LAS VEGAS, NV – A lavish Las Vegas estate designed by noted Arizona-based architect Bill Tull that boasts extensive equestrian facilities is set to be listed on the market for the impressive sum of $17 million.
The huge whitewashed adobe-style residence was originally designed in the mid-1990s, and while Tull is known as the vision behind numerous ground-breaking homes in his native Arizona as well as California and Texas – where he is especially noted for having designed country music star George Strait’s estate – the residence in Las Vegas remains the only one of his design in Southern Nevada.
The property is situated a mere 15 minutes from the famed Las Vegas Strip; however, you wouldn’t know it by its calm and isolated feel, with the residence located on a large 9.8-acre plot of land adorned with numerous trees for a sense of privacy, according to current owner Bonnie Elkanich.
It’s super peaceful, you could never find anything like it in Vegas,” she said. “There’s a family of hawks and eagles that were raised on the property from the previous owner for the past 40 years. There’s also beautiful views of Sheep Mountain.”
The property has only had one previous owner, from whom Elkanich purchased it approximately five years ago for an undisclosed sum.
The house comes in at 8,611 square-feet of living space, spread out among six bedrooms; every single room in the residence has a fireplace, of which Elkanich says there are a total of 32. In addition to the main house, there are also two detached casitas, one with two bedrooms and bathrooms, and the other with one of each.
When she bought the property, Elkanich said that she completely renovated it, laying down new stone floors, replacing the plumbing and electrical systems, and knocking down five walls to open up the main living spaces. The basement also features chilled wine and whiskey rooms, making use of refrigeration systems that were originally used by the previous owner for a subterranean meat locker.
But the property’s main feature is that it was designed with horse-lovers in mind, and to that end it boasts a 16-stall stable, an Olympic-size covered arena, a round pen, a hot walker and pastures. In addition, horseback rising is allowed by both the county and state on the neighborhood’s streets, according to listing agent Ivan Sher of IS Luxury.
It’s really like an oasis in Las Vegas, and it’s also one of the very few adobe-style properties in the country with equestrian facilities,” Sher said.
Shelter Realty Property Management specializes in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
LAS VEGAS, NV – A new Redfin report speculates that prices of homes in the Las Vegas Valley could begin to drop in the second half of 2025, based on a variety of factors.
A senior economist at Redfin, Asad Khan, has said that the valley is currently experiencing a “weak homebuying season,” as evidenced by the fact that pending sales in May decreased 17.7 percent year-over-year, placing it third in terms of pending sales drops in the entire nation, behind only Fort Lauderdale at 18.6 percent and San Jose at 18.3 percent.
At the same time, Las Vegas registered the highest active listings growth in May among the top 50 metro areas in the U.S. The reason for low sales has been particularly weak demand in the Las Vegas region,” Khan said. “High mortgage rates and high prices are keeping a lid on demand, even though the stock of homes for sale is growing. Most sellers in the Las Vegas metro area have significant equity in their homes created during the run-up in prices, so few sellers are feeling the pressure to sell quickly with prices still rising.”
Amid these record high prices, however, sales in the region have continued to drop, which Khan attributes to not only affordability concerns, but also high interest rates on home mortgages; that, he said, will likely contribute to sales continuing to slow down, which will eventually translate to buyers having more negotiating power going forward.
There are still hundreds of thousands more home sellers than buyers nationwide. But some would-be sellers are sitting on the sidelines as the market tilts more and more in buyers’ favor in much of the country,” Khan said. “Pending home sales fell 2.3 percent year over year during the four weeks ending June 22, the biggest decline in three months. There are two key reasons why home sales are slow. One, housing costs are still soaring, with home-sale prices up 1.6 percent year over year to a record high and mortgage rates sitting near 7 percent. Two, many would-be buyers are holding off due to widespread economic uncertainty and recession jitters.”
Shelter Realty Property Management specializes in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
LAS VEGAS, NV – Following a brief two-month respite, home prices in Las Vegas are once again back up to their all-time record high level, according to a new report by Las Vegas Realtors (LVR).
As per LVR, in June the median sale price for an existing single-family house in Southern Nevada was $485,000, which represents a 2.1 jump year-over-year, as per data pulled from the Multiple Listing Service; this ties the record high established during the first three months of 2025.
Starting in January, home prices in Las Vegas reached and maintained their all-time record high of $485,000 for three months in a row; April finally saw that number dip to $480,000, and that dollar amount remained firmly in-place for May as well, at the time prompting experts to speculate that it signified the possibility that the market could be slowly shifting to favor buyers once again.
Meanwhile, June saw prices for condominiums and townhomes at $307,000, which represents a slight decrease from May, but nonetheless an increase of 3.4 percent year-over-year. The last all-time record high price for condos and townhomes in Vegas was established in October 2024, when that amount reached $315,000.
LVR notes that a combined total of 2,461 homes, condos and townhomes were sold in Vegas in June, which is a seven percent decrease from the same period of time last year for homes, and 14.9 percent drop for condos and townhomes.
LVR also reported that there were 6,992 homes in Southern Nevada listed for sale without an offer by the end of June, a 70 percent increase year-over-year, and 2,564 condos and townhomes, 87.6 percent increase. But LVR President George Kypreos noted that this trend continues to represent a degree of stability returning to the Vegas housing market.
Although home prices bounced back to their previous peak, prices have actually been pretty stable so far this year,” he said. “The biggest change in our local housing market lately has been the increasing number of homes available for sale, which is good for buyers. It should also be prompting to sellers to be realistic when pricing their properties.”
Shelter Realty Property Management specializes in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
LAS VEGAS, NV – To address the housing crisis that is currently ongoing in Las Vegas, the Southern Nevada Home Builders Association (SNHBA) announced that petitioning the government to release more federally-controlled land for development would be the group’s main priority in 2025, a goal that’s looking now more than ever closer to becoming a reality.
SNHBA CEO Tina Frias last week said that her organization has been working with the office of Nevada Senator Catherine Cortez Masto on bipartisan efforts to make 25,000 acres of federal land available to Clark County for the development of both affordable housing as well as growing local business interests. In addition, an additional 2 million acres will be set aside for conservation.
Along with the above-mentioned acreage being made available, Frias expressed hope that additional land will be released in the near future as well.
From the folks that have been involved in federal lands in the state for 30-plus years and are part of my membership, they said this is the most momentum they have seen on a lands package ever,” she said. “I’ll tell you in my opinion I’m both excited but also nervous because I think we will see something come to fruition.”
One of the primary reasons for the housing crisis in Southern Nevada, according to a growing number of those in the real estate industry, is due to the Bureau of Land Management (BLM), with the federal agency currently managing nearly three million acres in Clark County; the U.S. government currently owns 80 percent of the land in the state of Nevada overall – the most out of any state in the country – and 88 percent of Clark County.
In 1998, the Southern Nevada Public Land Management Act was passed that set aside approximately 67,000 acres out of the 2.9 million available in the Las Vegas Valley for development of residential housing units or commercial uses, with an additional 33,000 acres that have also been earmarked for potential developing that have not yet been released.
Frias also referred to a proposal by the Trump Administration to give a joint task force the ability to identify and release lands in the state for development, but said that the process involved can be very convoluted and slow; as a result, she’s hoping for an act of Congress – in addition to the continued efforts of local government – to streamline and speed-up things.
We need to recognize there’s an elephant in the room and that’s the land constraints,” Frias said. “That’s going to take coming together at the federal level and working collaboratively with our delegation. That will take continued leadership from the governor’s office and local government will play a key role in that as well.”
Shelter Realty Property Management specializes in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
LAS VEGAS, NV – A group of short-term rental owners in Las Vegas have filed a federal lawsuit against both Clark County and the state of Nevada, claiming that restrictions imposed by both entities upon the rental owners in Southern Nevada are unconstitutionally violating their rights.
The lawsuit, filed in U.S. District Court in Nevada by the Greater Las Vegas Short-Term Rental Association (GLVSTRA) and several of its members, is seeking an injunction to block the county and state from enforcing short-term rental rules originally put into effect in September 2022, with only a handful of permits issued since then and a huge backlog still pending.
For many years, we have been attempting to work with our local and state politicians to come up with regulations that are fair for homeowners so that they can make ends meet. Every time that we have tried, they have made matters worse,” said GLVSTRA founder Jacqueline Flores. “As many people know, resort hotels are a powerful industry in this state and in the city and many [lawmakers] are beholden to the resort. hotel industry and they are the ones that are attacking property owners.”
The lawsuit – which Airbnb is reportedly expected to join – alleges that plaintiffs’ Third, Fourth, Fifth and 14th Amendment rights, as well as several sections of the Nevada Constitution, are being violated by residents being prevented from exercising their rights to lease their properties, depriving them of their livelihoods. The county’s extraordinarily slow process of issuing permits to renters – in addition to numerous burdensome regulations – is also a bone of contention named in the lawsuit as well.
Assembly Bill 363 was signed into law by the Nevada legislature in 2021, requiring municipalities to draw up regulations governing the short -term rental industries within their borders.
After approving a short-term rental ordinance in June 2022, Clark County had started a pre-application process for short term rentals in September 2022, with the deadline for submission having been August 2023. 1,169 of the pre-applications they received were deemed eligible and the homeowners that submitted them were subsequently allowed to submit a short-term rental license application.
However, the process of approving these applications has been a slow and arduous one that has found itself ensnared in red tape; as of today, a mere 175 licenses have been approved and 141 denied; 515 are still pending, drawing the ire of homeowners who say they are losing money every day they are forced to wait.
As a result, many homeowners are operating rentals with Clark County illegally; at current count, there are approximately 10,000 short-term rentals currently operating in Las Vegas, with the majority of them doing so without the benefit of a license.
Shelter Realty Property Management specializes in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
LAS VEGAS, NV – Southern Nevada continues to be a magnet for real estate investors seeking steady rental income and appreciation. But not all areas are created equal – especially when it comes to ROI. Whether you’re a seasoned investor or just entering the market, identifying neighborhoods with high rental yields and low vacancy rates is key to maximizing your returns.
In this guide, we break down what drives rental ROI in Vegas, which neighborhoods perform best, and how to make data-backed decisions when buying investment property.
What Drives Rental ROI in Vegas
Rental return on investment (ROI) is the annual rental income a property generates, relative to its purchase price and costs. Several factors influence ROI across the Vegas Valley:
Demand, Price Point, Amenities
Tenant demand is highest in areas near job centers, schools, and entertainment hubs.
Affordability plays a major role – mid-range homes in safe neighborhoods often outperform luxury units in ROI.
Amenities such as gated communities, pools, parks, and proximity to shopping increase both demand and rent potential.
Neighborhoods that strike a balance between home price and monthly rent tend to offer the best returns. In Vegas, that balance often exists outside the Strip, in established suburbs with growing populations.
Why Invest: Rapid development, new construction, proximity to Southwest Las Vegas employment hubs.
Tenant Profile: Young professionals, tech workers.
Monthly Rent Averages & Vacancy Rates
Here’s a snapshot of rental performance by neighborhood based on current market data:
Neighborhood
Avg. Rent (3BR)
Vacancy Rate
Summerlin
$2,400
4.5%
Henderson
$2,200
3.8%
North Las Vegas
$1,800
3.2%
Paradise
$1,950
5.0%
Spring Valley
$2,100
4.0%
Enterprise
$2,250
4.2%
These numbers can fluctuate seasonally. Investors should also account for property taxes, HOA fees, and maintenance when calculating net ROI.
Upgrades That Pay Off
Simple property upgrades can boost both rent and tenant retention. These are top return-on-investment improvements:
Smart Home Features (thermostats, locks):
Vinyl Plank Flooring: Durable and desirable; reduces maintenance costs
Kitchen & Bath Refresh: New appliances or vanities make listings pop online
Energy Efficiency: LED lighting, insulation—saves tenants money and adds appeal
Properties with these upgrades often rent faster and attract higher-quality tenants.
Licensing & Management Requirements
In Las Vegas and Clark County, rental licensing and compliance are neighborhood-specific. For example:
Short-term rentals require permits and zoning approval (especially in Paradise and Spring Valley).
Henderson & North Las Vegas have property maintenance codes and occupancy restrictions.
HOAs may restrict rental terms or frequency—read CC&Rs closely.
Working with a local property manager like Shelter Realty ensures all legal requirements are met, avoiding costly violations.
Case Study from Shelter Realty Portfolio
A recent client purchased a 4-bedroom home in Henderson (Green Valley Ranch) for $420,000 in 2023. After a modest $12,000 renovation (floors, paint, appliances), the unit was leased within 9 days for $2,650/month.
Gross ROI: 7.6%
Tenant Retention: Renewed at 12 months with $75/month increase
Management: Full-service via Shelter Realty—tenant screening, rent collection, repairs
Compared to similar DIY-managed properties in the same zip code, this investor earned 22% more net income in the first year.
Financing & Exit Strategies
Investors should match the neighborhood profile with the right financing and long-term goals:
Conventional Loans: Best for long-term holds in stable areas like Summerlin or Henderson
DSCR Loans: Ideal for income-based approvals in North Las Vegas and Spring Valley
HELOC or 1031 Exchange: Smart move for upgrading or diversifying portfolio within Vegas
Exit strategies include:
Selling after 5+ years of appreciation
Refinancing once equity increases
Converting into furnished short-term rentals in permitted zones
Planning ahead ensures liquidity and scalability.
Conclusion & Next Steps
The Las Vegas Valley offers rich opportunities for real estate investors seeking strong rental ROI—but neighborhood selection is everything. Whether you’re drawn to Henderson’s stability, North Las Vegas’ affordability, or Spring Valley’s central access, aligning your investment strategy with local market data is key.
Ready to explore investment properties with strong ROI potential?
Is Henderson a good place to invest in rental property?
Yes, Henderson has strong appreciation, low vacancy rates, and high tenant quality—making it one of the best long-term investment zones in the Vegas Valley.
How can I improve rental ROI on my property?
Focus on cost-effective upgrades, proper tenant screening, and professional property management to reduce turnover and maximize income.
Should I hire a property manager in Las Vegas?
Hiring a local property manager like Shelter Realty improves compliance, reduces vacancy time, and typically increases your net ROI—especially if you’re an out-of-state investor.
Shelter Realty Property Management specializes in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
LAS VEGAS, NV – Tides on Commerce, a 336-unit apartment complex located in North Las Vegas, was purchased by a real estate investment firm late last week for the sum of $70 million, according to Clark County property records.
Beverly Hills, California-based Kennedy Wilson announced the purchase on Friday, which was part of a combined acquisition that included a separate property located outside of Nevada state – Finisterra, a 356-unit complex in Tempe, Arizona – for a total combined amount of $166 million.
Tides on Commerce, located at 4249 North Commerce Street, between Alexander and Craig Roads, was originally built in 1999 and includes a plethora of common-area amenities for its tenants, including a swimming pool, spa, hot tub, playground, clubhouse, business center, fitness center and controlled access.
The apartment complex is also ideally situated near major job hubs in North Las Vegas, such as Apex Industrial Park, VA Southern Nevada Hospital, and an increasingly large number of medical and logistics facilities.
North Las Vegas itself is on a major upswing recently, with experts anticipating its growth to double that of the larger Las Vegas region – becoming the fastest-growing city in the state of Nevada – over the course of the next five years; prior to that statistic, the city was the state’s second-fastest growing from the years of 2020 to 2023, thanks to rapid expansion of its healthcare and industrial fields.
Kennedy Wilson said that they are also serving as the asset manager of the Nevada and Arizonia properties they purchased last week, with the real estate investing firm owning approximately a 14 percent interest in the fund acquiring the two assets.
The company currently boasts a portfolio of over $29 billion in assets that they manage – comprised primarily of rental properties – spread out among the United States, the United Kingdon, and Ireland.
Shelter Realty Property Management specializes in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
LAS VEGAS, NV – Artificial intelligence (AI) has become a part of life for many people, with the technology having rapidly evolved and implemented into many jobs and industries throughout the world. Experts predict that this trend will continue, with AI soon becoming intertwined with a plethora of everyday tasks and careers…including real estate.
The real estate industry has seen the adoption of AI, which has contributed to an increase in efficiency and innovation in the field; however, like anything, there is also the potential for misuse and the harm that comes along with it, and several countries around the world – Australia, being the prime example – are now pushing for regulation of the tech’s use when it comes to real estate advertising. That being said, should the U.S. follow suit?
AI is being used generate and automate listings, anticipate buyer and seller preferences, and – with the vast amounts of data that algorithms can analyze – offer personalized property suggestions for target demographics, based on specific individual preferences. Plus, the tech enables AI-driven chatbots to offer 24/7 availability to engage with buyers at all hours of the day or night, providing help and engagement in order to help retain interest.
But while there are many positive uses of AI when it comes to real estate, there are just as many drawbacks and shortcomings as well that are raising calls for its regulation due to potential misuse that can mislead consumers.
AI algorithms that are not properly regulated can result in fabricated listings with altered images and information that can present properties in unrealistic lights. Also, there’s a lack of transparency and clear accountability in terms of AI-generated content; when AI presents misinformation or crosses ethical boundaries, what party should be held responsible?
Issues like this could eventually erode trust in online real estate platforms and even the industry as a whole if they were to run amok unchecked. Hence, certain countries are being proactive in their attempts to regulate them to prevent that from happening and to ensure consumer transparency by establishing clear guidelines, accountability protocols, and ongoing monitoring.
That being said, there are a growing number of voices that are calling for similar oversight of AI here in the U.S. as well; both the real estate industry and those who depend upon it stand to benefit.
Shelter Realty Property Management specializes in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
LAS VEGAS, NV – A massive “megamansion” located in one of Las Vegas’ most affluent communities and bosting a plethora of lavish perks has sold this week for over $15 million.
Located in the guard-gated community of Southern Highlands on a 1.36-acre plot of land, the estate in question sold for $15.5 million – a significant discount from its original $19.75 million asking price – and comes in at a whopping 18,000 square-feet of living space.
The home – which has a Mediterranean-style design outside with a tiled roof and columned entryway, but an ultra-modern interior – has eight bedrooms, a grand entry with an imperial staircase and an oculus skylight above the foyer, and an entire floor solely for entertaining guests, including a series of inter-connected pools.
A covered patio in the backyard leads to an outdoor recreation area, with starts with a circular artificial river with an actual flowing current – commonly known as a lazy river – that allows continuous relaxing trips floating around the property. Adjacent to the lazy river is a waterfall that leads down one level to a waterslide and pool, as well as a putting green, a pickleball court, a guest casita and a six-car garage.
The interior is no less impressive, with a primary suite – which has its own massage room and two closets – and two accessory bedrooms taking up the top floor. There is also a full-scale salon, a karaoke room, a cinema room, and a game room with a full bar and lounge.
The seller, Bill Piercey of California, originally purchased the property for $7.75 million while it was still in the midst of being built in 2020; he initially listed the property for sale in 2023 for $25 million and later dropped it to $19.75 million in February 2025 before settling on $15.5 million with an undisclosed buyer.
Shelter Realty Property Management specializes in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
LAS VEGAS, NV – Ovation Development Corp., a Las Vegas-based apartment developer, has announced they will be holding the grand opening ceremony next week for their newest project, an affordable senior housing complex located in the southern Las Vegas Valley.
Heirloom at Pebble is a 195-unit 55-and-over apartment building situated at 2325 East Torino Avenue, near the intersection of Eastern Avenue and Pebble Road. The complex, which originally held a soft opening in May, offers apartment units with one and two-bedroom layouts, with monthly rent prices ranging from $573 to $1,377, which includes all utilities.
The project, which cost approximately $48 million, was funded in conjunction with several governmental and private business entities, including Clark County, the Nevada Housing Division, and the Federal Home Loan Bank of San Francisco. In addition, the land upon which Heirloom at Pebble sits was contributed by the federal Bureau of Land Management.
A new success story in the work to create more affordable housing in So. Nevada. The "Heirloom by Pebble" complex has opened. There are 195 units for low-income seniors..#ClarkCounty's contribution was $9.3 million. @BLMNational conveyed the land where the complex was built. pic.twitter.com/CR7EzNPXPg
— Clark County Nevada (@ClarkCountyNV) June 25, 2025
Heirloom at Pebble offers numerous amenities aimed at the health and well-being of its’ senior clientele, including a fitness center and movement room, community events, on-site hair salon and multipurpose rooms.
The apartment complex aims to help address one of the most prevailing problems affecting Las Vegas’ senior population, which is the high cost of housing, according to Ovation’s Director of Development, Armen Hadjimanoukian.
To that end, Hadjimanoukian noted that the developer is also currently hard at work on several other affordable senior housing communities in Southern Nevada, another one of which will be opening this summer.
The housing prices have really been affecting everyone in Southern Nevada — especially seniors, who are on fixed incomes,” he said. “These types of public-private partnerships are amazing because they allow us to create and provide much-needed housing. Ovation has another six communities planned or under construction – with another one opening up in August of this year.”
Shelter Realty Property Management specializes in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
LAS VEGAS, NV – Howard Hughes Holdings, the developer of Summerlin, has sold nearly 60 acres of land located within the borders of Las Vegas’ largest master-planned community to housing developers, spread out over two separate transactions worth over a combined total of $100 million.
Both of the two sales closed on Tuesday, according to public property records. The first sale was to Richmond American Homes, who purchased a 36.3-acre parcel of property from Howard Hughes Holdings for $55 million, which comes out to over $1.5 million per acre.
The developer plans to utilize the land to build new housing tracts, with plans already drawn up for an 89-lot subdivision of single-family homes.
The second sale was to Toll Brothers – a company that specializes in luxury home construction – who purchased 28.3 acres of land for $1.8 million an acre, which comes to a total of $51.4 million, as per public records. Toll currently is planning to use the land to build 148 high-end housing units.
The property sold in both of the deals this week is situated west of the 215 Beltway-Summerlin Parkway interchange in the desert.
Located along the Las Vegas Valley’s western side, Summerlin is comprised of 22,500 acres and is home to approximately 130,000 inhabitants, as well as homes and rental units there are currently fetching some of the highest prices in the region.
Howard Hughes Holdings, based in Texas, takes its name from the famed aerospace engineer, business magnate, film producer, and investor; he purchased the community’s initial 25,000 acres – which he originally named “Husite” – in 1952. The community is named after Jean Amelia Summerlin, Hughes’ mother, and years later, Summerlin would go on to become the largest master-planned community in Las Vegas.
Shelter Realty Property Management specializes in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
LAS VEGAS, NV – Windsor Park, a neighborhood located in North Las Vegas, has been sinking into the ground for decades – with its homes slowly falling apart as a result – and a developer that has been tasked with building new residences in their place is facing strict deadlines before his funding is yanked off the table.
The neighborhood was built in the 1960s and was originally made up of 241 homes; that number has dwindled down to just 90 today. Proper studies of the land that Windsor Park was built upon were never made; as a result, existing fault lines that were aggravated by groundwater pulled from an aquifer under the neighborhood resulted in homes gradually sinking into the ground. The result was disastrous – walls inside homes cracked, porches collapsed, and sewage pipes shifted.
Community Development Programs Center of Nevada – developer Frank Hawkins’ nonprofit affordable-housing firm – was awarded a contract for $37 million in 2024 to build a new 93-lot subdivision to provide housing for Windsor Park’s remaining residents. To date, plans have been drawn up, but construction has yet to begin.
However, since the money for the project is made up of public funds, Hawkins is up against strict deadlines. Under the terms of the contract, $25 million of the funds allocated for the project are made up of federal COVID relief funds, and if they are not spent by the end of 2026, those funds will no longer be made available.
In addition, another $12 million of the money earmarked for the project comes from the state of Nevada, and its expenditure must be committed to by June 20 and spent by September 15; any portion of that $12 million that has not been spent by the deadline goes back to the state.
So far, officials indicate that $11 million in COVID funds have been spent on the project, mostly consisting of $9.9 million towards the purchase of the land to be developed, located along Carey Avenue just west of Martin Luther King Boulevard.
As part of the contract, Hawkins is allowed to procure additional funding from other sources, but officials are growing worried that the developer may not meet the deadline to spend the $12 million allocated by the state.
Clearly, it’s a concern,” said State Senator Dina Neal (D-North Las Vegas), who introduced the Windsor Park Environmental Justice Act bill that ultimately funded the project. She has since sponsored a new bill to potentially extend the deadline for the $12 million expenditure by an additional two years.
However, Hawkins said that he is not worried about meeting the looming financial deadlines.
Even if I did, there’s nothing I can do about it…it’s not my purview,” he said.
Shelter Realty Property Management specializes in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
