Thursday, August 30, 2007

Dick Pacific Construction Co, LTD and the Developers of Pinnacle Las Vegas Form Joint Venture to Complete Condominium-Resort Project in Las Vegas




PITTSBURGH--(BUSINESS WIRE)--DICK PACIFIC CONSTRUCTION CO, LTD a subsidiary of the 85 year old Dick Corporation of Pittsburgh, PA and PINNACLE LAS VEGAS, LLC have entered into a joint-venture agreement to complete development, construction and eventually operate the 1,100 unit, $740 million condominium-resort project known as PINNACLE on 12 acres situated less than two miles from the famed Las Vegas Strip and adjacent to the Orleans Casino/Hotel and Arena.

The idea for the project was originally conceived in 2004 by the Falconi Group of Pittsburgh, owners of the land, and was further developed with the help of several Las Vegas and Pennsylvania real estate developers. Pinnacle will feature two 36-story towers connected by unique “sky bridge” suites. The plans call for nine spacious floor plans - all with balconies, including 31 pool-side bungalows, restaurants, boutiques, a unique hibiscus-shaped pool, cabanas, as wells as a full service spa and fitness center.
Dick will essentially work on behalf of the ownership group as the “Chief Operating Officer” of the project and take responsibility for all day-to-day activities of the Pinnacle. Norman Fornella, EVP of Dick Corporation called this a “rare opportunity to partner with Mr. Falconi, a respected and admired businessman with a long track record of success.”

A representative from the Falconi Group stated, “We could not be more comfortable and pleased to have entered into partnership with Dick Pacific. Although the project is a long way from Pittsburgh and procurement sourced on a global basis, we can still meet face to face with our new partners at Dick, here in Pittsburgh over lunch or dinner. Additionally, they (Dick) are not new to Las Vegas and were in-fact one of the major contractors on The Venetian Casino Resort.”

The Falconi Group, led by Angelo F. Falconi has diverse business holdings in several states ranging from residential/commercial development to automobile dealerships.
Dick Corporation, founded in 1922 is a nationally recognized construction, construction management, design-build, and environmental services firm and ranks as one of the nations top 60 contractors. The company offers a diverse array of services and is supported by offices in Philadelphia, Cleveland, Jacksonville, Altamonte Springs, Phoenix, Hawaii, and Guam.
For more information on Dick Pacific, visit http://www.dickpacific.com/ or http://www.dickcorp.com/

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