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Seattle Investor Firm Comes Back for Seconds

28 Jul 2015, 9:43 pm

By Liviu Oltean, Associate Editor

Security Properties clearly likes Las Vegas. The Seattle-based firm recently announced its second acquisition in the area: Verona Apartment Homes, a 275-unit, Class A multi-family community in Henderson. The asset was acquired for $40 million through the firm’s Security Properties Multifamily Fund II.

Verona Apartment Homes

Verona Apartment Homes

Located at 6765 Tulip Falls Drive in the Henderson East submarket, the property features a resort-style pool and spa, controlled-access gates, a clubhouse with a second story fitness center, a snack bar, and a shop. Verona Apartment Homes is also near the Galleria Mall, I-515 and Union Village, a $1.2 billion, master-planned project currently under construction.

“Las Vegas is a dynamic market with excellent infrastructure and a wide range of emerging industry sectors.” said Davis Vaughn, investment manager at Security Properties, in a statement. “The area offers an opportunity for growth not just in the traditional sectors like gaming and hospitality, but also in newer industries like medical and data centers. Given the proximity to Union Village, which we believe will be transformative for both Henderson and the Las Vegas metropolitan area, we look forward to being active in Las Vegas for years to come.”



MGM Roars Again

17 Jul 2015, 10:08 pm

By Liviu Oltean, Associate Editor

 

MGM Resorts International’s 5,000-seat theater is scheduled to open at the Monte Carlo in late 2016.

MGM Resorts International clearly likes the odds for the new entertainment district it’s developing on the Las Vegas Strip. The hospitality giant unveiled plans on July 15 for a third major project at the eight-acre site: a 5,000-seat theater at the Monte Carlo Resort and Casino. The new theater will join the Park and the Arena, two other MGM projects currently under construction.

As Commercial Property Executive has reported, MGM is also developing a $375 million, 20,000-seat arena and a pedestrian-friendly, resort-like promenade on the site.All three projects are expected to come online next yearthe Park and the Arena are scheduled to debut next April, followed by the new theater by the end of 2016.

The theater will anchor of the eight-acre entertainment district that MGM Resorts International is developing between the Monte Carlo and New York-New York.

“From Las Vegas to Maryland, Macau to Massachusetts, presenting the biggest and most sought-after names in music, sports and special events is a core focus for MGM Records. This new theater will enable us to host performers in Las Vegas who we previously haven’t had a home for, broadening our entertainment offerings and providing the opportunity to expand those relationships to our properties around the globe,” said President Bill Hornbuckle of MGM Resorts International in a prepared statement.



New Pinnacle for M-F Community

14 Jul 2015, 10:08 pm

By Liviu Oltean, Associate Editor

On the heels of getting a new owner, the Broadstone Solis multifamily community has a new manager: Pinnacle Property Management Services L.L.C. The assignment follows TruAmerica’s acquisition of the property from Alliance Residential in a $50.5 million deal. According to a statement by Pinnacle, the community will be rebranded as Solis at Flamingo and will undergo renovations in the near future.

Solis at Flamingo, Las Vegas

Solis at Flamingo

Located at 3275 East Flamingo Road, the community is near the University of Nevada Las Vegas and McCarran International Airport and is minutes away from Las Vegas Boulevard, the Strip, Interstate 15 and Interstate 215. The community is pet-friendly and offers amenities such as three resort-inspired pools and spas; basketball courts; a fitness center; 24-hour emergency maintenance; covered parking and garages; and storage units.

“Pinnacle is focused on marketing Solis to a wider resident base,” said Debra Kopolow, a regional vice president with Pinnacle. “Our team will begin with a rebranding campaign to highlight the exceptional qualities of the community followed by interior and exterior renovations.”



Old Money Chases New Blood in Strip Makeover

10 Jul 2015, 8:05 pm

By Liviu Oltean, Associate Editor

The LINQ Hotel in Las Vegas

The LINQ Hotel

It’s no cinch to garner the attention of Millennials, as Caesars Entertainment Corp. can attest. With that in mind, Caesars and Elkus Manfredi Architects, have just completed the $223 million renovation of the LINQ Hotel & Casino on the Las Vegas Strip. The completion of the project marks the final phase of the company’s $1 billion redevelopment plan for the Eastside of Las Vegas Boulevard.

The hotel now offers 2,253 upgraded rooms, including 244 suites, two penthouses and 25 cabana guest rooms. The lobby bar,  retail components, spa and pool deck have also received a makeover. The investments were geared to attracting the younger generation, according to a statement.

“The reimagined, all-new LINQ Hotel & Casino is truly a Vegas Original, offering for the first time an experience at the heart of the Las Vegas Strip designed for millennials and the young at heart,” said Tariq Shaukat, Chief Commercial Officer of Caesars Entertainment. “The resort caters to those seeking authentic tech-savvy social experiences that can’t be found anywhere else in Las Vegas, and provides guests with direct access to the great restaurants, shops, and entertainment available at the LINQ Promenade, including the High Roller.”



Museum Project Plans Hang in the Balance

29 Jun 2015, 5:16 am

By Alex Girda, Associate Editor

Since the closing of the arts museum on West Sahara, the Las Vegas arts community has lacked a new institution to fill the gap.

Luminous Park is a local non-profit that has been pushing for a contemporary art museum in the city for several years. The incentives seem to be in place, with the city willing to put up $2 million in grants toward the cost of construction, which some estimates place at $50 million.

However, the Las Vegas City Council recently put talks regarding a preliminary development deal on hold, due to one member’s concerns. Although talks are set to resume on July 1, the hiccup may prompt the Luminous Park board to modify the proposal.

Originally proposed for a site in the city’s Arts District near Charleston Boulevard and Main Street, the museum may well take shape only three quarters of a mile north in Symphony Park. Considering that the park is home to the Smith Center for the Performing Arts, the location would seem to be a natural choice.

The Las Vegas Review-Journal recently noted that the organization’s board members may be swayed into moving the museum project to the area left vacant by the failed soccer stadium project. That site is also the proposed home of another non-taxable project, a tax-funded parking garage.

A Tourism Improvement District put in place by local authorities would fund development of the parking garage, and tax-exempt projects currently abound in the area. The possibility of stacking the two projects on the same parcel arose but was not formally considered, LVRJ points out.







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