Diesel to Develop Apartments in Las Vegas
● In a partnership with Bel Invest Group, the Italian company is planning its second residential Diesel building, located in the Las Vegas Arts District.
MILAN — It looks like Diesel's penchant for cool is not confined to clothing.
The OTB flagship brand is to unveil a residential project in Las Vegas, in partnership with BelVillage, a communitydriven division of real estate developer Bel Invest Group, with which Diesel already partnered on a Wynwood estate in Miami.
The building will be erected in Las Vegas' buzzy Arts District neighborhood, which is the target of major investments in the city and home to trendy breweries, coffee shops and restaurants.
It will include about 250 residential units, including penthouses, designed by Diesel Living, the brand's home and interiors division, as well as communal areas.
The complex will offer ownership and short-term rental options with presales for apartments kicking off in January 2024 and construction works in the first quarter of the same year. The companies expect to complete them over the following two years and have pledged to meet LEED sustainable criteria.
“It's really cool,” Renzo Rosso, founder of Diesel and of parent company OTB, told WWD in an exclusive interview speaking from Tokyo, where Diesel held a repeat show on Thursday.
“It's in the Arts District, which is somewhat similar to Wynwood. It's great to be the ones who discover new areas that are about to become cool,” he added.
Although Las Vegas has long been a destination for high-end retail, this marks the first major investment of a fashion brand in a residential or hospitality space in the city.
Rosso touted Bel Invest Group's prowess in the residential arena and described the deal as following the great Wynwood experience. Sales of apartments and penthouses in the Miami complex have started this year with 20 to 30 percent of units already optioned.
As reported, the Wynwood condo marked Diesel's foray into real estate and contracting. The sale of the 143 apartments was launched in tandem with an irreverent campaign called “The Condo T-shirts:
The Most Expensive T-shirts Ever,” whereby T-shirts coming with a printed graphic of an apartment at the Diesel Wynwood condo has a price tag reflecting the unit.
“We have worked a lot over the past 10 to 12 years to group [under the Diesel Living banner] an exceptional group or artisans and Made in Italy brands to create a Diesel concept for home,” Rosso said.
Diesel Living, which is presenting its latest collection at Salone del Mobile furniture and design fair in Milan this week, has evolved from a textile collection launched in 2008 to a full-fledged interiors line, relying on several premium partners such as Moroso, Berti, Iris Ceramica and Seletti.
“As an innovator in the real estate market, BelVillage wants to shift the perception of residential living from a necessity to an excitement by offering a lifestyle that comes together with the apartment,” said Maximilian Beltrame, president and chief executive officer of Bel Invest Group, in a statement. “We are happy to have found with Diesel the perfect partner in this endeavor.”