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Officials Delay Vote on Parcel Eyed for Global Business District; Triple Five Markets Site Near Riveria

11 Sep 2014, 2:48 pm

By Alex Girda, Associate Editor, and Paul Rosta, Senior Editor

At least for now, the acquisition of a site crucial to the Las Vegas Convention and Visitors Authority’s vision for an innovative business magnet is on hold., VegasINC reported.

Citing unspecified concerns, on Tuesday officials postponed a vote on the purchase of a 4.8-acre site on Convention Center Drive. Owned by Tarsadia Investments of Orange County, Calif., the property includes Vegas Indoor Skydiving and a nearby parking lot.

The parcel would be part of the Global Business District, envisioned as a hub for companies to interact with businesses visiting the convention center. So far the agency has acquired 18.7 acres toward that goal at a cost of $49 million. Of that total, the single largest transaction was a $21 million deal last fall for a 5-acre site.

The decision to postpone a vote on the purchase coincided with the release of a feasibility study prepared by Cordell Corp. on the Global Business District, which also includes a $2.3 billion expansion of the convention center itself from 3.2 million square feet to almost 5.7 million square feet. During the first phase, the convention center would gain 750,000 square feet of exhibit space and 187,500 square feet of meeting space in the first phase. In phase two, the entire facility would be renovated and 100,000 square feet each of meeting space and general session space would be added.

In other development news, Triple Five is attempting to unload a 5.4-acre property on the north Strip, a move that signals the end of plans for a resort neighboring the Riveria. Triple Five paid $180 million for the site prior to the recession and is now asking $16 million per acre. At that price the developer would recoup only about half of its investment. The parcel may find some takers as the new SLS Resort and a planned project recently announced by Genting Group indicate that a revival of the Strip’s northern end may be gaining momentum.

Tropicana Follows Up $200M Renovation With Meeting-Space Makeover

3 Sep 2014, 9:08 pm

By Alex Girda, Associate Editor

In a bid to capture a bigger share of the city’s convention and meeting business, Tropicana Las Vegas – a DoubleTree by Hilton is expanding its Tropicana Pavilion. When complete next March, the project will increase the property’s meeting space to about 100,000 square feet. The pavilion project follows the Tropicana’s recently completed $200 million makeover aimed at lending a South Beach flavor to the venerable property.

The expansion will add 26,000 square feet to the facility and feature 16-foot ceilings and up to 11 rooms of flexible meeting space. Also in the works are new private restrooms and escalators. Meanwhile, upgrades are in store for the existing section of the pavilion, including a decorative acoustic treatment.

All told, the project will increase Tropicana Pavilion to 55,000 square feet, which the resort is banking on to further improve its appeal to the events market. The facility currently hosts functions ranging from conventions and corporate meetings to wedding receptions.

“The fact that the space is all new and can entirely self-contain groups will be an appealing feature for organizers of larger corporate meetings and events,” Gavin Mealiffe, vice president of sales for Tropicana Las Vegas, commented in a statement. “It is also very convenient to the hotel’s Club Tower, allowing for easy access for group attendees.”

Image courtesy of troplv.com

Thorofare Capital-Arranged Loan Leads to Sale of Final Condo Units at The Martin

21 Aug 2014, 8:02 pm

By Alex Girda, Associate Editor

Thorofare Capital, an alternative investment platform, has provided a $4 million short-term loan to finance the acquisition of a condo unit portfolio at The Martin. The sponsor will use the financing to acquire the final units under the ownership of the tower’s developer, and then focus on selling the condos to foreign investors. KCD Martin is buying the units from New York-based iStar Financial.

The 45-story luxury residential tower is located on Las Vegas Boulevard, and is one of the three buildings that comprise the Panorama Towers complex at the core of Las Vegas. The 372-unit condo tower, located near Las Vegas CityCenter, offers access to the nearby Cosmopolitan Hotel and The Bellagio via an overpass. After its completion in 2009, the crashing market caught up with The Martin and the property ended up as part of iStar Financial’s portfolio through foreclosure, since the company provided the original construction loan. Under the management of iStar Residential, a subsidiary of the ownership entity, the remaining units were eventually sold, with the exception of 20 units, all of which were part of this recent deal.

Units at the residential tower offer high-end features such as state-of-the-art appliances and floor-to-ceiling windows with panoramic views, including the Las Vegas Strip and the mountain range. The standout feature of the amenity package is a dedicated concierge service, while others include steam and treatment rooms, a library lounge, a 2,400-square-foot health center, pool cabanas and a garden lounge, as well as a yoga studio.  

Image courtesy of thorofarecapital.com

Venues Group Breaks Ground on Event Facility in Fremont East

14 Aug 2014, 3:31 am

By Alex Girda, Associate Editor

The Venues Group recently held a groundbreaking ceremony for its latest project, a multipurpose entertainment facility in the Fremont East District called Venue Las Vegas. Scheduled to open its doors next February, the  two-story facility will offer 36,000 square feet of special event and meeting space with a capacity of up to 2,000 guests. In all, six event spaces will be available, including a rooftop patio.

Venue Las Vegas will be located in the Fremont East District, will share a number of the capabilities offered by the company’s original concept, The Venue Scottsdale. The project is expected to bring 200 jobs to downtown Las Vegas.

The property’s design will be marked by a stone-clad exterior and urban-chic interior decor. Facilities will include an entertainment hall equipped with a stage, lighting and audio systems.

Venue Las Vegas will also feature an on-site gourmet catering service and areas for billiards and VIPs. An in-house design team for personalized events will be available, as well.

At the groundbreaking, the project team was represented by Victor Perillo, the company’s owner and founder, and Vice President David Twigger, while Mayor Carolyn G. Goodman led the city’s delegation. The event included a brief press conference, as well as a VIP event that showcased the project’s design.

 Image courtesy of facebook.com/VenueLasVegas

Bascom Group, Oaktree JV Buys New M-F Asset in Henderson

6 Aug 2014, 3:51 pm

By Alex Girda, Associate Editor

Bascom Group and funds managed by Oaktree Capital Management LP have teamed up to acquire The Edge at Traverse Point, a 296-unit multi-family property in Henderson. The deal closed at the end of last month.

Nationwide Life Insurance provided debt financing, which was sourced by Charles Halladay of HFF. Angela Powers and Carl Sims of Hendricks-Berkadia represented the seller in the transaction.

Bascom and Oaktree launched their $250 million joint venture earlier this year when the entity purchased The Springs Apartments, a 320-unit community located in Corona, Calif. The Edge is the venture’s second multi-family purchase in the past month.  

Located at 1131 Wigwam Parkway, the complex was completed last year and offers one-, two-, and three-bedroom units. Units at The Edge at Traverse Point offer stainless steel appliances, granite countertops, modern wood cabinetry, in-unit washer and dryer, as well as flat-screen TVs. Exterior finishes and amenities include a clubhouse, a resort-style pool with cabanas, a café, a business center and a 24-hour health center.

The new ownership plans to upgrade common areas and interiors in order to turn the asset into a best-in-class property, Tim Whitting, Bascom’s Senior Vice President of Operations, said a statement.

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