Market Watch

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/?

The demand for housing construction is growing. Housing units including single-family, multi-family, and oft-overlooked manufactured housing are needed to satisfy current and future demand. The 5 most undersupplied markets, based on current vacancy rates lower than their historical norms, are Riverside-San Bernardino, West Palm Beach, Tampa, Phoenix, and Forth Worth. 

Click here to read more: https://www.realestateconsulting.com/americas-most-undersupplied-market-riverside-san-bernardino/

Otonomus Las Vegas is a residential and short-term rental concept currently being developed by Las Vegas-based Growth Holdings. The recently acquired construction financing for the project totaled $117 million and included senior debt and preferred equity. The project will consist of open floor plans, 10-foot ceilings, modern high-end finishes, and added amenities. The ground floor will feature approximately 38,000 square feet of retail offerings. The site is located near the Las Vegas Strip, Allegiant Stadium, and T-Mobile Arena. The project is set to open in Q4 2024. 

Click here to read more: https://nevadabusiness.com/2023/01/core-advisory-partners-arranges-financing-for-the-construction-of-otonomus-las-vegas/

Healthcare provider HCA acquired a $62.3 million land deal from Station Casinos. The site is 56.6 acres and located at the northwest corner of Las Vegas Boulevard South and Cactus Avenue. Currently, HCA has no specific plans for the land.

Click here to read more: https://www.8newsnow.com/news/local-news/hospital-giant-hca-buys-land-from-station-casinos-in-62-million-