Category Archive : Development

LAS VEGAS, NV – The Tropicana – a famous hotel-casino from the Rat Pack era – is in the process of being sold this year to casino operator Bally’s Corporation, and is reportedly facing an uncertain future that could include either extensive redevelopment or even complete demolition to make way for an entirely new establishment.

According to Bally’s Chairman Soohyung Kim, they are currently weighing all possibilities for the Tropicana’s future, although the corporation will “almost certainly” rename the property under the Bally’s brand and will redevelop it in some manner, although literally “knocking it down and starting over” has not been ruled out either in order to “maximize value.”

There is already a Bally’s resort in Las Vegas; however, Caesars Entertainment announced recently that they would be renaming their Bally’s resort on the Strip to the “Horseshoe Las Vegas,” thus freeing up the Bally’s name to be used for the soon-to-be-former Tropicana instead.

In April 2021, Bally’s announced it entered a deal to acquire The Tropicana from Gaming and Leisure Properties in a deal valued at $308 million. Bally’s acquisition of Tropicana is expected to close early this year, with Gaming and Leisure Properties retaining ownership of the land underneath the property for an initial 50-year lease.

In April of 1957, the Tropicana opened with 300 rooms, and had ties to organized crime; today, in its current form, the resort features 1,470-rooms, 50,000 square-feet of gaming floor space, and 72,000 square-feet of convention and exhibit space.

Numerous movies and television shows have filmed scenes at the famed Tropicana, including the 1964 Elvis Presley film Viva Las Vegas, the James Bond film Diamonds Are Forever – Sean Connery’s 007 is seen checking in, declaring “I hear that the Hotel Tropicana is quite comfortable” – The Godfather and The Godfather Part II, the TV show Charlie’s Angels in the 1978 episode “Angels in Vegas,” and many more.

Photo: Exterior view of the famous Tropicana on December 28, 2019 in Las Vegas, Nevada. File: Kit Leong, Shutterstock.com, licensed.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – The oft-delayed Brightline West high-speed railway system between Las Vegas and Southern Los Angeles that has been long-gestating once again is being heralded as back on-track, along with a potential extension into an additional L.A. suburb that would open up an additional region of California to Southern Nevada.

Following a series of delays that, as our last report, had construction slated to begin in 2021, the Miami-based Brightline West – the only private passenger rail company in the country – is now anticipating an early 2023 start on construction which would include an additional 49-mile extension into California’s Rancho Cucamonga suburb, pending final federal approval which is expected by November 2022.

This additional extra extension would connect into the original, previously-approved 216-mile railway from California’s Victor Valley to Las Vegas and would feature trains that travel between 180 and 200 miles-per-hour. With the Rancho Cucamonga extension – which would connect to downtown Los Angeles via an existing commuter train – the length of the electrified railway leading to Vegas would be extended to a total of 265 miles.

In a statement, Brightline noted that the high-speed railway system between Las Vegas and L.A. would generate jobs, help to reduce pollution, and deliver convenience for commuters.

“Brightline looks forward to working with the Federal Railroad Administration on finalizing the permitting process and making this America’s high-speed-rail showcase system,” they said. “Brightline West is the most shovel-ready project in the nation and provides the best opportunity for this country to have a new high-speed rail system within the next few years, achieving success for this administration’s goals related to jobs, climate and equity.”

Currently, the projected launch date of passenger rail service for this line is in 2026, with an estimated total development cost of $8 billion. The finished rail line would result in a 34-mile stretch of track in Nevada running along Interstate 15, ending at a station located on the south end of the Las Vegas Strip.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – A developer in Las Vegas that had purchased a defunct golf course late last year has just announced plans to construct a large number of residential homes upon the property, in an effort to address the sky-high demand for living options in the Southern Nevada region.

On December 23, 2021, Touchstone Living paid $33.7 million to acquire the shuttered Royal Links Golf Club from Scottsdale Golf Group founder Shelby Futch, whose firm operated Royal Links and had recently closed down the business; the very last day members were able to tee-off was December 17, as per their website.

However, Touchstone founder Tom McCormick announced this week that he would be developing the approximately 162-acre property – located along Vegas Valley Drive about a mile east of Nellis Boulevard – by constructing over 1,600 homes upon it.

In early January, work crews already began the task of removing the golf course itself, a process that will be done in phases as trees and property are relocated around the perimeter of the new community.

McCormick noted that home construction will also be completed in phases, with an initial 1,298 homes – all attached 2-story residences – slated to be built on the main 130-acre section of Royal Links south of Vegas Valley Drive; in addition, 25 acres of the land in the section will be allocated for development into community parks.

In addition, McCormick said that another 320 homes will be constructed on the 32 acres that make up Royal Links north of Vegas Valley Drive; however, all plans for that part of the community are not yet completed and are subject to potential change.

Touchstone’s development is intended to bring lower-priced housing to the Las Vegas market, amid rising home and rent prices that are growing concerns about long-term affordability in the region.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Amid the announcement that Allegiant Stadium – home of the newly-transplanted NFL Las Vegas Raiders football team – would be hosting the Super Bowl in 2024, expectations of business and residential development and growth in the surrounding area to take advantage of the expected influx of visitors to the region has hit an all-time high.

Currently, the area surrounding Allegiant Stadium is made up of mostly commercial buildings, but as of the 2024 Super Bowl announcement, experts are expecting that will change as quickly to take advantage of the incoming tourist-related sporting activity that is expected in the wake of the 2024 NFL Super Bowl.

An agent that just sold a building directly around the corner from Allegiant Stadium, Ross Fabrizio, was recently interviewed by Las Vegas 8 News Now, and noted that the upcoming mainstream sporting activity in Vegas has the ability to transform the area around Allegiant Stadium into a unique money-making opportunity for all involved.

“The Raiders and Allegiant Stadium gave [my buyer] an opportunity for him to move his business elsewhere and take advantage of the situation,” Fabrizio said. “I think you will see some transition, that is a really tight timeline. This is a ‘make it happen’ kind of town if you have a dream in the morning you can make it happen in the evening, that is the Las Vegas way.”

According to County Commissioner Michael Naft, the area round Allegiant Stadium had been originally approved to be a more pedestrian-friendly area with restaurants and entertainment venues; however, with the recent announcement of the 2024 Super Bowl coming to Vegas, those plans may be fast-tracked in order to bring them to fruition as soon as possible.

Naft said that he expects more businesses to re-locate to the area round Allegiant Stadium as the 2024 Super Bowl comes closer and closer to kick-off time.

“We continue to work with business owners in the area who want to go through a transition, some of it is going to happen naturally, some of it is going to happen with us encouraging it to happen,” he said. “10 years ago that was largely a warehouse district, as more and more events take place like the Super Bowl, the makeup of the surrounding areas is going to change over time.”

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – The Bascom Group – a significant player as of late in the Southern Nevada real estate scene – has announced the purchase of Sun Chase, a 200-unit multifamily property in Las Vegas for over $40 million.

Scott McClave, Bascom’s Senior Principal of Acquisitions, noted that the purchase was driven by the city’s continued population and employment growth and the subsequent – and continuing – high demand for apartment rental options.

“Sun Chase is a highly desirable asset as it was previously owner-managed with a focus on maintaining occupancy,” he said. “This acquisition offers tremendous opportunity to optimize property operations through institutional property management and a focused renovation program. Macro factors such as population growth, employment growth and diversification, and an ongoing housing supply/demand imbalance continue to a foster a highly favorable rental market.”

Bascom purchased Sun Chase for $40,500,000, which translates to $202,000 per unit; the firm stated that Apartment Management Consultants would be providing property management services for their tenants.

Originally built in 1984, Sun Chase is described as a “low density” apartment community, consisting of one and two-bedroom units with many of its floorplans including private patios or balconies. In addition, the complex includes many amenities for residents, including a fitness center, resident clubhouse, pool / BBQ area, and a putting green.

Upon their purchase of the community, Bascom announced that they would be sinking a significant sum of money into the property in an attempt to “modernize” it; renovations to the fitness center, clubhouse, and pool areas are planned, and the putting green is slated to be repurposed into a landscaped park area for residents that will feature a shaded play structure, BBQ station, and seating areas.

Sun Chase is located in the vicinity of multiple attractions in the Las Vegas valley, including the world-famous Las Vegas Strip, the Hughes Center, and the newly-built Allegiant Stadium, home of the NFL Las Vegas Raiders.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Steve Witkoff, a former developer of the Las Vegas Fontainebleau resort – which has since progressed in his absence – has announced a new project in Florida this year.

Developer Steve Witkoff has trumpeted a new project, which will be to redevelop the Shore Club in Miami Beach in 2021. The hotel – situated within two miles of the Fontainebleau Miami Beach, which has the same current owner as its Las Vegas counterpart – closed at the inception of the COVID-19 pandemic and has remained shuttered ever since.

Both the Shore Club and the Fontainebleau are located on Collins Avenue, a hotel-specific thoroughfare which mainly features establishments and lodging that caters to beach partiers. Witkoff’s company has plans in-place to destroy portions of the Shore Club complex and reduce the overall number of its rooms. In addition – according to plans filed this fall with the city of Miami Beach– Witkoff intends to construct a residential tower as well.

The buyers did not disclose in a recent press release what exactly will be built upon the site for the project’s estimated cost of $94 million, but they noted that the 4.7-acre site — located near a train station, a pro basketball arena, and several high-rises — has zoning that allows for 60-plus stories and a combination of residential and commercial uses.

Prior to this deal, Witkoff had claimed ownership of one of Las Vegas’ tallest buildings when he purchased the still under-construction Fontainebleau Hotel and Casino on the Las Vegas Strip in 2017 for $600 million. However, the hotel resort’s original developer then re-acquired the project in February 2021 from Witkoff – which at that point was still unfinished – and announced plans in November to finally open the establishment in 2023.

The Fontainebleau Las Vegas will mostly adhere to the original vision that was laid out for it back when the project was first envisioned in 2007, and will consist of a 67-story tower containing 3,780 hotel rooms and suites, 550,000 square feet of convention and meeting space, a casino, restaurants, and other amenities. Once completed, the project will provide approximately 6,000 full-time employees, which will greatly add to Las Vegas’ blossoming job market.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Despite their efforts to combat the high demand for housing and apartment options in the Southern Nevada region for the past year-and-a-half, developers in Las Vegas have reported numerous impediments in their pathways, in particular high costs and supply-chain issues brought about by the COVID-19 pandemic.

Despite the housing market in Las Vegas remaining super-hot, experts say, delays brought about by supply chain disruptions have spelled costly issues for developers throughout the region. As a result, contactors in Las Vegas have noted that building and renovating homes and rental units in the region has been “10 times more difficult than two years ago”, despite the intense demand.

With materials hard to come by, the costs of construction have been elevated by several degrees beyond what they would have been prior to the COVID-19 pandemic, according to Nat Hodgson, the director of the Home Builders Association of Southern Nevada.

“Everything you can imagine that goes into a house (is affected), because people say can you give me a list of what’s hard to get? It’s like it depends on what day of the week it is,” he said.

While overall, construction materials have jumped over 14 percent compared to what they would have cost a year or so ago, according to data from the National Association of Home Builders. Lumber in particular – a primary component of home construction – has significantly increased in demand – with a top price of $1,600 on the NASDAQ during summer of 2021, for the first time ever, before settling on the still-high price of $1,100 during recent months.

John Compagno, president of Renovations of Las Vegas Inc., said that the scarcity of materials presents challenges, but the continued affordability of homes in the region has remained constant, and workarounds mean that construction projects can continue for the time being.

“Although things are challenging at times with the lack of workmen and the cost of materials, on the flip side we’re very, very busy. So, it’s somewhat of an offset,” 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Hard Rock International announced last week that, as a part of a whopping $1 billion deal, they are intending to construct an elaborate guitar-shaped hotel on the famed Las Vegas Strip.

Hard Rock will be purchasing The Mirage’s operations side from MGM Resorts International in a deal worth over $1 billion in cold, hard cash; part of that deal will see the development of a fancy new hotel that is sure to live up to Hard Rock’s rock-and-roll reputation.

The hotel is slated to take the form of the purple-hued tower hotel in the shape of a guitar, with six bright light beams penetrating upward into the night, which will represent strings on the neck of a guitar. The hotel will be located directly next to The Mirage, which will be rebranded and renamed as the Hard Rock.

Hard Rock should fit in nicely with the plethora of themed hotels and resorts that Las Vegas is known for, such as the replica Eiffel Tower at Paris Las Vegas and The Mirage’s volcano. However, currently, the announcement of this new venture is still early and no concrete details have been revealed yet about the project, according to Hard Rock spokeswoman Gina Morales.

“I wish we had more to share, but at this stage, we are not ready to discuss details on the design, development and timeline of the Las Vegas construction project,” she said in a statement, adding that the “first order of priority is to be respectful of the process of gaming regulatory approvals and the closing.”

Approvals and permits are anticipated to be completed by the end of 2022, Morales said, with development expected to commence shortly afterward.

Hard Rock International – owned by the Seminole Tribe of Florida – operates restaurants, casinos, hotels and other venues around the world; the organization owns a 450-foot-tall guitar-shaped hotel tower in Florida, which is similar in appearance as the one planned for the Las Vegas Strip.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Project63, a new four-story retail strip mall-style development at Las Vegas’ multi-tower CityCenter complex, has officially begun construction in an effort to meet both growing consumer demand as well as its anticipated 2022 completion date.

While the frame of the building itself is slated to be completed by this upcoming March, the entire project is not anticipated to be finished until fall of 2022, reports say.

The complex, according to Clark County documents, will clock in at 228,278 square feet. It will be located at the southwest corner of Las Vegas Boulevard and Harmon Avenue, and currently is already about 30 percent leased via signed contracts with the developer reporting on the project’s many signed contracts.

“We’re seeing a very strong response,” they said.

The developers, Brett Torino of Las Vegas and New York’s Flag Luxury Group, reportedly purchased the site for $80 million earlier this year from MGM Resorts International and its partner CityCenter, a government-owned holding company Dubai World.

When the per-acre price is factored in, the amount of monies paid in this transaction was far-in-excess of even the price paid for Las Vegas Boulevard during the intense real estate activity experienced during the aftermath of the Great Recession of the mid-2000s.

Located adjacent to the luxury mall Shops at Crystals and across the intersection from Harmon Corner, the location was originally where the never-completed Harmon hotel tower was intended to be; the project – which was deemed “structurally flawed” – was dismantled several years ago.

Clark County commissioners approved plans for Project63 in August; once completed, the resulting apartment complex is anticipated to help alleviate the great demand for rental housing options that are currently plaguing Las Vegas in the wake of the COVID-19 pandemic.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Ground was recently broken on The Highline, a new luxury apartment complex that is being constructed within “next generation” master planned community The Gramercy Las Vegas, slated for completion by winter 2023.

Lyon Living and LandSpire Group are co-developing The Highline, with the project being the first one that they are collaborating upon in the Las Vegas Valley. When completed, the project will boast 294 apartment homes, consisting of studios and one-and-two bedroom units featuring numerous amenities and high-end appliances.

Tenants of The Highline will also have access to an impressive rooftop lounge area, including a resort-style pool and spa, a clubhouse, beer garden, co-working space, an elite fitness facility according to managing partner of Lyon Living Pete Zak.

“As the economy and population of the Las Vegas area continues to grow, we wanted to bring an innovative and exciting new property to the area, that will offer residents more than just a place to live, but a place to dine, shop, explore and network,” he said. “Conveniently located in the heart of Spring Valley, The Highline will deliver a sophisticated level of dining, retail and office space, while embodying a socially-driven living community that encourages residents to gather and entertain in shared spaces. We are excited for this first-ever partnership with LandSpire Group, who shares a similar vision of creating unique, community-based developments.”

The Highline will continue to evolve and grow past its 2023 opening date, and will eventually make 71 townhomes available for purchase, in addition to adding 25,000 square feet of retail space that will supplement the restaurants, shopping, and offices already offered in The Gramercy Las Vegas.

The Highline is advertised as being family-and-pet friendly, and is located just a few miles away from the hustle and bustle of the famed Las Vegas Strip, but will nonetheless be close to some of the most sought-after dining and shopping options available in Southern Nevada.

Rockwood Construction will be handling the construction duties on The Highline, and anticipates a 26-month timetable to completion.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Lake Mead West Apartments, a new affordable housing complex that will be located near Texas Station in North Las Vegas, recently broke ground and, once development is started, is slated to be completed in 2023.

According to Hassan Chaudhry, principal of developer Foresight Companies and developer of Lake Mead West Apartments, the project will offer 156 units when completed and will have one, two, and three-bedroom units with below-market rents. At the moment, fair market rent in the area starts in the mid-$900 range.

“High-quality affordable housing is a critical need in Southern Nevada, and Lake Mead West Apartments will be a much-needed community in North Las Vegas,” he said. “Creating a project that is a true public-private partnership to benefit our working families requires intensive collaboration among numerous agencies and entities, but is worth the hard work for the community benefit.”

Chaudhry noted that the phrase “affordable” shouldn’t scare off prospective tenants who are worried that may translate into a lack of quality.

“Affordable just means that there is an opportunity for someone to pay less in rent. it doesn’t mean the quality of construction is low somehow,” Chaudhry said.

Lake Mead West Apartments, the development cost of which comes in at approximately $31.5 million, will be comprised of a gated complex and will feature numerous amenities for tenants, including a dog park and a barbecue area. In addition, the project will also boast of so-called “Wrap Around Services” aimed at serving the needs of tenants, offering services such as affordable health care, a food pantry, after-school programs for students, social services, computer/internet workstations, and a children’s play area.

The housing complex was brought into existence via a public-private partnership with the City of North Las Vegas, Nevada Housing Division, Foresight Companies, LLC and a private investor called Red Stone.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – A Stockton, California-based developer has announced that a new 265-unit apartment complex is set to open in Henderson’s Cadence community in 2022, which is anticipated to help address the near-ravenous demand for affordable housing options in Las Vegas during the past year.

A.G. Spanos Companies, founded by billionaire Alex Spanos in 1960, is a builder of multifamily residences, commercial buildings and communities, and is considered to be one of the biggest apartment developers in the United States; the company is currently led by Chairman and CEO Dean Spanos, owner of the Los Angeles Chargers football team.

In a press release, Spanos announced that the new apartment complex they are currently developing is expected to begin letting tenants begin their occupancy in the third quarter of next year.

The project, which will consist of 265 units ranging in size from 617 to 1,320 square feet, will feature a variety of amenities for tenants, including a 10,000-square-foot clubhouse and private parking garages situated in all of the buildings located in the complex.

Spanos has constructed over 200,000 multi-family housing and master planned communities with fifty years of operational experience. Their mission, as stated on their website, is “to enhance the communities where we build and develop projects that endure.”

In Las Vegas alone, the company has built over 22,000 apartment units from the 1970s through the 1990s.

Spanos representatives noted that the new apartment complex is being constructed on a plot of land located within Cadence, a master-planned community in Henderson that is currently being developed by the LandWell Company. Cadence is being developed on a plot of land 2,200 acres in size and is located off of Lake Mead Parkway east of Boulder Highway.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com