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.
The recent growth in Nevada’s population has caused industrial developers to see opportunities. In the last decade, the amount of land belonging to the BLM has decreased from 87% to 63%, with the majority of the land on the commercial side primarily being used by industrial developers. Apex Industrial Park in North Las Vegas and Eldorado Valley in Henderson remain the two largest areas of industrial growth, totaling 25,000 acres of land. Sean Zaher, senior vice president of CBRE, stated that the cost of developing this land is closely related to the cost of its supporting infrastructure. The Apex Industrial Park located in North Las Vegas is comprised of 18,000 acres of land, 7,000 of which are developable. Part of Apex industrial Park’s success has been pursuing more public/private partnerships. One of the projects that have had success is Miner’s Mesa in southern Apex which has nearly sold out with only 20 acres of space remaining. Part of Miner’s Mesa success is due to a public/private partnership which saw the city of North Las Vegas invest $59 million towards pulling water and sewer to the first 300 acres of developable land, according to the article. Both southern and northern Nevada are experiencing extreme growth. Strategically using the land is one of the ways the city of Henderson is attempting to challenge land constraints in southern Nevada. As Nevada continues to grow, industrial developers will continue to see many more opportunities.
Recently, NV energy was the winning bidder for two parcels at a federal auction. The land totaled $81.9 million for 7,226 acres in Nye County. According to the article, the parcels are located within the Amargosa Valley solar energy zone, about 11 miles south of the town of Beatty and next to U.S. Highway 95. Media relations manager for NV energy, Meghin Delaney, states that the land won from the auction will help NV energy meet the state goal of creating 50 percent of its energy from renewable sources by 2030. She explains that it is challenging to find land that is suitable for utility developments. There is a lot of interest in building utility-scale solar projects, as the BLM is considering over 30 proposed developments in Nevada as well as other states. Currently, NV energy is in the process of figuring out a timeline for the construction of solar farms on the new parcels.
Of the $70 million, a total of $20 million will be directed towards supporting housing projects and the other $50 million will be allocated for affordable rental housing. The dollars originate from the Welcome Home initiative that was created in 2022. At the time, Clark County estimated that Nevada had a shortage of more than 85,000 affordable homes. In September of 2022, $120 million was allocated to help build or renovate affordable housing units for seniors and low-income residents. There is an upcoming Welcome Home Project called the “Welcome Home Community Land Trust” that will provide homeownership opportunities for low to moderate income first-time homebuyers . It is expected that applications for homebuyers open in 2024 and 2025.
Later this year, a grocery distribution center will open at the Apex Industrial Park in North Las Vegas. Apex Industrial Park totals 18,000 acres of industrial land off of Interstate 15 at U.S. Highway 93. Currently, 1,000 acres of Apex have been developed with another 1,000 acres in development. The new 885,000 square foot distribution center will be operated by Smith’s. This center plans to add 250 jobs to North Las Vegas and distribute household and fresh grocery items to Smith’s across Nevada, Arizona, New Mexico, and Southern Utah. According to Bill Arent, chief business development officer for the LVGEA, Southern Nevada’s business-friendly environment, low business costs, and access to 61 million people is proof that this area is ideal for logistics operations to flourish. The exact date of the opening is unknown, but it is said to be sometime later this fall.
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Matter Real Estate began the UnCommons project nearly five years ago. The $850 million multiphase project started off in southwest Las Vegas geared towards Las Vegas locals. UnCommons has been developed as separate components spread across about 40 acres, rather than on one site under a single development firm. Today, UnCommons has pre-leased office space, over 800 luxury apartment units, an entertainment venue, and various restaurants and cafes led by the top West Coast-based chefs. Big-name companies are finding their place at UnCommons like fantasy sports betting startup DraftKings, who plan to open a 90,000 square foot office that will be used as the company’s North American headquarters. Other companies like Morgan Stanley, CBRE, Sotheby’s, Deloitte, and BDO are joining the project as tenants as well. The new construction in the surrounding area has raised office rents to a record high in South Las Vegas, and companies are looking to claim those newer quality spaces, causing white-collar workers to search for housing options nearby.
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Developers Glenn Plantone and David Raanan will build The Philly, the first residential project in Naked City in decades. The site is located around the intersection of Las Vegas Boulevard and Sahara Avenue. The Philly received the green light from The Las Vegas Planning Commission with hopes to begin construction in early 2024. Developer David Raanan said the idea to build in Naked City came to him on a bike ride and knew the area had potential. The residential project plans to have 81 studio units and 6 single bedroom units. In recent years, Las Vegas has had several new developments and redevelopments such as Civic Plaza, Symphony Park, and Desert Pines Golf Course, which could mean a possible redevelopment boom for areas like Naked City.
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