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Category Archive : Development

Aerial Mandalay Bay

26 Acres Along Las Vegas Strip Across from Mandalay Bay Now on Market for $182 Million

LAS VEGAS, NV – 26 acres of land located along the south edge of the famed Las Vegas Strip, the site of a proposed – and failed – Ferris wheel project is now on the open market, with the property owners asking for $7 million per acre, for a total of $182 million.

Real estate brokerage CBRE Group now has the property for sale, which includes land that was originally slated to be the home of SkyVue, an observation wheel project that was started but never completed; currently, the only indication that the project ever existed at all is the presence of two concrete columns, with the effort never advancing past that stage.

The SkyVue property has been offered on the market previously, most recently when it was purchased four years ago via bankruptcy court by Seattle-area businessman Wayne Perry via a credit bid.

However, experts anticipate that the property will most likely fetch top-dollar in the current marketplace, as the Vegas Strip has recently exploded in terms of development following the waning days of the COVID-19 pandemic.

Still, the latest offering comes as real estate sales and development plans gain momentum in and around Las Vegas’ famed casino corridor, amid the tourism industry’s continued rebound from the pandemic. The property’s close proximity to prominent sports venues – such as Allegiant Stadium and T-Mobile Arena – as well as the Tropicana hotel-casino should make it especially attractive to investors.

To sweeten the deal, the SkyVue property offering also includes a separately-owned apartment complex.

As originally envisioned, the SkyVue project would have encompassed a 500-foot-tall observation wheel, a roller coaster and retail and restaurant space. However, if purchased, the current property owner doubts that any buyer would consider restarting SkyVue; instead, they feel that the new owners would most likely knock down the two existing concrete columns to make way for a hotel casino.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

pinnacle residences at macdonald highlands

$900 Million Luxury Condo Project in Henderson’s MacDonald Highlands Approved by City Council

LAS VEGAS, NV – The private guard-gated MacDonald Highlands is set to receive a new $900 million luxury resort-style condominium development, as the Henderson City Council has officially granted their approval for the project, with construction expected to commence in early June of this year.

Pinnacle Residences at MacDonald Highlands – the name bestowed upon the new high-rise condo project, the first of its kind to be built in the valley since the mid-2000’s recession – is ready to go now that the City Council has given the green light to a development agreement, zoning changes, tentative maps and a design review.

The 11-acre project, which will be co-developed by Las Vegas and Mexico-based Azure Resorts and Canada- and New York-based Luxus Development, will consist of two towers with 171 luxury condo units split between them. In addition, there will also be 10 single-family luxury homes built upon the property as well, along with two model homes two blocks away; work on the model homes is expected to commence within 90 days, with a completion deadline set within 14 months.

Azure President and Founder Jim Reilly notes that the project already has multiple reservations, despite the fact that the firm has yet to do any advertising; currently, Pinnacle Residences is still accepting fully-refundable reservations – in amounts anywhere from $10,000 to $100,000 – for interested parties.

The initial terrain blasting is expected to begin in June, with full construction on the project – starting with foundation work – commencing in either December 2022 or January 2023. The initial 24-story tower is slated to take 27 months to complete, with an anticipated opening in the second quarter of 2025; the second 25-story tower will take an additional 44 to 60 days to finish afterwards.

Currently, prices are anticipated to start “at the $2 million range and go up in excess of $20 million,” according to Reilly, who said that the community is aiming to appeal to empty-nesters in the 45-to-65 age range.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

INDEPENDENCE

Groundbreaking Ceremony Held for Conversion of Las Vegas Golf Course to 1,600-Home Development

LAS VEGAS, NV – The former Royal Links golf course is finally on its way to providing numerous affordable homes for Southern Nevada residents, having recently held its officially groundbreaking ceremony to signify that impending start of construction efforts for the eastern Las Vegas Valley-based housing tract.

Touchstone Living founder Tom McCormick, who purchased the shuttered Royal Links golf course in December 2021 for $33.7 million, said that the new housing community his company will be building – now dubbed Independence – is currently due to commence on the third quarter of 2022, initially starting with model homes to entice buyers before moving on to the proper homes they will be offering.

Already, the grass from the original golf course has been removed, with the landscape now covered with various pieces of construction equipment in anticipation of the start of work, which is expected to produce up to 1,600 homes, in addition to numerous residential amenities, such as parks, pools, and playgrounds.

Independence – located along Vegas Valley Drive east of Nellis Boulevard – is hoping to attract first-time buyers and will offer homes in the $200,000 price range; McCormick has noted there are no other projects producing new homes in Southern Nevada in such a buyer-friendly price range.

To drive home that point, those attending the groundbreaking on Monday were wearing blue-and-white Independence shirts with the slogan “why rent?” on them, touting the affordability that the new community will be offering to local residents.

In Southern Nevada, home development is predominantly carried out in suburban areas such as the southwest valley, Summerlin and Henderson; in comparison, the east valley is relatively ignored by developers, allowing the 162-acre Independence a degree of distinction among its peers.

The affordable prices that Independence will be offering for housing will run in direct contrast with the average median home price in Las Vegas, which recently hit $483,000 in March.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

fields

Construction Under Way on 40-Acre Tule Springs Regional Park in City of North Las Vegas

LAS VEGAS, NV – The city of North Las Vegas is set to be the recipient of a new 40-acre park located in the vicinity of the 215 Beltway and Revere Street, and when it’s completed the facility is slated to be one of the city’s largest parks offering a wide variety of amenities for local residents.

Tule Springs Regional Park, which will be situated between Dorrell Lane and Deer Springs Way, will take approximately two years to build, and when it is completed and open for public use, it will include numerous family-friendly features, including:

  • Four baseball/softball fields
  • Three soccer/multi-use fields
  • A playground
  • A splashpad
  • Basketball courts
  • Sand volleyball courts
  • Trails
  • Shade structures
  • Restrooms

Cass Palmer, director of parks for North Las Vegas, said that Tule Springs Regional Park will have a little something for everyone, no matter what they are looking for in an outdoor recreational experience.

“Between the athletics and the play features, I think anybody of any age is going to go out there and have fun,” he said.

The construction of the park will be a welcome addition to the several new housing developments that have sprung up in recent years in North Las Vegas. Currently, residents in that area are suffering from a lack of neighboring outdoor recreational spaces, so the news of Tule Springs Regional Park will certainly be welcome, and will assist with future population growth in the area.

“Where are we now, and where do we need to be for the next 10-15 years to support the growth?” Palmer asked, adding that “desert landscaping” will be used wherever possible at Tule Springs due to the notoriously dry climate in Las Vegas.

“We’re integrating the legislative mandate for xeriscaping for all of our parks and trails. We’re anticipating the use of artificial grass in a lot of areas,” he said. “We’ve found a couple of grasses that the SNWA (Southern Nevada Water Authority) prefers. Requires less watering.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

UnCommons Las Vegas

Phase Two of Las Vegas “UnCommons” Mixed-Use Project Officially Breaks Ground

LAS VEGAS, NV – UnCommons – a large mixed-used facility currently under development in southwestern Las Vegas – has officially entered phase two of its construction after having fully leased the buildings that were erected during the first phase.

Upon completion, UnCommons – located at Durango Drive and the 215 Beltway in the southwest valley – will essentially be a mini-city within a city, consisting of 500,000 square feet of offices, in addition to restaurants, health and fitness studios, relaxation options, and over 830 residential units.

The concept behind the development is that it will be a space where the various employees working for the businesses located there will have numerous solutions to all of their needs – living space, entertainment, exercise, and more – right there at their fingertips.

Phase one of the $400 million project – which broke ground in August 2020 after a series of delays brought on by the COVID-19 pandemic – consisted of two office buildings, two parking garages, and food and beverage space.

According to Matter Real Estate Group – the company behind UnCommon’s development – the first office tenants will start opening for business in June, with food-and-beverage outlets starting in July; currently, the company notes that retail options at UnCommons are approximately 90 percent leased.

The second phase will add an additional two office buildings, a third parking garage, and a building called The Assembly, which will offer 5,000 square-feet of conference center space to accommodate up to 250 people, as well as food catering provided by the various eateries located in UnCommons itself.

Experts are expecting the UnCommons project – with its proposed goal of catering to the extensive needs of a diverse cross-section of the professional population – to make quite a splash when it is completed.

Phase two of construction for UnCommons is slated to be completed in summer 2023.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Auric

Nashville Developer to Build Downtown Las Vegas Luxury Apartment Complexes

LAS VEGAS, NV – A Nashville developer that has already opened one luxury apartment complex in downtown Las Vegas last year has just announced plans to construct a second apartment complex in the same area, adding to their already impressive portfolio in Southern Nevada.

Symphony Park was announced by Southern Land Company, with work on the project expected to begin in fall of 2022. The current plan for Symphony Park is for a complex that encompasses over 500 units spread out amongst a five-story building and a 22-story tower; construction on the smaller building would commence first, with work on the high-rise building slated to start in approximately one year.

In addition, Southern Land Company has another project lined up in Las Vegas’ Arts District, with the City Council having just approved plans for an as-yet untitled 335-unit apartment complex at the intersection of California Avenue and Third Street. A timetable for the groundbreaking for that project has not yet been announced.

The site of the Arts District project is currently vacant, aside from a small commercial building that is in a serious state of disrepair that will most likely be demolished when work commences.

In a statement, Southern Land representatives noted that the company was making serious efforts to address the demand for downtown apartment units “to help meet a need and offer dynamic, luxury residential options in areas of Las Vegas that we anticipate will only continue to transform and thrive.”

These two projects join Auric, a 324-unit rental complex that Southern Land developed previously that is located directly next door to the upcoming Symphony Park site. Auric is currently about 70 percent leased, according to Southern Land representatives, and features a resort-style pool area, a resident lounge with bar, and concierge service.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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 Strip

Developer Announces Plans to Construct $3 Billion Entertainment Venue Near Las Vegas Strip

LAS VEGAS, NV – A new $3 billion entertainment venue has been announced by developer Oak View Group that will be constructed south of the famed Las Vegas Strip that will feature a plethora of attractions sure to appeal to both tourists and local residents.

Oak View Group has been behind the development of several high-profile venues across the country in recent years, including the $1.5 billion UBS Arena at Belmont Park in New York and the rebuilding of Seattle’s Climate Pledge Arena.

However, Oak View is now throwing their considerable weight behind the Las Vegas entertainment industry – which is still recovering from the COVID-19 pandemic – with an as-yet unnamed entertainment project that is scheduled to officially break ground in 2023.

As it is currently envisioned, the facility will feature an 850,000-square-foot arena, a casino, a hotel and an additional amphitheater to host concerts, sports events, family entertainment, conventions and award shows.

The project is slated to be built upon a 25-acre plot of land that is located on over 66 acres situated in the vicinity of two major freeways, I-15 and I-215. The venue is being designed by two prominent architecture firms – Gensler and Populous – and construction duties will be handled by President of Global Venue Development and Special Projects at Oak View Group, Steve Collins.

The news of this project comes amid the slow-but-sure recovery of the Las Vegas tourism industry post-COVID; in February, 2.6 million people visited Las Vegas, near 70 percent more than February in 2021, but still 1 million fewer than February 2019. Nonetheless, local hotel and recreation-related construction saw an increase of 67 percent year-over-year from 2020 to 2021, which is indeed a positive sign.

However, pandemic and supply chain issues have created hurdles for this development recently, with major projects originally scheduled to debut in 2022 – such as the Fontainebleau Las Vegas and the MSG Sphere – delayed to 2023.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

MorningStar at The Canyons

Groundbreaking Ceremony Planned for Development of New Las Vegas Senior Housing Facility in Summer of 2022

LAS VEGAS, NV – In an attempt to address the ongoing need for affordable housing options for Las Vegas’ senior population, two developers based out of Denver, Colorado are finalizing plans to develop a new senior-living facility in Southern Nevada, with the groundbreaking planned for the very near future.

MorningStar Senior Living and Confluent Senior are planning on developing a new project located near the intersection of Alta Drive and Hualapai Way – dubbed MorningStar at The Canyons – which will be comprised of a new 196,000 square-foot building with 168 apartment units spread out over four stories.

The units will be broken up into 95 independent-living units, with an additional 49 assisted-living units and 24 memory-care units reserved for seniors that require additional assistance in their day-to-day lives, reports say.

Assisted Living units feature around-the-clock support from on-site Care Managers with the activities of daily living, according to the developer’s website; memory care units are for seniors that are experiencing memory loss and other cognitive functions.

The project will be constructed upon a site approximately 3.7 acres in size that the developers purchased in February for over $7.4 million, with the groundbreaking ceremony slated to take place in the summer of 2022.

According to the developer’s website, the grand opening for the facility is expected to be held in the second quarter of 2024.

MorningStar at The Canyons will offer numerous attractive amenities for its senior tenants, including an outdoor bar, pool and hot tub, in addition to a movie theater, a gym, indoor and outdoor dining venues, and a clubroom terrace with views of the famed Las Vegas Strip.

This project marks the first collaboration between MorningStar Senior Living and Confluent Senior on a development project in the state of Nevada, reports say.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Highway 93 in North Las Vegas

Huge Industrial Park Under Development in Northern Las Vegas off Interstate 15 at U.S. Highway 93

LAS VEGAS, NV – Developers who have an already very established presence in Southern Nevada are teaming up to embark on a new project to build a huge industrial park in Northern Las Vegas, which is slated to include a series of large warehouses and other related structures that are sure to be a boon to the local business community.

Moonwater Capital and Western States Contracting will be co-developing multiple buildings in Apex Industrial Park, a facility situated upon thousands of acres of land that has not seen much in the way of use in recent years, until now, that is.

The project calls for several large-scale warehouses to be constructed upon 300 acres of the property, starting with an initial warehouse that is anticipated to be over 900,000 square-feet in size upon completion; groundbreaking on that building is expected to take place in the fourth quarter of 2022, according to Moonwater representatives.

Currently, Apex is mainly comprised of empty desert land, but the property – located off Interstate 15 at U.S. Highway 93 in North Las Vegas – offers vast potential for development, with the main factor for its disuse until recently being a lack of infrastructure due to its remote location.

However, Moonwater Capital and Western States Contracting are aiming to change all of that, with work already underway on establishing the needed infrastructure; it has been confirmed that electricity has been installed in Apex, and the developers have recently entered into an agreement with the city of North Las Vegas on a water pipeline. In addition, other needed additions – such as sewers and gas – are in the works as well.

Demand for warehouses in the Southern Nevada region have increased in recent years, due mainly to the COVID-19 pandemic, which increased the degree of online shopping local residents have engaged in; this, in turn, has increased the need for distribution space, which the new development at Apex Industrial Park aims to address.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Red Rock Canyon National Conservation Area

Bonnie Springs Ranch Set to Be Developed Into Luxury Housing Community Featuring 16 Homes

LAS VEGAS, NV – Bonnie Springs Ranch, a defunct attraction near Blue Diamond, Nevada that included an 1880’s-style western town replica and a zoo, is set to get a high-end makeover in the form of a new luxury housing development.

A groundbreaking was recently held for The Reserve at Red Rock Canyon – the new name for the property – which, upon completion of construction, is slated to include 16 luxury homes, each situated upon 2 to 4 acres of land apiece.

The homes are catering distinctly to the affluent, with prices starting at a whopping $6.6 million; however, that price only includes the plot of land; if owners want to actually have a residence in which to live as well, they’ll have to build one themselves.

But despite the steep price tag for the property, owners will not have free reign to build anything their hearts desire upon it; guidelines state that any residences must be “compatible with the canyon” and not “stick out,” and the home itself is encouraged to be comprised of several structures as opposed to “one giant building.”

Once development is finished, The Reserve at Red Rock Canyon – located off State Route 159 – will take the form of a guard-gated community comprised of over 60 acres, with the majority of it surrounded by federally-owned land and some degree of private property.

Homeowners will have access to a number of high-end amenities, such as boutique hotel, an outdoor amphitheater, an event barn, and a gourmet restaurant; in addition, residents will also be treated to perpetual breathtaking views of the Spring Mountains and surrounding Red Rock Canyon National Conservation Area, with developer Joel Laub stating that “Nothing will ever be built around this property.

Water lines and fire hydrants have already been installed in the community, and additional infrastructure work is underway; actual construction of the community’s commercial aspects is slated to begin by the end of 2022, although that estimate is not set in stone.

“Show homes” are currently in the design process by luxury homebuilder Blue Heron and architecture firm Backen & Backen.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

The Pass Casino Kit Leong

Las Vegas’ The Pass Casino Files Plans to Add Six-Story, Atwell Suites-Branded Hotel At Once Quiet Water Street

LAS VEGAS, NV – Located in Downtown Henderson, The Pass Casino – formerly known as the Eldorado, until it was sold in late 2020 – has announced plans to add onto the establishment by building a six-story Atwell Suites-branded hotel on the property.

Developer Joe DeSimone, who renovated and renamed the Eldorado upon its purchase for an undisclosed price, has filed plans with the city of Henderson to construct the approximately $20 million hotel, which is slated to have 90 rooms. While a specific date has not yet been decided for the project’s groundbreaking, it is anticipated to take place in either September or October, reports say.

The Atwell Suites hotel – a brand of British-owned IHG Hotels & Resorts – is expected to offer a variety of amenities for guests, such as a pool and wine bar; however, construction of a dedicated parking garage is not necessary, DeSimone notes, since The Pass itself already possesses one that will be adequate enough to serve the needs of the hotel as well.

DeSimone, founder and owner of First Federal Realty DeSimone, said that building a hotel for The Pass is a great business move, as the casino’s location at 140 Water Street is centrally located in an up-and-coming area.

Recently, the once quiet Water Street has seen a large increase in foot traffic as breweries, restaurants, an ice rink, and other entertainment options have been added in recent years. DeSimone noted that The Pass has benefited from the street’s current upward trajectory – calling recent business “very strong” – and said that part of his reasoning for adding the hotel is due to the fact that the area is currently without any significant hotel competition.

The nearest large-scale hotel to The Pass’ location – the Fiesta Henderson – has yet to reopen after having shut down during the COVID-19 pandemic, and has not made any announcements regarding its future.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Warehouse Rentals

Canada-Based Developer Breaks Ground on 261,751 Square-Foot Las Vegas Pioneer Business Center

LAS VEGAS, NV – Recently, a Canadian real estate developer preformed a ceremonial groundbreaking on an upcoming Las Vegas-based warehouse project that, upon completion, will come in at over 250,000 square feet in size.

Ryan Beedie, who regularly travels to and spends time in Vegas – estimates that he’s been to the city as many as 200 times and counting – which influenced his decision to develop his very first-ever U.S. based project there, he said.

Last Monday, Beedie broke ground on the upcoming Pioneer Business Center, a two-building warehouse complex in the southwest valley that, upon completion which is expected by the end of 2022, will offer 261,751 square-feet of space.

Despite this being his very first construction project in Vegas, Beedie is no stranger to the local real estate marketplace, already boasting the ownership of industrial buildings and condominium towers in the northern region of the city.

Once Pioneer Business Center is completed and ready to open for business, Beedie notes he plans on selling the warehouse’s 26 units to individual buyers, as opposed to the more common practice of leasing them to tenants or selling the complex to a new landlord.

Beedie referred to this plan as his “niche in the market,” stating that it should appeal to companies put off by steadily rising rental rates in Southern Nevada; the developer has already lined up buyers for six units and counting, he said.

What should prove to be especially appealing about Beedie’s plan to sell space instead of renting it out is that for-sale warehouse space normally targets companies seeking in excess of 50,000 square feet. In contrast, Beedie will be offering smaller spaces for sale, which should interest smaller companies that don’t require the extra space; units in Pioneer Business Center, just north of Sunset Road between Tenaya Way and Buffalo Drive, will range in size from 7,791 to 13,186 square feet.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.