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Category Archive : Economy

Home Prices in Las Vegas On-Course to Overtake Pre-Bubble Levels

LAS VEGAS, NV – In the mid-2000’s Las Vegas housing market, prices reached their peak; in June of 2006, the median sales price of a single-family home hit an all-time high of $315,000, right before the recession hit and rendered the Southern Nevada market nearly inert for almost a decade.

With the recovery of the economy and the influx of money and jobs into the region, experts began to notice the skyrocketing growth in the housing market. Inventory was scarce and prices were rising, but did they stand a chance of hitting the highs seen before the housing bubble burst? File photo: Pixabay.

Fast-forward to 2019, and real estate in Las Vegas has finally experienced something of a boom period once again. With the recovery of the economy and the influx of money and jobs into the region, experts began to notice the skyrocketing growth in the housing market. Inventory was scarce and prices were rising, but did they stand a chance of hitting the highs seen before the housing bubble burst? Some were skeptical, but none denied the record-setting growth.

But it appears to be happening, experts say; in September 2019, the median sales price of a single-family home hit $310,000. Closing the gap significantly between what is and what once was. Clearly, home prices – while their growth has finally started to slow recently – are on the cusp of reaching, and perhaps even surpassing, their previous mid-2000 levels.
However, experts say not to read too much into that milestone, as when taking inflation into consideration, the gap is not quite what it once was thought. Inflation means that, in 2019 currency, that peak 2006 home price of $315,000 would actually equate to 398,300. Also, while things have improved overall, they have yet to reach the point where lenders were practically giving loans away; from banks to developers, everyone touched by the real estate industry is playing it a little more safely these days, based on how badly they were burned last time around.

So while the symbolism of the new 2019 peak is a great way to bid farewell to the hardships that the recession forced upon Las Vegas – and indeed, the rest of the nation – it still indicates that there’s room for improvement, and illustrates just how bad things got when they were at their worst. But it also shows how far Vegas has come, and how far it’s still more than capable of going in the future.

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 House Prices Continue to Rise; Phoenix Shows Fastest Growth Overall, However

LAS VEGAS, NV – While the growth of home prices on the real estate market has slowed as of late after a period of massive growth, Las Vegas is still outpacing the vast majority of large cities in the county; that is, except its neighboring city of Phoenix, Arizona, according to reports.

The current growth of the Las Vegas real estate market is seen as more sustainable, according to experts, many of whom were worried that the previous rapid growth the city was experiencing would soon affect the region’s much-touted affordable cost of living. Photo: Pixabay.

In Southern Nevada as of July 2019, median home prices have been recorded as increasing 4.7 percent since the same period in 2018; this runs in direct contrast with the national average of 3.2 percent, reports say.

However, Phoenix has jumped in the rankings, showing a 5.8 percent gain year-over-year for the second month in a row. Previously, Las Vegas had occupied the top of the price growth list for a full year; for the past two months, it’s had to settle for number two on that list, a no less impressive distinction.

Currently, the median price of a single-family home in Las Vegas is $305,000 as of September, which represents a 3.4 percent increase over the same period of time in 2018. Growth is still there, although demand has decreased as developers have addressed the city’s rampant housing shortage brought on by a booming economy and an influx of out-of-state transplants looking for good jobs. The number of homes on the market is slowly increasing, which is helping to stabilize the formerly skyrocketing rate of growth for new home prices in the region.

In contrast, the median sales price of a single-family home in Las Vegas in August of 2018 represented a 13.5 percent increase over the same period in 2017, reports say; a massive jump, indeed. 

The current growth of the Las Vegas real estate market is seen as more sustainable, according to experts, many of whom were worried that the previous rapid growth the city was experiencing would soon affect the region’s much-touted affordable cost of 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.

US/China Trade War Tariffs Likely to Increase Construction Costs in Las Vegas, Reports Say

LAS VEGAS, NV – Many Las Vegas construction projects that are either in the planning stages or are currently in the works are facing the very real threat of skyrocketing costs in the face of trade tariffs brought on by the ongoing US/China Trade War, according to recent reports.

How this affects construction in Las Vegas – and much of the U.S., is in steel, one of China’s main exports, which is also home to six of the 10 largest steel-producing companies headquartered there, according to reports. File photo: Pixabay.

As previously announced by President Donald Trump, on October 1, 2019, new tariffs – ranging from 25 percent to 30 percent – will be placed on $250 billion worth of Chinese goods; in addition, $160 billion worth of Chinese goods will come under a new 15 percent tax due to be instituted on December 15.

How this affects construction in Las Vegas – and much of the United States, for that matter – is in steel, one of China’s main exports, which is also home to six of the 10 largest steel-producing companies headquartered there, according to reports. 

And the increased steel prices that the tariffs are causing are making many developers think twice about going forward with – or scaling back – numerous planned projects in the Southern Nevada region due to the ballooning costs involved. For example, a proposed sports and entertainment complex for the Las Vegas Strip headed up by former NBA star Jackie Robinson has raised its estimated costs from $2.7 billion to nearly $3 billion as a result of increased steel costs, reports say. In addition, the developers of the MSG Sphere at The Venetian have increased their initial estimate from $1.2 billion to $1.7 billion.

However, an equal number of developers are pressing forward and taking on the extra costs as they come, while others are managing to remain on-budget as pre-existing purchase contracts with exporters have rendered them temporarily immune to the rising costs brought about by the US/Chine trade war. Projects that report no significant cost overruns due to the conflict include the Las Vegas Raiders Stadium and the Las Vegas Convention and Visitors Authority (LVCVA) convention center expansion.

According to the LVCVA, there are ongoing or currently planned projects scheduled to open through 2022 totaling in the amount of $15.2 billion within the confines of the city.

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.

Fed Cuts Interest Rates for First Time Since 2008

Fed Chair Jay Powell initially did not indicate that there would be any further interest rate decreases in the near future which drew the ire of President Trump, who has been critical of the actions taken by the Federal Reserve. Photo credit: C-SPAN.

WASHINGTON – On July 31, the Federal Reserve cut interest rates by 25 points, making it the first time they have done so since the national recession in 2008. In addition, the central bank also ended quantitative tightening – a process of shrinking its balance sheet – two months ahead of schedule.

The interest rate cut changes the target benchmark rate to a range of 2 percent to 2.25 percent amid concerns of a possible slowing of the nation’s economy, citing “implications of global developments for the economic outlook as well as muted inflation pressures” .

According to a statement by the Federal Open Market Committee, business fixed investment is considered “soft” and inflationary pressures “remain low.” Job gains are considered “solid” by the Fed, with 224,000 added according to the June jobs report; unemployment currently is at 3.7 percent nationally, representing a slight increase.

The consumer market has shown continued improvement, however, with household spending increasing across the board.

Fed Chair Jay Powell initially did not indicate that there would be any further interest rate decreases in the near future, stating that the cut was simply a “midcycle adjustment” and that the economy was not in such a state of slowdown as to make necessary a longer rate-cutting cycle.

Powell’s lack of indication of future cuts drew the ire of President Donald Trump, who has been critical of the actions taken by the Federal Reserve recently as it pertains to the economy.

“As usual, Powell let us down, but at least he is ending quantitative tightening, which shouldn’t have started in the first place – no inflation,” Trump wrote on Twitter. “We are winning anyway, but I am certainly not getting much help from the Federal Reserve!”

It is perhaps this backlash from the President that caused the Fed to issue a follow-up statement, noting that it will “act as appropriate to sustain the expansion,” and that the committee will contemplate “the future path of the target range for the federal funds rate,” thus leaving the door open for potential future cuts.

Expectations were high in economic markets that the Federal Reserve would be making a 25 point cut, and some were even anticipating a potential 50 point cut.

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 Stadium Crews Set to Enter “Most Dangerous” Phase of Construction for Future Home of Raiders Football Team

LAS VEGAS – Work on the Las Vegas Stadium – the near-future home of the famed Oakland Raiders National Football League (NFL) team – has entered what the reports are referring to as the “most difficult” and “most dangerous” phase of its ongoing construction efforts. Since breaking ground on the new $2 billion, 65,000-seat stadium on Nov. 13, building crews are set to begin elevating 22 canopy trusses – each weighing 65 tons apiece – in order to affix them to the rim of the stadium at its highest points, many of which are as high as 120 feet off the ground.

These efforts require complex and exceedingly precise work between multiple departments involved in the construction of the stadium, such as the engineers, supervisors, iron workers, and more, all while taking into consideration the weather on any given day as rain or even minor shifts in wind velocity can have a major effect when working with the canopy trusses at such heights. Reports note that work can only take place at times when winds are lower than a sustained 17 miles per hour, for example. Regardless, lifting and affixing the canopy trusses will be relatively unique each and every time it is done, with work crews having to take into consideration any number of random variables that may not have been anticipated during the initial planning stages.

In addition, the canopy trusses must be put in place with extreme precision in order to incorporate them into the enormous translucent roof of the stadium, which will enable natural light to permeate the interior in order to give attendees the feeling of being outdoors. The roof is currently slated to be constructed on the floor of the stadium, and once the canopy trusses are in place, the roof will be lifted and affixed to them. Placement of the canopy trusses is slated to be completed by July 31.

Work on the stadium is currently going according to schedule, reports say, with anticipation of the Raiders playing the opening game of their 2020 season there. Anticipation of a major NFL team now calling Las Vegas home has helped to spark the local Las Vegas economy, driving businesses and tourism to the region and greatly increasing the city’s fortunes since its come back from the mid-2000s recession.

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.

Raiders Stadium Facing Hurdles, But Will Open On-Time

LAS VEGAS – Despite recent reports to the contrary, construction on the upcoming Las Vegas NFL Raiders Stadium – while facing a series of hurdles in recent days – will nonetheless be opening on time for the team’s first pre-season game, slated to take place on August 6, 2020.

According to reports, the Raiders’ construction manager, Jones Lang LaSalle, recently and erroneously told the team’s board that the July 31, 2020 completion date for the stadium has been bumped back to August 4; right afterwards, most major media outlets reported the incorrect news, spreading headlines declaring that the finish of the project had been delayed.

Some of the issues attributed to this alleged delay include issues with the delivery of steel supplies to the construction zone; a real problem, according to officials, but not one that will have any significant impact upon work, they say.

Soon after the “news” got out, chief operating officer of the Raiders’ stadium company, Don Webb, set the record straight, assuring board members that the construction of Raiders Stadium will be finished on-time for the start of the team’s 2020 pre-season season.

The Raiders broke ground on the new $2 billion, 65,000-seat stadium on November 13, 2017 – a joint-use agreement with the football team of the University of Las Vegas – and the impending arrival of the world-famous footballers has already attracted new businesses and investors to Las Vegas who believe that a local professional sporting team will serve as a massive boon to their bottom lines.

Indeed, this has already been proven to be the case; hotel room tax proceeds for the city of Las Vegas related to Raiders-influenced tourism have exceeded original projections by 0.6 percent, for a total of nearly $94 million through January of 2020, according to reports.

In addition to Raiders Stadium, work is also underway on a $100 million training facility/team headquarters that is located in the vicinity of Henderson Executive Airport. The headquarters will offer 323,000 square feet consisting of advanced training and workout facilities – including three practice areas located outside as well as an indoor football field – in addition to numerous corporate offices to house the team’s management, executives, and other personnel.

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.

Concrete Industry Playing Important Role in Las Vegas Construction and Development

LAS VEGAS – Unless you’ve been living under a rock in the Mojave Desert, you’ve likely heard that Southern Nevada is currently in the midst of a construction boom.

The Las Vegas Convention Center recently hosted the World of Concrete trade show this past February, where members of the concrete industry convened to see the impact their livelihood has had upon the city since its epic recovery from the mid-2000’s recession.

Due to the recent economic and real estate-related boom that has been re-shaping Vegas – attracting business, professional sports teams, and those seeking jobs – construction work has escalated to a large degree to keep up with demand in the Vegas area.

Among the current high-profile developments in the works – all of which are utilizing copious amounts of concrete in their construction – are Resorts World Las Vegas, Caesars Entertainment’s Linq complex, Las Vegas Raiders’ stadium (as well as the team’s team separate headquarters/practice facility), Wynn Las Vegas’ new convention facilities, MSG Sphere at The Venetian, Las Vegas Ballpark, among many more.

Considered a versatile, cost-effective, and efficient building material, concrete is a vital component in constructing a variety of projects in the region, including buildings and stadiums, as well as the infrastructure these developments require, such as bridges, roads, and highways.

The World of Concrete trade show highlighted how the substance has contributed to shaping the skyline of Las Vegas in recent years, in addition to illuminating breakthrough new developments in the field that are allowing concrete to not only act as a strong foundation for a structure, but to function as an attractive and eye-catching element of design as well. New coatings and applications are allowing concrete – once thought of as bland and utilitarian in appearance – to contribute to the beauty of a building’s overall design as well.

Another topic addressed at the trade show was the economic impact concrete has had upon the construction industry, especially in terms of jobs and employment; recent retirement of long-standing construction veterans, combined with a lack of new inductees into the field, have resulted in a shortage of new hires, and experts note that a coordinated effort is needed in order to lure students that are near graduation and looking for careers into construction. This is especially true in Southern Nevada, where job openings are plentiful in the face of the current overwhelming needs of the business and real estate sectors.

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.

New $95 Million Investment in Marriott Hotel Approved by Las Vegas Officials; To Support Downtown Development, Offer Jobs

LAS VEGAS – Las Vegas’ Symphony Park, a 61-acre mixed-use site currently under development in downtown Las Vegas, will be the home of a new Marriott Hotel, thanks to city officials who recently voted to approve the project. The new Marriott convention hotel brings with it a $95 million investment, which officials say will support Symphony Park’s development and create much-needed jobs in the downtown area.

Once housing a Union Pacific rail yard, Symphony Park currently is being master developed for mixed-use by the city of Las Vegas, also the landowner. Symphony Park is home to the Cleveland Clinic Lou Ruvo Center for Brain Health, Smith Center for the Performing Arts and the Discovery Children’s Museum.

Slated to be a 406-room, six story hotel with a projected opening date of summer 2020 will be constructed on the corner of Grand Central Parkway and Symphony Park Avenue – will offer a number of amenities for guests, such as an upscale restaurant, a fitness gymnasium, as well as retail stores and 20,000 square feet of spaces that can host large-scale meetings and conferences, officials say.

The six story hotel with a projected opening date of summer 2020 will be constructed on the corner of Grand Central Parkway and Symphony Park Avenue.

Officials anticipate that the project will produce approximately 150 construction jobs via developer Jackson-Shaw – a company responsible for 21 hotels to date – and once completed will employ over 275 people both directly and indirectly; in addition, the hotel is expected to generate about $1.5 million in tax revenue for the state and local municipality, according to reports. Previously, Jackson-Shaw was responsible for building local hotels the Hampton Inn Tropicana and the Renaissance Las Vegas.

The hotel, which is to be designed with inspiration taken from Spanish architecture and slated to cater to cutting-edge, modern lifestyles, will gel with the designs of neighboring structures and buildings in the Symphony Park development. City official said that they envision the mixed-use facility to become a hub for the arts, as well as a home for numerous professionals and businesses, including those in the science and medical fields.

In addition to the Marriot, other structures under development in Symphony Park include two parking garages that will incorporate up to 30,000 square feet of space for retail establishments, as well as residential apartments that will feature up to 600 single-family units once completed.
All in all, officials are expecting Symphony Park to play a large part in the re-invigoration of the Las Vegas downtown area within just a few years.

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.

Matter Real Estate Group Looking to Develop $400M Las Vegas-Based Mixed-Use Project

Matter Real Estate Group Looking to Develop $400M Las Vegas-Based Mixed-Use Project

LAS VEGAS – San Diego-based Matter Real Estate Group recently announced plans to create a $400 million project spanning 40 acres in Southwest Las Vegas. The project, dubbed UnCommons by Matter owner Jim Stuart, is to be a mixed-use development consisting of office, retail, and rental space.

The UnCommons office park, slated to be located at the corner of the 215 Beltway and Durango Drive, will consist of 500,000 square feet of office space, 100,000 square feet of retail space, and 875 apartments, Matter officials said. The development is planned to be designed with ease of access to foot traffic in mind, with early design renders illustrating a variety of walkways situated within a densely built series of buildings offering visitors access to a wide array of amenities, including coffee shops, a food hall, restaurants and live entertainment venues.

Matter is currently in the process of purchasing the land needed for the UnCommons project; currently, the company owns approximately 8 acres, but plans on acquiring the remainder of the property by the start of summer this year, once project plans have been officially approved by Clark County officials.

The southwest valley of Las Vegas is considered a fast up-and-comer in terms of business growth and construction, and UnCommons stands to help that reputation continue to develop. Matter officials have noted that the design approach that their company is taking with the project – especially in terms of office construction – is catered to attract young professionals who expect a little something extra in terms of a modern, exciting, and interesting work environment.

In addition to UnCommons, Matter has unveiled plans to construct multiple warehouses in the Southern Nevada region. These include a 540,000 square foot industrial park adjacent to North Las Vegas Airport, a facility spanning 10 acres in the southwest valley, and a 300,000 square foot Henderson-based development located beside the practice facility of the Las Vegas Raiders NFL team.

Matter is currently in the process of working with borrowing institutions to provide capital for the UnCommons project, as well as courting various companies and retail businesses regarding leases at the office park. There is currently no official timetable for when the project is expected to commence or when the project is to be completed by, but Matter representatives indicated that they are keen to get the ball rolling on the project as soon as possible in order to take advantage of the rapid growth that the southwestern Las Vegas valley is currently experiencing.

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 Las Vegas to Conduct Grant-Funded Study on Potential “Livable Center” by Regional Transportation Commission

LAS VEGAS – “Livable Centers” are a recent phenomenon that ‘center’ around offering residents a variety of options which help promote and facilitate a healthy, active lifestyle; North Las Vegas’ Deer Springs district has decided that this may give their community a significant commercial boost, and to that end they are dedicating grant monies into a study to see if a Livable Center in their backyard is a good fit.

Livable Centers are vibrant, walk-able places where people can live, work, and play with less reliance on their cars. Livable Centers, with concentrations of residential and employment, support more trips by foot, bicycle, transit, or carpool. Funded via financial grants provided by the Regional Transportation Commission of Southern Nevada are intended to assist communities looking to spur local economic development; Deer Springs’ study will work with the local community to identify specific recommendations, such as pedestrian and bicycle facilities, that can help spark the potential creation of a Livable Center.

If approved, most of the construction going into the Livable Center will be new, especially considering the fact that a majority of the Deer Springs area is currently awaiting development. Local officials are hopeful that a progressive and environmentally friendly project, such as a fully-functioning Livable Center, will attract businesses, jobs, and entertainment options into the region enabling it to grow and expand and, ultimately, create an environment that will bring in more families wanting to live here.

Before the mid-2000’s recession, the Deer Springs district was home to several businesses however once the recession hit the area dried up and many businesses either closed up shop or moved elsewhere. With the recent economic boom in Southern Nevada, local developers believe there is opportunity capitalize on the upward trend exhibited in both the real estate and job markets.

The benefits of Livable Centers include:

  • Less Time on the Road: By concentrating destinations, Livable Centers study areas reduce an estimated 416,541 single-occupancy vehicle trips daily.
  • Employment Opportunities: From 2009-2013, Livable Centers study areas saw 17.5% job growth, outpacing the overall 8-county region’s job growth rate of 11.7%.
  • Economic Impact: As of May 2015, a total of $197,041,186 in locally sponsored capital improvements had been made in Livable Centers study areas. An additional $272,146,008 are planned or programmed.

Deer Springs officials noted that they hope to complete their Livable Center study and present their findings to the North Las Vegas city council in June of this year; the report is slated to include strategies derived from the study that are intended to guide the development of the project – including transportation and other forms of access, should it be approved by officials.

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 Outpaces U.S. 2018 Average Employment in Terms of Construction

LAS VEGAS, NV – Looking back at 2018, Las Vegas can boast of a great many things – a booming economy, a healthy job market, booming real estate, an influx of new residents and businesses – but one item that stands out just as impressively is the fact that employment in the local construction industry blew up at roughly twice the rate when compared to the rest of the United States.

With a plethora of ongoing high-profile building projects – including the Las Vegas Raiders NFL stadium, a new baseball stadium, numerous single-family homes, apartment buildings, and condos, retail buildings, warehouses and more –  nearly 68,000 people were employed by the Las Vegas construction industry last year, representing a jump of nearly 9 percent from the same period in 2017, as per reports. In contrast, construction jobs only grew on an average of 4 percent elsewhere in the country.

With demand for quality – and affordable – housing spiking in Las Vegas within the last few years, the only thing standing between prospective homeowners and their desire to move into new dwellings has been a shortage of workers, and in an attempt to offset the difficulty in attracting laborers, construction companies have been offering extra incentives in order to draw them in, including higher salaries and benefits. 

Slowly, but surely, the approach has been working, and output from the region’s contractors has been steadily increasing to meet demand; however, according to reports, the workforce is still under-populated and companies are still looking for qualified workers.

The housing job market in Las Vegas currently, while very impressive by national standards, still pales in comparison to how it was in the “good old days.” Previously, before the housing market crash of the mid-2000’s, construction companies in Las Vegas employed approximately 112,000 workers; following the burst of the housing bubble, however, the market could only sustain fewer than 35,000 workers. Needless to say, the modern market is clearly in the rise once again.

Real Estate professionals in Las Vegas in 2018 reported record numbers of sales, with the marker hitting highs not seen in the Southern Nevada Region in over a decade. Scarcity has resulted in elevated pricing, but as more workers are brought in by home-builders in the area, a greater output of dwellings will result in prices stabilizing and, eventually, dropping to more affordable levels, although it is worth noting that Vegas’ cost of living, even now, is lower than much of the country, especially when compared to neighboring states such as California.

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Las Vegas Developer Tearing Down Campus Village Complex for Mixed-Use Project

LAS VEGAS, NV – Campus Village, located at 4440 South Maryland Parkway in Las Vegas, is a two-story complex consisting of space for retail establishments and professional office complexes. It’s been occupying its space for decades – it was originally built in 1978 – and due to the efforts of a prominent local developer, it will be soon demolished to make way for a new mixed-use project that is looking to tap into the recent real estate boom experienced as of late in the Southern Nevada region.

Situated directly across from the University of Las Vegas campus, workers employed by G2 Capital Development began demolition last week on Campus Village, with owners of the company estimating that the property will be completely razed and ready for re-purposing within a week or 10 days. G2 purchased Campus Village in 2017 for almost $5.5 million; the deal also included a separate building featuring retail space next door as well.

G2 Capital Development noted that demolishing the building and starting over from scratch is a necessary step due to numerous issues that Campus Village faced; due to its below-ground construction and open-air set-up, the property was often the victim of flooding during storms. Occupations by Las Vegas’ homeless community and drug dealers, as well as ongoing issues of vandalism, have also been a growing problem, G2 noted.

The demolition of Campus Village, G2 said will make way for a new complex that will feature numerous buildings constructed upon the site, some reaching as high as 20 stories; the new structures are slated to consist of spaces serving a variety of uses, from hotel rooms to office space, apartments and possibly even space utilized by the neighboring University of Las Vegas administration.

Project plans are expected to be filed with Clark County officials within the next few months as to the exact specification of the project, which is tentatively anticipated to break ground and begin construction by the end of 2019 or possibly the beginning of 2020. The estimated time from start to finish is approximately 20 months, G2 said. Part of the construction is expected to involve the neighboring retail-centric building at 1220 East Harmon Avenue, which is expected to also be demolished soon and whose property is expected to be incorporated into the overall mixed-use project G2 is working on.

Completion of the project, and the new retail and business tenants that the new complex is expected to attract, are to serve as a catalyst for positive change in the area, which has until now been seen as impoverished by some, according to reports.

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