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Nov. 29, 2013

CITRA Wins City Approval, Incentives for $71M Downtown Healthcare/Assisted Living Complex

By Alex Girda, Associate Editor

As the Downtown Project led by Tony Hsieh gathers momentum, a major healthcare and residential project has reached a major milestone. The Las Vegas City Council recently approved an agreement with developer CITRA Real Estate Capital for Symphony Park, a $71 million skilled nursing and assisted living facility.

Located on the site of a former rail yard at 394 S. City Parkway, the mixed-use project would mainly consist of the skilled nursing building and the assisted living facility, but will also include a parking structure, garage, ground floor retail and dining spots. The linchpin of the deal is the council’s decision to sell the project’s 3.3-acre site for $3.5 million, a substantial discount from the parcel’s estimated $11.5 million market value.

According to The Las Vegas Review-Journal, the company will develop a six or seven-story skilled nursing center with a capacity of about 150 beds. Services will include physical therapy, speech and occupational programs. The eight-story assisted living facility will offer some 140 residential units, and the parking structure will accommodate around 464 vehicles.

Potential job creation persuaded the Las Vegas City Council to provide the financial incentive. Symphony Park would attract around 892 positions, which translates into a $37.6 million annual payroll. Although the city will get a below-market price for the land, returning the parcel to property tax rolls will generate $781,000 in revenue annually, LVRJ reports.

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