Category Archive : Development

LAS VEGAS, NV – Development on new hotels and resorts in Las Vegas has reached a fever pitch in recent months, with reports noting that approximately $17 billion in projects are currently slated to be worked on from now until 2020; this will result in an estimated 14,000 new guest rooms – for a city-wide total of 160,000 – in entertainment and vacation establishments concentrating on the Las Vegas Strip area. This expansion is expected to greatly add to the City’s reputation as a one-of-a-kind, world-known destination that has clearly bounced back after the mid-2000’s recession.

One of the most notable new resorts is The Drew, a 68-story hotel slated to have almost 4,000 rooms, has its development being headed up by Marriott International. The project, currently under construction, is calling the former Fontainebleau Las Vegas tower home, an endeavor that was abandoned back when the recession hit but has recently been given a new lease on life. The Drew will offer space to host events, entertainment, and conventions, in addition to a retail space, numerous restaurants and bars, and a pool.

Next up is the Wynn West, a hotel that will be built upon a mid-Strip site that originally was to be the 38-acre home of New Frontier, another project that fell by the wayside during the recession. Wynn West is planned to have between 2,000 and 3,000 rooms and will feature a bridge over Las Vegas Boulevard for guests to utilize.

Close to Wynn West will be Paradise Park, a 25-acre development which will be situated on the previous location of the Desert Inn Golf Course. The 47-story Paradise Park will serve not only as a 1,500 room hotel resort with a boardwalk, beach, and lagoon, but also as a high-scale meeting and convention hall with state-of-the-art amenities.

Finally, the recent completion of Park MGM – a completely remade and re-imagined luxury-based take on the famed Monte Carlo casino hotel – features 2,700 rooms, swimming pools, a full casino, and much more, and is slated to open its doors for business this autumn.

However, hotels aren’t the only new additions to Las Vegas’ skyline in the near future- a variety of entertainment attractions are currently in the works as well. One of the most notable of these projects is the Sphere, a fantastical concert and entertainment complex housed within a mammoth LED shell with seating for 18,000, scheduled to open in time to ring in New Year’s in 2020.

Those seeking a thrill will be in luck, as MGM’s New York New York Hotel will be offering a new, virtual-reality Big Apple Roller Coaster; the LINQ Promenade will premiere the Fly LINQ zipline this year, an attraction that launches from the top of a 122-foot tall tower; and the MGM Grand will debut the Zombie Apocalypse virtual reality experience, a 30-minute entertainment complex that allows guests to battle with the undead.

With Las Vegas seeing an unparalleled and unprecedented degree of construction relating to the rejuvenated tourism and entertainment trade, the fact that the city is back on the map – in terms of tourism, economy, real estate, and more – is one that cannot be disputed.

If you are considering investing in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and tenant related questions you may have.

LAS VEGAS, NV – With the post-recession boom currently occurring in Las Vegas as a whole, the real estate market and business industries are feeling the positive effects of this development more than they have in years. But recently, North Vegas in particular – the region hit hardest by the recession – has been coming to the forefront of development efforts now that the nation’s economic woes appear to be fading into the past, and is currently one of the fastest-growing communities in the United States.

Local North Vegas officials have recently been making waves that their city is ready to turn up the heat, so to speak, and are interested in devoting ample resources to increase the amount of housing and commercial properties within their borders. With land available that sat literally unused after the burst of the housing bubble in the mid-2000’s, city officials are looking to finally capitalize on the vast potential for development that North Las Vegas displayed prior to the recession.

Currently, numerous high-profile conglomerates and corporations are setting their sights upon North Vegas, opening up the promise of increased availability of well-paying jobs that, in turn, will spur on housing development in anticipation of new hires moving to the area. In particular, internet retail giant Amazon will be constructing an massive, 2.5 million square-foot fulfillment center that promises well over 1,000 full-time positions when it opens doors for business at the tail end of 2019. That alone will be more than enough to put North Vegas on the map in a serious way, but it’s actually only the tip of the iceberg in terms of what’s to come.

Another company setting up shop in North Vegas is noted cosmetics company Sephora, who will be building a distribution center coming in at over 700,000 square feet that is also slated to open in 2019; the establishment is expected to add yet another 400 jobs once it gets fully up to speed.

In addition, according to city officials, additional businesses have already opened up in recent months, including medical clinics, restaurants, and retail, and a potential master-planned community is currently in the works, although details are currently not available for that project.

North Las Vegas Mayor John Lee noted that the main goal of his administration is to help promote his city as a destination for business and real estate development, and to put North Vegas back on the lofty path it was set to traverse before the recession hit the nation.

“My thing is to change the reputation of North Las Vegas,” he said. “Fifty percent of North Las Vegas hasn’t been built out yet, but people think it’s the same North Las Vegas that it was 20 years ago. Now we’re going to take it to the next level.”

If you are considering investing in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and tenant related questions you may have.

LAS VEGAS, NV – The Las Vegas Convention and Visitors Authority has filed a rezoning request and noise ordinance waiver with the Clark County Board of County Commissioners as part of their plan to accelerate progress on the Las Vegas Convention Center expansion, a project that officials say is vital as the current facility is at maximum capacity.

If the Convention and Visitors Authority have their way, construction on the $1.4 billion project would be carried out 24 hours a day, seven days a week. This would include from 10 p.m. to 6 a.m., a period of time during which work is usually not allowed due to the impact of noise upon the local populace.

The expansion is slated to add 1.44 million square feet of space to the convention center, which will be built upon the adjacent property of the former Riviera and Landmark hotels. As of now, the project is expected to be finished by the close of 2020, with the goal being to host the 2021 International Consumer Electronics Show, an annual event scheduled to take place in January of 2021.

In its current form, Convention and Visitors Authority members stated, the convention center is unable to grow and evolve to better serve the may trade shows, conventions, and special events that take place in Las Vegas on a regular basis. Given the increased growth in the local economy and job market in the last few years, more and more exhibitors are seeking out the city to hold events, and due to that fact, the convention center desperately needs to expand in order to meet the ongoing demand.

The expanded facilities of the convention center will take the form of a three-story building with the first floor encompassing exhibition halls, a main lobby, a food court, kitchen, office space, and storage; the remaining two floors will house meeting and conference rooms, support spaces, and roof-based 25,000-square-foot outdoor terrace that can host a number of different events, a feature that members of the Convention and Visitors Authority are reportedly quite excited about.

The expansion is also subject to a Federal Aviation Administration review to ensure that its proposed height does not interfere with air traffic in and out of McCarran International Airport. Other uses for the expanded convention center are to include food carts, restaurant and bar facilities, and retail sales, as well as live entertainment, among other uses.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.