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Month: November 2018

Home / Month: November 2018

Economy , Market Updates , Real Estate

Las Vegas Construction Projects Seeking, Hiring U.S. Military Vets for Leadership, Teamwork Skills

By Christopher Boyle November 28, 2018

LAS VEGAS, NV – Construction projects in Las Vegas have been ramping up in recent months through an effort to satisfy the growing demand for both housing units and new space for the city’s business sector, and developers in the region – especially when it comes to the in-progress Las Vegas Stadium – have been turning to U.S. military veterans in order to get the job done.

When asked why vets were figuring so heavily into the expansion of Las Vegas’ housing and industrial communities, developers cited several aspects that military training typically instills into its members – most notably, a soldier’s intense sense of leadership and teamwork, reports say. There are no specific laws or requirements governing the hiring of those who have engaged in military service, but nonetheless employers in the construction field have been actively seeking them out in large numbers to assist in completing their many projects…especially the Las Vegas Stadium, future $2 billion home of the Las Vegas Raiders NFL team.

The contractor behind the stadium – Mortenson Construction Company – noted that three percent of man hours of work put in by subcontractors on the site by the end of September 2018 were by veterans and as time goes by and more veterans are hired, that number is expected to rise significantly. After all, the strict discipline and structure that military men and women was taught while serving their country can be a big part of achieving success once they rotate back to their civilian lives.

A-1 Concrete Cutting and Demolition, a Las Vegas-based firm that is involved with work on the stadium, currently boasts of a team made up of approximately 30 percent ex-military members; the company’s owner, Joe Monteiro, notes that it’s one of the main things he looks for when it comes to potential hires, citing the innate toughness displayed by many vets and how it translates into the quality of their work.

“In construction work, you need team players. You don’t need a guy that thinks he knows it all and can do it all, because you can’t,” he said. “If you don’t have your co-workers working alongside of you, they’ll bury you, and how they bury you is by not performing or making you look bad.”

The Caesars Forum convention center, a $375 million project, is currently in the midst of construction; PENTA Building Group, the general contractor responsible for it, features a workforce made up of over 15 percent of military vets, and is on the lookout for more at any given time, according to PENTA’s marketing manager Tim Putnam.

“We understand there’s great talent in the military,” he said. “It’s great being able to say we’ll help them transition to civilian life, and hopefully we gain a great employee in the process.”

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

Area Living , Development , Market Updates

Las Vegas Awash in Sweeping, Ongoing Changes; Renovation, Construction, Business Investments

By Christopher Boyle November 23, 2018

LAS VEGAS, NV – In the midst of a booming economy that is drawing in both businesses and tourists at a rate not seen in years, the famed city of Las Vegas has been experiencing sweeping changes in the form of rampant construction and renovation projects that seek to expand the scope of the city’s offerings – from business to pleasure and everything in-between – to an unprecedented degree.

A number of venues related to industry event hosting have sprung up recently, with business travelers soon to be able to take advantage of the amenities of the state-of-the-art, luxury MGM Grand and Park MGM conference centers. The all-new, $130 million MGM Grand is due to open up by the end of 2018, and will feature 850,000 square feet of space spread among three stories; the remodeled Park MGM opened this past July, and boasts a number of high-tech meeting spaces.

Meanwhile, the heavy-hitter of the online world – Google – is making a major investment in Vegas, with plans to open a new data center in Henderson, scheduled to open in 2020. The facility, which would support Google services in North America such as YouTube, Gmail, and more, will potentially create 50 jobs or more; Google plans on investing $600 million into the facility over the next two decades.

Meanwhile, those visiting Las Vegas for pleasure as opposed to business have some new options for their stay as well; the Waldorf Astoria Las Vegas Hotel and Residences recently underwent a series of renovations and an overhaul to its design, and now features almost 400 guest rooms, 200 residences, and in contrast to many hotels in Vegas, does not offer gambling on the premises.

The Palms is another property that is experiencing a complete makeover to all of their luxury suites, and MGM Resorts recently announced that they will be conducting regular and ongoing renovations and redesigns to all of their properties in Southern Nevada, both on the Las Vegas Strip and off in an effort to remain competitive in a very busy and congested marketplace.

This degree of activity in Las Vegas is nothing new, but the overall scope and amount have reached a fever pitch in the last year due to the rebounding economy and real estate market in the region, following the housing bubble burst of the mid-2000’s that left the city in a financial slump for nearly a decade. But the recently-reinvigorated marketplace has proven to be attractive for big business as well as tourism, and local developers are taking notice…and sinking millions of dollars into modernizing the landscape of Vegas.

If you are considering relocating to the Las Vegas area which is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and tenant related questions you may have.

Development , Economy , Market Updates

Las Vegas Wynn Golf Club to Re-Open in 2019 after Major Renovation Project

By Christopher Boyle November 15, 2018

LAS VEGAS, NV –  The Wynn Golf Club in Las Vegas, closed since late 2017, is currently eyeing 2019 as a date for its grand re-opening, laying to rest previous plans that would have seen the high-end, 130-acre golf course torn down in favor of re-development.

Originally, Wynn Resorts’ vision for the property occupied by the Golf Club – which cost patrons upwards of a whopping $500 to play 18 holes – was a total bulldozing of the site to make way for all-new amenities to accompany the construction of an adjoining 400,000-square foot convention center. New features to be erected upon the property where the Golf Club once stood would have included a 38-acre lagoon, a hotel featuring over 1,000 rooms, a casino, and a beach that would have allowed attendees to engage in numerous water sports such as skiing and parasailing.

However, while work is going forward on the convention center – something that experts say Las Vegas needs more of as the city becomes home for a growing number of businesses during the current economic boom – Wynn Resorts officials have re-thought their idea at re-developing the Golf Club and have set the property to re-open nearly next year.

Part of the reasoning for Wynn Resorts’ decision is the purchase of a 38-acre plot piece of land next to the Las Vegas Strip that company heads note would be a superior location for the convention center amenities, paving the way to keep the Golf Club at its current location. In addition, Wynn Resorts’ has noted the loss of significant revenue that the Golf Club brought-in while open, and are interested in restoring that revenue as soon as possible.

Of course, some changes to the luxury course are slated to take place before that happens; some parts of the existing property have been impacted by construction efforts on the convention center and an overhaul/makeover to the Golf Club is in the works. Wynn Resorts has reached out to the original designer of the course to create an all-new 18-hole course that will be completed and ready to go in time for the convention center’s anticipated completion date in 12 to 18 months.

Already, design work on the new course is complete, with work recently commenced; Wynn Resorts officials note that the course will be restored and made available. The Wynn Golf Club has effectively dodged a bullet, experts say, as property values in Las Vegas at the moment are booming and developers are looking for any and every scrap they can find in order to construct the much-needed housing and business/industrial space that the city needs.

If you are considering moving to the Las Vegas area which is currently experiencing growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and tenant related questions you may have.

Area Living , Economy , Market Updates

Second Phase Approval Set for Las Vegas Convention Center Construction

By Christopher Boyle November 6, 2018

LAS VEGAS, NV – The expansion of the Las Vegas Convention Center – an ongoing project that is estimated to carry final costs upwards of $1.4 billion – continued last week when the Las Vegas Convention Center District Committee recommended the approval of a contract for builder representative to take charge of the final phase of work, with the Las Vegas Convention and Visitors Authority (LVCVA) board of directors set to vote on the matter on November 13.

Cordell Corp. is slated to oversee the final phase of the expansion and renovation of the Las Vegas Convention Center, a project that will take the form of a three-story building with the first floor encompassing exhibition halls, a main lobby, a food court, kitchen, office space, and storage; the remaining two floors will house meeting and conference rooms, support spaces, and roof-based 25,000-square-foot outdoor terrace that can host a number of different events. The expansion is slated to add 1.44 million square feet of space to the convention center.

Cordell’s bid for the work is the form of a $13.5 million contract that the LVCVA is expected to approve.

The ongoing labor has seen the relocation of power lines to better serve the needs of the venue, and the excavation of the previous parking lot area in order to produce a suitable space for the construction of an adequate foundation for the building, consisting of columns of concrete reinforced with rebar. Two smaller buildings – a visitor center and restrooms – were demolished to make way for the project, and the Paradise Road pedestrian bridge adjacent to the property will be connected to the new building once construction is complete.

Project officials currently contend that construction is on-schedule for completion by January 2021, with the hopes that the new exhibition hall will have the ability to host that year’s International Consumer Electronics Show.

The expansion was started, according to LVCVA officials, due to the fact that the existing Convention Center has simply outgrown its current configuration, inhibiting its ability to evolve and grow. The new construction and renovation to the property is expected to allow the facility to better host the many trade shows, conventions, and special events that take place in Las Vegas on a regular basis. With the growing economy and job market in the region over recent years, there’s more of a need than ever to accommodate the influx of new businesses and organizations which need a venue for their events.

Once the new building is completed, work will shift over to the Convention Center’s four pre-existing exhibition halls, with a two-year large-scale renovation plan slated to enhance and improve every aspect of these facilities. Expected additions are food carts, restaurant and bar facilities, retail sales, and live entertainment venues.

If you are considering relocating to the Las Vegas area which is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and tenant related questions you may have.