In a belt-tightening move, the University of Phoenix is consolidating its footprint in the Las Vegas Valley. Early next year, the institution will move into a 44,000-square-foot space in Summerlin, VEGAS INC reported on Dec. 18. Its new location accounts for about 45 percent of a three-story, 98,000-square-foot building next to the Nevada Cancer Institute near Town Center Drive and the 215 Beltway.
The building’s owner is an affiliate of Greenspun Corp., which also owns VEGAS INC and the Las Vegas Sun. Bret Davis of Jones Lang LaSalle Inc. represented the University of Phoenix in the lease.
As part of its consolidation program, the University of Phoenix will leave two other locations: a 30,000-square-foot space on Flamingo Road near the 215 Beltway and another between Buffalo Drive and Summerlin Parkway. Apollo Group, which owns the multi-campus school specializing in professional education, is looking to trim costs after recording a 26 percent dip in net income this year.
In other news, regulators are preparing to open the door to stepped-up development intended to boost the Lake Tahoe area’s sagging tourism business, the Las Vegas Sun reports. The joint Regional Planning Agency of California and Nevada is considering an update of the current regional plan that would permit larger projects on the lake’s shore. The revised plan would attempt to expand development opportunities while respecting environmental concerns, the Sun reports.
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