In the News

Four years after an office building fire in 2019, a Las Vegas Developer, The Calida Group has plans to build a five-story, 400-unit apartment complex. In front of the site is a retail center of about 60,000 square feet that the developer has also been touching up. A newly built, almost completed parking garage is also included on the site but will be later covered up by the apartment complex. According to Eric Cohen, co-founder of The Calida Group, the apartments will be costly and range around 650 to 1,700 square feet. Construction is scheduled to start in four to six months, on Paradise Road between Flamingo Road and Twain Avenue.

Click here to read more:

https://www.reviewjournal.com/business/housing/apartment-complex-to-bring-new-life-to-site-where-offices-burned-down-2748198/

This week the Las Vegas Convention and Visitors Authority unanimously approved the sale of a 10-acre plot of land at Las Vegas Boulevard and Elvis Presley Boulevard for $125 million. The buyers, developers Brett Torino and Paul Kanavos, have been partnering up to develop projects on the strip for over a decade. Past ventures include a three-story retail complex and a four-story retail project located at Las Vegas Boulevard and Harmon Avenue. Torino and Kanavos have not commented on what the plans for the 10-acre parcel just south of Fontainebleau are but are considering a retail and entertainment complex and a nongaming hotel. Torino stated that this site is prime real estate for numerous projects and there has been significant interest from other parties to discuss development plans. The sale must be completed by September 11 of this year and according to the agreement, construction must begin within ten years.

Click here to read more: https://www.reviewjournal.com/business/tourism/lvcvas-10-acre-strip-parcel-sold-for-125m-2743912/amp/

Nicole Bloom, president of Southern Nevada Home Builders is ready to tackle challenges that may come in 2023. Rising cost in the lumber market and high interest rates are some of the issues that appear to be no small feat to overcome. According to Bloom, she plans to work with policymakers to keep regulatory costs and land-impacts to a minimum. To ease concerns of those that are reminded of the 2008 recession Nicole reassures her readers that current lending guidelines do not allow for the similar outcome of the 2008 recession.

Nicole Bloom is also a great inspiration and role model for professional women and is an advocate for women in leadership. There are talks about opening up the Southern Nevada Trades High School, which is a project that will provide educational opportunities for young individuals that want to pursue a career in homebuilding and other trades. She stated that she is passionate about showing young women the great opportunities that exist in this industry. One of her priorities is the Professional Women in Building Council. The Council focuses on advancing women in the homebuilding industry through scholarships, mentorships, and networking opportunities. The Council has recently formed a nonprofit corporation to fund the scholarships and to help women on a whole other scale.

Click here to read more: https://businesspress.vegas/columns/experts-corner/homebuilding-industry-will-rally-strength-for-nevadas-future-challenges-35390/

LM Construction begins on their latest industrial project in North Las Vegas. The plans consists of one free standing building, dock loading doors, ESFR fire suppression system, 81 parking stalls, and M-D zoning. The site, Cartier Industrial LLC, will have ±74,833 SF of industrial space, sit on 4.28 acres, and is located on the northwest corner of North Lamb Boulevard and East Cartier Avenue in North Las Vegas.

Click here to read more: https://nevadabusiness.com/2023/02/lm-construction-breaks-ground-on-latest-project-in-north-las-vegas-nv/

The Boring Company Loop is an all-electric, underground public transportation system in which people can travel to their destination with no intermediate stops. As of February 2023 the company has plans for a Vegas Loop station near the UNLV campus, providing more transportation option for students. According to the article, UNLV will receive the fair market value for the cost of the 56,628 square feet (1.3 acres) of space within the parking area of the Thomas & Mack. The plan for the project features Tesla model vehicles that transport riders through 69 stations along Las Vegas Boulevard, including Downtown Las Vegas and Allegiant Stadium. In the future the loop is projected to transport 57,000 people per hour for a fee between $6 and $12.

Click here to read more: https://www.reviewjournal.com/local/traffic/unlv-set-to-sell-land-to-boring-co-for-vegas-loop-station-2733770/

Rio landlord Eric Birnbaum reveals plans to renovate the Rio in light of a possible Oakland A’s baseball stadium next door. According to the article, Birnbaum’s firm, Dreamscape Companies, announced that it raised $850 million in capital that will be used to launch a real estate investment trust that will own casino, hospitality, and entertainment assets, and fund a multi-phase renovation of the Rio. Major League Baseball’s Oakland Athletics is looking for possible properties in Las Vegas, including excess land at the Rio. The hotel is located on Flamingo Road about a mile west of the Strip and sits on 88.5 acres.

Click here to read more: https://www.reviewjournal.com/business/casinos-gaming/rio-landlord-plans-multi-phase-renovation-open-to-mlb-ballpark-2732380/

Brian Gordon, a principal at Applied Analytics, eases concern of homebuilders looking to construct despite the current downturn. According to Las Vegas-based Home Builders Research, in 2022, new home net sales—sales minus cancellations—fell by 33% while the median new-home price increased by 17%. Gordon also mentioned that with the increasing population growth, mortgage rates will decline, which will only help sales. 

Click here to read more: https://www.reviewjournal.com/homes/new-homes/expert-tells-builders-downturn-is-temporary-2727143/

Construction is scheduled to begin this month for a 324-unit apartment complex at the southeast corner of Las Vegas Boulevard and Chartan Avenue. Recently developers have been putting housing projects along the west side of Las Vegas Boulevard due to the supply of land. Billy Cundiff, a managing director with the project’s developer Greystar, noted its proximity to the west Henderson area, which has seen a surge of development in recent years. Apartments are expected to range from 766 to 1,323 square feet, with monthly rents spanning from about $1,500 to $2,500.  

Click here to read more: https://www.reviewjournal.com/business/new-apartment-complex-to-be-built-along-las-vegas-boulevard-2726620/

A framework that outlines a potential plan for federal water regulators tasked with making unprecedented cuts to an overused watershed that serves roughly 40 million people throughout the Southwest was made public by six of the seven U.S. states that depend on the Colorado River. Due to years of drought, structural imbalances in how the Colorado River is used has been exposed. The proposal reveals a united front among six states over how the cuts should be divided but shows unresolved issues among the seven states. The plan failed to gain the support of California but regardless John Entsminger, who leads the Southern Nevada Water Authority, stated the six-state plan was a “positive step forward.”

Click here to read more: https://thenevadaindependent.com/article/six-states-release-consensus-framework-for-colorado-river-cuts-with-california-absent?utm_campaign=Weekly%20Newsletter%202023&utm_source=hs_email&utm_medium=email&utm_content=244176348&_hsenc=p2ANqtz-9qyIsedoUAGjo-yJJzGUsM5oX0-kYCXnR7yvNDdLq3suOBSDPTyG0aQOL2wkPNgmt-r9I1F9rBFkj8ykIN3wGI6L4oow

The mortgage rate dip, increase in new home sales, and increase in potential buyer traffic are positives for the market. These small victories can be important as new home buying is getting a head start in the new year.

Click here to read more: https://www.forbes.com/sites/johntobey/2023/01/31/homebuilder-confidence-bumpthe-spark-that-could-ignite-the-next-growth-cycle/?sh=a75c1d248e04

Online retailer TheDrop.com launched in San Francisco in 2017 and a year later relocated to Las Vegas because costs were too high to operate a business in California. The CEO, Matt Falcinelli, stated that, “Everything from income tax and state tax, worker tax, payroll tax, cost of salaries, cost of living – it almost came out to 50 percent less expensive to operate in Nevada than California”. Thousands of California businesses have opted to move to Nevada, with Las Vegas being the most popular destination. 

Click here to read more: https://www.reviewjournal.com/business/thousands-of-california-businesses-have-fled-golden-state-for-las-vegas-2719945/?