Market Watch

The Raiders recently closed on three industrial buildings for more than $56 million. The buildings include the Las Vegas Aces’ unfinished basketball training complex. The training complex is said to be around 80,000 square feet and will include a weight room, daycare center, spaces for physical therapy, and more. The facility is expected to be completed by March of 2023.

Click here to read more: https://www.reviewjournal.com/sports/raiders/raiders-buy-more-real-estate-in-las-vegas-valley-for-56m-2710242/

The city of Las Vegas intends to purchase 1,000 acres of land in northwest Las Vegas from the BLM, pending public comment. If approved, 85% of the money the BLM receives will go towards various projects such as, developing parks and trails, capital improvements on federal land, acquisition of environmentally sensitive land, hazardous fuels reduction, and landscape restoration projects. The public comment period is open until February 21.

Click here to read more: https://www.8newsnow.com/news/local-news/city-of-las-vegas-to-spend-94m-for-blm-land

After a long-anticipated wait, the Fontainebleau is set to open on the Strip by the fourth quarter of 2023. Fontainebleau Development and Koch Real Estate Investments are planning for 3,700 luxury rooms, 550,000 square feet of convention space, and various gaming, dining, retail, lifestyle, and wellness experiences on the 25-acre site.

Click here to read more: https://hospitalitydesign.com/news/hotels-resorts/fontainebleau-las-vegas/

The Henderson City Council approved the purchase of the former Fiesta Henderson site for $32 million. A new multi-use, indoor community sports facility will replace the former casino site. Richard Derrick, Henderson city manager and CEO, stated they anticipate the new sports facility to generate an annual economic impact of $40 million.

Click here to read more: https://www.8newsnow.com/news/local-news/new-sports-facility-coming-to-former-fiesta-henderson-site/

Station Casinos recently demolished the 35-acre Fiesta property which had been closed since the pandemic. City officials are thinking about purchasing the site to turn into an indoor sport recreational facility. According to Jared Smith, Henderson’s Director of Economic Development and Tourism, the sports project would be a big asset for residents and spark tourism to the area. The sale is expected to close by the end of December.

Click here to read more: https://www.reviewjournal.com/business/casinos-gaming/city-of-henderson-looks-to-buy-fiesta-site-for-32m-2690831/

Station Casinos recently purchased nearly 67 acres at the northwest corner of Losee Road and the 215 Beltway in North Las Vegas for $55 million. Plans for the site include 600 hotel rooms, restaurants, a movie theater, bowling alley, banquet amenities, more than 75,700 square feet of casino space and more. Station Casinos remains focused on its long term goals and is on track to double its casino portfolio by 2030.

Click here to read more: https://www.reviewjournal.com/business/casinos-gaming/station-casinos-buys-more-land-for-55m-plans-another-resort-2689225/

Las Vegas, Sacramento, and Miami are the most popular destinations for people looking to relocate from higher priced markets. People need affordable housing more than ever due to high mortgage rates and inflation. According to the article, the typical cost of a home in Las Vegas is half the price of a home in Los Angeles.

Click here to read more: https://www.foxla.com/news/california-cities-top-list-homebuyers-relocate

Blackstone’s Link Logistics recently announced plans to build two new projects in North Las Vegas. Desert Palm will feature a 350,000 square-foot facility on Cheyenne Avenue just west of the I-15. The other project, Desert Willow, consists of three buildings totaling 720,000 square feet at Commerce Street and Gowan Road. These new developments reinforce Las Vegas’ growing role as an industrial hub for the southwest United States.

Click here to read more: https://www.reviewjournal.com/business/developer-launching-first-southern-nevada-warehouse-developments-2678189/

A recent $12 million land sale was made in Henderson. Local real estate firm, Tru Development Co., teamed up with McCourt Partners to construct a 244-unit apartment complex on the site. “We’re delighted to expand our footprint to an exciting high growth market where we see great potential, ” said McCourt Partners President Jordan Lang. The development site is approximately 6-acres and located along Via Inspirada near Bicentennial Parkway, south of Henderson Executive Airport.

Click here to read more: https://www.reviewjournal.com/business/housing/developers-team-up-on-new-apartment-project-in-henderson-2677661/

The Las Vegas Convention & Visitors Authority recently sold a parcel of land for $120 million.  The property is located at Las Vegas Boulevard and Elvis Presley Drive, the former location of the Riviera hotel and casino.  Proceeds from the sale will contribute to the Convention Authority’s $600 million renovation plan. The property was acquired by Claudio Fischer.  Mr. Fischer is a Chilean real estate developer.

Click here to read more: https://www.8newsnow.com/news/local-news/old-riviera-lot-to-be-sold-expansion-on-the-strip-continues/

Lake Las Vegas will be a completed project in five years. The last phase of the 3,600 home master-planned community is a 60-acre luxury development completely surrounded by water. Named The Island, the community will be accessible by land bridge and feature homes built by Toll Brothers and Blue Heron. Custom lots will also be available. Most of the Lake Las Vegas waterfront lots have already been sold, making The Island a superior destination that buyers have been seeking for years.

Click here to read more: https://www.reviewjournal.com/homes/real-estate-millions/luxury-enclave-the-island-coming-to-lake-las-vegas-2672322/