Category Archive : Development

LAS VEGAS, NV – According to reports, the Madison Square Garden Entertainment (MSG) Corporation has taken over as the construction manager of the Las Vegas MSG Sphere, the technologically-impressive event venue that has seen its share of delays as of late.

MSG, though a wholly-owned subsidiary, will take over “strategic planning and the construction timeline, as well as management of all subcontractors,” according to a press release put out by the company. The previous construction manager, an engineering firm called AECOM, will remain on the project in a supporting role, according to MSG’s president of development and construction Jayne McGivern.

“We have taken significant steps to strengthen our internal construction team,” she said. “This, along with valued support from AECOM, will give us greater transparency and control over the construction process, while enabling us to continue benefiting from AECOM’s expertise.”

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, enabling the structure to allow outside spectators to peer through a transparent façade 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 – According to reports, increased and ongoing desire on the part of companies for more industrial space in Las Vegas is overwhelming the efforts of local developers who are struggling mightily thus far to keep pace with demand.

Due to a number of factors, more and more companies are making Las Vegas home, and these companies need space to set up shop; space that is becoming scarcer by the day as need outstrips available inventory.

Among the factors figuring into this mass exodus on the part of businesses into Southern Nevada are those looking to establish west coast operations and companies fleeing neighboring states – such as California, where taxes and the high cost of living are becoming intolerable – for regions like Las Vegas where business can be much more profitable by way of lower taxes and cheaper living expenses.

While this influx of new businesses is a boon for Las Vegas’ economy, developers have been working hard to keep up with the constant want for new industrial space in their backyard. However, recent efforts have been managing to just barely keep pace with demand; over 10 million square feet of new industrial space has been added to Las Vegas since 2019, and an additional 6.3 million square feet are currently under development as of November – an increase over the average rate of industrial construction – with much of that upcoming space already experiencing significant leasing activity, reports say.

The ongoing COVID-19 pandemic hasn’t had much of a negative impact upon industrial leasing in the Las Vegas region, either, with current activity approximately matching what occurred in 2019. Ecommerce and tech companies are making up the bulk of new leasers in the marketplace, but other businesses – such as manufacturing, retail, trade, and more – are also significant, with North Las Vegas representing the biggest submarket for new industrial leasing.

Experts predict that this trend will continue well into 2021 as local population grows and the economy continues to recover from the 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 – According to recent reports, Virgin Hotels Las Vegas, which was originally looking to open their doors for business this fall, is currently facing the possibility of delays that could push that opening into early 2021 due to complications caused by the ongoing pandemic.

Due to spikes in positive COVID cases nationwide, Nevada Governor Steve Sisolak placed renewed restrictions on businesses and gatherings for three weeks in an effort to curb the spread of the disease. Among the restrictions are non-essential businesses such as casinos reducing their guest capacity to a maximum of 25 percent and event gathering having a cap of 50 imposed; previously, the cap was 250. Owing to these and other conditions caused by the pandemic, including construction delays, JC Hospitality – the owner of Virgin Hotels Las Vegas – sent an internal staff memo out noting that the property’s management is considering pushing back the fall opening to January 15, 2021.

In the memo, Richard Bosworth, JC Hospitality President and CEO, noted that while Sisolak’s restrictions are currently only set for three weeks, that time period could be increased if COVID is still a threat. Regardless, the restrictions currently in place would most likely interfere with pre-opening events and activities as well as occupancy projections.

Bosworth’s memo also contained a potentially grim forecast; with the opening of Virgin Hotels Las Vegas pushed back to mid-January, he took the time to point out that the CDC and John Hopkins University have issued a warning that another COVID spike could occur in January as colder weather sets in, which could spell trouble for the hotel’s opening if this is accurate.

That said, Bosworth acknowledged that future developments with COVID could possibly delay the opening of the hotel – located at the site of the former Hard Rock Hotel & Casino Las Vegas and featuring 1,500 rooms and a 60,000 square-foot casino – even further.

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 – Atlanta-based Beazer Homes, one of the largest homebuilders in the country, recently announced that they will be holding a grand opening on December 5th for their newest community in the city of North Las Vegas, dubbed Acacia Ranch, according to reports.

The Acacia Ranch community will consist of 48 new single-family homes – with six single and two-story floor plans available to choose from – all situated in the vicinity of numerous entertainment, shopping, and dining options. In addition, it is located near both the Interstate 215 and U.S. Highway 95 freeways, allowing for easy access by car.

The homes will range in size from 1,750 square feet to 3,182 square feet, and the plots of land they will be available on will measure 100 feet deep with 20-25 foot rear yards – larger than the land provided by the average home in the region by approximately 15 to 20 percent.

All homes will include open-concept kitchens and two- or-three-car garages. Buyers can choose between pre-set layouts or the ability to choose room-specific layouts, allowing them a great deal of flexibility to design the homes in a way that is better tailored to their lives.

Homes in Acacia Ranch will focus on affordability, with prices starting in the low $300,000 range while being devoid of any homeowners associations fees.

At the December 5th grand opening, interested parties will be able to tour model homes to see what the final residences will look like, in addition to having assistance available on-hand for the loan pre-qualification process.

Construction plans and materials are said to yield a great deal of energy efficiency, reports say. Beazer builds homes in Arizona, California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada, North Carolina, South Carolina, Tennessee, Texas and Virginia.

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 – Las Vegas Boulevard will soon be receiving a new 754-unit apartment complex in what is currently a stretch of desert land running along the famous road. Ariva, headed up by investor group WTI Inc. out of Cupertino, California, is currently under construction and, when completed, stands to be one of the largest rental developments in the city, according to reports.

Like many new developments in Las Vegas these days, Ariva is slated to be a mixed-use facility, combining rental apartments with retail and office space. The project, which originally broke ground in August of this year, is expected to start renting the initially offering of apartments in late 2021, with the entire project expected to be completed in mid-2023, reports say.

Work on the complex is being carried out by Las Vegas contractor Sam Nicholson, and is being constructed in a spot on Las Vegas Boulevard that’s considered slightly off the beaten trail in terms of tourism. Situated several miles south of the glamour of Las Vegas’ hotels and casinos, Ariva is being built in an area made up more of large plots of vacant, expensive land that has only recently begun to experience large-scale development.

The Ariva project has been in various stages of development for over three years, and when completed, will encompass at least twice the size as the average apartment complex in the Southern Nevada region, reports say. The property is located on – 46.6 acres – originally purchased by WTI in July 2017 for $24.5 million, after the company had their plans approved by Clark County the month before.

When finished, Ariva – formerly known as The Arch – will possess four pools, a huge gym, two penthouses, and approximately 71,000 square feet of commercial space.

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 upcoming high-speed railway system between Las Vegas and Southern California that has been long-gestating has finally seen some forward momentum, as developer Brightline has released some new details on the project, including branding, an estimate on the construction, and how long it may take to complete.

Work on the project, now dubbed “Brightline West,” is expected to start this year, with a completion date set for early 2024, according to reports. Brightline has stated, however, that the schedule is subject to change.

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. This line would be fed by several lines from various locations in California, resulting in a total of approximately 185 miles of track overall. Travelers from Las Vegas would be able to continue from the system to Los Angeles via the Metrolink, which would effectively link Las Vegas with L.A.

Construction will be broken into six segments, three in California and three in Nevada. The project, according to Brightline West’s official website, will create more than 40,000 construction jobs and more than 1,000 permanent jobs, with an economic income of $9 billion. In addition, it will generate $1 billion in tax revenue.

Part of the delays associated with the project is the upcoming sale of $3.2 billion in bonds on the part of Brightline to cover the first phase of the $8 billion cost. The bonds are required to have been sold by December 1; if this date is not met, funds allotted by California for the project will be taken back and instead placed back into the state’s affordable housing fund. Potential delays to the project if Brightline does not meet the December 1 date are currently not known.

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 – 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 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 – 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 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 – 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 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 – 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.

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 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 – 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 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 – 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 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