Category Archive : Development

LAS VEGAS, NV – KB Home, a major homebuilder in the Las Vegas Valley, has announced that they have purchased a large plot of “prime” land adjacent to Henderson upon which they intend to construct multiple housing units next year.

The 20 acres of land located in the Southeast valley along Boulder Highway and northeast of Harry Reid International Airport will be the site of KB Home’s latest construction endeavor, with the developer stating they will erect 229 homes at the site.

KB Home purchased the commercially-zoned land from The Siegel Group – a Las Vegas-based real estate investment and management firm – for $19 million, and is currently in the process of entitling the land for residential development.

The Siegel Group President, Stephen Siegel, noted that his firm had received numerous offers for the land in recent years, and said that he is happy that it will be used to address the housing crisis that is currently plaguing Southern Nevada.

We’re thrilled to complete this sale with KB Home, a top-tier builder known for creating exceptional residential communities,” Siegel said. “Their development will bring much-needed housing to Boulder Highway and positively impact the community.”

KB Home’s Division President, Jim McDade, revealed that the 229-unit single-family housing community will be dubbed “Manzano,” and that both construction work and home sales will commence on an unspecified date in 2025.

The new homes at Manzano will be designed for the way people live today, with popular interior features like modern kitchens overlooking large great rooms, expansive bedroom suites with walk-in closets, and ample storage space,” McDade said. “The community’s floor plans will feature up to five bedrooms and four baths.”

The original plot of land involved in the deal totaled 27 acres, with The Siegel Group holding onto the remaining seven acres for future development; there is also currently a 186-unit extended-stay hotel located on the property as well.

Shelter Realty is a Real Estate and Property Management Company specializing 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 – T.B. Penick & Sons, the general contractor of Las Vegas’ first “all-for-rent” apartment complex celebrated a significant construction milestone this month, officially topping off the building – which is when the last beam is placed atop a structure – in anticipation of its planned opening in summer of 2025.

Dubbed “Capella” and located in the Las Vegas neighborhood of Symphony Park, the facility will be the first in the city where tenants will have all-inclusive rent agreements, also known as “all-for-rent” or “rent with utilities included.”

According to developer Southern Land Co., Capella will feature 272 apartments – comprised of one and two-bedroom units and penthouses – spread out over 22 stories, with impressive views of the famed Las Vegas Strip, the downtown area, and the mountain ranges surrounding the city.

The apartments will boast numerous amenities, such as kitchen islands that are movable, high-end finishings, and the latest in smart home technology. The bottom floor of the building will also offer 16,250 square feet of commercial space, including retail and restaurant options.

Southern Land Co. is developing Bria, which is Capella’s 275-unit near-duplicate counterpart, with both projects slated to open next summer. Once opened, they will join Auric, another apartment complex that Southern Land Co. opened in Symphony Park in 2021.

Both Capella and Bria will have fancy perks for residents, such as a lounge, state-of-the-art fitness center, yoga studio, dog run, co-working space, concierge services, resort-style swimming pool and hot tub, as well as a pool lounge with outdoor bar, grills, televisions, and jumbotron.

Southern Land Co. founder and CEO Tim Downey said that the dual projects will prove to be a boon to the residents of the artsy Las Vegas neighborhood.

“The introduction of Bria and Capella furthers our vision of making Symphony Park a premier urban neighborhood that blends luxury living with arts and culture – and the topping off of Capella signifies that we are one step closer to realizing our vision,” he said.

Shelter Realty is a Real Estate and Property Management Company specializing 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 frustrated homeowners in Las Vegas have filed a lawsuit in an attempt to stop the construction of a gigantic Mormon temple in their neighborhood, claiming that the Las Vegas City Council misinterpreted building restrictions when granting approval to the project; the angry residents are requesting that a judge overturn the council’s decision.

The Church of Jesus Christ of Latter-Day Saints temple is slated to take the form of a 216-foot tall, 87,000 square-foot structure that the plaintiffs are saying would disrupt the neighborhood’s character by “dwarfing” all the other buildings and homes in the area, as well as creating light pollution, traffic congestion, and overall disruption in an otherwise quiet area.

We’re talking about a three-story office building that’s going to be lit up 24/7,” resident Brinton Marsden said to local media. “It’s going to stick out like a sore thumb in the middle of a rural setting.”

We have no streetlights, no curbs, no gutters, and no sidewalks, and that’s what we like,” said fellow resident Erin DeLoe. “This structure will be as tall as the Durango Casino.”

The attorney representing the plaintiffs, Evan Schwab, said that the city council abused its authority when they granted approval to the temple project, and alleged that the church’s law firm had made monetary donations to specific council members prior to the vote, creating very real conflicts of interest.

Las Vegas City Council abused its discretion and the findings/rulings,” Schwab says in court documents. “The City of Las Vegas’ decision was not supported by substantial evidence.”

Local residents had conducted protests leading up to the council’s vote; at one of them, they flew a balloon at a height of 216 feet to give a visual representation of the staggering height of the temple once it is complete.

However, the project has its share of supporters as well; local resident Lindsay Nielson, herself a Mormon, said that the church will be a “positive addition to the community” and will “adhere to all regulations” once it is complete.

Shelter Realty is a Real Estate and Property Management Company specializing 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 – The 20-year effort to renovate and upgrade the Las Vegas Convention and Visitors Authority’s (LVCVA) public convention center reached a significant milestone this week ahead of the much-anticipated completion of the project’s $620 million Phase 3 in 2025.

A white iron beam signed by construction workers, local officials and community leaders was raised and mounted at the Las Vegas Convention Center’s highest point on Tuesday, bringing its design in-line with the facility’s West Hall – a recent addition to the building that was completed in 2021 at the cost of nearly $1 billion – and establishing an arc over the Center’s newly-built lobby.

LVCVA President and CEO Steve Hill said that Tuesday’s milestone represented the culmination of two decades of hard work that will prove to be an immense boon to the city of Las Vegas and its residents and business community.

It’s really significant for Las Vegas and for our customers. This city, this organization, has been working for 20 years to make this happen,” Hill said. “Being here today is a testament to the importance of the meeting and convention industry to Las Vegas, the diligence of the board and this community over the years to make it happen. We’re excited. It’s a milestone for our city.”

The plan to renovate and expand the Convention Center was kicked around by the LVCVA board over 20 years ago, but the project was temporarily shelved during the mid-2000s recession. Once the local economy showed signs of improvement it began to move forward once again, but the plan was then sidetracked a second time by the COVID-19 pandemic.

After the West Hall was expansion was completed in 2021, the project then utilized its design aesthetic as a guide for the redesign of the “legacy campus,” referring to the original Convention Center’s structure; the renovation is currently considered to be 50 percent complete.

The South Hall’s east entrance was completed in January, as well as a new board meeting room and the LVCVA’s executive offices. Renovation on the North Hall is expected to be completed by the fall.

Shelter Realty is a Real Estate and Property Management Company specializing 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 report indicates that the majority of homebuilders in Las Vegas saw strong sales increases during the first half of 2024 when compared to the same period of time in 2023, with seven of the top ten developers in the region reporting impressive jumps in the double-digits.

Led by Lennar, the current top homebuilder so far this year, there were a total of 884 sales of new construction homes in Las Vegas in June 2024 alone, which represents a 31 percent decrease from May – when that number was 1,273 – but a 15.6 percent decrease from June 2023, when 1,048 new homes were sold.

But despite the overall slowdown in sales in June, 2024 is nonetheless going strong, with a total of 6,652 in net sales having been made, which is a 16 percent jump from 5,589 from the same period of time in 2023.

Among builders seeing double-digit sales increases Lennar led the pack, having had 1,198 net sales so far in 2024, which – when taking away cancellations – represents a 19 percent increase over the 1,009 they sold in the first half of last year. Lennar was also the top selling builder in June as well, with 148 net sales.

Next up is D.R. Horton, whose 931 net sales in the first half of 2024 was a jump of 6 percent over the 879 sold in the first half of 2023. In third was the Pulte Group with 900 net sales – 15 percent higher than the 785 sold in 2023 – and in fourth was KB Home, which had net sales of 728. However, despite their placing on the list, KB actually recorded a decrease in sales when compared to last year, moving only 728 new homes as opposed to 856 last year.

Fifth place goes to Richmond American with 578 net sales (up 37 percent over 422 in 2023); in at sixth was Century Communities with 410 net sales (an impressive 122 percent jump over 185 last year); and seventh goes to Toll Brothers, who had 36 net sales (up 80 percent over 191).

Shelter Realty is a Real Estate and Property Management Company specializing 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 – The administration will be authorizing the sale of a set acreage of land in Southern Nevada by the Bureau of Land Management (BLM) for the price of $100 per acre, expressly for the construction of affordable housing to address the shortage plaguing residents of the state.

Currently, the federal government owns 88 percent of the land in Clark County along, with over half of that property – 2.6 million acres – managed by BLM. The failure to release parts of that land for development has contributed to the current housing crisis being experienced in the region, experts say.

BLM has been authorized to release 525.5 acres for 15,000 units of affordable housing for $100 an acre, with the initial 20 acres located in the middle of a Mountain’s Edge neighborhood in the southwest Las Vegas Valley.

During a previous visit to Nevada while campaigning for reelection in November, the President had also encouraged lawmakers to pass a bill to establish a 5 percent cap on rent increases in existing rental units.

In a statement, Nevada Governor Joe Lombardo addressed both the proposed rent cap and the decision to allow BLM to release land for affordable housing development. He acknowledged the action as helpful but insufficient to fully address the challenges faced by prospective homeowners in the state.

While the release of federal land for subsidized housing in Las Vegas is one arrow in our quiver, significant work remains in alleviating high housing costs for the middle class and eliminating federal barriers to housing development across the state,” Lombardo said. “Like many others, I’m also concerned about President Biden’s rent control proposal, which studies have repeatedly shown to inadvertently raise rental costs and lead to lower-quality housing options. My administration remains committed to delivering sustainable and practical long-term housing solutions for Nevadans.”

Shelter Realty is a Real Estate and Property Management Company specializing 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 – In response to the ever-rising need for additional accommodations for out-of-town visitors, a Las Vegas-based developer – Schulman Properties – has announced they currently have two new hotel projects in the works in the Valley.

According to Schulman Properties chairman and owner Bob Schulman, the first of these two proposed projects is a $115 million luxury apartment and medical facility complex in the city’s bustling Arts District named Ilmunia Midtown, slated to be located near the intersection of Charleston Boulevard and Grand Central Parkway.

Schulman said that the growing popularity of the Arts District has been attracting more and more tourists in recent years, making it a prime site for new hotel space.

The Arts District, providing the restaurants and the entertainment and stuff it does, and the arts, I think it’s all huge,” he said. “I think we’re like San Diego’s (Gaslamp Quarter) 20 to 30 years ago.”

The second hotel proposed by Schulman Properties is yet another luxury complex, this one situated in Lake Las Vegas. Both projects are in early stages of development, and currently any schedule for their completion is not yet available.

Schulman’s company is focusing on luxury real estate in Las Vegas – a segment of the industry that he says is growing by leaps and bounds as of late – having opened a 232-unit apartment building earlier this month in Henderson called Ilmunia on Raiders Way that is already quite busy.

The developer noted that his apartments cost an average of approximately $90 million to construct, followed by an additional $20 for high-end amenities that include gourmet room service, pools, outdoor movie screens, exercise facilities, dog parks, and much more.

Rents in Schulman Properties’ apartments range anywhere from $2,000 to $4,000 per month for one or two-bedroom units, all the way up to $8,000 per month for penthouses; despite the high prices and having only just opened in early July, Ilmunia on Raiders Way is already 35 percent leased, Schulman said.

Shelter Realty is a Real Estate and Property Management Company specializing 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 – This week, the Oakland Athletics are set to reveal the financing details and overall construction plan for the Major League Baseball (MLB) team’s proposed new ballpark on the Las Vegas Strip, ahead of their highly-anticipated relocation there starting with the 2028 season.

At the meeting of the Las Vegas Stadium Authority scheduled for Thursday, July 18, one of the items on the agenda is the Athletics’ draft development agreement, which is slated to contain a full breakdown of where the money streams that will make the proposed $1.5 billion stadium a reality are coming from, including $380 million courtesy of Southern Nevada taxpayers.

The new home of the Athletics – who are joining the NFL Raiders in moving from their former hometown of Oakland, California – will be on a nine-acre plot of land situated on the 35-acre site of the Tropicana, located at Las Vegas Boulevard and Tropicana Avenue.

Currently, the plan is to demolish the Tropicana to make way for the A’s stadium and to build a new 1,500-room hotel and casino on the remaining acreage. Bally’s Corp., who owns the Tropicana, has stated that they will be imploding the two hotel towers in October.

The A’s home stadium will take the form of a 35,000-seat retractable roof stadium. In addition to the $380 million in public funds that have been earmarked for the A’s new stadium, and the project in its current form could potentially also receive up to $180 million in transferable tax credits as well.

Construction is scheduled to begin on the team’s Las Vegas Strip ballpark in April 2025; the A’s will be playing their final season at their Oakland Coliseum this year, after which they will temporarily be based out of a Sacramento minor league ballpark for the 2025-2027 seasons before moving to Las Vegas.

Shelter Realty is a Real Estate and Property Management Company specializing 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 – Renaissance III, an “underperforming” Las Vegas shopping center that recently went into foreclosure, has been purchased by Aspen Real Estate for $24.7 million, as announced by the New Jersey-based private equity real estate investment firm via a press release on Monday.

The 225,748-square-foot property, located in a heavily-populated area two miles from the University of Nevada-Las Vegas at the corner of East Flamingo and East Pecos Roads, was acquired by Aspen from LNR Property LLC, representing the CMBS bond group.

Las Vegas-based Logic Commercial Real Estate, which represented both parties during the transaction, has also been made Renaissance III’s new leasing agent as well.

On the announcement of the sale, Philip Proetto of Aspen pointed out the firm’s long history of investing in foreclosed retail and commercial properties, and stated that he was looking forward to improving the facility and leasing its units to interested parties as soon as possible.

Our history of purchasing foreclosure property helped us secure the contract. Ren III represents a fantastic Value Add opportunity,” Proetto said. “Various tenants have wanted to lease space at the property, but the bond group could not offer tenants money for improvements. Aspen has allocated $7 million for renovations and tenant improvements.”

This acquisition was especially of interest to Aspen, as Renaissance III is located in a very densely-populated area; within a five-mile radius, there are approximately 182,541 households with a total number of 465,278 residents, each and every one of them a potential customer for the shopping center.

We believe this powerful demographic, combined with a 62,000-per-day car count, will attract numerous retailers,” said Proetto.

Current Renaissance III tenants include multiple national chains, such as Planet Fitness, America First Credit Union, Ichabod’s restaurant and gaming, and Panda Express, as well as the Nevada Department of Health and Human Services and several smaller, locally-owned businesses. In addition, Aspen is currently offering a 60,000-square-foot space in the center to several supermarket owners.

Shelter Realty is a Real Estate and Property Management Company specializing 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 – As the profile of Las Vegas has risen considerably in recent years, prompting many to want to move there to take advantage of its lower cost of living, the city has encountered a housing crisis as demand is currently far outstripping the amount of inventory available to would-be homeowners.

And one of the primary reasons for this crisis, 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.

Mike Ford, co-owner of Las Vegas-based public lands consulting firm Abbey, Stubbs & Ford and a former BLM employee, said there is currently no good reason for the federal agency not to release more land for development in Clark County than they already have, which would go a long way towards alleviating the housing shortage currently plaguing local residents.

There’s 2.9 million acres of BLM land in Clark County, and that’s what we really need to focus on because land managed by the other (federal) agencies is generally not available for disposal because it has environmental attributes or it’s part of a congressionally designated special management unit,” Ford said.

In 1998, the Southern Nevada Public Land Management Act (SNPLMA) 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 development that have not yet been released.

The idea was for the BLM to be totally out of the urban land management business in the valley within five to 10 years,” Ford noted. “And that hasn’t happened.”

Multiple members of Las Vegas’s real estate industry have become increasingly vocal with their complaints over the two main issues they claim are affecting the shortage of land in the valley: zoning issues and permit delays that are seen as restrictive on the part of Clark County, and BLM’s seeming reluctance to set aside more land for residential or commercial development, either by releasing it outright or allowing it to go to auction.

When you have 2.9 million acres of land in Clark County, some of it environmentally sensitive land, which is really important, managing rural lands, why would (the BLM) spend 90 percent of the time on the 67,000 acres that are urban lands that are better managed by local units of government?” Ford said. “That’s the million-dollar question.”

Shelter Realty is a Real Estate and Property Management Company specializing 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 – When they open their doors for business later this year, Otonomus Hotel will be offering guests a unique way to ensure a memorable stay each and every time they come: utilizing artificial intelligence (AI) to customize and enhance their experience to their exact needs and wants.

Philippe Ziade, CEO and Founder of Growth Holdings – Otonomus Hotel’s developer – said that this new concept of fully powering a hotel with AI in order to personalize guests’ stay is filling a very real void that currently exists in the current hotel model. And he noted that the firm’s status as not just a real estate developer, but as a tech company as well, ensures that the coding goes hand-in-hand with the bricklaying.

“So, it’s really all these layers that the hospitality industry is missing today. That’s what we’re bringing with the concept. It’s really the best value product on the market – that’s how we see it. Where it gives you the best of both worlds,” Ziade said. “We are different to start with, because we are developers as well as technology developers – not just real estate – so that makes us very unique in connecting these minds across these different industries to create that new concept.”

Currently in development, the “Class A” complex – which will be a hybrid comprised of 60 percent hotels rooms and 40 percent apartments – is situated on a 13-acre plot of land in the vicinity of Allegiant Stadium, located at the corner of Russell Road and Decatur Boulevard. The apartment will feature standard 12-month leases as well as short-term rentals that come fully-furnished.

All rooms will boast interconnectivity via a series of doors that can be locked or unlocked by the hotel’s AI algorithm, allowing guests to book the exact number and configuration of rooms they want for their stay, from just one single room all the way up to a six-bedroom penthouse.

The AI – via a downloadable mobile app – will also function as a “personal assistant” that can be used to request cleaning, as well ordering food, extra towels or toiletries to be sent to your room; the requested items will be delivered via a two-way cabinet by the main door of your room, known as an “E-Butler.”

In addition, the AI will keep a permanent record of the guest’s preferences, so if they return even years later, their room will automatically remember the same exact temperature and language preferences, how they take their coffee, food likes/dislikes, and other settings as before, as well as being able to offer personalized entertainment recommendations and even the ability to check in and out through their phone.

So, two years later you come – we have a better service than a five-star hotel,” Ziade said. “Because they’re not going to remember who you are unless you spend millions of dollars. So that’s what we do.”

Shelter Realty is a Real Estate and Property Management Company specializing 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 – The Clark County Board of County Commissioners this week approved two grants totaling $21.9 million from the Clark County Community Housing Fund (CHF) to be disbursed to a developer as part of its “Welcome Home” program, which helps to provide badly-needed affordable housing projects to the Las Vegas Valley.

The grants were awarded to Ovation Development Corporation and its nonprofit partner, Coordinated Living of Southern Nevada (CLSN), who will be tasked with building two facilities that will total nearly 600 affordable apartments.

Construction is anticipated to begin on the first development at the tail end of 2025, and will take the form of a 194-unit affordable senior community located near Burner Avenue and South Las Vegas Boulevard. The second development, slated to break ground in the first half of 2026, will be located in West Henderson on a plot provided by the Bureau of Land Management, and will offer 390 units for low-income working families.

To date, the “Welcome Home” program has awarded a total of $66 million in grants, spread out amongst nine applicants, in order to fund the construction of affordable housing units throughout Clark County. In all, this will result in a grand total of 1,273 units once all work is completed.

Alan Molasky, Chairman and Founder of Ovation Development Corporation, noted that he steadfastly believes everyone is entitled to a place to hang their hat at the end of the day, and is proud that Clark County has shown confidence in his company to help address the affordable housing crisis in the Las Vegas Valley.

Every Ovation project begins with our commitment to the steadfast belief that everyone, regardless of income, deserves a quality home that helps to strengthen individuals, families and community,” Molasky said. “We are grateful for the trust put in us by Clark County, and we do not take this responsibility lightly. This trust is a testament to the incredible work of the entire Ovation/CLSN team and the positive impact we continue to make in our community in our mission to help address Southern Nevada’s critical shortage of affordable housing.”

View a complete list of Welcome Home Community Housing Fund projects.

For more information on the Welcome Home program visit: https://www.clarkcountynv.gov/residents/community_housing_fund/index.php

Shelter Realty is a Real Estate and Property Management Company specializing 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.