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Category Archive : Development

Construction Workers in Las Vegas

Construction Workers in Vegas Losing Higher Wages to Increased U.S. Inflation; Segment Hit Especially Hard

LAS VEGAS, NV – Construction workers in Las Vegas have seen increased wages throughout last year, according to a recently-released study, but unfortunately those extra earnings have been gobbled up by the 40-year high inflation that currently holds the country in its grip, essentially negating any gains that were to be had.

The study, released by Construction Coverage, indicates that Nevada residents overall have been paying an additional $805 every month on everyday expenses, ranking the state seventh in the nation in terms of the toll inflation has taken upon it.

But construction workers – of which Las Vegas boasts approximately 7,600 – have seen the 7.1 percent pay bump that they experienced in 2021 reduced to the equivalent of just 3.4 percent when inflation is taken into account, showing that this segment of the workforce has been hit especially hard by the current economic crisis.

Throughout the heightened degree of inflation that the country has been experiencing, the Construction Coverage study illustrates that wages have struggled to keep up with the financial burden being placed upon Americans. In particular, Las Vegas has been in great need of construction laborers and inflation has not only been taking its toll upon them, but the industry as a whole – not even to mention that the prices of building materials have also skyrocketed.

Despite their importance to the industry, construction workers are among the lowest-paid segment of real estate development, with the median annual income being about $37,770; in contrast, Las Vegas construction laborers make an average of $37,500 a year, so any gains that are swallowed up by inflation are hurting these workers in the wallet more than usual.

U.S. Cities With the Largest Wage Increases for Construction Laborers [2022 Edition]
Construction Coverage: U.S. Cities With the Largest Wage Increases for Construction Laborers [2022 Edition]

Nevada recently ranked 28th in the country for gains in construction laborer wages, whereas Indiana and Montana had the largest increases in wages in the industry.

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.

Excavator

Developer Seeks to Build Rental Properties in Historic Westside Las Vegas; Local Officials Say, “Sorely Needed”

LAS VEGAS, NV – A local developer, who already has a new rental property in the works in downtown Las Vegas, is now eyeing constructing additional properties in a traditionally underserved section of the city – the Historic Westside – that would greatly benefit from the addition of new rental units amid great demand.

Developer Sam Cherry of Cherry Development’s plans for a five-story, 84-unit rental property that is slated to include an additional 10,000 square-feet of retail and office space, was approved last week by the Las Vegas City Council.

The project is to be built upon a city-owned one-acre plot of land near Washington Avenue and Interstate 15 that Cherry had previously purchased for a mere $6; the tiny fee was due to the fact that the apartment complex is aimed at providing housing for local workforce members.

Cherry noted that the retail aspect of the Historic Westside development will likely consist of food and beverage establishments, as well as other types of businesses; the project in total is anticipated to cost approximately $22 million, with the official groundbreaking expected to take place in 2023.

Cedric Crear, one of the members of the City Council that voted to approve the project, stated that he was unable to remember the last time that anyone had built any sort of housing in Historic Westside, and it is hoped that Cherry’s work will spur additional development in the region.

Cherry had previously opened a 63-unit rental complex in Las Vegas’ Arts District two years ago, and currently has an 84-unit project underway on Fremont Street that is expected to be completed in January 2023. These projects are addressing a housing shortage in Las Vegas’ downtown area, something that local officials have said is sorely needed.

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.

Las Vegas Strip

Multiple Las Vegas Strip Structures Set for Demolition and Implosion

LAS VEGAS, NV – Whenever Las Vegas does anything, the city does it big. And that includes when one of its iconic structures has outlives its usefulness and a very real need exists to cast it aside to that the land may be used for another purpose.

Multiple buildings along the famed Las Vegas Strip are currently set for demolition and implosion by their ownership in order to make way for new development. First and foremost, plans by Texas billionaire businessman Tilman Fertitta were recently approved by the Clark County Commission, paving the way for a currently-unnamed resort to be built upon a 6.3-acre plot of land on the east side of Las Vegas Boulevard South and Harmon Avenue.

Currently, the site is occupied by a restaurant building, souvenir shops and an out-of-business motel, all of which will have to be razed to the ground before development on Fertitta’s resort can begin.

Other buildings slated for demolition in Vegas in the near future include a cluster of existing properties – including the now-shuttered Hawaiian Marketplace – located on a 9.5 acre plot of land just south of Fertitta’s proposed resort, which would be destroyed to make room for a 300,000 square-foot retail complex.

In addition, Texas Station, Fiesta Rancho and Fiesta Henderson – all shuttered since the start of the COVID-19 pandemic – are also scheduled to be blown up, as announced by owner of the property, Station Casinos parent Red Rock Resorts; the firm also announced plans to demolish the small Wild Wild West in order to redevelop that property as well.

And finally, plans submitted by real estate firm Tolles Development Co. were approved to tear down a shuttered hotel-casino 25 miles south of the Strip in Jean to clear the way for a 2 million-square-foot industrial park.

In the past, numerous buildings in Vegas have been blown up not only as a means of clearing the land for new construction, but also as a spectacle for onlookers, with implosions often accompanied by fireworks as onlookers cheer. Among the buildings that have been imploded in Vegas over the past 15 years to make way for new development include the Dunes, Sands, Desert Inn, Stardust, New Frontier, and many others.

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.

Photo credit: Nito, Shutterstock.com, licensed.

Apollo Global Management to Invest Over $1 Billion into Venetian Las Vegas Remodel

LAS VEGAS, NV – The Venetian Las Vegas is set to receive a major overhaul, as operator Apollo Global Management has announced their intention to invest a whopping $1 billion into a massive remodel of the hotel-casino, which will be one of the most extensive projects of its type on the Las Vegas Strip in quite some time.

The Venetian Las Vegas, which originally opened on May 3, 1999, is located on the site of the old Sands Hotel. Owned by Vici Properties, The Venetian resort complex includes the adjacent Palazzo resort, The Venetian Convention and Expo Center, and the upcoming MSG Sphere at The Venetian, a high-tech entertainment venue. The Venetian-Palazzo complex includes the world’s second-largest hotel, with 4,049 rooms, 3,068 suites and a 120,000 square-foot casino.

Venetian CEO Patrick Nichols confirmed in a recent interview that the remodel of The Venetian that the company would be “investing north of $1 billion, touching every area of the guest experience” over the course of the remodeling project.

“We are looking to elevate our experiences resort-wide. Arrival experiences will be different,” he said. “For both The Venetian and The Palazzo, we plan to renovate, remodel, and redesign all of our suites. We will be offering a number of new [food-and-beverage] concepts, we are taking a deep look at entertainment, nightlife, and bar offerings, and the casino floor will feel significantly different as well.”

In addition, the venue will also introduce an all-new pool deck; a 47,000-square-foot, $50-million TAO Beach Dayclub; and the first restaurant in the United States helmed by world-renowned chef Tetsuya Wakuda, with all redevelopment master-planned by Los Angeles-based design firm RIOS.

However, while a great many things will be changing about The Venetian, Nichols noted that the one thing that will steadfastly remain when all is said and done is the venue’s iconic name.

“We are a themed hotel and we will always be a themed hotel,” he said. “That sets us apart, but the Italy of the ’90s that The Venetian was modeled after has evolved. If we are able to lean into that through the spirit of Italy and discovery, we are not going to look like just another hotel that has refreshed their rooms.”

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.

Planet Hollywood Resort and Casino

Clark County Officials Approve Houston Billionaire’s Proposed Las Vegas Strip Resort Near Planet Hollywood

LAS VEGAS, NV – Plans for a massive resort and casino on the famed Las Vegas Strip submitted by Houston, Texas-based billionaire businessman Tilman Fertitta have been approved by the Clark County Commission, paving the way for work on the luxury establishment to begin in the near future.

Fertitta’s currently-unnamed resort is slated to be constructed upon a 6.3-acre plot of land located on the east side of Las Vegas Boulevard South and Harmon Avenue near the Planet Hollywood Resort and Casino. When completed, the resort will have an impressive 2,420 rooms spread out over 42 stories, in addition to a 2,536 seat theater and an on-site multi-story parking garage as well.

Clark County records indicate that the resort will also include retail space, indoor and outdoor restaurants, an extensive 37,000 square-foot spa and fitness center, 91,000 square-feet of convention space, business offices, a wedding chapel, and even an auto showroom.

Fertitta – owner of Fertitta Entertainment Incorporated – reportedly paid the sum of $270 million in June for the parcel of land that the establishment is to be built upon. No stranger to hotel-casinos, Fertitta is also responsible for the Golden Nugget Las Vegas as well as gambling venues in New Jersey, Louisiana, and Mississippi.

Rebecca Miltenberger, a lawyer from the Las Vegas law firm Brownstein Hyatt Farber Schreck LLP that represents Fertitta Entertainment Incorporated, recently laid out the approximate timeline for completion of the project for Clark County Commissioners.

“We are very excited to bring this project to fruition over the next two years,” she said.

Despite nationwide inflation reaching levels not seen in 40 years, large-scale construction projects are still making major progress in Las Vegas, with multiple venues currently in the works, including entertainment, gambling, and medical complexes, which have all begun to spring up en masse in the wake of the COVID-19 pandemic.

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.

Construction

Ground Broken on $5 Billion Las Vegas-Based Helios Health and Wellness Campus by Salt Lake City Developer

LAS VEGAS, NV – Ground has been officially broken on the Helios Health and Wellness campus in Las Vegas, a massive $5 billion project whose development is being headed up by Salt Lake City-based developer and general contractor Pacific Group.

The Helios project, upon completion, will take the form of a mixed-use facility that will encompass over two million square-feet of laboratory, research and medical office space. In addition, there will also be 500,000 square feet of retail and restaurant space as well as 250 hotel rooms.

The ambitious project will be completed in numerous phases, according to Pacific Group, with the total amount of development time estimated to be between seven and ten years. Ultimately, when finished, the Helios Health and Wellness campus is expected to generate more than 10,000 jobs in Southern Nevada.

Currently, there is massive demand for medical services in the Las Vegas region, owing to the swift growth of the population following a period of rapid economic and job growth, and serves as a prime example of the increase in healthcare construction spending there as of late. Of the 12 major sectors in the second quarter of 2022, Vegas ranked number two in terms of proposal activity in the healthcare market.

Despite rumblings of a national recession, healthcare developers are still betting on Las Vegas due to its population explosion in recent years. A recent study conducted by the University of Nevada predicts that the region’s population will hit approximately 3.4 million residents by 2060; that number currently sits at about 2.33 million.

Plus, another factor that has developers investing countless dollars into Vegas’ health industry is the overall need, with no new medical facilities having been built locally in the last year, leading to a dearth of options for those seeking care.

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.

SANCTUARY PEAK COURT

High-Tech, Sustainable, Energy-Efficient Mansion Under Construction in Henderson

LAS VEGAS, NV – An Australian native is currently in the process of constructing a custom, high-tech, energy-efficient mansion in Las Vegas’ Henderson community by paying tribute to his experiences with the sustainable building methods widely utilized in the Land Down Under.

Adelaide – named after the South Australian capital city – is the brainchild of Michael Gardner, founder of Studio G Architecture and LUXUS Design Build, and features four bedrooms, five bathrooms, an office, and “flex space,” meaning a large, wide-open area that can be used for a variety of purposes.

Gardner noted that environmental sustainability is a vital component of Australian construction, and it’s a concept that he wanted to introduce in America.

“Sustainable design is so important in Australia,” he said. “As a tribute, we’re naming our custom homes after Australian cities. We’re trying to introduce a new, more sustainability-focused construction methodology.”

Many of environmentally sustainable aspects of Adelaide consist of passive, innovative technologies and enhanced construction methods, with the end goal being to achieve Leadership in Energy and Environmental Design (LEED) certification.

“Everything we do marks the LEED certification list,” Gardner said. “This home we’ve chosen to keep the price point in a place that makes sense to meet a LEED Silver certification.”

Some of the energy-efficient features that Adelaide boasts include closed-cell spray foam roof insulation, oversized exterior overhangs, north-facing windows, energy-efficient appliances, water-saving plumbing fixtures, LED lighting and high Seasonal Energy Efficiency Ratio (SEER) rated mechanical equipment.

6 SANCTUARY PEAK COURT, HENDERSON – $5,500,000.00

However, the home is not simply about tech; when finished, it will also have numerous luxury amenities, such as an electronically-controlled gate that, upon opening, will reveal a natural Zen-styled garden.

Work on Adelaide originally commenced in July; the estimated completion date is spring 2023, with Gardner noting that he hopes to have the spec house sold while still its construction phase.

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.

M Resort

Las Vegas’ M Resort Adding $206 Million Second Tower, Increasing Size by 50 Percent

LAS VEGAS, NV – Las Vegas’ M Resort Spa Casino is currently in the process of adding a second tower to their property that will effectively double its size, with the cost of the new addition totaling in the amount of $206 million.

M Resort Spa Casino is a boutique hotel, spa, and casino in Henderson, which is owned by Gaming and Leisure Properties and operated by Penn Entertainment. The property currently includes a large casino and a 16-story tower with 390 rooms, and is located eight miles south of the Las Vegas Strip, making it the southernmost casino in the Las Vegas Valley.

Once completed – the timeline of which has not yet been announced – the new tower will add an additional 384 rooms, bringing the M Resort’s total to 774 rooms and suites. Along with the new rooms, the project will also create expanded meeting space and current amenities will be updated as well.

M Resort Spa Casino originally opened on March 1, 2009, amid the Great Recession; in 2010, Penn National Gaming – now Penn Entertainment – purchased $860 million in debt that the resort owed, before taking over complete ownership of the property in 2011.

Penn CEO Jay Snowden said in a press release announcing the new tower that “strong demand” prompted the decision to expand the resort, as well as their successful partnership with the Las Vegas Raiders football team, which now rents out the hotel before games.

“At the M Resort, the addition of a second tower will benefit from the strong demand in the Henderson locals market while providing additional capacity for the group business that is drawn to our market–leading resort and amenities, including our highly successful partnership with the Las Vegas Raiders” Snowden said.

The M Resort features 92,000 square feet of gaming space, including 1,900 slot machines, 64 table games, 14 poker tables, and a race and sports book.

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.

Life Time Inc

Life Time Health Club Debuts New Luxury Apartment Complex Next to Their Henderson Gym

LAS VEGAS, NV – Members of Life Time Inc.’s health club in Las Vegas can now have a much shorter trip to get their pumps on if they choose, as the fitness company has opened a new luxury apartment complex next-door to their Henderson gym, with a focus on amenities and services that cater to a healthier lifestyle.

Life Time’s high-end fitness complex in Henderson – the company owns 160 athletic clubs across the U.S. and Canada – offers members numerous conveniences such as indoor and outdoor pools, a café, tennis courts, activities for kids and a spa with hair, skin and nail services.

But with the opening of their apartment building right next to it – dubbed Life Time Living – the fitness company is offering yet another service for members- a place to live.

Life Time’s new apartment building, whose development costs over $70 million from start to finish, offers 149 units located directly across the street from Green Valley Ranch Resort. It boasts secure lockers for package deliveries, floor-to-ceiling windows, ultra-modern and expensive finishes, underground parking facilities, and even a “free” Life Time fitness club membership.

The apartment building was originally announced in 2019 with an opening date slated for 2020; however, the project was delayed by the COVID-19 pandemic.

The apartment units themselves are described as being “extremely high-quality” and there is “a small army of on-site concierge staff” to see to residents’ needs. However, such glitzy living comes with a price tag; apartments at Life Time Living begin at approximately $3,000 a month – with some coming semi-furnished – with penthouse-style units fetching as much as $7,000 or more.

Residents at Life Time Living can also get a variety of meals at the gym’s extensive café next door, with the menu offering numerous healthy options to eat, such as salads, sandwiches, and protein shakes.

In addition to their Henderson location, Life Time also has a fitness club in Summerlin, although the company has stated that they currently don’t have any plans to construct an apartment building there at this time.

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.

LAS VEGAS

Red Rock Resorts Announces New Hotel-Casino Projects in Las Vegas, in Addition to Closures

LAS VEGAS, NV – Plans submitted by Station Casinos – whose parent company is Red Rock Resorts – to construct a new hotel-casino project were recently approved by the North Las Vegas Planning Commission, with the company scheduled next to go before the commission for a first reading and a vote in October.

The Station Casinos project, according to reports, will be built upon a 67 acre plot of land located at the northwest corner of Losee Road and the 215 Beltway, and upon completion will consist of a hotel featuring 600 rooms, a casino with over 75,700 square-feet dedicated to gaming space, as well as numerous high-end amenities such as restaurants, a movie theater, and banquet facilities.

The new Station Casinos resort will prove to be a boon to the local economy as well, with officials representing Red Rock Resorts noting that its development will produce over 1,100 construction jobs and, once open for business, 840 full-time staffing jobs.

Red Rock Resorts is a big-time player in the hospitality industry, and owns multiple hotel-casinos in Southern Nevada under the Station brand, as well as ten Wildfire casinos, with seven located in the Henderson area alone. In addition, a new Wildfire is currently under development in Las Vegas’ downtown area along Fremont Street, a busy tourist destination.

The developer is also in the process of constructing a new resort casino in Southwestern Las Vegas at the intersection of Durango Drive and Interstate 215, which will consist of 73,000-square-foot casino, sports book, a 200-room hotel, four restaurants and meeting space.

Red Rock also announced recently that three casinos they had closed down during the COVID-19 pandemic – Fiesta Henderson, Fiesta Rancho and Texas Station – are now closed permanently, with the buildings slated for demolition and the 107.5 acres of land they currently occupy to be put up for sale. The reasoning for the move, the company noted, was that the casinos’ patrons had taken their business to other Red Rock-owned properties during the closures.

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.

North Park Groundbreaking

New North Las Vegas Apartment Complex Celebrates Official Groundbreaking

LAS VEGAS, NV – A new multi-family apartment complex in North Las Vegas celebrated its official groundbreaking ceremony last week, with both city officials and local civic leaders on-hand to help mark the occasion.

The “North Park Living” development, located at 4100 Scott Robinson Boulevard near Alexander Road and MLK Boulevard, will offer a total of 380 apartments upon completion, with the project consisting of 22 two-story residential buildings upon completion of the $85 million project.

North Park Living will also offer numerous amenities for residents, including an abundance of greenery and trees – in keeping with the “park” name – as well as a clubhouse, an event space pavilion, fire pits, pickleball courts and a resort-style swimming pool and spa.

The developer, Grand Canyon Development Partners (GCDP), noted that the project is expected to be completed by June 2024, although leasing of the units will begin in 2023.

GCDP President Sam Nicholson said that North Park Living will be unique addition to North Las Vegas, and will greatly assist with the housing shortage in the region.

“We are thrilled to partner and help create the North Park Living development,” he said. “This is an especially distinctive project for the North Las Vegas area, and the owner took great care in every stage of planning to provide a high-quality residential community at a value price for renters.”

As a way of giving back to the community, the owner of North Park Living, Rian Ross, donated $10,000 to Findlay Middle School during the groundbreaking ceremony.

“We are honored to give back to Findlay Middle School as a close neighbor to the North Park Living development,” he said. “As someone whose family has had deep ties to the North Las Vegas community since the 1970’s, it was incredibly important for me to show that we truly care for our neighbors that reside here while developing in the area.”

For more information on leasing opportunities contact the developer, Grand Canyon Development Partners Corporate Office at (702) 492-5300 or visit grandcanyoninc.com. Photo credit: KSNV News 3; Courtesy of North Park Living.

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.

Central and South Halls

Total Budget for Upcoming Las Vegas Convention Center Renovation Set at $620 Million

LAS VEGAS, NV – The Las Vegas Convention Center is set to get a new coat of paint – and quite a bit more – when its upcoming two-year renovation project begins in just six months, and according to a presentation made to the Las Vegas Convention and Visitors Authority (LVCVA) board of directors this week, the total cost of the project is slated to be an eye-opening $620 million.

That number includes the addition of $20 million for new administrative and executive offices and a board meeting room, with LVCVA Chief Financial Officer Ed Finger noting the overall cost of the renovations fall exactly within the confines of the ambitious project’s original projected estimate.

The next meeting to take place in regards to the renovation is with the Governor’s Oversight Panel, which is slated to take place on October 12, at which time consideration will be given to approving the addition of the office and meeting space – which is planned to be twice the size of the existing one – as well as the overall schedule for construction.

The renovation will be giving a huge facelift to the Convention Center’s North, Central and South Halls, and with work on the South Hall likely progressing last due to the fact that it is the newest section of the building; in the meantime, some executive offices will be relocated there as work begins on the North and Central Halls first.

In its current form, the project will excise approximately 21,000 square feet of exhibit space to make way for the new executive offices and meeting room, which will be situated in the vicinity of the east end of the South Hall and near the eastern loop of the facility’s underground “people mover” transit system, previously installed by Elon Musk’s Boring Company.

The Convention Center’s façade is also being refreshed, and will take its visual cues from the $1 billion West Hall, which opened last year; construction is anticipated to start after the conclusion of the ConExpo-Con/Agg construction equipment trade show in March 2023.

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.