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Category Archive : Development

Las Vegas, Nevada

Las Vegas Luxury Home Market Sets Records Despite Ongoing COVID-19 Pandemic

LAS VEGAS, NV – According to reports, the Las Vegas luxury home market is being described as “on fire” by experts, with home sales continuing to set records despite the ongoing COVID-19 pandemic. For example, Noel Lee, 71, the CEO of Monster Inc., recently sold his Henderson home – measuring 11,375 square feet with six bedrooms and nine bathrooms – for $7 million, the third-highest price paid for a residence in the Las Vegas valley in 2020 so far. Lee’s two-story home features two master suites, an office, game room, fitness room, wine cellar, theater, an infinity-edge pool, and a five-car garage.

The other two highest 2020 luxury home sales in Las Vegas were a MacDonald Highlands mansion owned by Paragon Gaming co-founder Diana Bennett for a whopping $11.25 million, and a Summerlin mansion located in The Ridges – a master-planned community – for $10.15 million.

In addition, 96 homes with a closing price of $1 million or higher were made in September alone, setting an all-time one month Las Vegas record. Previously, the record for homes at this price point (or higher) was 74 in May of 2019.

Overall, in September, 502 luxury homes and condos were sold in Las Vegas, representing a 16.4 percent increase over the same month in 2019, when 431 luxury homes and condos were sold. In contrast, the number of single-family homes – in all price ranges – in Southern Nevada are down 5.6 percent from 2019.

Industry experts are noting that the sales of existing luxury homes are bolstering the Las Vegas real estate market as a whole, according to reports; there are currently 160 sales pending in September of luxury homes in Las Vegas with an additional seven months of inventory to spare, further showing that the Sothern Nevada luxury sales market is showing no signs of slowing down anytime soon.

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.

Golf Course Las Vegas

Las Vegas Golf Course Formerly Owned by Famed Gambler Billy Walters Possibly Being Converted Into Housing Property

LAS VEGAS, NV – According to recent reports, an East Las Vegas golf course once owned by famous gambler Billy Walters will potentially be converted into land for housing by its current ownership.

Rezoning of the 160-acre Royal Links Golf Club for residential use was recently approved by the Clark County Commission. The club property, owned by Shelby Futch – who purchased it in 2016 – is located one mile east of Nellis Boulevard, running along Vegas Valley Drive.

Futch has noted that he envisions a very dense network of approximately 1,200 homes to be built upon the property; plans for the project have been filed with Clark County, but at this point in time they are merely considered to be in a conceptual stage and nothing more. Reports indicate that land owners will sometimes get potential projects officially approved in order to make their property more appealing to an outside developer, who would then swoop in and make a purchase.

The Royal Links Golf Club was originally owned by Walters, an entrepreneur, philanthropist, and retired professional gambler widely regarded as among the most successful sports bettors in Las Vegas, having a winning streak which extended for over 30 years. In 2011, Walters claimed he could make anywhere from $50 to $60 million on a good year from sports betting alone.

Walters bought the land from the city of Las Vegas in 1999 for $894,000, but afterwards found himself embroiled in controversy in 2005 after offering the city $7.2 million to lift a deed restriction on residential development – approved by the City Council, which was headed by Walters’ personal friend and former lawyer, Mayor Oscar Goodman – so as to allow residential development, which would have vastly increased the property’s value. Nevada’s then-attorney general announced an investigation into the matter, and the City Council then quickly reversed its decision.

In April 2017, Walters was found guilty of insider trading and was sentenced to 5 years in prison and fined $10 million. He was recently released from prison due to being vulnerable to COVID-19.

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.

Boring Company

Boring Company Looks to Expand Las Vegas-Based Underground “People Mover”

LAS VEGAS, NV – According to reports, the Elon Musk-owned Boring Company is looking to expand upon the so-called “people mover” underground transit system they have installed for the Las Vegas Convention Center, with the intention of extending its scope into the city’s tourism corridor.

A people mover is a type of small scale automated guideway transit – utilizing self-driving, all-electric Tesla vehicles – that service the Las Vegas convention center, originally slated to be completed in time for the January 2021 Consumer Electronics Show, before it was cancelled due to the ongoing COVID-19 pandemic, that is.

The Boring Company has submitted a special use permit application to the city of Las Vegas, as well as a land use design review to Clark County which, if approved, would account for approximately 15 miles of additional tunnels – in both directions – being constructed throughout Las Vegas. The project is said to be supported by numerous resort hotels in the downtown area.

If the Boring Company’s permits are approved, they would be able to extend the people mover throughout a proposed 50 stations, ranging from the Fremont Street Experience and Circa’s Garage Mahal to Allegiant Stadium, the new home of the Las Vegas Raiders NFL team. In addition, an extension servicing McCarran International Airport is also a possibility.

If approved, the people mover extension would be constructed at the cost of the Boring Company; however, Musk’s business would retain all farebox and advertising revenue generated by the system upon completion, reports say.

The Boring Company has distributed a concept map of the proposed system, showing separate northbound and southbound tunnels running beneath Las Vegas Boulevard, Main Street, Frank Sinatra Drive, Tropicana Avenue, Russell Road, Valley View Boulevard, Arville Street, Flamingo Road and Paradise Road.

Construction on the people mover officially began on November 15, 2019, and is being constructed in partnership with the LVCVA, and is slated to be completed in January 2021.

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.

Tuscan Highlands

Las Vegas Developer Stuffing Apartment Complex with Amenities to Attract Wealthy Tenants

LAS VEGAS, NV – According to recent reports, a Las Vegas developer is attempting to woo wealthy potential tenants to his new apartment complex by making sure it features numerous amenities catering to a particular crowd; this runs in contrast with how the majority of Nevada developers are handling new projects due to the difficulties posed by the ongoing COVID-19 pandemic.

With unemployment still an issue, many people are in need of affordable living space but are facing significant financial hurdles. But while many are racing to construct low-cost housing options aimed at the masses, long-time developer Bob Schulman, 83, is instead going in the opposite direction and aiming his apartments at affluent individuals.

Schulman’s 220-unit South Beach complex, which he sold for $62 million in 2018, boasted a slew of fancy options for tenants, including indoor and outdoor gyms, steam and sauna rooms, poolside cabanas, sand volleyball, a basketball court and a soccer field. Now the developer has opened a new apartment complex that once again caters to high-end clientele, taking a risk due to the fact that COVID-19 has had a definite negative impact upon the rental scene in Southern Nevada.

The 304-unit Tuscan Highlands is Schulman’s new establishment, located in the south end of the Las Vegas valley, and includes numerous luxury amenities aimed at a well-to-do younger set, including an esports lounge, sport court, restaurant, wine garden, rock climbing tower, gym and spa, soundproof studio, and even special tenant lockers for grocery delivery that are temperature-controlled. It also includes a fitness director on-staff and charges tenants a $125 monthly “resort fee” to assist with the costs of extras.

Architect Magazine, Schulman Properties.
Dubbed the poshest playground in town, the property offers residents a variety of notable amenities and services, including lifestyle, health and well-being programs, onsite concierge, e-sport/gaming lounges, an indoor/outdoor restaurant, resort-style saltwater pool and spa, outdoor athletic courts and much more. Photo: Architect Magazine, Schulman Properties.

The developer originally broke ground on the complex in early 2019, before the local economy was ravaged by the pandemic; however, despite initial fears over how COVID-19 would affect rentals, Schulman reports that multiple apartments at Tuscan Highlands – where rent ranges from $1,275 to $3,800 per month – have been leased, with 78 of the 304 units currently occupied and climbing.

Clearly, despite the economic uncertainty out there these days, there are still people that can afford the finer things in life.

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.

tunnle

The Boring Company’s Las Vegas-Based “People Mover” Making Rapid Progress, Nearly Complete

LAS VEGAS, NV – According to news reports, business magnate, industrial designer, engineer, and philanthropist Elon Musk’s The Boring Company has been making rapid progress as of late on its Las Vegas “people mover” system, with the tunnel-based self-driving car transport system nearly complete.

After a year of construction, Musk confirmed this week via Twitter that the ambitious project will be finished shortly.

“Tunnels under cities with self-driving electric cars will feel like warp drive,” he tweeted. “First operational tunnel under Vegas almost done.”

A people mover is a type of small scale automated guide-way transit – utilizing self-driving, all-electric Tesla vehicles – that will service the Las Vegas Convention Center via twin tunnels, and was originally slated to be completed in time for the January 2021 Consumer Electronics Show; however, due to the COVID-19 pandemic, the event has since been changed to online-only this year.

The Tesla vehicles that the people mover will utilize have a capacity of 16 passengers and there will be 62 vehicles in use at the time it opens to the public.

However, that isn’t the end of The Boring Company’s ambitions in Las Vegas; Musk has stated that he is envisioning on extending the tunnel to the north end of the Las Vegas Strip to also serve Wynn Resorts’ Encore and Resorts World; the so-called “Vegas Loop” was confirmed by Clark County Commissioner Tick Segerblom via Twitter.

The people mover, in its current form, encompasses two miles from end to end, and is expected to make negotiating the vast Las Vegas Convention Center complex far more manageable for the estimated one million people who visit the site on an annual basis. Upon completion of the $52.5 million project, each tunnel will be one-way and will whisk up to 4,400 attendees per hour from Convention Center’s South Hall across the 200-acre campus, free of charge.

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.

Alpine Apartments

Las Vegas Apartments with History of Code Violations Facing Possible Stiffer Penalties, City Says

LAS VEGAS, NV – According to recent reports, the city council of Las Vegas is considering beefing up enforcement of penalties imposed upon apartment buildings and hotels that are considered “dangerous” due to repeated code violations.

The proposals, which are expected to be heard today, came to be following outrage over a fire in December at the Alpine Motel Apartments that took the lives of six people and injured an additional 13. The Alpine had a history of coming up short in terms of safety inspections, and had not been inspected for over two years prior to the deadly fire, reports say. The Alpine was inspected after the fire, at which time officials discovered 42 fire code violations.

The new program to be proposed on Wednesday by the city council, if approved, would focus on aging properties – often catering to low-income families – that are considered dangerous due to potential fire hazards and inadequate fire safety equipment, and would strengthen an existing program introduced in 2017.

The scope of the program would be expanded as well. Currently, the safety program only applies to apartment complexes with at least five units; if passed by the city council, the amended program would lower that number to at least four units, which would add coverage to an additional 1,110 apartment buildings.

Fires in apartments have been a serious issue in recent years, with 16 people perishing in blazes since 2015. Part of the reason for the death toll and the push to address it is because current state law does not mandate that older buildings adhere to newer safety protocols as they are adopted for newer construction. As a result, older complexes tend to be at greater risk of fires if those running them elect not to upgrade as new fire safety regulations are signed into law.

An example of an older establishment being a particular danger in terms of fire safety is the Alpine, which did not possess a sprinkler system, having originally been constructed in 1972.

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.

Resorts World Las Vegas

Despite COVID-19 Pandemic, Officials Report Resorts World Las Vegas Still to be Completed in Time for 2021 Opening

LAS VEGAS, NV – Resorts World Las Vegas, a hotel and casino currently under construction by the Malaysia-based Genting Group on the Las Vegas Strip, is still on-track to meet its original projected summer 2021 opening date, despite the trials and tribulations presented by the COVID-19 pandemic, according to reports.

The previous site of the Stardust Resort and Casino until 2007, groundbreaking for Resorts World took place in May 2015, and construction began in late 2017. At a cost of $4.3 billion, Resorts World is potentially the most expensive resort property ever developed in Las Vegas.

Even with the limitations and delays presented due to COVID-19, not only is the project proceeding on-schedule for its opening date, but the property’s management announced in July the addition of a 5,000-seat theater in partnership with AEG.

Genting Group credits their ability to remain on-track throughout the course of the project with numerous cutting-edge safety protocols that they have introduced to keep workers safe and healthy while abiding by all guidelines imposed by local and state government in order to curb the spread of COVID-19.

Resorts World Las Vegas will offer a whopping 3,500 rooms for guests upon its 2021 opening, as well as a 75,000 square-foot nightclub, convention space, a 220,000 square-foot pool complex, an LED video globe, and a 100,000 square-foot LED screen, measuring 294 feet in height and 340 feet in width.

Portions of the property will be branded as Hilton, while other portions will be marketed under two of Hilton’s other brands, LXR Hotels and Conrad Hotels.

In addition, Resorts World has also commissioned The Boring Company, owned by Tesla’s Elon Musk, to construct an underground people mover system, similar to the one that the company is currently constructing for the Las Vegas Convention Center. The system would function as an extension of the one for the Convention Center, and would ferry people back and forth between the two locations upon completion.

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.

Elysian at Hughes Center

Upscale Rental Complex in Works at Hughes Center; Developer Plans Fall 2020 Opening

LAS VEGAS, NV – The Calida Group – one of the largest developers in Southern Nevada – is planning to open a new apartment complex in the Hughes Center office park in fall of 2020, one that promises a plethora of upscale amenities for tenants, according to reports. Dubbed the Elysian at Hughes Center, the complex – which will begin pre-leasing later this month – is a 368-unit facility with apartments that range in size from 619 square feet to 2,477 square feet. Rent varies from $1,285 to $4,400 per month, according to Calida Group reps.

The complex takes the form of two five-story buildings, each constructed around a six-level parking garage.

Elysian at Hughes Center features a slew of high-class perks for tenants, ranging from a 5,065 square-foot indoor and outdoor “sky lounge” providing panoramic views of the Las Vegas Strip, a clubhouse that contains exercise facilities, tanning rooms, a golf simulator, and a wine-tasking lounge, as well as landscaped resort-style pool, spa, and recreation decks.

The apartment complex is located on a 6-acre site one mile east of the Las Vegas Strip, at the northern edge of the 68-acre Hughes Center. Calida purchased the property for $15.9 million in 2017 from The Blackstone Group, which also serves as the Hughes Center landlord. Ground was broken on construction for Elysian at Hughes Center on January of 2019.

Calida owner Eric Cohen has expressed great excitement about the Elysian project, noting that its home at Hughes Center – an office park with thousands of workers and situated within walking distance of dozens of restaurants – makes it an “amazing location” and a great alternative to the high-rises that are on the nearby Strip.

The projected cost for the project is over $100 million, 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.

Construction

Final Housing Project in Las Vegas’ Providence Community Breaks Ground

LAS VEGAS, NV – Local developer Edward Homes recently broke ground on a new housing project located in Las Vegas’ 1,200-acre Providence community, the last new-home development slated to be constructed at that location. The new housing tract, called Brownstones at Providence, is planned to add 30 new townhouses on a 3-acre plot of land, and is expected to start framing the new units in approximately a month. The project, the last new addition to the Providence community according to reports, has already had 10 signed sales contracts by buyers of the townhouses.

Providence is a master-planned community located in the northwest valley of Southern Nevada near the 215 Beltway and Hualapai Way. Its origins can be traced back prior to the mid-2000’s recession, a period of time where developers consistently bought up large plots of land to construct housing developments, which was a very profitable venture before the recession hit. Developed by the Focus Property Group, Providence first began to sell homes in the community in 2006, at the height of the region’s real estate boom.

Edward Homes noted that the low supply of homes on the Las Vegas real estate market was the driving force behind the decision to proceed with the construction of Brownstones at Providence, citing the strong demand for new housing despite the impact of the ongoing COVID-19 pandemic.

June 2020 saw approximately 1,230 sales contracts signed with homebuilders in Southern Nevada, the highest amount since February. Meanwhile, pre-existing home sales in July numbered over 4,000, the largest amount of homes sold in Las Vegas since 2017.

The fact that buyers are able to lock in very low interest rates on loans these days – as low as 3 percent – has also helped to sustain the demand for housing, regardless of the financial difficulties that many residents are experiencing.

Construction for the Brownstones at Providence project is expected to be completed by the end of summer 2021.

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.

New Apartment Complex in Henderson

Developer Announces Plans for New Apartment Complex in Henderson

LAS VEGAS, NV – Plans for a new apartment complex in Henderson were recently announced by a Las Vegas-based developer to be constructed on a 19-acre plot of land at the southeast corner of Galleria Drive and Boulder Highway, according to reports.

Tru Development Company noted that the complex, dubbed The Apex at Galleria (stylized as “theAPEX @galleria”), will be a 336-unit apartment complex with and 3.8 acres of retail development available for sale, ground lease, or build to suit as well.

Tru is teaming up with MultiGreen Properties to bring the project to life, according to Tim Deters, President and CEO of TRU Development.

“TRU Development Company is excited to be partnering with MultiGreen Properties on our first project collaboration in southern Nevada,” he said. “We are honored to have the opportunity to expand the multifamily offerings in the Las Vegas Valley and create a community centered around technology, sustainability, and wellness. We look forward to bringing our vision to fruition and welcoming residents in 2021.”

The apartments at The Apex at Galleria will be available for lease in March of 2021, and heralds what the developer is calling a series of “Apex” branded communities to be built throughout the state of Nevada, according to Randy Norton, Founder and Chairman of the Board at MultiGreen.

“We are excited to be working with TRU in the State of Nevada as we continue to grow and design theAPEX brand,” he said. “Our goal is to build thousands of newly constructed APEX- branded units together, all of which will be attainable, sustainable, and tech-enabled residences.”

Tru most recently is responsible for the construction of the Kaktus Life rental project off Cactus Avenue and Interstate 15, a 4-story complex. It also has plans for a southwest valley apartment building in the works, adjacent to the Meadows mall. Ground on Apex at Galleria is expected to be broken at some point in the fourth quarter of 2020.

Editors note: The photo used in this story, a rendering of the new apartment complex in Henderson, is credited to TRU Development, Nevada Business Magazine, Nevada Business Journal and Press Release Wire.

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.

Allegiant Stadium

Las Vegas Raiders Announce Allegiant Stadium to be Ready On-Time, but 2020 Season to be Played Without Fans

LAS VEGAS, NV – It was recently announced that construction of the long-awaited Allegiant Stadium, new home of the NFL Las Vegas Raiders, will be ready for start of the team’s 2020 season on September 21, despite numerous hurdles and challenges thrown in its path thanks to the ongoing COVID-19 pandemic. However, that good news comes with one caveat- according to the team’s management; all of the Raiders’ games played for their inaugural season at Allegiant will be done so without the benefit of fans, who have been banned from the venue due to health concerns.

The Raiders announced that fans would not be allowed in the stadium for the 2020 season in a statement released this week to season ticket holders, following suit with many other professional sporting teams that are taking similar precautions to help curb the spread of COVID-19, the disease caused by the coronavirus that has claimed over 160,000 lives in the U.S. to date.

“There is nothing more important to the Raider Organization than the health and safety of our players, coaches, staff, stadium workers and fans,” the statement said. “After intensive consultation with healthcare officials and state and community leaders, we have made the difficult decision to play the Las Vegas Raiders 2020 inaugural season at Allegiant Stadium without fans in attendance. This decision is based on our commitment to protect the health of our fans and the entire community in response to the coronavirus pandemic affecting us all.”

Reduced seating was considered but ultimately ruled out by the team; season ticket holders have the option of either receiving full refunds or applying their payments to the 2021 season instead.

NFL Las Vegas Raiders training facility and headquarters in Henderson, Nevada
New NFL Las Vegas Raiders training facility and headquarters in Henderson, Nevada. Editorial credit: Kyle Oster / Shutterstock.com. Featured photo top: Editorial credit: Kit Leong / Shutterstock.com

Allegiant Stadium, a $2 billion, 65,000-seat complex built on a 63-acre plot of land located just west of Interstate 15, officially broke ground in November of 2017 and faced several hurdles in its development – thanks in no small part to the pandemic – while making headway towards its 2020 goal of completion.

The Raiders will play their first game at Allegiant on September 21 when they host the New Orleans Saints. A planned Garth Brooks concert for August 22 – the first-ever event planned for the stadium – was recently re-scheduled to February 27.

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.

Land

38 Undeveloped Acres of Vegas Strip Property Goes for Over $108 Million in Auction

LAS VEGAS, NV – According to reports, 38 acres of undeveloped land located on the famed Las Vegas Strip recently sold for $108.6 million during an online auction that garnered four separate bids by undisclosed buyers.

The virtual auction was the first of its kind held in Clark County due to social distancing guidelines brought about by the ongoing COVID-19 pandemic, which made a traditional in-person auction problematic. The land has been designated as a “qualified opportunity zone,” meaning that it can be developed for a variety of uses, including as a casino, hotels, retail, restaurants, parking, resorts, in addition to a variety of other establishments. The land is just west of McCarran International Airport, which would mean that different parts of the property would have varying degrees of maximum height allowances.

The property is located on the corner of Hacienda Avenue and Las Vegas Boulevard, and is within walking distance of Allegiant Stadium, the upcoming home of the NFL Las Vegas Raiders and the University of Nevada Las Vegas Rebels. The land includes 750 feet of frontage on Las Vegas Boulevard across from the Mandalay Bay Resort and Casino.

The auction involved the sale of six separate lots in the area which were owned by Desert Land, LLC, Desert Oasis Apartments, LLC and Desert Oasis Investments, LLC. The property came into Clark County ownership after the aforementioned firms filed Chapter 11 bankruptcy petitions in the District of Nevada.

At the time, Kavita Gupta was appointed by the Chapter 11 Trustee, and oversaw the sales process and was given management of the debtors’ business and property dealings. The trustee, in turn, engaged Keen-Summit Capital Partners LLC and Colliers International as the real estate agents for the auction.

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.