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Category Archive : Development

Bleutech Park Las Vegas

Bleutech Park Mini-City Project Acquires 210 Acres on Las Vegas Boulevard

LAS VEGAS, NV – According to recent reports, officials representing Bleutech Park, a $7.5 billion mini-city project that has been proposed for Las Vegas, has acquired a 210-acre plot of land at Las Vegas Boulevard and Cactus Avenue that the group originally hoped to break ground upon come December 2019, although that date has been pushed back.

As per the original July 2019 release announcing the project, Bleutech Park representatives noted that the project would usher in an unprecedented renaissance of the global digital infrastructure industry into Southern Nevada.

“The net-zero buildings within their own insular mini-city will feature automated multi-functional designs, renewable energies from solar / wind / water / kinetic, autonomous vehicles, artificial intelligence (AI), augmented reality, Internet of Things (IoT), robotics, super-trees, and self-healing concrete structures,” the release says. “Our goal is to provide creative, attractive and functional workforce housing that will meet the needs of the Las Vegas community as a whole, by providing a harmonious ecosystem, thereby improving the health of our community.”

The property was purchased by Bleutech Park representatives for more than $1.5 million per acre from Las Vegas real estate developer Larry Canarelli.

However, some are expressing skepticism regarding the validity of the Bleutech project; for instance, despite the proposed December 2019 groundbreaking date, Clark County has confirmed that no paperwork has been filed with either the county’s planning or zoning departments (as of November 6) – a process which must take place before a project can move forward in any real, physical manner. A Bleutech Park spokesperson has stated that they are working to submit the necessary applications to Clark County in December.

Also, some have expressed doubt that Bleutech Park would be able to deliver on some of the impressive technological marvels that they have boasted of in their original release. That said, the deal for the Las Vegas Boulevard property purchase is expected to close in January 2020 which will push back the original projected December 2019 groundbreaking date.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Sam Cherry

Downtown Las Vegas to See Construction of shareDOWNTOWN Apartment Complex

LAS VEGAS, NV – Cherry Developments, owned by developer Sam Cherry, announced this week that a new apartment complex – dubbed ‘shareDOWNTOWN’ – will soon be constructed in downtown Las Vegas, located at Casino Center Drive and Colorado, according to reports.

The idea of shareDOWNTOWN – small, affordable apartments conveniently located within a busy employment area – is to give workers a local place to live within easy walking distance of their jobs, according to Cherry.

“This area has a diverse group of restaurants and bars, and this will be the first larger project — the largest project in the area,” he said in a statement. “It will be a place where people who work in the bar, work in the restaurants, the hair salon, the galleries can actually live. They can walk to work. It will help move the needle significantly in the neighborhood.”

The apartment complex, which will be three-four stories in height, will feature over 60-one bedroom units aimed at people who work at the many bars, clubs, restaurants and retail establishments that are in the area. The apartments are slated to be small, just 480 square-feet in size, with a projected rent ranging from $1,100 to $1,300 per month, reports note.

Cherry Developments noted that shareDOWNTOWN is slated to be the first in a series of apartment complexes located in the Las Vegas downtown region that target the people who work locally in an attempt to provide quality housing and promote job growth.

Overall plans for the shareDOWNTOWN project, including the approximate start date for construction and proposed amenities, are due to be revealed soon; once started, the development is expected to be finished by in May of 2020.

Developer Sam Cherry was previously known for construction of high-rise complexes prior to the mid-2000’s burst of the housing bubble in Las Vegas;  shareDOWNTOWN represents the first development project he has worked on since that period.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Crystal Ball

Home Prices in Las Vegas On-Course to Overtake Pre-Bubble Levels

LAS VEGAS, NV – In the mid-2000’s Las Vegas housing market, prices reached their peak; in June of 2006, the median sales price of a single-family home hit an all-time high of $315,000, right before the recession hit and rendered the Southern Nevada market nearly inert for almost a decade.

With the recovery of the economy and the influx of money and jobs into the region, experts began to notice the skyrocketing growth in the housing market. Inventory was scarce and prices were rising, but did they stand a chance of hitting the highs seen before the housing bubble burst? File photo: Pixabay.

Fast-forward to 2019, and real estate in Las Vegas has finally experienced something of a boom period once again. With the recovery of the economy and the influx of money and jobs into the region, experts began to notice the skyrocketing growth in the housing market. Inventory was scarce and prices were rising, but did they stand a chance of hitting the highs seen before the housing bubble burst? Some were skeptical, but none denied the record-setting growth.

But it appears to be happening, experts say; in September 2019, the median sales price of a single-family home hit $310,000. Closing the gap significantly between what is and what once was. Clearly, home prices – while their growth has finally started to slow recently – are on the cusp of reaching, and perhaps even surpassing, their previous mid-2000 levels.
However, experts say not to read too much into that milestone, as when taking inflation into consideration, the gap is not quite what it once was thought. Inflation means that, in 2019 currency, that peak 2006 home price of $315,000 would actually equate to 398,300. Also, while things have improved overall, they have yet to reach the point where lenders were practically giving loans away; from banks to developers, everyone touched by the real estate industry is playing it a little more safely these days, based on how badly they were burned last time around.

So while the symbolism of the new 2019 peak is a great way to bid farewell to the hardships that the recession forced upon Las Vegas – and indeed, the rest of the nation – it still indicates that there’s room for improvement, and illustrates just how bad things got when they were at their worst. But it also shows how far Vegas has come, and how far it’s still more than capable of going in the future.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Caesars Palace

Las Vegas Receiving Large Influx of New York Real Estate Investment Dollars

LAS VEGAS, NV – Recently, with real estate booming in Southern Nevada, investment firms in New York have been delivering an influx of capital into multiple upcoming development projects in Las Vegas, signaling a strong belief in the current and future potential of the region, reports say.

The Rio Resort and Casino was sold last month by Caesars Entertainment Corp for $516.3 million to Imperial Companies, making the latest high-profile – and high-dollar – sale of a Vegas property to a New York-based investor or group. File photo: Pixabay.

The Rio Resort and Casino was sold last month by Caesars Entertainment Corp for $516.3 million to Imperial Companies, making the latest high-profile – and high-dollar – sale of a Vegas property to a New York-based investor or group. As per the deal, Caesars will continue to function as management for the Rio for the next two years – or possibly longer – while paying $45 million in rent annually.

Prior to the mid-2000’s national recession – before housing values in Las Vegas had collapsed and multiple development projects were abandoned – many New York-based investment firms swept in and financially backed numerous construction and real estate projects, a trend that has continued to this very day with the recovery of the economy.

One of the very biggest New York investors in Las Vegas is The Blackstone Group, owned by Stephen Schwarzman. Among the Vegas-based purchases that Blackstone has made in recent years – in addition to multiple local-area apartment buildings – include the Hughes Center office park for $347 million in 2013, the Cosmopolitan for over $1.7 billion in 2014, and the World Market Center furniture showroom hall in 2017; the amount of that last acquisition has not been publicly disclosed.

Steve Witkoff, a prominent New York-based developer, purchased the Las Vegas Strip-based Fontainebleau – in an unfinished state at the time, and now called Drew Las Vegas – for $600 million in 2017, along with partners based in Florida. In addition, the Nakash family of New York, in partnership with Gindi Capital, purchased the Showcase Mall – located on the Las Vegas Strip in Paradise – for over $367 million, the deal done in two phases in 2014 and 2015. Gindi, on their own, also bought 9.5 acres of property on Las Vegas Boulevard for $172 million in 2019.

Many other deals and investments have been made by New York-based entities as well.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Palms Dome Artist Rendering

Palms Casino Resort to Construct “Climate-Controlled Domed” Venue; Will Open for “Cardi B” Hosted Halloween Event

LAS VEGAS, NV – The Palms Casino Resort has announced that they will be constructing an elaborate climate-controlled dome over one of their outdoor pool areas in order to provide a venue for year-round outdoor partying – known as “day-clubbing” – for their many guests, reports say.

An artists rendering of the fully enclosed transparent domed structure.

Known as the KAOS Dome,” the Palms Casino Resort will be building a frame and transparent panels around one of their swimming pools and its surrounding cabanas; the venue will be tied into the resort’s KAOS Dayclub and Nightclub venue by both name and design aesthetic, according to recent announcements. The structure is slated to be approximately 70 feet in height and will be built around a 60-foot tall sculpture by artist Damien Hirst entitled “Demon wit Bowl.”

Palms Casino Resort – owned by Station Casinos – is located near the Las Vegas Strip, has 703 rooms and suites, and contains 95,000 square-foot casino, recording studio, Michelin-starred restaurant and 2,500-seat concert theater. The resort’s Fantasy Tower is also home to several nightlife venues including Moon Nightclub and The View. The tower holds what are known as the Sky Villas and Fantasy Suites, which are some of the most expensive hotel suites in the world. The two-story Sky Villa on the top floor, billed at US $40,000 per night, is listed at number 5 on the World’s 15 Most Expensive Hotels, according to reports.

The pool area that will be converted into the KAOS Dome will be closed on September 15 to accommodate construction and remodeling efforts, and is slated to re-open by October 31 – Halloween – for a celebratory “Demon Dome” party, as which rapper Cardi B is expected to entertain attendees.

The Palms Casino Resort first broke ground in July 2000; construction was completed on September 26, 2001, and the resort opened for business on November 15, 2001. In May 2016, Station Casinos purchased the Palms from the Maloof family – the original owners – for $312.5 million.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

UnCommons Las Vegas

Matter Real Estate Group Obtains $150 Million Loan to Finance Las Vegas “UnCommons” Mixed-Use Project

LAS VEGAS, NV – Matter Real Estate Group has obtained a $150 million loan in order to push forward with their proposed work on a Las Vegas mixed-use facility that will offer business offices, apartments, retail, dining, and entertainment options, all combined into one unique location, reports say.

Mosaic Real Estate Investors headquartered in Los Angeles, CA, provided the construction loan for Matter Real Estate Group’s first phase of its UnCommons development. Photo: Matter Real Estate Group

Due to be constructed off of Durango Drive and the 2015 Beltway in the southwest valley, UnCommons – the name of the mixed-used facility – will essentially be a mini-city within a city, a space where the various employees working for the businesses located there will have solutions to all of their needs right at their fingertips. Initial plans for the project call for 150,000 square-feet of office space situated on a 40-acre lot, in conjunction with restaurants, shopping establishments, an exercise studio, relaxation options, several parking garages, and 875 apartments.

Phase one of the UnCommons project – currently budgeted at approximately $400 million – is set to break ground in 2020, and as long as there are no unexpected issues, completion of construction is expected by the middle of 2021, with additional phases planned on afterwards to add more features, amenities, and functionality, reports say.

While the construction and real estate boom that has overtaken Las Vegas since the country’s recovery from the mid-2000’s recession has seen numerous housing and office building projects erected by developers looking to take advantage of the region’s booming economy, few mixed-use projects such as the UnCommons have been included.

Therefore, experts are expecting the UnCommons project – with its proposed goal of catering to the extensive needs of a diverse cross-section of the professional population – to make quite a splash when it is completed. 

Mixed-use developments such as the UnCommons are notoriously difficult and complicated to design and construct, and as a result they tend to be even harder still to acquire financing for. Usually more pedestrian and time-tested developments are easier to get solid backing for, but members of Matter Real Estate Group have been beating a path across the country in recent months in order to successfully drum up support from investors, reports say. 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Guy Welding

US/China Trade War Tariffs Likely to Increase Construction Costs in Las Vegas, Reports Say

LAS VEGAS, NV – Many Las Vegas construction projects that are either in the planning stages or are currently in the works are facing the very real threat of skyrocketing costs in the face of trade tariffs brought on by the ongoing US/China Trade War, according to recent reports.

How this affects construction in Las Vegas – and much of the U.S., is in steel, one of China’s main exports, which is also home to six of the 10 largest steel-producing companies headquartered there, according to reports. File photo: Pixabay.

As previously announced by President Donald Trump, on October 1, 2019, new tariffs – ranging from 25 percent to 30 percent – will be placed on $250 billion worth of Chinese goods; in addition, $160 billion worth of Chinese goods will come under a new 15 percent tax due to be instituted on December 15.

How this affects construction in Las Vegas – and much of the United States, for that matter – is in steel, one of China’s main exports, which is also home to six of the 10 largest steel-producing companies headquartered there, according to reports. 

And the increased steel prices that the tariffs are causing are making many developers think twice about going forward with – or scaling back – numerous planned projects in the Southern Nevada region due to the ballooning costs involved. For example, a proposed sports and entertainment complex for the Las Vegas Strip headed up by former NBA star Jackie Robinson has raised its estimated costs from $2.7 billion to nearly $3 billion as a result of increased steel costs, reports say. In addition, the developers of the MSG Sphere at The Venetian have increased their initial estimate from $1.2 billion to $1.7 billion.

However, an equal number of developers are pressing forward and taking on the extra costs as they come, while others are managing to remain on-budget as pre-existing purchase contracts with exporters have rendered them temporarily immune to the rising costs brought about by the US/Chine trade war. Projects that report no significant cost overruns due to the conflict include the Las Vegas Raiders Stadium and the Las Vegas Convention and Visitors Authority (LVCVA) convention center expansion.

According to the LVCVA, there are ongoing or currently planned projects scheduled to open through 2022 totaling in the amount of $15.2 billion within the confines of the city.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

PLANNED WAREHOUSE

Derek Stevens, Noted Casino Owner, to Build Downtown Las Vegas Warehouse

LAS VEGAS, NV – Derek Stevens – noted owner of several high-profile Las Vegas casinos, including D Las Vegas and Golden Gate and developer of the under-construction Circa Resort & Casino – recently announced his plans to build a warehouse near the downtown area to service his hotels, according to reports.

The warehouse would be built in a vacant lot at the northeast corner of Bonanza Road and Main Street and is slated to be 62,976 square-feet in size. Image via Google Street Views.

The warehouse, whose project plans have been approved by the Las Vegas City Council, would be built in a vacant lot at the northeast corner of Bonanza Road and Main Street and is slated to be 62,976 square-feet in size.

The lot, previously empty for an extended period of time, was the former home of the Nevada Biltmore Hotel in the 1940’s. It has remained in disuse since then, with an attempt to build a $135 million, 296 unit condominium complex there in the mid-2000’s never coming to fruition due to the recession; Stevens later acquired the property through foreclosure.

The warehouse, according to reports, would be used primarily to service Stevens’ currently-in-construction Circa Resort & Casino, a 777 room hotel that is expected to open in December 2020. The warehouse would also service other hotels that Stevens owns in the downtown area. 

Ground is expected to be officially broken on construction by April of 2020. The project’s general contractor has been announced as being Tré Builders, and efforts have been made to open up channels of discourse with neighboring residents of the project in order to get feedback from them.

According to reports, some of local residents are unhappy with the impending warehouse and its planned aesthetics, claiming that it will have a negative impact upon them. 

Others, however, have been supportive of the warehouse project, noting that the vacant lot is currently home to many undomiciled people.
Attempts to placate neighbors of the project include numerous design elements that will reportedly enhance the visual appeal of the warehouse, including cypress trees, wall vines and a mural.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Spencer Kimball Scout

Las Vegas Valley Boy Scout Camp May Convert to Luxury Homes

LAS VEGAS, NV – The Boy Scouts of America Las Vegas Area Council’s camp, located in Mount Potosi near the Las Vegas Valley, will soon have 1,150 acres of land converted into luxury homes if a local commercial brokerage’s asking price of $90 million is met by an interested developer, according to reports.

The location has operated as the Spencer W. Kimball Scout Reservation for over 60 years, but a recent decision has lead to their decision to market the property for potential sale. The current asking price of $90 million comes out to just over $78,000 an acre.

Brokerage firm Newmark Knight Frank is put out a press release advertising the sale of the land – known as the Spencer W. Kimball Scout Reservation – is situated at an elevation of 5,800 feet and is currently ripe for development. The release notes that the land could accommodate approximately 1,250 units, ranging from single-family homes located on 3-acre lots as well as attached town houses and condominiums.

The land offers a great chance for an enterprising entrepreneur to take advantage of the current skyrocketing economic climate in the Southern Nevada region with such an investment, according to Newmark Knight Frank executive managing director Curt Allsop.

“The Mount Potosi Canyon Road land offers an extraordinary opportunity for developers, as the potential acquisition of 1,150 acres of contiguous land in one transaction has not existed in Las Vegas for many years,” he said in the firm’s statement. “Located just outside of Las Vegas in a striking natural environment offering unequaled views, the site’s remarkable attributes, combined with the traditional price points of a master-planned community will allow for luxury living without the luxury price tag.”

The Boy Scouts of America Las Vegas Area Council has operated the Spencer W. Kimball Scout Reservation for over 60 years, but a recent decision by the council in regards to their resource and financial management has lead to their decision to engage the services of Newmark Knight Frank to market the property for potential sale. The current asking price of $90 million comes out to just over $78,000 an acre.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Freemont Street

Las Vegas Downtown Area Home to Numerous Large-Scale Construction Projects

LAS VEGAS, NV – The downtown Las Vegas skyline as of late is littered with numerous cranes and other pieces of construction equipment, giving visitors plenty to look at as the area undergoes a serious period of development not seen in decades.


Nearly 60% of Las Vegas visitors stop by downtown, and most of those do so because of Fremont Street Experience. Our crown jewel is the massive Viva Vision canopy featuring free light shows nightly.

One of the most noticeable construction projects in the region is the Circa Resort & Casino, situated at the corner of Main Street and the Fremont Street Experience. Upon completion, the Circa will have 777 guest rooms, five restaurants, a two-level casino, one of the largest sports books in Las Vegas, and a nine-story parking garage dubbed “Garage Mahal.” Above the casino will be a rooftop deck and amphitheater with six swimming pools and a 125-foot screen. It is expected to open in December 2020.

Also under development in the downtown area is the third tower of the Downtown Grand Hotel & Casino, a seven-floor, 495-room expansion scheduled for completion by the middle of next year. Located at 3rd Street and East Ogden Avenue, the Downtown Grand currently has two hotel towers- an 18-story Casino Tower built in 1985 with 295 rooms, and a 25-story Grand Tower with 334 rooms. The East Tower is connected to the ground level casino. The completion of the third tower will boost the overall number of rooms in the Downtown Grand to 1,124.

And yet another construction project with high-visibility in the Las Vegas downtown area is the ongoing renovation of Viva Vision, a LED display “canopy” that runs along the Fremont Street Experience promenade from Main Street to Fourth Street. 

Currently, Viva Vision is the world’s current largest video screen. Originally, nearly 2.1 million incandescent lights were housed in the canopy. With the completion of the $17 million upgrade, more than 12 million LED lamps will illuminate the overhead canopy. The new LED upgrade was designed and engineered by LG Electronics, who is also the primary corporate sponsor of the canopy. Within the canopy itself are 220 speakers powered by 550,000 watts of amplification. Light and sound shows are presented nightly beginning at dusk on the Viva Vision video screen.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Majestic NIGHT Camera

Hotel Majestic Las Vegas, Due to Open in 2023, to Focus on Health and Wellness

LAS VEGAS, NV – The Majestic Las Vegas, the latest luxury resort hotel to call Sin City home, is slated to offer a different experience than many of the establishments in town when it opens its doors for business in 2023.

Eschewing gambling and other similar activities, The Majestic will instead exclusively focus on a growing field in the hotel world- health and wellness.
From outward appearances, The Majestic – estimated to cost a whopping $850 million – will most likely look like your run-of-the-mill luxury high-rise, offering 720 suites, six gourmet restaurants, a 50 cabana pool area, and theaters for live entertainment. However, at the very heart of the hotel will be a unique attraction- a four-level, fitness and nutrition spa center featuring state-of-the-art facilities and services such as exercise classes, full-body treatments, and more.

Catering to clientele that wish to avoid the Las Vegas gambling scene – again, there will be no high-stakes betting or games of chance on the premises – The Majestic will feature a contemporary design inspired by the iconic La Concha Motel originally constructed in 1961. 

The Majestic will also cater to Las Vegas’ business community, with levels 51 through 60 – dubbed “Sky Suites” – offering 25,000 square feet of space that is fully customizable and reconfigurable for the needs of any businesses that may decide to take up residence in the hotel. These business tenants will have full access to the hotel’s amenities, as well as a private concierge and a dedicated Owner’s Club.

The Majestic is slated to be constructed upon the six-acre location of the former Clarion Hotel – just two blocks from the Las Vegas Strip – and will be situated directly across from the new Las Vegas Convention Center, which is due to open in 2021. If all goes according to plan, The Majestic, with its emphasis on health and wellness, will offer an interesting new twist to the Southern Nevada tourism trade by giving guests a healthy respite from the excesses that Las Vegas is known world-wide for.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Brightline Train Station

Delayed High-Speed Las Vegas/California Railway is Back on; Virgin Trains USA Announces Work to Begin 2020

LAS VEGAS, NV – Recently, Las Vegas city officials and business leaders discussed the status of a proposed and oft-delayed high-speed train between Las Vegas and California, a project that is now seemingly going forward with a estimated construction start date of 2020, according to reports.

Virgin Trains USA is ready to begin development after similar railways they have developed and maintained in Florida have proven to be successful, giving them an established model to adhere to with the Vegas equivalent. Photo credit: Brightline.

The service, which will serve as a conduit between the two regions for upwards of 22 million people, has been in the on again/off again planning stages since the late 1990’s. However, developer Virgin Trains USA has stated that they are ready to begin development after similar railways that they have developed and maintained in Florida have proven to be successful, giving them an established model to adhere to with the Vegas equivalent. 

The project overall is expected to take approximately three years to complete, with the railway to cover the distance between the Las Vegas Strip and Victorville, California, a 75 minute-long trip; the distance – about 185 miles – is cited by Virgin Trains USA as being too close to fly, but too far to drive, thus making a railway line an ideal solution for commuters and travelers between the two cities. 

Construction of the railway system – which will run alongside Interstate 15 and will reach speeds of 150 miles per hour – is expected to be privately-funded, according to reports.

A railway connecting LA and Vegas would prove beneficial to both, as each city features a robust business climate that a dedicated train line would help to grow. Establishing a direct, fast and easy commute would help their overall job markets and provide a means for companies to recruit more widely to suit their needs. Currently, the 15 freeway serves as the most direct means of travel between LA and Vegas, in addition to air travel, which can be cost-prohibitive for most commuters. Train service, in contrast, would be very affordable.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.