The concept is gaining steam with Cherry Development's opening of the $63 million SoHo Lofts. Its second complex, Newport Lofts, is set to open next year. Cherry also has plans for a third tower.

Two other downtown high rises are under construction — Juhl and Streamline Tower — and another, Allure, is on Sahara Avenue along the city's southern boundary next to Las Vegas Boulevard.

Richard Lee, vice president of First American Title, called Cherry Development the pioneers of the new downtown. The question is not whether people will follow them in this new trend but when.

"I think this is the beginning of a new renaissance downtown," said Richard Lee, vice president of First American Title. "It is eventually going to happen and be a cool place."

Christopher Shelton's SoHo Lofts penthouse offers a view of downtown. R. Marsh Starks

That's what Las Vegas Mayor Oscar Goodman is counting on and expects as the transformation of downtown goes forward with the Union Park project, a mix of residential, retail, office and entertainment on city-owned land at the west end of downtown. Goodman reiterated his enthusiasm about the future of downtown during a party last week celebrating the opening of SoHo.

There is no reason why Las Vegas can't be like other major cities that have had a Renaissance of their downtowns and all it will take now is achieving critical mass, he said.

Goodman said those who have lived in other cities are the first to recognize what downtown will be — a vibrant 24-7 cool setting.

"The locals can't see the forest through the trees," Goodman said. "Those that see it have experienced it elsewhere."

Ernie Niedermeyer, however, is one local who said he gets what's happening with downtown and wants to be a part of it. The 63-year-old Niedermeyer and his wife, Ava, bought a 1,270-square-foot condo in SoHo where they go back and forth between their home in Sun City Anthem in Henderson.

A construction manager, Niedermeyer said he bought the condo as an investment two years ago for $472,000 but doesn't plan on selling it anytime soon even though he could get at least $600,000 for it. He said he and his wife enjoy the downtown lifestyle.

"The downtown is a getaway for us," Niedermeyer said. "I find downtown very intriguing. Living in that building is medicine and relaxes me. We hang out on the balcony and the view is priceless."

Niedermeyer said he and his wife enjoy walking several blocks to casinos and restaurants and there has not been a problem with crime. There are convenience stores near the condo, and it's a short drive to the nearest grocery store, he said.

Like other SoHo residents, Niedermeyer said he had no interest in purchasing a condo along the Strip where people are packed in like sardines.

Twenty-three-year-old Christopher Shelton said living on the Las Vegas Strip wasn't an option for him either. Shelton swapped his Lake Las Vegas home for a 4,600 square-foot penthouse worth $4 million. Shelton said the Strip is too commercial and too congested for him.

"I wanted more of an urban lifestyle," Shelton said. "I wanted something with more of a neighborhood feel."

SoHo has sold 114 of its 120 units, with six penthouses remaining, said Sam Cherry, Cherry Development's chief executive. His company has sold 130 of the 168 units at the neighboring Newport Lofts, a 21-story tower that will cost $87 million. Sales are expected to start soon on Stanhi, a 45-story tower.

The living area of Christopher Shelton's penthouse is shown. Photo by R. Marsh Starks

The mix of buyers so far includes young professionals, retirees, investors and Southern California residents who want it as a weekend getaway, Cherry said. About 40 people live in SoHo full time, including some casino executives, he said. Many of the buyers have come from other cities with vibrant downtowns, he said.

"They understand urban living and they want it," Cherry said. "You look at the Strip and there are great projects but walking to the grocery store or walking to a restaurant is difficult. It is nice to see people here walking to the dry cleaners across the street or walking to a restaurant."

SoHo prices started at close to $300 a square foot but ended up closer to $600 by the end of the sales. The remaining penthouses will go for about $900 a square foot, he said.

Rising construction costs have changed the pricing dynamics, Cherry said.

Newport Lofts sold in the $400 to $500 a foot range, while Stanhi will go for about $650 a square foot, Cherry said.

Each building will be improved upon its predecessors, Cherry said. SoHo, which has a door man, features a fitness center, pool, spa and rooftop deck. The ground floor will have a restaurant, retail and car dealer, he said. A storage cooler will be added for residents who order their groceries for delivery, he said.

Cherry said Newport will have an expanded clubhouse and add a running track on the roof. Stanhi, which will be a traditional condo instead of the more spacious loft style, will have an even larger pool and a second observation deck. There will be a Zen garden and yoga area, and the building will also feature more retail, office space and a movie theater.

The condos aren't intended to be resort-style buildings with a lot of amenities but a residential tower in an urban setting with the amenities in the neighborhood, Cherry said.

Because locals have seen what downtown has been like for years, Lee said it has taken outsider developers to recognize the potential of downtown and be the leaders behind the transformation. He said the projects are doable because they don't have a lot of units and aren't trying to compete with the luxury of the Strip condos, which are more expensive.

"We had a tremendous amount of naysayers because they have seen the downtown neglected for a long time," Cherry said. "They didn't understand the concept but since then they understand it and believe in it."