Category Archive : Development

LAS VEGAS, NV – The long-gestating Fontainebleau resort project – located on the northern part of the famed Las Vegas Strip and originally scheduled to open in 2009 – has finally commenced on construction after it was re-acquired by its original developer following changing hands several times over the years.

Jeffrey Soffer, chairman and CEO of Florida-based Fontainebleau Development, is still surprised that another developer didn’t finish what he began in the 12 years since he put the brakes on the nearly-3,800-room, $2 billion development due to lack of funding, despite it already being 75 percent completed.

“I saw the articles over the years that it should be torn down, crazy stuff like that,” Soffer said in a recent interview. “The building itself was very well-built as a physical structure. It’s in pristine shape.”

However, this week Soffer was involved in the groundbreaking ceremony with numerous local dignitaries and politicians, such as Nevada Governor Steve Sisolak and various Clark County officials. After a prolonged delay, the Fontainebleau is finally on-track to be completed and open for business by the fourth quarter of 2023, with Soffer declaring that he will finally “finish what I started.”

Soffer reacquired the Las Vegas project in February in partnership with Koch Real Estate Investments.

The Fontainebleau 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.

Parts of the original design that are being jettisoned include condominium units and a significant reduction of the originally planned 245,000 square feet of retail space. In addition, a 20,000-square-foot attraction on Fontainebleau’s roof – originally slated to open upon completion of the project – will instead debut within the next two years, Soffer 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 – A new luxury resort-style condominium project is slated to be built in MacDonald Highlands in Henderson, which will be the first high-rise apartment building constructed in the city since the mid-2000’s recession if it is approved by the Henderson City Council.

The proposed $600 million Pinnacle Residences at MacDonald Highlands will be comprised of 183 units – spread out over two towers, one being 24 stories and the other 25 – currently in the planning process, will include underground parking.

The designs of the project have yet to be finalized, but Pinnacle Residences is to cater to the wealthy based on the current anticipated pricing plan; units are expected to start at $1.5 million and go all the way up to $13 million for penthouses, which will feature terraces with private pools and outdoor kitchens, outdoor dining and outdoor sitting areas.

The units will range in size from 6,000 square feet to 7,000 square feet, with three to five bedrooms and numerous amenities included, with the feel said to be “more like a luxury hotel resort.”

Currently, about 140 reservations have been made thus far, with prospective residents plunking down anywhere between $10,000 and $100,000 for units; it should be noted that these reservations are refundable until early 2022, at which time they will be converted into purchase and sales agreements with 25 percent down and the remainder due when the unit is complete and ready for move-in.

The Henderson City Council will review the plans for the project and potentially give their approval for it to proceed in December. If approved, the developers – Las Vegas and Mexico- based Azure Resorts and Canada and New York-based Luxus Developments – anticipate readying the site in early 2022 and starting construction in the third quarter of that year, with an expected completion date of summer 2024.

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 MSG Sphere, the high-tech entertainment venue that has been under construction off of the famed Las Vegas Strip for some time now, has entered a new phase of construction on its way to its anticipated 2023 opening date.

The project has progressed to a point that the steel structure that will support the venue’s interior LED display and multi-layered audio system has entered a concentrated point of development, MSG Entertainment said in a press release.

Upon completion of the venue’s concrete and steel domed roof late last month, developers on the project have transitioned to a section of the MGS Sphere that will support a hanger system under the dome that will house its significant multimedia presence, according to vice president for construction at MSG Entertainment Nick Tomasino.

“Completing MSG Sphere’s domed roof is a significant milestone because it allows us to begin the next phase of construction – building the steel framework to support the advanced audio and visual immersive technologies that will make MSG Sphere a first-of-its-kind entertainment destination,” he said.

When completed, the MSG Sphere will be a 400,000-square-foot, 18,000-seat, 360-foot-tall globe-shaped arena slated to be constructed on 63 acres of property located behind the Venetian Resort Hotel Casino on the Las Vegas Strip.

The exterior of the sphere will feature 36 miles of variable intensity LED lighting – the aforementioned exosphere – enabling the structure to allow outside spectators to peer through a transparent facade to watch the concert within; at higher lighting intensities, outside vision will be obscured.

The venue will typically not feature sporting events, but rather cater to musical performances and concerts; however, the occasional boxing or MMA contest could be held there if needed.

Originally slated to be opened in 2020, the project has fallen behind scheduling estimates and is now eying a 2023 opening date.

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 – “Sync Apartment Homes,” a new apartment complex that is slated to be constructed near the Aliante Hotel in North Las Vegas, broke ground this week, with a completion date estimated to be in the fourth quarter of 2022.

Development firms American Nevada Co. and Warmington Properties have teamed up to build Sync Apartment Homes; the two companies held the groundbreaking ceremony for the new apartment complex – located off Aliante Parkway and the 215 Beltway in North Las Vegas – on Tuesday, November 9 which, upon completion, will be comprised of 203 units with a number of high-scale amenities that are sure to attract scores of tenants.

Sync Apartment Homes is to be comprised, according to reports, of several two and three-story buildings built upon a 9.4-acre project site, and will feature attached garages and a resort-style pool area for tenants to utilize. The apartment units are to range in size from 815 to 1,338 square feet and are to offer competitive rental price points.

Sync Apartment Homes is one of three brand new multifamily apartment communities that Warmington Properties will complete in the Las Vegas area in 2023, bringing their total in North Las Vegas to twelve.

Apartment complexes such as this are, according to many real estate professionals, the key to solving the skyrocketing rental prices that Las Vegas is currently experiencing that are leading many to question the region’s long-standing reputation for affordability.

According to their website, Warmington Properties – via a group of residential building companies – has constructed approximately 40,000 homes in core markets throughout the West Coast of the U.S. They offer “professionally managed, lifestyle-centric communities” in many sought-after locations in Southern California, Las Vegas, Nevada, and Salt Lake City, Utah.

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 – Infill housing – the insertion of additional housing units into an already-approved subdivision or neighborhood – has been increasing in the Southern Nevada real estate marketplace, with the newest example being Casa Bella, a housing development currently being built in the Las Vegas Valley.

The new development, with is under development in the middle of the valley near Boulder Highway and U.S. Highway 95 on the east side, will be made up of energy-efficient homes that will range in size from 1,500 square feet to 2,500 square feet, and can feature as many as five bedrooms.

Since it is considered infill housing, the 70-lot project is being constructed on an 8-acre vacant plot of land located in an established community comprised of older homes. As a result, the architectural style may clash with the established neighborhood, although the developer is confident that the modern features – and especially the affordability – of the new homes will mean that buyers will likely not mind this aesthetic issue, or the project’s vicinity to a busy expressway.

As opposed to the median price of an existing home in Las Vegas, which is $406,000 as of September, the homes in Casa Bella start at an extremely attractive $290,000, and will feature amenities such as covered front porches and granite kitchen countertops.

Already, half the homes in the community have been sold, the developer says, which is clearly supporting the recent new – and still rare, but gaining in popularity – trend in Vegas of building small housing developments in areas of the Valley where the land is still relatively cheap, which could go a long way to addressing affordability concerns expressed recently by many buyers in response to rising home prices.

However, the concept of infill housing still faces steep challenges, as the remaining land for development in the Las Vegas Valley is finite and deceasing all the time, causing some to lobby for the release of additional federal lands in Southern Nevada where new homes could be built.

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 — Elon Musk’s Boring Company is currently one step closer getting the approvals it needs to begin construction on its so-called “Las Vegas Loop,” which would see the developer of the successful Las Vegas Convention Center “people mover” create a similar project running underneath the famed Las Vegas Strip.

Next week, the Boring Company will be attending a series of meetings with Clark County officials in an attempt to gain the approvals it needs to make the Las Vegas Loop a reality. The project would consist of a 15-mile underground dual-tunnel system that will ferry people back and forth through the Resort Corridor – with additional stops at Allegiant Stadium and UNLV – via automated Tesla electric vehicles.

Boring Company will be presenting a proposal for the alignment of the proposed route to Clark County officials next week; however, each stop along the proposed route would need additional individual land use permits before they can be constructed, which may represent a lengthy procedural process for billionaire Elon Musk’s company.

Plans classify the Las Vegas Loop as a monorail, but this is not accurate; in reality, passengers would be whisked to their destinations on paved roads and in unmanned Tesla electric cars. 

Currently, the Las Vegas Loop is slated to stretch underground along Las Vegas Boulevard from Russell Road to Sahara Avenue, with additional stops to the North of Sahara that are outside of the city of Las Vegas’ jurisdiction; these stops will have to acquire additional permits before they can be developed.

In addition, a particular route – dubbed “Caesars Loop” – will stop at several properties operated by Caesars Entertainment on Las Vegas Boulevard, as well as connecting to the previously up-and-running “people mover” that the Boring Company had constructed for the Las Vegas Convention Center.

Boring is also seeking a franchise agreement that would enable them to establish the times that the loop would operate, collect fares, and sell advertising and concession deals, and offer discounts to patrons of various hotels and casinos.

If the franchise agreement is granted and Boring is unable to complete construction of the Las Vegas Loop for whatever reason within a specified period, they will be on the hook for filling in any tunnels that may have already been excavated.

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 – After numerous delays, the construction of the Majestic Las Vegas – a new hotel located just off the Las Vegas Strip – is slated to have its groundbreaking in early 2022 according to the hotel’s website, which touts the facility as being a “one of a kind” non-gaming, non-smoking, ultra luxury resort.

The hotel, which will cost $850 million, will be located on the site of the Clarion Hotel on Convention Center Drive, across from the newly expanded convention center. The Clarion was purchased in 2014 by developer Lorenzo Doumani, who eventually tore the hotel down nine months later in anticipation of developing the Majestic on the property.

Originally, the Majestic was to have been completed in the summer of 2021, but ran into numerous delays. However, even with the announced early 2022 starting date, the developer anticipates the project being completed by late 2024.

Once completed, the Majestic – which will be developed by Lorenzo Doumani’s Majestic Resorts – will feature 720 rooms and will not have gambling or smoking allowed on the premises. According to the five-star hotel’s website, it has been designed by renowned architect Paul Steelman and will have six “extraordinary” freestanding restaurants, 270,000 square feet of Corporate Sky Suites located on the tower’s top ten floors, and an “all encompassing” medical wellness spa and fitness facility that will be “amongst the finest of its kind anywhere in the world.”

“I think what’s not here; what’s lacking is a high-end boutique, non-gaming, non-smoking, ultra-classy sophisticated kind of place and that’s what we’re going to do,” he said.

Prices of suites will start at $10 million, reports say, with Doumani – who originally officially announced the project in 2019 – saying that the Majestic is something different for Las Vegas, which is exactly what the city needs at this point in 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 southernmost edge of the Las Vegas Valley is going to be the recipient of a new upscale apartment complex, compliments of a developer hailing from Atlanta, Georgia that had previously opened another rental property across town during the early stages of the COVID-19 pandemic.

Wood Partners is currently in the process of building a new 228 unit project – dubbed Alta Southern Highlands, which broke ground in August 2020 – situated in proximity to the M Resort, located off Southern Highlands and St. Rose parkway, which is slated to be completed and open their doors for business in early 2022.

According to the company’s website, Alta Southern Highlands will possess “next-level finishes” and numerous high-end amenities for residents, including a game lawn, a fitness facility with yoga studios, and more.

The project, upon completion, will no doubt help to address the intense demand in the Las Vegas Valley for rental apartments; during the pandemic, many people moved into the valley – especially from out-of-state – to work remotely while taking advantage of the lower cost of living the area afforded.

However, soon rental space became harder and harder to come by, and correspondingly, rents began to climb in response to the demand; in August, the average rent of a home in Las Vegas was $1,718, which represents a 25 percent increase over the same period of time one year prior.

According to a report released by listing website Zillow, the degree of rent growth in Vegas was the fastest among the 50 metro areas that they examined; projects like Alta Southern Highlands will help to address the demand for rental properties in the region, in addition to stabilizing prices that so far are raising affordability concerns among local residents.

Wood Partners also built a 347-unit apartment complex that is currently completed and open in Henderson, called Alta NV.

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 – It’s not every day that you get a car thrown in at no-cost to sweeten the deal when you purchase a home, but that’s the plan that was announced by developer Livv recently, who intends to construct two new housing communities in the Las Vegas area whose residences will all come with free Tesla electric cars.

The communities, which are slated to be built in Henderson and the southwest valley, are to be comprised of luxury “smart” and “sustainable” homes, and to that end Livv has stated that each buyer will receive a Model 3 Tesla electric car, each with a retail value of $40,000.

Livv – which constructed Las Vegas Raiders head coach Jon Gruden’s Southern Highlands new $4.3 million home – has stated that the Henderson project – dubbed “Neo” – will break ground in the fall of this year, whereas the southwest valley project to be known as “Magnus” will have work commence upon it in 2022.

Neo will be developed upon 60 acres in the vicinity of MacDonald Highlands, southeast of Horizon Ridge Parkway and Stephanie Street. Plans call for the guard-gated community to be comprised of 84 homes when completed; home prices will begin at $2.3 million and go up as high as $4 million.

The one-and-two story homes in Neo will be semi-customized for the buyers, will offer unobstructed views of the Las Vegas Strip and mountains, and will range in size from 3,600 square feet to 5,000 square feet with three-to-four bedrooms. In addition, each house will have an either three-or-five car garage as well.

Seven floor plans will be available for buyers to choose from after they plunk down the required $25,000 deposit, and selectable interior designs will range from “Euro chic, bohemian and ultra modern.”

The plans for Magnus have yet to be finalized, but the community will be located on 27 acres in the southwest valley, and 94 semi-custom homes are anticipated, ranging in price from $1.3 million to $2.8 million.

Livv has a wide array of projects on their plate, currently with 12 housing communities in the works throughout the world.

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 has announced plans to construct an apartment complex catering to the 55-and-over community, situated right behind a Las Vegas business that considers those in that age group among its core customer base- Henderson’s Sunset Station Hotel and Casino.

Ovation Development has filed plans with Henderson city officials for the apartment complex – dubbed Radiance at Sunset – that would be constructed upon a 5.3-acre section of property that is owned by Sunset Station, located off Warm Springs Road between Marks and Stephanie streets.

Apartment construction has been picking up in Southern Nevada as the pandemic has been slowly subsiding, with developers attempting to address the very real need for affordable housing options in the region fueled by Las Vegas’ recovering economy and job market.

Radiance at Sunset would consist of 249 apartment units, and should have no problem attracting tenants, since Southern Nevada has proven to be a popular destination for individuals that have retired and are looking for an affordable location to call home – Nevada lacks state income taxes and boasts a low cost of living – that also offers nearby entertainment options such as casinos and golf courses.

Sunset Station’s ownership noted that while younger people frequent their casino, their main clientele – especially as restrictions related to the COVID-19 pandemic have eased – remain those aged 65 and older, making a neighboring apartment complex aimed at the older set ideal.

Radiance at Sunset will also be located near other local amenities that would likely prove attractive to seniors, including a 72-lane bowling alley, 13-screen movie theater, bingo, and the Galleria at Sunset shopping mall.

Representatives of Ovation Development have noted that the project is still very early in the development process, and that they are currently “working through some typical predevelopment issues” before construction can commence.

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 Southwest Las Vegas Valley will be seeing a new $500 million mixed-use campus being constructed in the near future, situated upon an area that was previously home to an aborted attempt at development after the mid-2000’s economy crash that has sat vacant ever since.

The project, dubbed Evora, is slated to be developed by Joe Sorge, whose resume features ownership of a gene analysis company and a producer’s credit on a Netflix comedy – unusual credits for someone looking to develop a mixed-use real estate venture – and will feature apartments, office space, and restaurants.

Evora will be located on a 42-acre plot of property on Buffalo Drive between Post Road and Patrick Lane, and construction is already in the works. Once completed – which Sorge has stated will take approximately five years – the campus will boast an apartment complex with 1,343 units, 240,000 square feet of commercial space, and underground parking garage.

Sorge indeed possesses experience in the apartment complex development game; he previously was responsible for building Evo, a luxury apartment complex that he sold for over $100 million prior to the arrival of the COVID-19 pandemic.

With the demand for rental properties ever-increasing in Las Vegas as the city’s economy continues to recover from both the recession and the pandemic, more and more developers are getting in on mixed-use projects; UnCommons, also being constructed in the southwest valley, will offer 40 acres of apartments, restaurants, and office space.

However, despite the recent increase in investment in mixed-use properties in Las Vegas, these ventures are typically more difficult to acquire funding for, Sorge said, and there are other hurdles to overcome as well once the project has been completed, including difficulty leasing units if the economy hasn’t recovered causing tenants to go bankrupt and not pay rent.

However, Sorge is forging ahead despite the risks, and has noted that Evora will offer a “resort lifestyle” for tenants, with apartments from 700 to 1,500 square feet and rents from $1,600 to $3,200 a month and numerous amenities that will include a 1-mile perimeter walking trail, saunas and steam rooms, pickleball and tennis courts, and a yoga studio.

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 has announced plans for a $200 million high-rise apartment complex that is slated to be built in southwest Las Vegas, right on the great big empty hole that was left by a previous developer that had the very same idea – albeit unrealized – over 15 years ago.

Tim Deters, founder of Tru Development Company, recently noted that he is planning to obtain a nearly $200 million loan in October to cover the costs of developing the mammoth project, which is planned to take the form of a huge, 614-unit rental complex.

Current plans for the project involve construction on an underground parking garage, which is slated to be completed first, with work on the apartment units – which will be completed in several phases – then starting immediately upon the garage’s completion.

The complex will feature numerous amenities for tenants when finished, including a 12,000-square-foot clubhouse, a high-end gym, a pool area with cabanas, a beer garden, and an outdoor workout facility.

The property, located south of the 215 Beltway at 8030 West Maule Avenue between Buffalo Drive and Cimarron Road, was originally acquired by developer Rodney Yanke during the mid-2000s, who had planned to build an apartment complex called the Spanish View Tower. However, the project never came to fruition; after the site was excavated and work on a parking garage begun, the project ended up going into bankruptcy and has sat vacant ever since.

In 2012, investor Jack Woodcock partnered with Deters to acquire the property and plans slowly came together that culminated with the recent development announcement. Deters noted that he took on this project because rentals in Las Vegas are still in very high demand, and that developers are not churning out units fast enough to meet it.

Recently skyrocketing construction costs, coupled with demand, have also caused rents in Vegas to steadily climb; the average rent in Southern Nevada jumped 23 percent in July 2021 when compared to the same period of time one year ago, whereas the average year-over-year increase nationally was 9 percent.

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