 a month rent for his gallery, Dray's Place. He also lives there.

"I'm not sure who will actually be able to afford to live [at SoHo], but I'm not concerned about it. Anything that brings more business is okay with me."

At the moment, Cherry seems to be leading a charmed life. He's managed to pre-sell nearly all of SoHo's units, without spending a penny on advertising, to weary commuters, investors and a celebrity or two he won't name. The building should be completed next fall, and Cherry can't wait to move into it. He's also hoping to develop other properties downtown, including another high-rise condominium project at Third Street and Bonneville Avenue. And he's getting married--to Rittoff's daughter--next week.

Not bad for a guy whose first job involved convincing his mom to drive him from place to place so he could collect profits from his candy-vending machines. (He was 14 at the time.)

"Let's put it this way: I have everything I want," Cherry says. "I've worked my ass off, and everything has worked out nicely. I'm very happy. I love business--the mechanics of it. The money has always come, and I've always slept well at night. I've never questioned it, and I've never worried about it."