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Category Archive : Area Living

Central and South Halls

Total Budget for Upcoming Las Vegas Convention Center Renovation Set at $620 Million

LAS VEGAS, NV – The Las Vegas Convention Center is set to get a new coat of paint – and quite a bit more – when its upcoming two-year renovation project begins in just six months, and according to a presentation made to the Las Vegas Convention and Visitors Authority (LVCVA) board of directors this week, the total cost of the project is slated to be an eye-opening $620 million.

That number includes the addition of $20 million for new administrative and executive offices and a board meeting room, with LVCVA Chief Financial Officer Ed Finger noting the overall cost of the renovations fall exactly within the confines of the ambitious project’s original projected estimate.

The next meeting to take place in regards to the renovation is with the Governor’s Oversight Panel, which is slated to take place on October 12, at which time consideration will be given to approving the addition of the office and meeting space – which is planned to be twice the size of the existing one – as well as the overall schedule for construction.

The renovation will be giving a huge facelift to the Convention Center’s North, Central and South Halls, and with work on the South Hall likely progressing last due to the fact that it is the newest section of the building; in the meantime, some executive offices will be relocated there as work begins on the North and Central Halls first.

In its current form, the project will excise approximately 21,000 square feet of exhibit space to make way for the new executive offices and meeting room, which will be situated in the vicinity of the east end of the South Hall and near the eastern loop of the facility’s underground “people mover” transit system, previously installed by Elon Musk’s Boring Company.

The Convention Center’s façade is also being refreshed, and will take its visual cues from the $1 billion West Hall, which opened last year; construction is anticipated to start after the conclusion of the ConExpo-Con/Agg construction equipment trade show in March 2023.

Shelter Realty Property Management specializes 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.

Vocational education student learning to read construction blueprints.

In Order To Meet Housing Demand, Vegas To Debut Charter High School Focused On Construction

LAS VEGAS, NV – In order to assist with the demand for housing options in Las Vegas, a new charter high school is being established that will focus on developing the construction-related skills of its student body, helping to churn out the next generation that will enable Southern Nevada to continue to grow.

A state board voted unanimously on Monday to approve the Southern Nevada Trades High School, which is currently slated to open in East Las Vegas for its first-ever semester in August 2023.

However, as unique as this concept may sound, it’s actually not the first institute of learning of its kind to appear in the state; the Washoe County School District is partnering with East Las Vegas to open the new school, based on the success of their own home-grown program. The Reno-based ACE High School, has already managed to turn out a large number of impressively-skilled students who are ready, willing and able to pursue a career in construction.

Due to accolades showered upon their Reno forbearers, Southern Nevada Trades High School will be modeling its curriculum upon ACE High School’s, which will also be offering their educational offshoot extensive consultation and guidance.

The reasoning for the creation of an additional construction-focused trade school, according to Southern Nevada Trades High School Chair Brett Willis, is that developers in the state are sorely in need of qualified workers, now more than ever.

“It was identified several years ago that there are just thousands of jobs that we’re short. I know every day we’re out looking for those employees,” Willis said. “We’re a school that’s opening up that’s basically interested in helping kids combine academics with career, technical education. That means there’s gonna be hands-on projects.”

Southern Nevada Trades High School will accept up to 200 freshmen and sophomores when it opens next year, who will be taught by working professionals in the field with decades of experience.

For more information on ‘Building a Brighter Future’ with Southern Nevada Trades High School call them at (702) 758- 3512 of visit their website: https://www.snvtradeshighschool.org

Shelter Realty Property Management specializes 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.

For Rent

Rents in Las Vegas Expected to Remain at High Levels for Time Being, Report Says

LAS VEGAS, NV – The high rents that many Las Vegas residents have been struggling with recently are expected to remain at their current levels for the time being, according to a new report.

The one-two punch combination of 40-year high levels of national inflation and increased interest rates brought about by the Federal Reserve’s several recent rate hikes – done in an attempt to curb inflation – have contributed greatly to the strain that’s hitting many Southern Nevada renter’s wallets, said Las Vegas economist Mike PeQueen.

“Rent is probably the single largest expense for anybody at this point,” he said. “While it’s a bad sign for the community, it’s not really unexpected because we’ve all watched with interest the last couple of years as residential real estate prices have increased. That is great for people that own homes. For people that rent residential units, it makes the price of living in residential units more expensive, and that over time does hurt a community.”

In addition to inflation and higher interest rates, the realities of supply and demand have also remained a constant factor; simply put, there are fewer apartments in Vegas than people who want to rent them, allowing some landlords and property managers to charge premium rates.

Also, the mid-2000’s recession saw a drastic reduction in the number of homes being built; that, coupled with another construction decrease during the COVID-19 pandemic, has resulted in a high degree of scarcity when it comes to residential homes. With that being the case, many prospective homebuyers are turning to rentals to tide them over, exacerbating the demand for them even more and correspondingly driving up rent even further.

Currently, the average rent for a 2-bedrrom apartment in Las Vegas runs $1,600 a month, with that number reaching as high as $1,800 in more affluent and in-demand places such as Henderson.

PeQueen notes, however, that rents will eventually drop down to more manageable levels once more apartments and houses are built in Southern Nevada and the national economy stabilizes; it will just take some time for that to happen, he said.

“Until we see lower interest rates, and a chance for developers to catch up with what’s in the pipeline of building already, we’re probably not going to see much relief on rents,” PeQueen said. “We have seen recently the rate of increase of rents in Southern Nevada has started to top out. So I don’t think they’re going to shoot up a lot from here, but we’re probably not going to see decreases in rent at this time.”

Shelter Realty Property Management specializes 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.

Shaquille

Basketball Legend Shaquille O’Neal Decides Against Selling Southeast Las Vegas Estate

LAS VEGAS, NV – In what was perhaps a case of seller’s remorse, legendary professional basketball player, actor, and current sports analyst on TNT’s Inside the NBA Shaquille O’Neal has decided to pull his private 1-acre estate in the southeast Las Vegas valley from the open marketplace, a mere two weeks after he first listed it for sale and just one year after he originally purchased it.

Shaq originally closed on the 5,980 square-foot, two-story, five bedroom residence located east of Sunset Park for $1.95 million in July of 2021; according to Clark County records at the time, the buyer was Lester J. Knispel Trust and Chexy Trust, which has been previously utilized for Las Vegas real estate deals by O’Neal.

The retired champion basketballer had originally listed the blue stucco home for $3 million, but the news that his son Shareef had signed a six-figure deal to play for the NBA G League team Ignite – based out of neighboring Henderson – was most likely Shaq’s reasoning for deciding to keep his Las Vegas estate after all.

In addition, O’Neal has heavy business ties in the Southern Nevada region, including co-ownership of Big Chicken sandwich shop east of the Las Vegas Strip.

The estate features numerous high-end amenities, such as multiple seating areas, a fireplace, a formal dining room adorned with an oil painting of Shaq himself, and a first-floor master bedroom hidden behind a secret door. The entire house is filled with a wide variety of basketball-related memorabilia, including multiple trophies and framed photographs.

The backyard – with a private second-floor balcony overlooking it – boasts a brand-new swimming pool and hot tub, golf putting green, built-in barbecue, and poolside casita that can serve as a small guest house.

While O’Neal spends the majority of his time working in Atlanta, Georgia on TNT’s Inside the NBA, he reportedly does utilize the southeast valley residence as a regular abode when not working.

Shelter Realty Property Management specializes 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.

Australian dancers from the Thunder From Down Under Showroom

Cast from “Australia’s Thunder from Down Under” to Star in Las Vegas “Flip the Strip” Real Estate TV Show

LAS VEGAS, NV – The muscle-bound stars of “Australia’s Thunder from Down Under” – an Australian male revue who perform in Las Vegas and tour internationally – are set to star in a new HGTV/Discovery+ cable television series entitled “Flip the Strip,” where they go to various Vegas-based real estate properties to help renovate and/or build them in some manner.

The Nevada Film Office – part of the Governor Steve Sisolak’s Office of Economic Development – shared the content of the application for the series presented to them on August 4 by the producers of show, which states that “Australia’s Thunder From Down Under” has been a “fan favorite for visitors of Las Vegas for decades, and now they’re taking their talents to the construction site to show what they’re made of!”

Currently, it is unknown what sort of work the cast will be engaging in – or if any of them even have any construction experience at all – during each of the show’s proposed six hour-long episodes. However, during each episode – according to producers – camera crews will “follow the guys as they work to transform properties around the Las Vegas area.”

The show is slated to have a budget of $1.6 million, and as part of their application, its producers have asked the city of Las Vegas for approximately $206,000 in tax incentives. The show will be filmed in Las Vegas from September 2022 to January 2023, although no specific filming locations have been revealed as of yet.

“Flip the Strip” will be another in a series of reality TV shows that have been filmed in Las Vegas, including “Flip or Flop Vegas” and “Flipping Vegas.”

In 2001, “Australia’s Thunder from Down Under” officially moved into the Excalibur Hotel and Casino; in 2006, the 400-seat showroom was officially renamed “The Thunder from Down Under Showroom” in their honor, and currently holds 12 shows per week.

Shelter Realty Property Management specializes 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.

Mark Wahlberg

Hollywood Actor Mark Wahlberg Snapping Up Las Vegas Real Estate in The Summit Club; His Second Pricey Purchase

LAS VEGAS, NV – Hollywood actor Mark Wahlberg, known for starring in a slew of blockbuster movies such as “Transformers,” “Boogie Nights,” and “Pain and Gain,” is currently snapping up real estate in Las Vegas, having just completed his second pricey and high-profile purchase in two months.

In July, Wahlberg had bought a 2.5 acre plot of residential land for $15.6 million in the Summerlin-based The Summit Club, a stylish, private neighborhood catering to affluent families and individuals. Wahlberg followed up with the purchase of a new 7,327 square-foot, two-story, four-bedroom townhome in the very same community earlier this month.

The Summit Club’s website describes itself as a “555-acre extraordinary sanctuary” that is nestled between Red Rock Canyon National Conservation Area and the Las Vegas Strip, located off Town Center Drive south of Flamingo Road. The website goes on to say “The Summit Club is the only private residential lifestyle club community in Las Vegas. Sit back and enjoy five-star amenities, a championship golf course, a robust outdoor pursuits program and unique terrain-to-table culinary offerings.”

The website also notes a plethora of wellness and recreation programs for residents, as well as snacks-laden golf course “comfort stations,” pickle ball and tennis courts that are adjacent to Wahlberg’s new residence.

According to Clark County property records, Wahlberg purchased the townhouse directly from the developers of The Summit Club; in response to media requests for further information, the developer merely said they do not comment on specific transactions in order to safeguard the “privacy of our owners and members.”

However, while the sale appears to have been private, reports indicate that the townhouse was not marketed via any regular listing sites, and The Summit Club’s map on its website merely shows a rendering of the residence and an indication that it has been “sold,” but no specific information on the property is given.

Previously, reports indicated that Wahlberg previously had also nearly purchased a pre-owned Summit Club residence for over $35 million in July, but then changed his mind and bought the vacant plot of land instead, followed by the new townhome purchase earlier this month. It is currently not known what the plans for the vacant plot of land are.

Shelter Realty Property Management specializes 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.

Freemont Street in downtown Las Vegas

Las Vegas Casino Operator Red Rock Announces Development of New Wildfire Casino, Durango Resort

LAS VEGAS, NV – The parent company of casino operator Red Rock, Station Casinos, has announced that a new Wildfire Casino is currently under construction in downtown Las Vegas on Fremont Street, with the opening date still to be determined.

According to a statement released by the company this week, Station Casinos “is excited to bring a new Wildfire Casino with fresh new amenities to the local residents of downtown Las Vegas.” The new establishment is being developed upon the former location of the old Castaways Hotel and Casino, the land of which has been owned by Red Rock for the past 18 years.

Red Rock currently operates multiple venues in Las Vegas under the Station Casinos umbrella, including gaming properties in Summerlin and Green Valley Ranch in Henderson. However, Wildfire Casino remains the organization’s most prominent brand in the region, with 10 of the venues already up and running, including seven in Henderson alone.

Wildfire Casinos typically cater to local area residents as opposed to tourists, and offer a plethora of casual gaming options such as slot machines and video poker, in addition to numerous casual and affordable restaurant options.

Red Rock has been increasing their presence in Southern Nevada after a large infusion of cash from their sale of the Palms in 2021, which went for the impressive sum of $650 million. In addition to the Wildfire Casino, the company also began development of the Durango Resort in Southwest Las Vegas earlier in 2022.  

The Durango, which is being developed at the intersection of Durango Drive and Interstate 215 in the southwest Las Vegas valley, is estimated to be completed in 18 to 24 months, and will boast a 73,000 square-foot casino, sportsbook, a 200-room hotel, four restaurants, and meeting space.

Shelter Realty Property Management specializes 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.

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 Property Management specializes 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 Property Management specializes 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 Property Management specializes 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 Property Management specializes 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 Property Management specializes 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.