Category Archive : Development

LAS VEGAS, NV – Ground was recently broken on Cartier Industrial, a new industrial space located on a 4.28-acre plot of land in North Las Vegas, after successful completion of grading of the property which was achieved in late January of this year.

The project – located on the northwest corner of North Lamb Boulevard and East Cartier Avenue, with easy access to major highways such as I-15 and 515 – is the latest in the large number of industrial facilities that have been popping up throughout Las Vegas over the past year or two, with the city becoming a popular shipping hub for numerous companies across the country.

Once completed, Cartier Industrial is slated to be made up of a freestanding, concrete tilt building which will include eight 9×10-foot dock loading doors and two 16×14-foot grade level doors, both with a 30-foot clear height. There will also be an R-24 insulated tilt wall panel system, R-38 roof deck insulation, 81 parking stalls, an ESFR fire suppression system, M-D zoning, and rear loading truck access.

Tim Castello, Certified Commercial Investment Member (CCIM) and owner of the project’s developer, Castello-Monkarsh Development, noted that Cartier Industrial will help to serve the very much growing need for industrial space in Las Vegas.

Cartier is providing a much-needed product for the industrial sector in North Las Vegas.  This project is perfect for an Owner-user, whereby the owner can lease out half the building and reduce their carrying costs.  This is just one of the projects we are developing in the area,” Castello said. “The industrial sector valley wide is at historic lows with vacancy rates at less than 1.7%. This project is a rare opportunity as we are offering it for either purchase or lease at an affordable rate. Cartier is situated in a desirable neighborhood welcoming to industrial users.”

The facility will be available for either sale or lease once it has been completed, and according to the developer it will be able to be split up between two separate tenants if needed.

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 – Construction of the greatly anticipated Dream Las Vegas hotel-casino project has been “fully stopped” after developer Bill Shopoff revealed this week that his funding has temporarily dried up, leaving him owing approximately $25 million to $30 million for work on the resort.

Despite the whopping debt he owes currently, Shopoff – President and CEO of Shopoff Realty Investments – is insisting that the project is only briefly halted, and that work will resume “once the terms of the financing are finalized.”

Work has fully stopped at the site, other than anything required for safety,” Shopoff said.

Construction on Dream Las Vegas broke ground on Las Vegas Boulevard last year and is slated to take a different approach from the massive mega-resorts that the city is known for, offering a “smaller, boutique-style experience.”

Shopoff – along with his partner in the project, Contour CEO David Daneshforooz – said that he is in “active” discussions with his lender, and that he anticipates the kinks in his funding to be worked out within the next month or so.

“Clearly, we’re delayed on getting some financing,” he said, explaining that some of the issues regarding Dream’s funding are tied to skyrocketing loan interest rates caused by the record-high inflation plaguing the country.

Currently, the budget for Dream is in the neighborhood of $550 million to $575 million; until now, Shopoff and Daneshforooz have been paying for its development with cash out of their own pockets, and are currently negotiating with their lender for a $400 million plus loan.

Development for Dream is being spearheaded by contractor McCarthy Building Companies, whom Shopoff insisted will be paid and will continue work on finishing the 531-room hotel-casino.

Obviously people want to get paid for their work, and we want them to be paid,” Shopoff said. “They will be paid, and the project will get built.”

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 – Expanding their footprint in Southern Nevada even further, the Las Vegas Raiders NFL team recently purchased an office and warehouse building across the street from their home of Allegiant Stadium, spending approximately $10.6 million according to property records.

The Raiders had already been utilizing the 33,000 square-foot building in question – located at 5525 Polaris Avenue – after having signed a 10 year long rental agreement in 2020 with brokerage firm Colliers International. However, for undisclosed reasons, the Raiders have instead opted to purchase the property outright.

To date, the Raiders – along with team owner Mark Davis – have amassed an impressive array of real estate transactions in Southern Nevada since transplanting the team there in 2020.

Initially, the Raiders purchased over 60 acres of land near the famed Las Vegas Strip in 2017 for 77.5 million; it was there that they constructed Allegiant Stadium, their 65,000 seat, $2 billion home stadium.

After that, they purchased an additional 55 acres in Henderson for approximately $6 million in 2018, where they then constructed a 300,000 square-foot practice facility and headquarters complex; however, in early 2020 they sold the complex for $191 million, only to subsequently lease it back from its new owner.

Then, in 2019, the Raiders purchased just over 17 acres of property within a mile of Allegiant for $28 million, in order to utilize it for stadium parking. 2020 saw the team buy an additional 3 acres west of the stadium for $16 million, as well as three industrial buildings next to their Henderson headquarters for over $56 million.

Davis has been buying and selling a great deal of real estate in Vegas on a personal basis as well; he has purchased both undeveloped land and a condo in the exclusive Summit Club community, only to later turn around and sell both before buying a 6.8 acre site in Henderson’s Ascaya community, where he is currently building a three-story luxury estate.

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 Strip will be getting a interesting new entertainment option soon, as The Bottled Blonde chain of pizzerias and beer gardens has announced they will be building a lavish $50 million nightclub upon the famed boulevard in the fourth quarter of 2024, the franchise’s first foray into Southern Nevada.

The Bottled Blonde Las Vegas will be situated within a 25,000 square-foot standalone building in the Grand Bazaar Shops, next to Horseshoe Las Vegas, and will be comprised of three floors with an open-air rooftop lounge that will offer unobstructed views of the Bellagio fountains.

Several existing buildings on the Strip will be destroyed to make way for The Bottled Blonde’s construction.

The Bottled Blonde – owned by Arizona-based Evening Entertainment Group – currently has 25 bars and restaurants across the country – including in Dallas, Houston, Ft. Worth, and Miami – with media outlets referring to the franchise as “highest-grossing standalone bar in Texas.”

A location is also currently under development in Nashville.

The Bottled Blonde offers a plethora of menu options such as chicken wings, salads, and pizzas, but the main draw of the establishment is its late-night club atmosphere.

The Bottled Blonde Las Vegas is currently being developed by Evening Entertainment Group and Creation, a Phoenix-based real estate development and investment firm; according to Evening Entertainment Group co-owner Les Corieri, bringing the chain to Las Vegas has been in the cards for some time now.

“This project has been a long time coming, and we couldn’t be more excited to bring the Bottled Blonde experience front and center to the Las Vegas Strip,” he said, adding that the establishment will stand out from the other fare on the Strip because of its prominent location on the corner of Las Vegas Boulevard and Flamingo Road.

“Our visibility is much better than most people,” he said.

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 – Talonvest Capital, Inc. and their client, Metropolis Development Group, have announced that they have successfully acquired a $12.2 million construction loan they will utilize in building a large, cutting-edge storage facility in Las Vegas, Nevada.

Talonvest Capital, Inc. is a boutique real estate firm that, as per their website, provides “advisory services to commercial and self storage real estate investors, owners, and developers throughout the United States.” The firm boasts “four decades of institutional knowledge and expertise from the team members to deliver better capital solutions for its clients.”

According to the website of Metropolis Development Group – Talonvest’s client in this endeavor – the development firm has 85-plus years of experience in constructing “self-storage projects in underserved areas and brings new purpose to buildings and land in the self-storage arena.”

The two entities have combined their talents and, this week, have closed on a 36 month, $12.2 million loan to develop 910 climate-controlled storage units across 90,921 net rental square footage (NRSF) along North Rancho Drive within half a mile of US-95, a section of Las Vegas that is considered a “high demand market” in terms of commercial storage space.

Scott Looney, Managing Member of the Metropolis Development Group, noted that he was impressed by the Irvine, California-based Talonvest’s ability to navigate the red tape normally associated with acquiring sizable construction loans, and that his firm was looking forward to breaking ground on the upcoming project.

“This was our first time working with the Talonvest team and we were very impressed with what they delivered,” he said. “Their extensive relationships with lenders, capital expertise, and attention to detail made for a seamless transaction process and great results.”

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 finally responded to repeated questions from fans of the establishment’s iconic live volcano, and while it will be remaining in service in the near and now, it has unfortunately been confirmed that the famed attraction will be retired permanently in the near future due to the lack of revenue that it generates.

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; this marked the first time that a Native American tribe has run a Las Vegas Strip-based resort casino in history.

The Seminole tribe has developed extensive hotels and resorts for gaming on some of their reservations, and in 2007 the tribe bought the Hard Rock Cafe franchise for $965 million; they currently have a total of seven casinos, and announced in December 2021 that it had purchased the rights to operate The Mirage for $1.075 billion.

While Hard Rock plans to continue operating The Mirage under its current name for the time being – during which they will be keeping the volcano attraction running – the eventual plan is to re-brand the resort with the Hard Rock name and extensively renovate the building’s façade to the same trademark guitar-style shape as other Hard Rock resorts.

During this process, sadly, the establishment’s widely-known artificial volcano – which currently erupts nightly, providing free entertainment in front of the resort – will be discontinued and torn down.

The rebranding project is expected to begin in 2024; until then, MGM will license the “Mirage” name to Hard Rock until the 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 – Madison Square Garden Entertainment (MSGE) is currently mulling over the possibility of selling their high-end Tao restaurant and nightclub chain in order to help fund the construction of their ongoing MSG Sphere entertainment venue in Las Vegas, as construction costs have continued spiraling ever-higher as the long-gestating project finally nears completion.

MSGE has reportedly engaged the services of multinational investment bank and financial services company Goldman Sachs to assist with the potential sale of Tao Group, which would include 17 restaurants, nightclubs, day clubs and pool lounges in Las Vegas. Among the local venues that would be part of the proposed sale would include Tao Nightclub and Tao Asian Bistro at The Venetian, Hakkasan at MGM Grand, and Beauty & Essex at The Cosmopolitan of Las Vegas.

In addition, Tao also operates venues in London, Singapore, Dubai, and New York City.

The potential Tao Group sale comes amid the skyrocketing budget of the MSG Sphere project, which has currently swelled to $2.17 billion, surpassing Allegiant Stadium as the Las Vegas’ priciest entertainment venue ever.

When completed, the 17,500-seat MSG Sphere will be a 400,000-square-foot, 18,000-seat, 360-foot-tall globe-shaped arena on 63 acres of property located behind the Venetian Resort Hotel Casino on the Las Vegas Strip.

The exterior of the sphere will feature 36 miles of variable intensity LED lighting – known as an exosphere – enabling the structure to allow outside spectators to peer through a transparent façade to watch the concert within; at higher lighting intensities, outside vision will be obscured.

The venue will cater to musical performances and concerts; however, the occasional boxing or MMA contest could be held there as well, according to Madison Square Garden Co.

The MSG Sphere was initially scheduled to open in 2021, although it was later delayed due to the COVID-19 pandemic; it is now slated to open in the second half of 2023.

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 – Summoning images of anti-authority, slam-dancing men and women in leather jackets sporting outrageous, multi-colored hairdos, The Punk Rock Museum is slated to mosh its way into Las Vegas with an anticipated opening date of March 2023, offering an experience to music fans like none ever seen before.

Brought to life by a group of punk rock legends known as the “Punk Collective” – including NOFX’s Fat Mike, Pennywise’s Fletcher Dragge, Bryan Ray Turcotte, Vinnie Fiorello, and more – The Punk Rock Museum, currently under construction, will offer music fans “the world’s most expansive, inclusive, and intimate display of artifacts, fliers, photos, clothing, instruments, handwritten lyrics, artwork, and just about everything else donated by the people and bands who were there.“

The 12,000 square-foot facility will offer a plethora of memorabilia and artifacts representing one of the most turbulent music genres ever conceived, including handwritten lyrics, instruments – which will not only be viewable by guests, but actually playable as well – clothing, photos, flyers, and artwork representing some of the biggest names in punk rock, such as Blondie, Sum 41, Rise Against, Devo, and more.

In addition to serving as a chronicle of punk rock history and the people who made it happen, the museum will also offer a bar, tattoo parlor, wedding chapel, jam room, and a variety of other experiences for guests to indulge in.

The Punk Rock Museum was originally slated to open on January 13, but a series of construction delays have pushed that date back to March 10. Upon opening, visitors will actually be taken on guided tours of the museum by punk icons such as Louiche Mayorga from Suicidal Tendencies, Noodles from The Offspring, Stacey Dee from Bad Cop/Bad Cop, Don Bolles from The Germs/45 Graves, Greg Hetson from Circle Jerks/Punk Rock Karaoke, Warren Fitzgerald from The Vandals, and Zach Blair from Rise Against. 

“Everyone who books one of these tours will hear stories no one else has heard before, from the people who lived them,” the museum’s website says.

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 developer of the Fontainebleau Hotel and Casino announced this week that they have acquired a $2.2 billion construction loan to finally complete the project following a protracted – and extremely bumpy – development history. 

The long-gestating Fontainebleau project – located on the northern part of the famed Las Vegas Strip and originally scheduled to open in 2009 – finally resumed construction in November 2021 after it was re-acquired by its original developer after changing hands several times over the years. 

Jeffrey Soffer, chairman and CEO of Florida-based Fontainebleau Development, set out to finish what he began 12 years ago after he put the brakes on the resort due to lack of funding, despite it already being 75 percent completed at the time. 

Fontainebleau Development had originally begun building the resort in 2007, but it 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 Fontainebleau Development re-acquired the project and resumed construction in 2021; currently, the resort is now expected to be finished in late 2023, following Soffer’s securement this week of $2.2 billion in new funding. 

When the resort is completed, 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 other amenities. The resort is expected to provide approximately 6,000 full-time jobs, which will greatly add to Las Vegas’ 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 – The MSG Sphere, the high-tech entertainment venue that has been under construction off of the famed Las Vegas Strip since its initial groundbreaking in September 2018, has encountered a series of financial overruns during its development saga that has caused it to exceed Allegiant Stadium as the city’s priciest entertainment venue ever.

Originally, Madison Square Garden Co. – in conjunction with partner Las Vegas Sands Corp. – had estimated the cost of the high-tech stadium at $1.2 billion; however, the initial general contractor of the project, AECOM, later announced that costs were more likely in the range of $1.7 billion. Madison Square Garden took over as general contractor in December 2020, although AECOM continued to provide support.

Costs have ballooned in the four years since the groundbreaking, however, and are now estimated to be a whopping $2.17 billion, taking the title of the costliest entertainment venue in Las Vegas away from the $1.9 billion Allegiant Stadium.

The 17,500-seat auditorium was initially scheduled to open in 2021, but construction was suspended in April 2020 due to the COVID-19 pandemic; construction resumed later that year, with the venue now slated to open in the second half of 2023.

When completed, the MSG Sphere will be a 400,000-square-foot, 18,000-seat, 360-foot-tall globe-shaped arena on 63 acres of property located behind the Venetian Resort Hotel Casino on the Las Vegas Strip.

The exterior of the sphere will feature 36 miles of variable intensity LED lighting – known as an exosphere – enabling the structure to allow outside spectators to peer through a transparent façade to watch the concert within; at higher lighting intensities, outside vision will be obscured.

The venue will cater to musical performances and concerts; however, the occasional boxing or MMA contest could be held there as well, according to Madison Square Garden Co.

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 a deadly fire three years ago that resulted in 6 dead, 13 injured, and dozens of families without a home, the former Alpine Motel Apartments has finally been rebuilt and rechristened as DLUX Lofts, with the new property owner pouring $3 million into the facility’s rehabilitation.

DLUX Lofts isn’t merely a recreation of the original three-story, 42-unit apartment complex that was all-but destroyed during an early-morning fire on December 21, 2019; it represents a significant overhaul, not only in terms of making it safe to occupy once again, but also due to a cutting-edge tech upgrade as well.

The building features a full redevelopment of the original structure, including a new sprinkler system throughout the entire complex – in both the hallways and in each apartment – as well as new utilities, new windows, a new roof, and new flooring.

All of the apartments – which range in size from 300 to 400 square-feet – have been given a luxury makeover, boasting amenities such as stainless steel appliances, quartz countertops, built-in bluetooth speakers, fingerprint and bluetooth-enabled door locks, a smartphone-compatible video-intercom access system, and high-speed WiFi internet access.

Despite all of the shiny new features, the units at DLUX Lofts are surprisingly affordable, with rents expected to be in the neighborhood of $1,150 to $1,350, a price that includes all utilities – such as water, electricity, and internet – as well.

The apartment complex rising from the ashes comes after what was described as the deadliest building fire in the history of Las Vegas, which saw tenants jumping from the windows of their second-and-third story apartments in a desperate bid to escape the flames.

Surviving residents stated that the building – which previously had no sprinkler system at all – had a history of failed fire inspections, and at the time of the blaze had not had any inspections at all for two years. Afterwards, investigators found over 40 fire code violations, in addition to asbestos contained throughout the structure.

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 upcoming high-speed railway system between Las Vegas and Southern Los Angeles – which has been gestating for a number of years now, having been plagued by a series of delays – has finally seen some forward momentum, as reports indicate that developer Brightline West is now ‘on-track’ to officially break ground on the project in 2023.

With the groundbreaking originally announced to take place back in 2020, the $8 billion project, once completed, will take the form of a 34-mile stretch of track in Nevada running along Interstate 15 and ending at a station located on the south end of the Las Vegas Strip.

This line would be fed by several lines from various locations in California, resulting in a total of approximately 185 miles of track overall. Travelers from Las Vegas would be able to continue from the system to Los Angeles via the Metrolink, which would effectively link Las Vegas with L.A. via a 75-minute trip.

Brightline is boasting that the railway could be responsible for removing “millions” of cars from the I-15, which would go a long way towards reducing pollution.

“The environmental assessment underscores the positive environmental impact of utilizing the I-15 for high-speed rail and is a significant step in the process to receive the key approval to begin construction,” the company said in a statement.

Funding for the project is slated to come from several sources, with Brightline applying for federal grants and private activity bonds in both Nevada and California; in addition, funding could be procured from the recently-passed federal infrastructure bill, part of which is earmarked to support rail projects.

The Brightline West railway project has been long-delayed due to several reasons, ranging from the COVID-19 pandemic and its effects upon financial markets to the 2020 presidential election and the economic uncertainty that it created at the time.

If the project finally proceeds in 2023, the expected completion date would is expected to be in 2027.

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.