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Category Archive : Area Living

Arioso Senior Living

Las Vegas Developer Holds Grand Opening for Low-Income Senior Apartment Complex

LAS VEGAS, NV – Arioso, a 195-unit affordable rental community for low-income seniors in southwest Las Vegas, recently held its grand opening celebration, and the developer – Ovation Design & Development – said that more accommodations catering to low-income residents are vitally needed as rents continue to climb throughout Southern Nevada and the nation.

Ovation founder Alan Molasky said that as affordable rental options continue to shrink for local residents – especially seniors, many of whom live on tight, fixed incomes – Ovation’s commitment to serving this venerable segment of society is their number one priority.

To that end, Molasky – who was accompanied to Arioso’s Grand Opening with numerous local dignitaries, such as Governor Steve Sisolak and Clark County Commissioner Justin Jones – said that Ovation’s high-quality apartment complexes are not only lower-priced for qualified seniors, but also offer a number of amenities, such as recreational and resident service components.

“The need for affordable housing and supportive elderly housing in the Las Vegas Valley is well-documented,” Molasky said. “Southern Nevada already has a desperate shortfall now, and with a growing senior population, it is estimated that 85,000 additional affordable housing units will be needed in the next 10 years to meet the demand.”

Governor Sisolak stated at the event that one of the biggest problems facing residents of Nevada is rental options they can afford, especially as rents have been skyrocketing following the end of the COVID-19 pandemic.

“I’m proud of the work being done across all levels of government and with community partners, like Ovation, to address the affordable housing crisis in Nevada,” Sisolak said. “With my $500 million ‘Home Means Nevada’ investment, we will be working with partners across the state to build more affordable housing, get Nevadans into homes and keep them in their homes, as well as create good-paying jobs.”

The Energy Star-rated Arioso represents the 13th affordable senior housing community built and managed by Ovation, and includes one and two-bedroom apartments, and offers a recreation/wellness center, swimming pool and Jacuzzi, social gathering spaces and other amenities for residents.

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.

MSG Sphere

‘Largest Spherical Structure On Earth’ Hits Major Construction Milestone as Workers Top Off Venue

LAS VEGAS, NV – One of Las Vegas’ most unique and eye-catching entertainment venues hit a major milestone in its construction this week, as construction crews working on the MSG Sphere topped off its steel exosphere on Tuesday, placing it one step closer to meeting its 2023 opening date.

Over 1,400 members of the construction crew held a celebration of the venue’s progress – which has been in development since 2016 – by signing a steel beam that was then affixed to the top of the sphere, which represented the “completion of primary structural work on the project,” according to developer MSG Entertainment.

When completed, the MSG Sphere will be a 400,000-square-foot, 18,000-seat, 366-foot-tall, 516 foot wide, globe-shaped arena – the largest spherical structure on Earth, according to the company – located 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 – the aforementioned exosphere – enabling the structure to allow outside spectators to peer through a transparent facade to watch the concert within; at higher lighting intensities, outside vision will be obscured.

The attendee capacity of the MSG Sphere will be scalable, MSG Entertainment said, ranging from approximately 17,500 seated to 20,000 with a mix of seated and standing. The venue will typically not feature sporting events, but rather cater to musical performances and concerts; however, the occasional boxing or MMA contest could be held there if needed.

MSG Entertainment, though a wholly-owned subsidiary, has been handling the “strategic planning and the construction timeline, as well as management of all subcontractors,” with the previous construction manager, an engineering firm called AECOM, serving the project in a supporting role.

Originally slated to be opened in 2020, the project had fallen behind scheduling estimates, but is now on-track for its revised 2023 opening date.

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 Convention Center

LVCVA Board of Directors Approves $600 Million for Renovation of Las Vegas Convention Center

LAS VEGAS, NV – The board of directors of the Las Vegas Convention and Visitors Authority (LVCVA) voted to approve its 2022-2023 budget last week, and among those funds are an impressive $600 million that is earmarked towards an extensive renovation of the Las Vegas Convention Center (LVCC) as the end of the COVID-19 pandemic has seen a significant uptick in the number of organizations holding large-scale events in Vegas once again.

As one of the largest convention centers in the world, the LVCC has 2,500,000 square feet of exhibit space and can host shows that can accommodate as many as 200,000 participants. The venue is adjacent to the Westgate Las Vegas Resort and Casino and the Renaissance Las Vegas Hotel and is accessible from the Las Vegas Monorail at the Convention Center station.

The reasoning for the large allocation of its 2022-2023 budget towards renovating the LVCC, according to LVCVA Chief Financial Officer Ed Finger, is the fact that life is returning to normal after over two years of lockdowns, and with a new slew of convention-goers beginning to frequent Vegas once again, the funds are needed to bring the venue up to modern standards.

Finger noted that the $600 million will be applied in-part towards to renovating the convention center’s three main exhibition halls.

“The LVCVA has scheduled construction around major conventions so that they won’t have to go elsewhere during the building process,” he said. “A major part of the renovation will be construction of a climate-controlled corridor linking the North, Central and South halls.”

The LVCVA is anticipating that tourism will finally be returning to normal in Las Vegas as the pandemic is (hopefully) seeing its final days, with the origination expecting to receive room tax revenue in 2022 in the amount of $306.2 million; full recovery of the tourism trade is expected to take place in 2023-2024.

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.

Palms Apartments Las Vegas

Las Vegas Strip-Adjacent Palms Apartments Complex Sells for $33 Million to Undisclosed Buyer

LAS VEGAS, NV – The Palms Apartments, an apartment complex adjacent to the famed Las Vegas Strip, has been sold for $33 million, via an announcement last Wednesday by the real estate agents that brokered the deal.

The 200-unit apartment building, located at 713 East Sahara Avenue, was purchased from Miami-based Florida East Coast Realty, LLC by an undisclosed buyer on May 2 via a limited liability company based out of California, according to Clark County property records.

The garden-style Palms Apartments is a two-story building that offers units ranging in size from 700 to 1,500 square feet, and offer floor plans that have up to three bedrooms and two bathrooms, according to Thomas Dean of Coldwell Banker Commercial Premier, who represented the buyer.

“This older, vintage property provided my client with a great value-add opportunity in a very hot market,” he said. “They have an extensive Capex plan and are excited to add this to their Las Vegas portfolio.”

Las Vegas has been experiencing a large number of apartment building sales in 2022; Topaz and Viridian, two large apartment communities that are located adjacent to one another on West Viking Road, were announced as having been sold earlier in May in an off-market transaction worth a total of $129.7 million.

In addition, in March the 220-unit luxury apartment complex South Beach was bought from Griffin Capital Company by San Diego real estate firm Logan Capital Advisors for $97.5 million, and Fremont9, a ritzy apartment complex located in Las Vegas’ downtown area whose constriction was funded by late entrepreneur and former Zappos CEO Tony Hsieh, sold for $80 million and will soon be christened with a new name.

And finally, Jade, a 287-unit luxury apartment complex located near the Rio in the Las Vegas Valley, sold for $124.5 million in late January.

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

Report: Las Vegas Now Ranks Number 2 in U.S. Among Cities with Fastest-Rising Rents

LAS VEGAS, NV – With inflation still hurting most Americans in the wallet and prices in the housing market skyrocketing nationwide, a new report indicates that among the major metro cities where costs are increasing the most, Las Vegas is now currently ranked number two in terms of rising rents, leading to concerns over affordability despite signs that the market may be starting to stabilize.

Among the 15 major metros covered in the report where rents are rising the fastest, residents of the Las Vegas-Henderson-Paradise area are experiencing one of the highest percentage rent increases from pre-pandemic 2019 to 2022, as per a study released by San Francisco-based rental software firm Stessa Inc.

Southern Nevada is ranked number 2 in terms of rent increases, with the median rent in 2022 currently $1,485, which represents a jump of 24.8 percent when compared to the median rent in 2019, which was $1,190.

The Las Vegas region comes in closely behind the Sacramento-Roseville-Folsom, California metro area, which took the number 1 spot with its 2022 median rent increasing 25.3 percent to $1,830, compared to $1,461 in 2019.

The main factors driving the rent increases in Southern Nevada include limited inventory, coupled with a rapidly-recovering post-pandemic economy that has driven fierce competition among prospective tenants, leading to many – especially those with a degree of affluence – paying for rentals well above the initial asking price, according to the Stessa report.

With rising real estate prices, 70 percent of the growth of the rental market since 2009 has come from higher-income earners who might otherwise have bought a home,” they said. “And as more high earners enter or stay in the rental market, builders and developers are incentivized to provide more luxury units, which means less new stock to meet the needs of low and middle-income earners.”

Nationally, median rents rose 12.5 percent in 2022 to $1,445, up from $1,284 in 2019.

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.

Formula Las Vegas

Formula 1 Invests $240 Million in 2023 Las Vegas Grand Prix Location; 39-Acre Site off Las Vegas Strip

LAS VEGAS, NV – Formula 1, the highest class of international racing for open-wheel single-seater formula racing cars sanctioned by the Fédération Internationale de l’Automobile (FIA), has revealed the extent of their considerable investment in their upcoming Las Vegas-based Grand Prix location, which is slated to take place in the center of the city – with the track situated partly on the Las Vegas Strip – starting in November 2023.

Formula 1 will be putting $240 million into the street-based night race as part of a multi-year deal with the city, making the event their third annual Grand Prix in the United States, following the United States Grand Prix at Austin, Texas and the Miami, Florida Grand Prix.

The $240 million that Formula 1 will be investing will be going to the acquisition of a 39-acre site in Las Vegas – located north east of East Harmon Avenue and Koval Lane – in order to build a permanent pits and paddock facility, according to Greg Maffei, CEO and President of Liberty Media, Formula 1’s commercial rights holder.

Liberty Media did enter an agreement to acquire 39 acres east of the strip to lock in circuit design and capacity for the pits and paddock, among other hospitality and race support venues,” Maffei said at a press event last Friday.

Maffei noted that Colorado-based Liberty Media’s decision to promote the Grand Prix in Las Vegas in conjunction with local partners was driven by several factors.

“One is proximity: It’s fairly easy relatively to being in Denver to get to Vegas for us to do the work and we have knowledge of local US market relative to many other markets,” he said. “But more importantly we see the opportunity of being a promoter is a way to expand our understanding of the business, understand how to be the best F1 product on the track for other promoters as well, and to look at the opportunity to grow our knowledge and understanding and potentially promote other races down the road.”

“Vegas is going to be large and a perhaps unique opportunity so from a financial perspective we think this one sets up pretty well to be worth the time/extra focus to become the promoter,” Maffei added.

Formula 1 cars are the fastest regulated road-course racing cars in the world, and the Grand Prix races take place worldwide on both purpose-built circuits and closed public roads.

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.

pinnacle residences at macdonald highlands

$900 Million Luxury Condo Project in Henderson’s MacDonald Highlands Approved by City Council

LAS VEGAS, NV – The private guard-gated MacDonald Highlands is set to receive a new $900 million luxury resort-style condominium development, as the Henderson City Council has officially granted their approval for the project, with construction expected to commence in early June of this year.

Pinnacle Residences at MacDonald Highlands – the name bestowed upon the new high-rise condo project, the first of its kind to be built in the valley since the mid-2000’s recession – is ready to go now that the City Council has given the green light to a development agreement, zoning changes, tentative maps and a design review.

The 11-acre project, which will be co-developed by Las Vegas and Mexico-based Azure Resorts and Canada- and New York-based Luxus Development, will consist of two towers with 171 luxury condo units split between them. In addition, there will also be 10 single-family luxury homes built upon the property as well, along with two model homes two blocks away; work on the model homes is expected to commence within 90 days, with a completion deadline set within 14 months.

Azure President and Founder Jim Reilly notes that the project already has multiple reservations, despite the fact that the firm has yet to do any advertising; currently, Pinnacle Residences is still accepting fully-refundable reservations – in amounts anywhere from $10,000 to $100,000 – for interested parties.

The initial terrain blasting is expected to begin in June, with full construction on the project – starting with foundation work – commencing in either December 2022 or January 2023. The initial 24-story tower is slated to take 27 months to complete, with an anticipated opening in the second quarter of 2025; the second 25-story tower will take an additional 44 to 60 days to finish afterwards.

Currently, prices are anticipated to start “at the $2 million range and go up in excess of $20 million,” according to Reilly, who said that the community is aiming to appeal to empty-nesters in the 45-to-65 age range.

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.

INDEPENDENCE

Groundbreaking Ceremony Held for Conversion of Las Vegas Golf Course to 1,600-Home Development

LAS VEGAS, NV – The former Royal Links golf course is finally on its way to providing numerous affordable homes for Southern Nevada residents, having recently held its officially groundbreaking ceremony to signify that impending start of construction efforts for the eastern Las Vegas Valley-based housing tract.

Touchstone Living founder Tom McCormick, who purchased the shuttered Royal Links golf course in December 2021 for $33.7 million, said that the new housing community his company will be building – now dubbed Independence – is currently due to commence on the third quarter of 2022, initially starting with model homes to entice buyers before moving on to the proper homes they will be offering.

Already, the grass from the original golf course has been removed, with the landscape now covered with various pieces of construction equipment in anticipation of the start of work, which is expected to produce up to 1,600 homes, in addition to numerous residential amenities, such as parks, pools, and playgrounds.

Independence – located along Vegas Valley Drive east of Nellis Boulevard – is hoping to attract first-time buyers and will offer homes in the $200,000 price range; McCormick has noted there are no other projects producing new homes in Southern Nevada in such a buyer-friendly price range.

To drive home that point, those attending the groundbreaking on Monday were wearing blue-and-white Independence shirts with the slogan “why rent?” on them, touting the affordability that the new community will be offering to local residents.

In Southern Nevada, home development is predominantly carried out in suburban areas such as the southwest valley, Summerlin and Henderson; in comparison, the east valley is relatively ignored by developers, allowing the 162-acre Independence a degree of distinction among its peers.

The affordable prices that Independence will be offering for housing will run in direct contrast with the average median home price in Las Vegas, which recently hit $483,000 in March.

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.

Many of these people have already been negatively impacted by illegal short-term rentals in their communities, many of which are leased to groups who hold loud, disruptive parties; as a result, many who have given their opinions on possible regulations are split regarding their desire to even have rentals in their neighborhoods.

As Deadline Nears, Public Feedback on Short-Term Rental Regulations Requested by Clark County Officials

LAS VEGAS, NV – Since a recently-passed piece of legislation – Nevada State Assembly Bill 363 – has done away with a previous ban on short-term rentals in unincorporated Clark County, officials who will eventually be tasked with overseeing the industry are asking for public opinions on potential regulations that will be implemented when rentals become legal as of July 1.

As of the first of July, short-term rental services – either independently-owned or via companies such as AirBNB or VRBO – will be allowed to offer their services in Clark County, often in the form of houses situated within normal neighborhoods. And since these neighborhoods will be directly affected by these new rentals, Clark County is asking these people for input in crafting laws and regulations that will govern the industry locally.

Many of these people have already been negatively impacted by illegal short-term rentals in their communities, many of which are leased to groups who hold loud, disruptive parties; as a result, many who have given their opinions on possible regulations are split regarding their desire to even have rentals in their neighborhoods.

District A County Commissioner Michael Naft noted that an ordinance with tentative rental regulations has been drafted, but that officials are holding regular meetings and are inviting the public to attend in order to fine-tune the laws and minimize any possible annoyances or disruptions that short-term rentals could cause for residents.

“There are a lot of voices in this conversation. There are people on every side of this issue,” Naft said. “This is about coming up with some rational common-sense ways. To do what the state required us to do.”

Some of the regulations that are expected to make it into the final version of the ordinance include hosts being required to possess business licenses; approval of a homeowners’ association in any community where rentals will be set up; a maximum of 16 people allowed in any given rental property; and for it to be illegal to utilize apartments, mobile homes or manufactured homes as rental properties.

Naft noted that it is important for local residents to voice their opinions in order to help them create a set of regulations that will ensure everyone involved is able to maintain their previous quality of life.

To see Clark County’s initial draft of their regulations governing short-term rentals, please click here.

Meanwhile, residents of Clark County are able to submit questions and comments to STRComment@ClarkCountyNV.gov.

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.

fields

Construction Under Way on 40-Acre Tule Springs Regional Park in City of North Las Vegas

LAS VEGAS, NV – The city of North Las Vegas is set to be the recipient of a new 40-acre park located in the vicinity of the 215 Beltway and Revere Street, and when it’s completed the facility is slated to be one of the city’s largest parks offering a wide variety of amenities for local residents.

Tule Springs Regional Park, which will be situated between Dorrell Lane and Deer Springs Way, will take approximately two years to build, and when it is completed and open for public use, it will include numerous family-friendly features, including:

  • Four baseball/softball fields
  • Three soccer/multi-use fields
  • A playground
  • A splashpad
  • Basketball courts
  • Sand volleyball courts
  • Trails
  • Shade structures
  • Restrooms

Cass Palmer, director of parks for North Las Vegas, said that Tule Springs Regional Park will have a little something for everyone, no matter what they are looking for in an outdoor recreational experience.

“Between the athletics and the play features, I think anybody of any age is going to go out there and have fun,” he said.

The construction of the park will be a welcome addition to the several new housing developments that have sprung up in recent years in North Las Vegas. Currently, residents in that area are suffering from a lack of neighboring outdoor recreational spaces, so the news of Tule Springs Regional Park will certainly be welcome, and will assist with future population growth in the area.

“Where are we now, and where do we need to be for the next 10-15 years to support the growth?” Palmer asked, adding that “desert landscaping” will be used wherever possible at Tule Springs due to the notoriously dry climate in Las Vegas.

“We’re integrating the legislative mandate for xeriscaping for all of our parks and trails. We’re anticipating the use of artificial grass in a lot of areas,” he said. “We’ve found a couple of grasses that the SNWA (Southern Nevada Water Authority) prefers. Requires less watering.”

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.

Apartment Buildings

Las Vegas Apartment Rents Showing Signs of Stabilization, New Report Says

LAS VEGAS, NV – For months, skyrocketing rents in Las Vegas have given rise to worries that the city – previously well-known for its low cost of living – was starting to price individuals and families out of the market due to affordability concerns.

As the COVID-19 pandemic has entered it’s (hopefully) final days, in just the last year the rent in Southern Nevada ballooned up by nearly $1,200, with the average asking price currently over $1,450 per month. Rents shockingly grew 20 percent throughout the first quarter of 2022 alone, according to the Nevada State Apartment Association (NVSAA), although they currently still remain below the national average.

And while many affluent individuals have fled nearby California due to its unsustainable taxes and expensive living cost for Las Vegas, reports have indicated that some lower-income families have found the recent rent increases unaffordable.

However, for those beleaguered parties, a new report indicates that rents in Vegas are slowly but surely beginning to stabilize, with NVSAA executive director Susy Vasquez stating this week that they are anticipated to raise at far slower increments than they were previously projected to.

“Rents continue to rise as demand continues to grow, especially from people moving here from out of state,” Vasquez said. ““Local rents are still lower than the national average apartment rent of $1,584 per month during the first quarter. We expect rents to continue increasing this year, but at a more gradual pace than during the past year.”

Experts say that, compared to the 20 percent hike year-over-year that Vegas rents experienced from 2021-2022, rents are only expected to increase by approximately another 5.5 percent by the end of 2022; previously, that number was pegged at anywhere between 7 and 8 percent.

Apartment vacancy rates in Vegas in the first quarter of 2022 were 5.4 percent, which experts deem to be a “stable” amount.

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.

Tivoli Village

Las Vegas’ Tivoli Village Under New Ownership, Set to Receive New Apartment Complex

LAS VEGAS, NV – Tivoli Village, a mixed-use development center consisting of retail and office space and located on over 28 acres in Las Vegas next to the Summerlin community, has announced that it is now under new ownership and will be getting some new additions to the facility, including a new apartment complex.

Tivoli Village was bought by real estate firm 3D Investments for $216 million from its landlord, IDB Group USA Investments; on the day that the sale was announced, Clark County records show 3D Investments then turned around and sold eight acres of the property to The Calida Group – a Las Vegas apartment developer – for $27 million.

The Calida Group has plans to construct a new apartment complex adjacent to Tivoli Village that will take the form of a five-story, 300-unit building, with the groundbreaking expected to take place in early 2023. This will compliment an existing apartment building on the property, Elysian at Tivoli, which is a 359-unit complex that opened in May 2021.

Aside from the eventual addition of the new apartment complex, 3D Investments noted that those who frequent the open-air, Mediterranean-themed Tivoli Village – which features 370,000 square-feet of retail and restaurants and 300,000 square-feet of office space – will most likely see no other major changes to the center itself.

However, the group has also announced plans to eventually develop the property’s northern edge in an effort to draw more tenants and customers to the center, but the exact plans for that project have not yet been finalized, according to 3D Investments.

Tivoli Village was originally announced in May 2005 and at the time was dubbed “The Village at Queensridge” before switching over to its current name. Due to poor economic conditions, the decision was made to develop the property in phases, with the first phase opening in 2011.

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.