Last week, the Fontainebleau officially announced that it will open its doors on December 13th. The nearly 25-acre property is located near the northern end of the Las Vegas Strip. According to the article, reservations are open for those looking to stay at the property. The resort is 67-stories and is the tallest occupiable building in Nevada. There are over 3,500 rooms and suites available with multiple amenities. The property includes a 14,000 square foot fitness center, 55,000 square foot spa, and a 96,500 square foot luxury retail district. Additional resort amenities include indoor-outdoor meeting space and 150,000 square feet of gaming space. Since the Fontainebleau was first announced in 2007, it has gone through multiple different owners, an unsuccessful rebranding before returning to one of the original developers, Jeffrey Soffer. Fontainebleau is looking to hire over 6,000 workers to prepare for their opening in December.
Homebuilders within the Summerlin community have already sold 544 new homes this year and are expecting to sell over 1,000 by the end of 2023. The origin of Summerlin started in the 1980s when the Howard Hughes Corporation began planning the area’s development. Construction officially began in 1990 and bloomed into one of the most popular areas in the valley. According to the Las Vegas Review-Journal, approximately 75% of the newly constructed 1700 pavilion, a 265,000 sq ft high-rise office building in Downton Summerlin is leased. Summerlin West is the last major district to be developed, with homes in 15 neighborhoods and about 4,500 acres left to develop. There are currently nine national homebuilders in the community. It is located west of the 215 Beltway and north of West Charleston Boulevard. Summerlin has approximately 123,000 residents and holds the highest home prices in the valley, with the median sale price being $580,000 in August. According to Redfin, the average sale price of a single-family home in the Las Vegas Valley is $379,000, and $485,000 for the average sale price for a home in Henderson. Julie Cleaver, senior vice president for commercial and residential planning for Howard Hughes Corporation says it may take around 20 years for Summerlin to finish developing but it depends on the market and other outside factors.
CBRE arranged the sale of Green Valley Corporate Center South for $17.25 million to Los Angeles-based Partners Capital Inc, and Las Vegas-based CNR Retail. The new owners plan to redevelop the office buildings into a retail center with restaurants, entertainment venues, and health and wealth businesses. The two buildings total 91,742 square feet and were built in 2000 and 2002 as part of an 8-building office portfolio. According to Partners Capital President Bobby Khorshidi, plans include outdoor spaces, art installations, lots of greenery, and seating areas to act as meeting spaces for the community. The buildings are at 2500 and 2550 Paseo Verde Parkway just northeast of the Bruce Woodbury Beltway. Construction on the project is expected to begin in a year or less.
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A San Francisco-based developer, Prologis, plans to build an 11 million square-foot industrial park in Apex Industrial Park, North Las Vegas. North Las Vegas has grown into one of Clark County’s primary markets for companies to open industrial facilities. Prologis is just one of the companies to have projects planned or in progress in Apex. There are currently six large projects underway in Apex, totaling another 1,800 acres and 9.8 million square feet. Earlier this week, Prologis purchased 879 acres at Apex Industrial Park. Their plans consist of several buildings spread over the site. The site is located at Highway 93 and Grand Valley Parkway. Mathias Hughes, investment officer for Prologis, said the company saw potential for the area to become an industrial hub. Construction is scheduled to begin within 36 months.
The 18,000-acre Apex Industrial Park located off Interstate 15 at U.S. Highway 93 is finally kicking into high gear. Six projects are currently underway, totaling 1,800 acres and 9.8 million square feet. North Las Vegas has become a primary market for companies looking to open industrial facilities. Nevada is currently leading the nation in job growth, specifically with the largest increase in the industrial construction subsector, which added 5,400 jobs. According to the latest report by the Nevada Department of Employment, Training, and Rehabilitation, Southern Nevada added 5,700 industrial jobs between May 2022 and May of this year. Additionally, with approximately 115 people moving to Clark County every day, we are expected to gain 42,066 residents this year alone, according to a report by UNLV’s CBER. There are an estimated 20 additional companies that are looking to move into Apex and 6 large projects that are currently underway, including a 730,000 square foot HeyDude distribution center, a footwear brand owned by Crocs Inc., scheduled to open later this year. Additionally, coming to Apex is a distribution center for Kroger, and an AirLiquid liquid hydrogen plant, representing a total of $126 million in capital investments, 203 acres developed, and more than 470 jobs, according to the article. In 2021, aluminum beverage can maker Ball Corp. revealed plans to build a plant at Apex and developer VanTrust Real estate had plans for a 4.5 million-square foot industrial park in Apex as well.
The A’s have hired Mortenson-McCarthy, a joint venture that will oversee all the construction-related operations on the stadium project. The authority board is scheduled to meet later this week to approve of the hiring before it’s made official. The 30,000-seat ballpark is scheduled to be constructed on 9 acres but is awaiting approval from the MLB for their relocation plan. Mortenson-McCarthy was also involved in the construction of the $2 billion Allegiant Stadium in July 2020. According to the article, Minneapolis-based Mortenson has a long history of building sports and entertainment projects including Truist Park, Target Field, Chase Center, Climate Pledge Arena, and U.S. Bank Stadium. McCarthy has a rich history in Nevada, carrying out projects for more than 40 years, including the Circa, Virgin Hotels, and the Palms. According to Logan Gerken, vice president and general manager at Mortenson, “This project will engage local businesses, create employment opportunities, and reflect the diverse nature of the Las Vegas community through its construction operation.”
According to a new report based on online searches by around 2 million Redfin.com users, the Las Vegas Valley is the most searched place for relocating homebuyers. A large part of buyers relocating to Las Vegas is mainly due to lower home prices. 25% of Redfin.com users nationwide looked to move to another metropolitan area in the second quarter of the year. Clark County has also seen an influx of people who moved to the state, approximately 115 people every day, according to UNLV CBER. The county is predicted to gain 42,066 residents this year, the largest surge the county has seen since 2020. UNLV CBER predicts that Clark County will gain 56,000 new residents in 2026. Andrew Woods, director of UNLV’s CBER, stated that they have seen this trend with our county’s population growth and home prices in southern California. About 60% of Southern Nevada’s population growth comes from outside the state.
One of the largest homebuilders in the United States, Lennar, plans to build a new 79-lot single-family residential development in the Summerlin community of Las Vegas. The Las Vegas Planning Commission is expected to approve the 14-acre project sometime this week. As of now there is no timeline revealed for construction. The project will be located west of the 215 Beltway and just south of Lake Mead Boulevard. South of the development is a large plot of federal land that will likely be mixed-use development geared more towards the residential side. It is said to be going up for auction this upcoming fall. Summerlin has been among the top-selling spots in the nation for homebuilders as it was ranked number 5 in a mid-year report by Maryland-based RCLCO Real Estate Consulting with 544 home sales through June.
A 5,000 square foot conference and event facility called The Assembly is being added to the UnCommons. The pavilion is scheduled to open in September in southwest Las Vegas. Heather Vincent, community events lead at UnCommons, explains that The Assembly is a small-scale community alternative compared to the Strip. The event space may serve as a space to host talks, community events, weddings, and potentially a hub for office tenants that are already in the area, including Draft Kings, Morgan Stanley and, CBRE. The Uncommons’ final phase of construction is set to begin next year. Once completed, it is said to include an estimated half a million square feet of office space, over a dozen food and beverage options, and two retail stores. The project first broke ground in 2022 with hopes to become a walkable community in Las Vegas. Amaile Zinsser, the director of community and belonging at UnCommons, took inspiration from the success of Town Square and wanted to take the same concept to a more residential-based project.
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A Las Vegas-based company has announced the plans for a 6-acre mixed-use development called Origin, located west of Fremont Street. In the beginning of the year, the City Council approved the land sale to Red Ridge Development for approximately $12 million. Origin will have approximately 46,000 square feet of retail and 45,000 square feet of office space. Plans for the mixed-use development also include a condominium and a mid-rise apartment building. According to the developer, construction of the 32-story condominium, Cello Tower, is expected to begin in the third or fourth quarter of 2024, with hopes to be completed in 2026. Cello Tower will feature one-bedroom, two-bedroom, and penthouse options. According to the article, the buildings will be part of a master-planned community that’s currently being built on 61 acres that was previously a Union Pacific rail yard.
A total of 17 parcels, totaling 895 acres are set to be released for sale later this November. The Bureau of Land Management has initiated the public comment process to sell the land. It includes 11 parcels in the northwest Las Vegas valley near State Route 157 (Kyle Canyon Road) and the 215 beltway, as well as five parcels in the southwest valley near Blue Diamond, and one plot in the southeast valley, north of Via Inspirada. According to the article, proceeds from the sale will be split up in accordance with the Southern Nevada Public Land Management Act (SNPLMA). 85% of the proceeds made from the sale will be used throughout Nevada for projects like the development of parks, trails, capital improvements on federal land, landscape restoration projects, and acquisition of environmentally sensitive land. 10% of the proceeds will go to the Southern Nevada Water Authority and the remaining 5% goes to the State of Nevada General Education Fund. A 45-day comment period will open in late August and the auction is planned for November 1st. The parcels will be sold at a fair market value.
The North Las Vegas Planning Commission passed a new proposal to allow a mixed-use complex at the former Fiesta Rancho and Texas Station site. The developer plans to transform approximately 73 acres into a mix of commercial and residential buildings. Within those 73 acres, about 37 acres on the southeast corner of the site will contain new residential housing, while the remaining 36 acres will be primarily used for commercial development. Plans include new housing, called Hylo Park, located at the corner of Lake Mead and Rancho, with up to 665 units. Adjacent to the residential community will be a grocery store according to Cary Lefton, the CEO of Agora Realty. This project is estimated to bring 925 jobs to the area. The existing ice rink on site will be later used for indoor land sports and training once a new facility with two ice rinks is completed. There are also plans for a new hotel with at least 150 rooms, outdoor recreation, retail stores, childcare center, and restaurants. Construction is scheduled to begin in mid-2024, with hopes of completion within a year.