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Category Archive : Development

Tropicana Hotel

Las Vegas Strip’s Iconic Tropicana Hotel to be Imploded in 2024 to Make Way for Oakland Athletics Stadium

LAS VEGAS, NV – The second-oldest hotel on the Las Vegas Strip, the Tropicana, will be closed and imploded in 2024 following its partial closure in November to make way for the construction of a new home stadium for the transplanted Oakland Athletics Major League Baseball (MLB) team, signifying the loss of a major piece of Southern Nevada history in the process as the city moves on to a new year.

The Athletics’ ownership has reached a deal with the Tropicana’s operator, Bally’s Corp., and the owner of the resort casino’s underlying land, Vici Properties. In addition, the industry-leading construction firms responsible for building Allegiant Stadium – the Mortenson | McCarthy Joint Venture – have been contracted to build the MLB team’s proposed new $1.5 billion ballpark on the Las Vegas Strip.

The A’s previously announced that the firms will be responsible for handling all construction-related duties on the upcoming stadium, including estimates prior to the start of construction, scheduling and logistics planning, bidding, coordinating and managing labor, and engaging with the community.

The A’s home stadium – a project expected to cost a total of $1.5 billion – is slated to take the form of a 33,000-seat retractable roof stadium. $380 million in public funds have been earmarked for the A’s new stadium, and the project in its current form could potentially also receive up to $180 million in transferable tax credits as well.

One of the big goals is going to be flexibility for a unique seating capacity, anywhere between 30,000 to 33,000 seats,” A’s Design Director Brad Schrock said. “That really puts us in a sweet spot for a lot of other events aside from just baseball. So, we want to make sure the way that the seating bowl is designed has the flexibility to accommodate multiple events and that it’s a really fun place for fans to come and watch a game.”

The A’s are expected to play their first season in Las Vegas in 2028.

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.

Area15's second phase of construction for its 20 acre expansion has begun. (Area15Area15

AREA15, Las Vegas-Based Sci-Fi-Themed Retail and Entertainment Complex, Begins Construction on Expansion

LAS VEGAS, NV – Area 15, a Las Vegas-based 126,000-square-foot science-fiction themed retail and entertainment complex that offers an “immersive” environment for attendees, broke ground on a 20-acre expansion of the facility last week.

Crews began building 36-foot walls that will enclose the expansion, with new attractions slated to include Universal Destinations & Experiences, a year-round horror entertainment experience called Horror Unleashed, indoor skydiving, and a plethora of other attractions that will cater to the ever-changing tastes of the tourists who visit Las Vegas, according to AREA15 Chief Executive Officer Winston Fisher.

Consumers continue to gravitate toward artful new forms of entertainment providing immersive experiences, authentic connections and real emotions,” Fisher said. “The demand continues to grow, and we are ready to dive into this substantial expansion and find more partnerships that will have a lasting impact on the AREA15 District and the City of Las Vegas.”

450,000 square-feet of retail and food and beverage space will be added as well, in addition to multiple building structures ranging from 1,000 to 60,000 square feet, all of which will be available for rent to merchants and businesses.

The completion date for the AREA15 expansion project has not been publicly revealed yet.

AREA15, located on a 40-acre lot in the vicinity of the Las Vegas Strip on the corner of Sirius Avenue and Rancho Drive, originally opened its doors for business in 2018 and has already attracted a reported five million visitors since then. With the name being a playful take on the infamous Area 51 – a secret U.S. Air Force base located in the Nevada desert – AREA15 offers a unique mix of conventions and expos focusing on sci-fi, fantasy, and comic books, in addition to other fanciful events and attractions.

The addition of music performances, corporate events, large-scale art exhibits, bars, nightclubs, and restaurants were originally announced when the venue first opened, and are only now coming to fruition with this new expansion.

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.

Editorial credit: Jonathan Weiss / Shutterstock.com

Fontainebleau Las Vegas Finally Opens Doors for Business After Over 23 Years in Development

LAS VEGAS, NV – On Wednesday, December 13, a saga that has taken 23 years to unfold has finally come to fruition as the $3.7 billion Fontainebleau Las Vegas finally held its grand opening with a lavish VIP red carpet event that preceded the opening of its doors to the public just before midnight.

However, guests looking to join in on the grand opening event were required to park their vehicles at the Las Vegas Convention Center’s West Hall – which offered free parking – or use valet parking, as the Fontainebleau’s parking garage was not opened until 1 a.m. Thursday, and the venue’s rideshare drop-off was not opened until 2 a.m.

The event was a culmination of decades of effort in order to bring the Fontainebleau project to life, but the road there was wrought with numerous obstacles and setbacks, some so severe that at many points there was intense doubt that the venue would ever open.

Jeffrey Soffer, Fontainebleau Development’s chairman and CEO, first purchased the land for the resort back in 2000. Development later begun on the resort in 2007 – with its grand opening scheduled to take place in 2009 – but work was indefinitely halted two years later by the recession, forcing the project into bankruptcy.

In 2010, Icahn NV Gaming Acquisition LLC purchased the Fontainebleau for $150 million, and then sold it off to developer Steve Witkoff for $600 million in 2017. Witkoff originally envisioned a 2022 completion date; however, that was derailed by the COVID-19 pandemic.

From there, the Fontainebleau sat unfinished for years until Soffer and Fontainebleau Development re-acquired the project and resumed construction in 2021, following Soffer’s securement of $2.2 billion in new funding.

Now that the resort is finally open for business, it will be operated by the company’s subsidiary, Bowtie Hospitality LLC.

The Fontainebleau mostly adheres to the original vision that was laid out for it back when the project was first announced, consisting of a 67-story tower containing 3,780 hotel rooms and suites, 550,000 square feet of convention and meeting space, a casino, restaurants, retail, health and wellness spaces, and many other high-end amenities.

In addition, the resort will be providing approximately 6,000 full-time jobs, which will greatly add to Las Vegas’ already booming economy.

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.

public ice rink, which will be managed by the Golden Knights

Developer to Construct $380 Million Las Vegas Mixed-Use Facility; Includes NHL-Managed Ice Rink

LAS VEGAS, NV – A California-based developer is planning to construct a $380 million mixed-use sports, entertainment, and retail facility in Las Vegas, with Agora Realty & Management having recently closed on financing and land purchases at the former site of two Las Vegas casinos in order to bring the project to life.

Plans for the upcoming facility including housing, retail, and the a professional-grade public ice rink, which will be managed by the NHL‘s Golden Knights, who play at the Las Vegas Strip’s T-Mobile Arena and won this year’s Stanley Cup championship.

The 73-acre project is slated to be called Hylo Park and will be located in North Las Vegas at the intersection of Rancho Road and Lake Mead Boulevard. It will be made up of 1300 residential units, a retail center anchored by a supermarket, and many sports and entertainment aspects that will be added in a number of construction phases.

The main attraction of the project – and the aspect the rest of the facility will be built around – is Champion Square, which will be a sports village and public plaza that will include the public ice rink, as well as practice facilities that can be utilized by youth and amateur hockey and skating leagues.

The idea behind the project is to capitalize on Las Vegas’ rising profile as a sports destination following the recent influx of transplanted major sports teams and events to the region, including NHL, NFL, MLB, and Formula One racing.

Agora Realty CEO Cary Lefton said in a statement that the extensive sporting attractions at Champion Square would appeal to both the local Las Vegas community as well as traveling sports teams, and stands to be a “lucrative traffic generator” for surrounding restaurants and businesses.

From our longstanding work with North Las Vegas we knew that the city needed more housing and community services for its growing population,” he said. “We also recognized an opportunity to leverage the draw of Las Vegas’ fast-growing sports 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.

Howard Hughes Office

Southwest Las Vegas Valley to See New Howard Hughes Office Project Opening in 2024

LAS VEGAS, NV – Howard Hughes Holdings is set to open a huge new office project in the southwest Las Vegas Valley in 2024, and while no tenants have been announced yet, experts expect that the property will fill up quickly once construction is complete due to high demand in the area. 

The Meridian campus – slated to open this upcoming January and located near the 215 Beltway on Town Center Drive – will encompass 147,000 square feet, spread out amongst two three-story office buildings that will be linked by a centralized lobby. 

Cushman & Wakefield will be handling leasing duties for Meridian, and according to the company’s senior director, Charles Van Geel, a flood of tenants are expected to vie for space at the facility because it is situated in a very desirable location. 

You can’t help but notice the attractive mountain views in one direction, the cityscape in the other direction yet you’re still in the renowned Summerlin community that has green spaces, great schools seamlessly connected with the valley’s transit infrastructure,” Van Geel said. 

Following the transition to remote work during COVID-19, many employers are attempting to woo workers back to the office now that the pandemic is in the rearview mirror; Amy Lance, a director for Cushman & Wakefield, said that Meridian will make a very enticing carrot on a stick for employers to dangle due to its proximity to the 215 Beltway, ensuring an easy commute 

We’re really hearing from companies who want their employees back,” she said. “I mean they may give them the option to work from home one to two days a week, but I think that’s going to change in the future.” 

Demand for office space in the southwest valley is among the highest in Southern Nevada, with the average rent per square foot coming in at $31.09; in contrast, average rent per square foot in the city of Las Vegas itself is $26.96.  

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.

all net arena Oleksii Sidorov

Las Vegas-Based NBA Arena Project Cancelled by Clark County Officials After Decade of Delays

LAS VEGAS, NV – A project previously approved by Clark County that would have seen an NBA-ready arena erected in Las Vegas to entice an existing basketball franchise – or a newly created expansion team – to move to Nevada has been quietly cancelled

While experts have noted that a new arena was not required to lure an NBA team to Southern Nevada – T-Mobile arena could potentially be shared with the NHL’s Golden Knights – having a facility dedicated to professional basketball competition would make Las Vegas a very attractive candidate for such a thing. 

Clark County commissioners had approved plans for a basketball arena – dubbed All Net Arena – to be erected on a plot of land located on the North Las Vegas Strip, situated between the Fontainebleau and the Sahara resorts. However, after the groundbreaking ceremony was held 10 years ago, the project has sat in limbo with no construction being carried out at the site, due in-part to the lack of the $5 billion in funding previously promised by the developer. 

In the ensuing years, officials have extended the permits for the project several times, but to no avail. Finally, after a decade of delays, Clark County Commissioner Tick Segerblom announced this week that the project’s construction permits have been pulled by unanimous vote of 7-0, quietly killing it off for good. 

Time and time again, we’ve asked, ‘Just one more year, or two years, let’s get this done, we’ll get it done,’” he said. “We’ve followed the money everywhere around the world. And truthfully, it just hasn’t happened. So, I’m just prepared to make a motion to deny it at this point. It breaks my heart to do it.” 

All Net Arena Had been slated to be a 22,000-seat arena with a retractable roof, convention center, movie theater, and grocery store. 

While the league currently has no plans to create an expansion team, NBA Commissioner Adam Silver has heavily hinted that Las Vegas would very much be in the running if those plans were to change. 

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.

Cello Tower

Construction Begins in Las Vegas on Luxury High-Rise Condominium Cello Tower

LAS VEGAS, NV – Construction on the luxury high-rise condominium Cello Tower is slated to begin soon, with the ritzy residential complex to be connected to the Origin at Symphony Park mixed-use enclave in Downtown Las Vegas, according to Red Ridge Development. 

Cello Tower will be comprised of eight penthouse suites beginning at $4.5 million, along with an additional 240 one-and-two bedroom residences that will start at $700,000 and up. According to Las Vegas Mayor Carolyn Goodman, development of the high rise is intended to address the intense need for more housing in Las Vegas’ downtown area, and she praised Red Ridge’s CEO of Development, Patrick Brennen, for making the project a reality. 

Patrick Brennen is bringing us this wonderful project in a magnificent high-rise,” Goodman said. “People can live in the heart of the city, and there is so much to do with great access. The area is located in the center of our government with federal, state, city and county buildings. Patrick and his team have created this wonderful complex, which is walkable and bikeable along tree-lined streets and so safe.” 

Cello Tower will be comprised of 32 stories – the penthouses taking up the top two floors – and was designed by architecture firm Perkins Eastman. Buyers have the option to purchase as many penthouses on a given floor as they like if they wish to customize and/or combine them, up until the point that they either sell out or construction begins. 

The complex will feature numerous high-end finishes and appliances for its residents in addition to a great many amenities, including an elevated outdoor environment on the 25th floor featuring beautiful landscaping, gorgeous views, and a fountain; an exhibition kitchen and private dining room; pods for barbecues; a hyper-oxygenated resort-style pool; a TV media wall; a pet spa and park; and an entire 7,000-square-foot floor dedicated to wellness, including a full gym and spa facilities. 

Units at Cello Tower will go on sale by the end of 2023; construction on the high-rise is expected to be completed by 2026. For more information on Cello Tower, unit availability as well as to register a specific interest, please visit: https://originatsymphonypark.com/cello-tower

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.

Red Rock Canyon and West of Interstate 215

U.S. Bureau of Land Management Sells Nearly 600 Acres of Land in Las Vegas Valley

LAS VEGAS, NV – Multiple parcels of land in the Las Vegas Valley, totaling 589 acres, have been sold by the U.S. Bureau of Land Management (BLM) – an agency within the United States Department of the Interior responsible for administering federal lands – for the impressive sum of $93 million

BLM had previously announced that they would be auctioning off some of their land in the Las Vegas Valley this past July, with the federal agency being allowed to do so thanks to the Southern Nevada Public Land Management Act of 1998. 

While the majority of the parcels sold were relatively small in size, one parcel was particularly large – coming in at 505 acres and located east of Red Rock Canyon and West of Interstate 215 – and was purchased by Las Vegas real estate developer Lawrence Canarelli for $55 million. 

While Canarelli has not publicly stated what he intends to use the land for, experts note that due to its large size and how other properties in the area have been utilized in recent years, it will most likely be utilized for housing projects. 

The U.S. Department of the Interior Bureau of Land Management issued a press release announcing that the property sold was acquired by its new respective owners by way of a competitive” online auction process. 

The sale of this public land within a congressionally-designated disposal boundary will generate funding to enhance recreation opportunities, promote species and habitat conservation and reduce the threat of wildfire in locations across the state,” the release said. 

BLM noted that 85 percent of the proceeds from the sale will be utilized mainly for projects to benefit the public, such as developing parks and trails as well as federal land capital improvements, purchasing land encountering environmental issues, landscape restoration projects, and the reduction of hazardous fuels. In addition, 5 percent will go towards the Nevada General Education Fund and the remaining 10 percent will go to the Southern Nevada Water Authority. 

An additional 225-acre parcel of land that was originally slated to be included in this auction will be put up for sale at a later date, according to the BLM, which currently owns 48 million acres in Nevada, or approximately 67 percent of the state.

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.

Oakland Athletics

Construction of Oakland A’s Vegas Ballpark Slated to Begin April 2025 for January 2028 Completion Date

LAS VEGAS, NV – During a presentation last week to the Las Vegas Stadium Authority by Mortenson-McCarthy, the construction manager of the Oakland Athletics, revealed that work is slated to begin on the Major League Baseball team’s upcoming Las Vegas ballpark in April 2025 for an anticipated completion date of April 2028 – just in time for that year’s regular season. 

The presentation laid out the entire timeline for the project, including plans to incorporate a variety of local vendors throughout the ballpark’s construction, with 15 percent of the work expected to be carried out by local and minority-owned businesses. Mortenson-McCarthy also noted that they intend to employ a diverse workforce, stating that 51 percent of the total construction hours for the project will utilize a combination of female, minority, veteran, and disabled workers. 

It was also revealed at the presentation that law firms have been retained by the A’s to draw up both a stadium lease as well as a community benefits agreement, covering a financial commitment from the A’s to the local Las Vegas community in addition to promises of paying livable wages to ballpark employees, diversity requirements, educational programs, community engagement, and more. 

The new home of the Athletics’ will be on a nine-acre plot of land situated on the 35-acre site of the Tropicana, located at Las Vegas Boulevard and Tropicana Avenue. Currently, the plan is to demolish the Tropicana to make way for the A’s stadium and to build a new 1,500-room hotel and casino on the remaining acreage. 

The A’s home stadium – the project is expected to cost a total of $1.5 billion – is slated to take the form of a 35,000-seat retractable roof stadium, with the project currently pending the passing of state legislation for public financing. Once the monies are obtained, full development of the ballpark will be in the hands of Bally’s. 

The A’s relocation from Oakland to Las Vegas still needs to be approved by MLB team owners, who are expected to vote on the matter next month. 

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.

After Years of Delays, Fontainebleau Hotel Finally Set to Open on Las Vegas Strip Dec. 13

After Years of Delays, Fontainebleau Hotel Finally Set to Open on Vegas Strip Dec. 13

LAS VEGAS, NV – After an extended series of delays, the $3.7 billion Fontainebleau Las Vegas is finally set to open at the north end of the Las Vegas Strip on December 13, bringing to close a development saga that has spanned 23 years amid ongoing doubts at times that the resort would ever open to begin with.

Jeffrey Soffer, Fontainebleau Development’s chairman and CEO, first purchased the land for the resort back in 2000. Development later begun on the Fontainebleau in 2007 – with its grand opening scheduled to take place in 2009 – but work was indefinitely halted two years later by the recession, forcing the project into bankruptcy.

In 2010, Icahn NV Gaming Acquisition LLC purchased the Fontainebleau for $150 million, and then sold it off to developer Steve Witkoff for $600 million in 2017. Witkoff originally envisioned a 2022 completion date; however, that was derailed by the COVID-19 pandemic.

From there, the Fontainebleau sat unfinished for years until Soffer and Fontainebleau Development re-acquired the project and resumed construction in 2021, following Soffer’s securement of $2.2 billion in new funding.

When the resort finally opens its doors for business on December 13, it will be operated by the company’s subsidiary, Bowtie Hospitality LLC.

The Fontainebleau will mostly adhere to the original vision that was laid out for it back when the project was first announced 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, retail, health and wellness spaces, and many other high-end amenities.

In addition, the resort is expected to provide approximately 6,000 full-time jobs, which will greatly add to Las Vegas’ already booming economy.

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.

Pecos Plaza in Henderson

124,000-Square-Foot Pecos Plaza in Henderson Sells for $26.7 Million; Class B Medical, Office Campus

LAS VEGAS, NV – MIG Real Estate LLC has announced the sale of Pecos Plaza, a 124,000-square-foot medical and office campus in Henderson, Nevada, to new owner Woodside Health for $26.7 million. The seller was represented in the transaction by Cushman & Wakefield and JLL, reports say.

Originally built in 2006, Pecos Plaza is a Class B medical and office campus that is anchored by a two-story building with an additional seven single-story medical and professional office buildings, all located on a 7.62-acre plot of land at 9005-9089 South Pecos Road. The plaza is situated nearly seven miles from downtown Henderson, just over 18 miles from Las Vegas, and has access to Interstate 215.

Reports indicate that the campus is currently 93 percent occupied, with the property anchored by multiple retail establishments such as Michaels, Starbucks, Denny’s and UPS, among others. The medical facilities located on the campus are Belle Medical, Las Vegas Urology, Serenity Dental and Innovative Pain Care Center, in addition to several more.

MIG Real Estate LLC had originally acquired Pecos Plaza in 2014, having purchased the campus for $17.5 million from Wells Fargo Bank.

New Pecos Plaza owner Woodside Health has an extensive history when it comes to the medical field. The company was originally founded in 2008, and this newest purchase represents their 48th acquisition overall, giving them a combined total of over 2.5 million square feet – about twice the area of Chicago’s Millennium Park – in healthcare assets across the country, spread out over Arizona, Florida, Georgia, Nevada, Ohio and Texas.

Earlier in 2023, Woodside – as part of a $140 million transaction – recapitalized a medical office portfolio spread out over four states, consisting of 10 properties with a combined size of 423,000-square-feet. And in June 2022 Woodside purchased Optum Center – a 81,907-square-foot medical office building anchored by UnitedHealthcare – in Phoenix, Arizona for $20 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.

Las Vegas City Council Considering Proposal for New Apartments, Hotel in Arts District

Las Vegas City Council Considering Proposal for New Apartments, Hotel in Arts District

LAS VEGAS, NV – The Las Vegas City Council is currently considering a proposal that, if approved, would add a new mixed-use project to the downtown Arts District planned to be made up of new apartments, hotel rooms, and commercial space. 

The proposed project – which is slated to be located on a 1.78-acre site at the corner of West Utah Avenue and Fairfield Avenue – would take the form of an 83-foot-tall building comprised of 279 apartments, 97 hotel rooms, 2,800 square-feet of commercial space and a 1,000 square foot plaza.  

The application documents have been filed with the city of Las Vegas, with the City Council anticipating discussing the project at its Wednesday meeting this week. Multifamily developer Mojave Group is the firm that has submitted the application to the city, although the documents currently don’t indicate what company would be responsible for managing and operating the hotel that would be located in the building if it comes to fruition. 

Currently, the site of the proposed mixed-use project is occupied by an equipment supply company called Mobile Mini; as part of the application process, Mojave Group is seeking to have the property rezoned so it can be utilized for commercial purposes. 

During a meeting to discuss the project back on August 8, Las Vegas Planning Commissioner Trinity Schlottman noted that despite there being some minor concerns about the mixed-use facility being proposed, the Commission would be voting unanimously to recommend its approval to the Las Vegas City Council due to the pressing need for more housing options in the city’s downtown area. 

This is exactly what we need,” Schlottman said during the August meeting. “We need more households down in the Arts District and downtown. We can tell by Symphony Park since everything that gets built there ends up getting filled up pretty quickly.” 

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.