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.
Read more here:
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.
Read more here:
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.
Read more here:
According to a video by John Burns Research, we can expect denser residential communities to be built over the upcoming years. In the linked video, homes designed in 2022 were denser compared to 2021 likely meaning we can expect to see projects get progressively denser. Spaces in the house that are most important to the customer like kitchens and outdoor space will grow while other spaces will shrink. Higher density communities are environmentally friendly and also help bridge affordability gaps. High density communities near employment corridors can reduce traffic and pollution from commuting.
The Howard Hughes Corporation will spend $700 million to build a movie studio in Summerlin. The CEO of the Howard Hughes Corporation, David O’Reilly, has partnered with Sony Pictures to develop a movie studio on the west side of the valley. There are two possible sites for a production studio, one located at Durango Drive and Sunset Road and another in Summerlin South at Flamingo Road and Town Center Drive. The 60-acre Summerlin site has plans for 500,000 to 600,000 square feet of studios, a hotel site, associate office, back office, and a retail village. Currently the site houses a furniture store and some office spaces. There are also plans to build a training facility to teach locals how to work with related equipment. In May, actor Mark Wahlberg and developers held a meeting with Nevada legislation to advocate for “The Film Bill” which proposes up to $190 million in tax breaks each year for production studios to operate in Southern Nevada until 2043. O’Reilly says that with this bill, southern Nevada is presented with a great opportunity in terms of film production. He also stated that these movie studios will create 10,000 construction jobs and 6,800 new permanent careers for the people of southern Nevada.
Click here to read more:
The plan for the A’s to originally play at the $1.5 billion, 30,000 seat ballpark in 2027 has been delayed a year due to the need to demolish the Tropicana. It’s said that construction won’t start until late 2024 or early 2025, which means the earliest we would see an A’s game in the new Las Vegas stadium is in the spring of 2028. The team is looking to receive $380 million in public financing for the ballpark and plans to contribute $1.1 billion for the planned partially retractable roof facility. According to Bally’s Corp. Chairman Soo Kim, Demolition plans for the Tropicana are still being decided as there are options to shut down the property entirely to demolish it all at once or closing it in stages when the ballpark construction begins. There are plans to construct a new hotel-casino on the existing 26 acres of land, providing the other 9 acres to A’s free of charge for the ballpark. Currently there are no specific dates as to when demolition may begin.
Click here to read more:
Two new luxury apartments have officially started construction at Symphony Park. According to Southern Land Company officials, the structures are located on two adjacent parcels of land totaling more than five acres. The two buildings will total more than 730,000 square feet and include 545 luxury apartment homes with amenities such as lounges, fitness centers, pool, and outdoor recreation. Plans call for one-bedroom, two-bedroom, and penthouse units that range in size from 570 to 3,160 square feet. The site is located near Grand Central Parkway, across from the World Market Center Las Vegas. The project is expected to wrap up construction in 2025.
Click here to read more:
Nevada’s population is expected to grow by 52,000 people this year. Despite the economic downturn there has been a continued increase of people moving to Nevada in 2021 and 2022. The majority of people relocating to Nevada are Californians. According to Professor Stephen Miller of UNLV’s CBER, falling home prices across the Mountain West are another reason for relocations as well as lower cost of living. New infrastructure investments may also be a factor for the growth in population. It is predicted by UNLV CBER that Clark County’s population will be 2.85 million by 2040 and 3.43 million by 2080. Job growth is forecasted to grow by 33.6% from 2022 to 2080 along with Clark County’s annual GPD rate growing by 1.8 percent from 2022 to 2080.
Click here to read more: