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Revived Master Plan Would Bring 15,000 New Homes to North Las Vegas

24 Apr 2014, 4:09 am

By Alex Girda, Associate Editor

One of the largest residential projects in Nevada has found new life as developers have expressed the intention to break ground on a $3.2 billion master-planned community in North Las Vegas that could encompass up to 15,000 homes.

Originally approved in 2006, the Park Highlands project would occupy 2,600 acres. Despite the backing of the City Council, the project stalled due to a combination of financial problems and the economic downturn. A number of changes to the plan have revived the project, which would be located north of the Las Vegas Beltway near Aliante Parkway. With the final vote for a number of smaller master plans set for May, North Las Vegas could see a 10- to 15 year buildout.

Due to the project’s troubled financial history, the 2,600 acres of land are now under the ownership of eight different entities, The Las Vegas Sun reports. A representative for the owners has since revealed that the developers intend on rolling out a development process with groundbreaking aimed for  late 2014 or early 2015. The Sun also noted that the land has been split into two separate master-plans.

Utilities and storm drains are already in place on the 600-acre western site between Decatur Boulevard and Aliante Parkway, where about 4,000 homes would be built. Work is somewhat less advanced on the 2,000-acre eastern portion of Park Highlands; a pair of commercial and residential landowners hope to develop another 11,000 homes, according to The Las Vegas Review-Journal .



High-end Summerlin Office Property Hits the Market; Gladstein Group Gets Listing

17 Apr 2014, 2:57 am

By Alex Girda, Associate Editor

 

Sam Gladstein, president of the Gladstein Group, was named the exclusive sales agent by the Donald W. Reynolds Foundation for its property at 1701 Village Center Circle  in the Summerlin master-planned community. According to a statement, the asking price for the asset is around $11.5 million.

The 43,000-square-foot building is located on a 2.5-acre lot in Summerlin, and offers convenient access to McCarran International Airport, as well as to the 215 Beltway, U.S. 95 and U.S. 15.

The Reynolds Foundation’s property is a high-end office building offering a wide range of amenities that include expansive board rooms, state-of-the-art multimedia capabilities, full kitchen, fitness facilities, an executive dining room and on-site underground parking.

The building’s floor plans are potentially suitable for law, accounting and other professional services firms. The two-story 1701 Village Center Circle building includes executive wings with private offices and conference rooms, open areas designed for roomy cubicles, plus large file rooms, state-of-the-art computer server facilities and break/lunch rooms. Tech fixtures include a 60-ton cooling tower.

The building features prairie-style design, wide overhangs, garden-style landscaping, sandstone, granite, steel and glass flourishes, as well as a slate roof. Master craftsman woodwork and commissioned lighting fixtures adorn the interior.



Capital Square Realty Buys CVS Store in the Heart of Strip’s Development Boom

14 Apr 2014, 2:39 pm

By Alex Girda, Associate Editor

The appeal of drugstores to investors was recently underscored when an affiliate of Capital Square Realty Advisors L.L.C. acquired a 14,378-square-foot CVS on the ground floor of Sky Las Vegas, the luxury condominium tower on the Las Vegas Strip. Capital Square’s purchase also reflects the demand expected to flow from the multibillion-dollar resort projects under development nearby.

Located at 2700 S. Las Vegas Blvd., the store is leased to CVS Caremark Corp. on a long-term basis. Capital Square Realty CEO Louis Rogers commented in a statement, “The facility also benefits from a strategic location on the rapidly-developing north end of the Las Vegas Strip.”

High-profile projects under way include SLS Las Vegas, the 1,600-key resort scheduled to open this year on the former site of the Sahara, and the $2 billion Resorts World Las Vegas, which will debut in 2016 where the Stardust once stood.

Regarding the deal’s financing, Capital Square’s vice president of acquisitions, Yogi Singh, added that the firm placed “highly accretive debt on the property based on the credit of CVS Caremark Corporation.” BCG Capital Partners procured the senior debt.

Rendering courtesy of skylasvegas.com



Century Communities Acquires Dunhill Homes’ Las Vegas Operations

3 Apr 2014, 3:09 am

By Alex Girda, Associate Editor

With the metropolitan Las Vegas residential market on the upswing, some home builders are looking to expand their local footprint.  To name one example, Century Communities recently acquired Dunhill Homes’ Las Vegas operations.

The acquisition boosts Century Communities’ Las Vegas portfolio to 1,849 lots and its total holdings to 10,095 controlled lots, which translates to a 21 percent jump since the end of 2013.

The move comes as a natural continuation of the developer’s strategy to expand into major  markets with solid economic fundamentals, the company explained in a statement. Co-CEO’s Robert Francescon and Dale Francescon said that the move  “allows us to add an experienced operations team, with a reputation of delivering quality homes in well-located communities.”

Additionally, Century  is in a strong position in a land-constrained market, and its current assets will offer opportunities for growth.

Century now has a presence in five different residential communities, in the form of land, homes under construction and model homes. Two of those are master-planned communities with full amenities.  The new additions to the company’s inventory are one- and two-story single-family homes that range in size from 1,350 to 3,700 square feet.



Sansone Plans $23 Million Makeover for Boulevard Mall

30 Mar 2014, 8:19 pm

By Alex Girda, Associate Editor

Sansone Cos. plans a $23 million overhaul of the Boulevard Mall in a bid to restore the 49-year-old retail center to its former prominence. The multi-phase renovation will start this summer and is scheduled for completion in 2015. Details of the plans follow Sansone’s $55 million acquisition of the property late last year..

The renovation plan recently cleared a hurdle when it won approval from the city planning commission. Opened in 1965, the 1.2 million-square-foot center was a major force in the local retail market through the early 1980s.

As part of the overhaul, the property’s first in more than 20 years, Sansone will refresh the tenant roster with a variety of new retailers. Other highlights will include  a farmers market offering about 70 vendors, valet parking, free Wi-Fi, as well as a  food court upgrade that would add a number of new dining plus  four wide-screen plasma TVs.

Also in the works is a redesigned exterior with a new facade that will front Maryland Parkway and its corridor, plus new storefronts, awnings and landscaping.







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