Category Archive : Development

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 Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

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 Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

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 Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

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 Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The Rockefeller Group – a private company based in New York City primarily involved in real estate operations and a subsidiary of Mitsubishi Estate Company – announced this week that they had purchased the 19-acre location of a former Walmart supercenter located in Las Vegas, with plans to redevelop the property into an industrial complex.

The project, dubbed the Craig Road Logistics Center – which will be The Rockefeller Group’s third industrial development in Vegas thus far – is located at the intersection of Craig Road and North Nellis Boulevard in Clark County and is slated to be made up of at least two speculative industrial buildings, spanning a total of approximately 369,198 square-feet in size.

The company reportedly paid $19 million for the property, and Marc Berg – Vice President and Regional Director for The Rockefeller Group – noted that demolition of the existing Walmart building will start before the end of September, and that construction is anticipated to be finished on the new industrial complex by June 2025.

The buildings will be designed by Lee & Sakahara Architects and TWC Construction will serve as general contractor.

As for the potential tenants for the complex, Berg noted that they could consist of representatives from a variety of different industries, such as distribution, warehousing, e-commerce, light manufacturing, and assembly.

Clark County Commissioner Marilyn Kirkpatrick applauded The Rockefeller Group’s intention to redevelop the former big box store property, saying it would be tremendously helpful to the local economy.

Since the Walmart location closed in 2016, we have been looking for an innovative way to redevelop the parcel and bring back jobs to the area,” she said. “We are confident that we have found the right use for the project and the right partner in The Rockefeller Group.”

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

LAS VEGAS, NV – While commonplace in many other cities, visitors to the famed Las Vegas Strip will take note of the general lack of individual, freestanding retail storefronts lining the four-mile stretch of roadway; instead, the majority of stores are located either within casino hotels or enclosed malls.  

However, one New York-based developer is looking to change that via two street-facing retail projects, with one recently opened and another currently under construction. 

Developer Eli Gindi – whose family founded and owns the Century 21 retail chain – is behind the under-construction “door on the street” retail property dubbed BLVD located at 3743 South Las Vegas Boulevard. Upon completion, this property will utilize 300,000-square-feet of space to deliver two stories of street-facing retail space, with a 100,000-square-foot rooftop overlooking the Strip offering dining and “hang out” area options for patrons. 

Meanwhile, Project 63 at Harmon Avenue and Las Vegas Boulevard is already open for business, offering up 186,000-square-feet of street-facing retail space right next to the upscale The Shops at Crystals, an enclosed mall owned by the Simon Property Group. 

The move to developing street-facing retail on the Strip shows how the area has evolved over the years, with a major sporting component being added to its impressive gambling and entertainment options. With new venues opening nearby – such as the Golden Knights hockey team’s T-Mobile Arena and the NFL Raiders‘ Allegiant Stadium – more and more sports fans are being lured to Las Vegas and, subsequently, the stores nearby their favorite team’s events that they came there to see. 

Additional sporting attractions – including an upcoming stadium for the Oakland Athletics baseball team, as well as the city hosting a Formula 1 race in November – should prove to continue to draw fans to the Las Vegas, resulting in even further retail expansion in and around the Strip. 

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

LAS VEGAS, NV – San Francisco, California-based Prologis has announced plans to build an 11 million square-foot industrial project in North Las Vegas that will be situated upon 879 acres at Apex Industrial Park that the developer purchased last week. 

The project is slated to take the form of several buildings and construction is anticipated to begin within the next three years, with Prologis planning on also covering the cost of installing utilities at the site, located at Highway 93 and Grand Valley Parkway. 

The developer has not disclosed the price that they paid for the land and the deed has yet to be filed with Clark County officials. 

Prologis’ investment officer, Mathias Hughes, noted that the company sees massive untapped potential in the area in terms of its use as an industrial hub, which is what drove their decision to purchase and develop the land. 

Prologis has been operating in North Las Vegas for more than 30 years,” he said. “Our Vegas Industrial Park project demonstrates our commitment to the market while also enabling us to maintain our development momentum in Southern Nevada.” 

Hughes also justified the new development by referencing the success that Prologis has enjoyed with their previous commercial real estate investments in Las Vegas, noting that the company currently boasts 13.9 million square feet of space in the Las Vegas Valley, 96 percent of which is currently leased. 

We continue to see strong demand for modern and well-located logistics facilities in the market,” he said. “This industrial park will be best in class and its strategic location makes it ideal for a wide range of companies with varying logistics needs.” 

No tenants have been signed up for the Apex Industrial Park property as of yet. 

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

LAS VEGAS, NV – California-based Realty Income Corp. announced on Friday that it has signed an agreement to invest approximately $950 million into acquiring equity interests from New York-based Blackstone Real Estate Income Trust, Inc. in a new joint venture that now owns a 95 percent interest in the real estate assets of The Bellagio Las Vegas. 

Subject to customary conditions, the transaction is expected to close in the fourth quarter of 2023; at that time, Realty income will acquire a 21.9 percent indirect interest in the property by way of an initial investment of $300 million of common equity into the joint venture. Blackstone will retain a 73.1 percent indirect interest, with the remaining 5.0 percent interest being held by MGM Resorts International. 

In addition, $650 million will be invested by Realty Income into the joint venture to acquire a yield-bearing preferred equity interest. 

Sumit Roy, Realty Income’s President and Chief Executive Officer, announced his firm’s sizable investment into Las Vegas, saying that it is expected to yield huge benefits for their investors. 

We are pleased to initiate our Credit Investment platform through a preferred equity investment in the Bellagio joint venture,” he said. “Credit Investments are a natural adjacency to our traditional business, allowing us to provide additional value to our clients while leveraging our core competencies in transaction sourcing and structuring, and real estate and credit underwriting and monitoring.” 

Located on the famed Las Vegas Strip, The Bellagio is a luxury hotel and casino that was purchased from MGM Resorts by Blackstone back in 2019 for $4.25 billion; MGM retained a small stake and continues to operate and maintain the resort on a day-to-day basis. 

Realty Income Corporation is a real estate investment trust that owns and operates a portfolio of over 12,237 commercial properties. 

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

LAS VEGAS, NV – The Athletics’ ownership has hired the pair of industry-leading construction firms responsible for building Allegiant Stadium to build the Major League Baseball (MLB) team’s proposed new $1.5 billion ballpark on the Las Vegas Strip. 

 The A’s announced this week that the Mortenson | McCarthy Joint Venture 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, as well as engaging with the community. 

According to a statement released by A’s President Dave Kaval, the decision to go with this joint development team –  who are considered standouts in their field – was an easy one based on their previous efforts, particularly with the work they did on bringing Allegiant Stadium to life for the Las Vegas Raiders. 

Mortenson | McCarthy brings an exceptional level of expertise and experience to our project,” he said. “Their focus on innovation, safety and efficiency makes them the best in their field.” 

Despite the announcement, hiring of Mortenson | McCarthy still must be approved by the Las Vegas Stadium Authority before the deal can go down, although that is considered merely a formality. 

The new home of the Athletics – who are joining the Raiders in moving from their former hometown of Oakland, California – 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 – a project expected to cost a total of $1.5 billion – is slated to take the form of a 35,000-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. 

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

LAS VEGAS, NV – Hard Rock International, the new owners of the Mirage Las Vegas, have gained the approval of the Clark County Zoning Commission to replace the resort’s iconic volcano attraction with a massive guitar tower-themed resort and casino, reflecting the eventual rebranding of the property into the Hard Rock Las Vegas. 

The Mirage Las Vegas transferred operations in December 2022 from MGM Resorts International to new owners Hard Rock, the gaming arm of the Seminole Tribe of Florida, who purchased the rights to operate the resort for $1.075 billion; this marks the first time that a Native American tribe has run a Las Vegas Strip-based casino in history.  

While Hard Rock plans to continue operating The Mirage under its current name for the time being, the eventual plan is to re-brand the resort with the Hard Rock name in 2024 and redevelop the building into the same trademark guitar-style shape as other Hard Rock resorts. 

The eventual plan for the resort includes a 600-room, 660-foot-tall project along Las Vegas Boulevard – slated to be built exactly where the existing Mirage volcano currently is – with 49,000 square feet of gaming area and 96,000 square feet of retail and restaurants; amenities will include a pool, spa, fitness center, and salon. 

According to Jennifer Lazovich, a land-use attorney with law firm Kaempfer Crowell, the design of the proposed tower that Clark County approved last week will see it take the form of giant back-to-back guitars featuring “brightly lit strings” and massive floor-to-ceiling glass panes. 

Hard Rock had been repeatedly questioned about their plans for the volcano attraction since taking over the property, which has entertained tourists and visitors to the city for years; unfortunately, earlier this year the company confirmed their plans to eventually demolish it, citing the fact that it does not generate any revenue. 

For the time being, MGM will license the “Mirage” name to Hard Rock until the rebranding project is complete; Hard Rock Las Vegas is expected to open in 2025 or 2026. 

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

LAS VEGAS, NV – The new high-rise apartment complex is slated to be constructed in Henderson – the first-ever located in the city – with the developers stating they plan to raise the bar in terms of luxury accommodations in the region. 

The complex – dubbed Four Seasons Private Residences Las Vegas, a fully-serviced luxury residential project – is set to break ground and begin construction at the end of 2023. It will take the form of two towers containing 171 homes, as well as six additional private villas to be located off-site in McDonald Highlands.  

Four Seasons, upon completion, will encompass 7,300 interior square feet and 5,000 exterior square feet, and is being built in partnership with Azure Resorts & Hotels and Luxus Developments. 

The developers describe the project as being a “single-family home, but in the sky,” with the units being marketed to families who are seeking to downsize from high-maintenance houses to a high-rise home with a similar layout. 

The project is also pioneering what they refer to as a “lock and leave” concept, wherein residents can leave their keys at the front desk when going away and have management watch over and maintain their home in their absence. 

Four Seasons will boast 24-hour staff and over 90,000 square feet of amenities, including media rooms, gyms, a golf simulator, an indoor jacuzzi, cryotherapy chamber, wine cellars, meeting rooms, indoor pools an on-site world-class chef with food delivery service, and more. Residents will also be able to access their units through private garages – complete with electric vehicle charging stations – or private elevators. 

Such lavish accommodations certainly don’t come cheap: the homes start at $3.5 million, with some of the high-end penthouses costing as much as $45 million and featuring extras such as large terraces and outdoor kitchens.  

50 residences have been sold already, according to the developer, totaling $250 million in sales so far; the project is expected to open in the first quarter of 2026. 

For more information on Four Seasons Private Residences Las Vegas, please visit https://www.fourseasons.com/residences/private_residences/las-vegas/

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

LAS VEGAS, NV – UnCommons – a 40-acre mixed-used facility currently under development in southwestern Las Vegas – recently announced an expansion of the experimental project with the addition of The Assembly, a 5,000-square-foot conference and event pavilion scheduled to open in September. 

Upon completion, UnCommons – located at Durango Drive and the 215 Beltway in the southwest valley – will essentially be a mini-city within a city, consisting of 500,000 square feet of offices, as well as restaurants, health and fitness studios, relaxation options, and over 830 residential units, in addition to the aforementioned event pavilion. 

The Assembly is being touted as a one-of-a-kind addition to the mixed-use development that can host a variety of event types, including talks, community events, and weddings; the space can even be utilized as a hub for the facility’s office tenants when needed. 

The concept behind the $800 million project is that it will be a space where the various employees working for businesses located there will have numerous solutions to all of their needs – living space, entertainment, exercise, and more – right there at their fingertips. 

The 830 apartment units are spread out amongst 3 towers, and already have 40 residents who have moved in; in addition, six office tenants have also set up operations in their respective spaces, including companies such as Draft Kings and CBRE Group Inc; companies such as Deloitte and Newmark will also be coming in soon. 

On the storefront side, six food and beverage locations have already opened – such as Urth Caffe, Teaspoon, and Amari – and two retail businesses have opened their doors, one being a luxury candle maker and the other a hair salon. 

Las Vegas ‘s intense desert heat has been taken into consideration as far as the UnCommons’ design goes, with all buildings on the grounds built around the concept of providing maximum shade to the maximum amount of outdoor square footage possible, ensuring that tenants and visitors are rarely required to be exposed to direct sunlight for any great period of time. 

The final phase of the UnCommons project – which originally broke ground in 2021 – is slated to begin in early 2024. 

For more information on availability and more, visit https://uncommons.com

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