Groundbreaking Held for New Multifamily Complex Flats Arts District; Expected to Open in 2026

LAS VEGAS, NV – The official groundbreaking was held this Thursday for the $112 million Flats Arts District project, an upcoming multifamily complex that is being erected in the Las Vegas Arts District via a joint venture between CEDARst Cos. and Bridge Investment Group.

The project is being constructed at 123 West Imperial Avenue – located one block away from Main Street – and will be comprised of 311 apartment units and 5,100 square feet of retail space on the ground floor.

The property was initially purchased in January for $6 million; as an example of how property values have skyrocketed in Las Vegas over the years, the last time this plot of land was sold – back in 2011 – it went for a mere $322,000, as per Clark County property records.

In a statement, CEDARst Chief Development Officer Mark Heffron noted that the company had been wanting to get in on the Las Vegas real estate scene for some time, with the Arts District property representing the perfect opportunity to finally do so given the area’s growing economy, highly diverse businesses, and close-knit residents.

There is a far greater sense of community in Las Vegas as well,” Heffron said. “This is obvious when spending time in a vibrant and walkable neighborhood like the Arts District. The addition of professional hockey, football and baseball teams are also furthering this sense of community.”

The Flats Arts District project is slated to include 86 studio units, 185 one-bedroom units, 38 two-bedroom units, and two three-bedroom units. It will also have numerous amenities for its tenants, including a fitness center, resort-style spa facilities with saunas, workspaces, and a sunset deck and lounge.

The official ground-breaking ceremony was originally expected to take place in February, but a series of delays pushed it back to late May; the first tenants were expected to be able to move into their units by the end of 2025 and the project finished by March 2026, but now the first completed units will be made available in mid-2026 and the complex itself completed late that same year.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – New data from Redfin indicates that apartment rental rates in Las Vegas are increasing faster than the national average, a development driven both by strong demand and an overall limited amount of inventory, among other factors.

Many other cities in the Southeast and Southwest United States have seen rental rates dropping when compared to last year, with the average rate having increased 1.7 percent by the end of April and 1.1 percent year-over-year. However, Las Vegas has bucked that trend, with rates having increased 2.4 percent by the end of April and 1.7 percent year-over-year.

Furthermore, Colliers International’s recently-released first-quarter report noted that the situation in Las Vegas could get worse come 2025, as by that point the pipeline for new multifamily projects in the valley will have dried up, which in turn could lead to a significant spike in rental rates.

The forward-looking supply and demand fundamentals for multifamily continue to be strong and will get stronger through 2025-2026,” the report stated. “This is due to a strong economy and the current difficulties that persist to start new projects in this environment. Sales will continue to be slow in the foreseeable future until we can experience improvements in the capital markets. But overall, we’re very bullish on the performance of Las Vegas apartments going forward.”

1,130 new apartment units were added to the Las Vegas Valley in the first quarter of 2024, which represents an increase from the 543 units added during the same period one year prior. In addition, more apartment construction projects were recently finished in Henderson, North Las Vegas, and the southwest valley, and currently another 6,625 multifamily units are currently under development.

And finally, the Redfin report noted that another contributor to rising rental rates in Vegas are the still high level that interest rates for home mortgages currently are at.

Elevated mortgage rates are likely bolstering U.S. rental demand, and as a result, propping up prices,” the report said. “The average 30-year-fixed mortgage rate is more than double the 2.65 percent record low hit during the pandemic. Some renters are putting off their home purchasing plans because monthly payments for homebuyers are near their all-time high.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Real estate investors have been ramping up their activity nationwide once again, and one of the areas that has seen the largest increase in single-family home purchases on the part of corporate entities as of late is the Las Vegas Valley.

According to a new report by Redfin, the number of homes purchased by investors in Las Vegas was 2.7 percent higher in the first quarter of 2024 when compared to the fourth quarter of 2023, the second highest increase in the entire country. The only other major city that ranked higher in that regard was Oakland, California, which saw a 2.9 percent jump quarter-over-quarter.

Redfin stated that the current average price of an investor-purchased home in the United States is $464,560, and in the first quarter of 2024 these entities have spent $31.3 billion so far snapping up properties left and right.

Meanwhile, according to MLS data, the number of single-family homes up for sale in the Las Vegas Valley is approximately 4,000, and 17 percent of those – amounting to 697 – are priced at less than $400,000, with the median sale price currently being $435,000, as per Redfin.

With the limited amount of inventory in Vegas at the sub-$400,000 price point, investors are increasing their activity in the Valley to take advantage and get the most value for their money.

Also, the majority of investor purchases – 69 percent – are made up of all-cash transactions, so they are far less impacted by the currently high mortgage loan rates that are impacting the real estate industry, Redfin noted.

The amount of investor activity in Southern Nevada has been compounded by the rising number of hedge funds and institutional investment companies backed by Wall Street that have been purchasing large numbers of single-family homes and turning them into rental properties, resulting in increased scarcity in a market with already low inventory.

The problem, both in Vegas and nationwide, has gotten to the point where several bills are being introduced – both on both federal and state levels – that, if passed, would forbid institutional investors from purchasing additional homes, and potentially even force them to sell off the ones they do have over a set period of time.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – In anticipation of increased tourism during the upcoming Memorial Day weekend, Clark County officials have begun to ramp up their enforcement of short-term rentals operating within their borders that are doing so without a license.

Clark County will have their STR enforcement team out combing the streets in response to community complaints; as of May 21, 2024, the team has already issued close to the same number of citations – 289 – for unpermitted short-term rentals than they did for the entirety of 2023, when that number was 348.

In addition, Airbnb have stated that they are also cracking down on rentals in the area this weekend that are potentially being booked to host large and unruly parties. Currently, the online short-term rental platform is running reservation requests through an automated process that examines all information available – the prior history of both the host and the guest, the timing of the reservation, and numerous other factors – in order to approve or deny the customer’s stay in Clark County.

A similar process that Airbnb had in place in Las Vegas for Memorial Day weekend in 2023 resulted in over 1,000 applicants being turned away from renting properties through their platform.

The intense crackdown on unpermitted short-term rentals in Clark County is occurring while homeowners wishing to rent out their abodes through services such as Airbnb and Vrbo continue to wait for the ongoing application process for a license, which so far has taken nearly two years.

The delays on the part of Clark County are causing intense frustration for many, said Greater Las Vegas Short-Term Rental Association founder Jacqueline Flores, who noted many homeowners are missing out on vital income that they could otherwise be getting.

It’s very frustrating. I mean, the homeowners are outraged,” she said. “Who knows how long that’s going to take the county because we don’t know if they’re going to do these hearings daily or just on certain days of the week. Are they just going to be monthly hearings? So, we don’t know how long that process is going to take.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – According to Clark County property records, Lennar Corporation, one of the largest home construction companies in the United States, has bought 37 acres of land in Henderson for $45 million from California-based Trilogy Land Holdings LLC.

It is expected that Lenar will develop the vacant land – the sale of which closed on March 1 – into a single-family residential community. The property is located in west Henderson, just south of the Henderson Executive Airport and the master-planned community of Inspirada, close to the McCullough Range and Black Mountain.

Based out of Miami-Dade County in Florida, Lennar Corporation is the second-largest homebuilder in the nation based on the number of homes sold as of 2023, with 68,817 recorded closings; in that same year, the company was ranked 119th on the Fortune 500. Lennar Corporation’s share price has soared 235 percent in the last half decade, with a 17 percent gain in just the last three months alone.

Henderson, Nevada is heralded as one of the fastest-growing municipalities in the nation, seeing a large explosion recently in both the residential and commercial real estate industries; in January, the city approved plans submitted by Woodside Homes of Nevada for the development of two residential subdivision projects – dubbed Cadence Acacia and Cadence Meridian – on nearly 17 acres of land, for a total of 160 lots.

Development in Henderson has also commenced on The Canyon at Ascaya, which upon completion will offer 51 multimillion-dollar residences designed and built by Las Vegas luxury developer Blue Heron, and will feature impressive views of the Las Vegas Valley, including the famed Las Vegas Strip. The homes in The Canyon at Ascaya will be comprised of single-floor, three-to-four-bedroom residences ranging in size from 3,391 square-feet to 4,407 square-feet, and owners will be able to enjoy a wide range of high-end amenities.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Las Vegas’ downtown is sorely in need of new housing options for its inhabitants, and as a means to address that issue, construction is currently underway on a large, new mixed-use project in the 18b Arts District that looks to combine apartment units and retail, spread out amongst several buildings.

The project – located at 1200 S. 3rd Street, and dubbed 3rd Street Assemblage – is slated to take the form of three seven story, mid-rise apartment buildings that will offer a total of 337 units for rent, in addition to ground level retail and restaurant space totaling 8,500 square feet in size.

Along with residential and retail space, 3rd Street Assemblage, upon completion, will also offer a 353-space concrete parking structure – complete with electric vehicle charging stations – that will be available for tenant use so that they can avoid having to park their cars on the street.

The developer of the project, Southern Land Company, is also responsible for the Auric and Symphony Park II and III mixed-use projects as well.

Las Vegas Mayor Carolyn G. Goodman said that the development of 3rd Street Assemblage would be an exciting boon to the city’s arts community, which she said so far has been underserved in terms of housing options.

The 18b Las Vegas Arts District continues to be an exciting area that is an inviting destination for artists, visitors and residents,” she said. “For our local arts community, the area has long been ground zero, so it’s particularly exciting to see new housing opportunities take shape for those desiring to live in the epicenter of Las Vegas’ arts community.”

At the groundbreaking for the 3rd Street Assemblage project held in March, Southern Land Company presented a $5,000 donation to the First Friday Foundation to illustrate their commitment to supporting the city’s arts district.

The project is expected to be completed in late 2025; leasing for apartments is slated to begin in the second quarter of 2025, followed by retail leasing in the third quarter of that year. For information on availability, the Southern Land Company is your best bet.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – On Tuesday, the end of an era was marked as the Tropicana Las Vegas – one of the oldest remaining vanguards of the iconic Sin City hotel-casinos of the Rat Pack era – closed its doors for business two days prior to its 67^th anniversary, with the structure slated to be imploded later this year to make way for a new stadium for the newly-arriving Oakland Athletics Major League Baseball (MLB) team.

Originally, casino operator Bally’s Corp. had announced that play in the casino would cease at 3 a.m. Tuesday, but in reality, workers had begun breaking down many of the table games at around midnight; the slot machines had already been decommissioned several days prior, and most of the food outlets and restrooms were already closed.

One of the few remaining bars open in the Tropicana, Chill’m, was inundated with customers that evening – including bloggers, YouTubers and influencers – where they celebrated the closing of the iconic hotel-casino with a champagne toast at approximately 1:30 a.m.

In April of 1957, the Tropicana opened with 300 rooms, and had ties to organized crime; today, in its current form, the resort features 1,470-rooms, 50,000 square-feet of gaming floor space, and 72,000 square-feet of convention and exhibit space.

In April 2021, Bally’s entered a deal to acquire the Tropicana from Gaming and Leisure Properties in a deal valued at $308 million. Later, the Athletics’ ownership reached an agreement with Bally’s Corp. and the owner of the resort casino’s underlying land, Vici Properties, to purchase the property for the MLB team’s proposed new $1.5 billion ballpark on the Las Vegas Strip.

The A’s new home is slated to take the form of a 33,000-seat retractable roof stadium, with the team expected to play their first season in 2028.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The New Frontier Hotel and Casino was an iconic sight on the Las Vegas Strip since it originally opened for business in 1931; over the years it changed hands several times until it’s eventual final sale and closure in May 2007. The structure was finally imploded in November of that same year following a fireworks celebration and countdown chanted by onlookers who gathered to see a remnant of Vegas’ colorful past finally crumble to dust.

Nearly 17 years later, the property continues to sit unused; casino operator Wynn Resorts, which bought the land and four adjacent acres in early 2018, has not announced any plans yet, merely stating in a February securities filing that it “may be used for future development” without any further details being provided.

As a result of the inactivity, a 38-acre tract of land is currently sitting unused between Fashion Show Mall and Resorts World Las Vegas. Over the years, the property was bought and sold following New Frontier’s closure by numerous entities before it was purchased by Wynn Resorts, each of which brought different plans to the table that ultimately never came to fruition.

New Frontier sold the 16-story, 984-room hotel-casino in 2007 for $1.24 billion to Israeli investors who subsequently imploded the tower for a multibillion-dollar project that would have seen the construction of a massive resort with 4,100 hotel rooms, 2,600 resort-condo units, and over one million square feet of casino, restaurant, convention, and retail space. However, the project was never realized, due in part to the mid-2000s recession.

From there, the property was acquired in 2014 by Australian billionaire James Packer in hopes of building a 1,100-room hotel-casino; however, funding issues resulted in the project never getting off the ground, leading to Wynn Resorts purchasing the property – in addition to some adjacent plots – for $336 million in 2007.

But while Wynn Resorts founder Steve Wynn had announced at the time that he wanted to quickly develop the land, he would soon resign as chairman and CEO following a series of sexual misconduct allegations.

Since then, the site of the New Frontier Hotel and Casino has sat vacant and unused.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The Western Hotel & Casino, an iconic part of the Las Vegas downtown scene steeped in the rich history of the city, is reportedly up for sale for an undisclosed price.

Originally closing down in 2012, the hotel is one of the many properties in Vegas previously owned by the late Tony Hsieh, who passed away in November 2020 at the age of 46 due to injuries suffered in a Connecticut house fire.

Hsieh – who was worth hundreds of millions of dollars at the time of his death – headed up retail shoe selling giant Zappos before selling it to Amazon in 2009 for over $1 billion; he later retired as CEO in August 2020. He is also credited for having pledged $350 million to the renovation and revitalization of Downtown Las Vegas.

A real estate brokerage firm, Logic Commercial Real Estate, was selected by Hsieh’s estate in May 2023 to sell five of his downtown Las Vegas properties, the Western Hotel & Casino being among them.

Boston Omaha Asset Management – an investment firm owned by Logic’s chairman and co-founder Brendan Keating, who was named its co-managing partner four months before the Hsieh listings were announced – recently purchased several downtown properties from Hsieh’s estate for approximately $24.7 million.

The Western Hotel & Casino, as described by the sales pitch, is a “rare, full city block redevelopment opportunity in Downtown Las Vegas.” The establishment, which is two stories tall and has approximately 49 hotel rooms, charged about $37 a night at the time of its closing. Originally built in 1970, the four-parcel property – which sits upon a 1.3-acre plot of land with 300 feet of frontage on Fremont Street – was mainly known for its cheap slot machines, bingo, and table games.

Hsieh’s Downtown Project had previously purchased the property for $14 million in 2013.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – As per a new study from online real estate search portal Point2, Nevada has experienced a decrease in the number of housing permits being applied for by developers for the second year in a row.

In 2023, Nevada issued 18,473 new housing permits, made up of single-family homes and apartment units; according to the report, which noted that it acquired its data from the U.S. Census Bureau, this represents an 8 percent decrease year-over-year.

However, once you pick apart the data, some interesting notes surface. While the overall number of housing permits issued last year decreased, the number of single-family home permits increased, whereas permits for apartment complexes and other associated projects took a whopping 32 percent dive.

According to the report, the decrease in apartment project permits in 2023 indicates less emphasis being placed on the multifamily housing market by Nevada developers, which could have the effect of “limiting options for residents seeking affordable housing.”

When specifically looking at development activity in the Las Vegas Valley, the Point2 report stated that 13,073 new permits were issued in 2023, a number that remains approximately on par with the year before. But once again, the particulars in the Valley mirrored those of the state as a whole, with permits for single-family homes increasing but those for apartment projects dropping by 23 percent.

The Point2 study said that this is “suggesting a shift in the region’s housing stock, with implications for the variety of housing in the area.”

While there had been an increase in multifamily units entering the market in the Valley recently – which has served to help stabilize rents – the Point2 report indicates that fewer apartment projects are currently in development than in recent years, with the surge in building brought about by the pandemic now finally slowing down.

Earlier in March, Nevada Governor Joe Lombardo sent a request to President Joe Biden to allow the Bureau of Land Management to release more of the land that it owns in Nevada for housing; currently, the agency owns 48 million acres in Nevada, or approximately 67 percent of the state.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Major League Baseball (MLB) legend Jose Canseco has listed his lavish Las Vegas, Nevada home for sale on the open market for the reported amount of $1.6 million.

Canseco, 59, originally purchased the 5,100-square-foot, five-bedroom, four-and-a-half bath residence – located in an affluent, guard-gated master-planned community located a short drive from downtown Las Vegas – in 2021 for $1.1 million, after which he carried out more than $200,000 in renovations and upgrades.

He originally listed the home for sale in September 2023 for $1.7 million; one month later he cut the price by $100,000, and that amount is still what he’s asking despite the property still remaining on the market six months later without any takers.

The home is located in a private cul-de-sac and it’s front and back yards are surrounded by electric fences, something that’s sure to appeal to the security-conscious. It features a Spanish-tile roof, a living room with a marble fireplace and large arched window, a huge kitchen boasting top-of-the-line Wolf appliances, and a formal dining room with a glossy tile floor.

3340 MONTECITO DRIVE, LAS VEGAS – $1,600,000.00

The large bedrooms are luxurious, with the primary suite offering a sitting area and a bathroom with a wraparound marble vanity and glass-enclosed shower.

The house also offers many amenities, including a fitness studio and a backyard with an in-ground pool, a koi pond, a barbecue, and low-maintenance artificial grass. There’s also an attached two-bedroom casita with a full kitchen, living and dining area.

This isn’t the first real estate sale the former pro baseballer has attempted to make in Southern Nevada; in August 2023 he put a car wash he had been running in Vegas up for sale – Jose Canseco’s Showtime Car Wash – although it is currently uncertain if he still remains the owner as of press time.

Canseco played 17 seasons in MLB and is best known for his time with the Oakland Athletics. During his career, he won Rookie of the Year (1986) and the Most Valuable Player award (1988), in addition to being a six-time All-Star. He is a two-time World Series champion with the Oakland Athletics (1989) and the New York Yankees (2000), and in 1988 became the first player in MLB history to hit 40 home runs and steal 40 bases in a single season.

See full listing details for 3340 Montecito Drive, Las Vegas

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Multiple variances for a $1.8 billion movie studio and mixed-use project backed by Howard Hughes Holdings, Sony Pictures Entertainment and Hollywood A-list actor Mark Wahlberg were officially approved by the Clark County Zoning Commission on Wednesday, with the next step of the process involving sending the plans to the Nevada legislature and Governor Joe Lombardo for their approval as well.

Wahlberg – acting as a consultant on the project – is a proponent of expanding Nevada’s film tax credit program and bringing major film production to Las Vegas, saying he wants to transform the city into “Hollywood 2.0.”

The proposed movie studio and mixed-use project – if fully approved by the Governor and legislature – will be developed on what is currently a dirt lot located near Flamingo Road and Town Center Drive in Summerlin, and will be dubbed “Summerlin Production Studios.”

The facility is slated to be comprised of ten buildings, including a 500,000 square-foot studio and production facility; 100,000 square-feet of retail, restaurant and office space; an emergency medical facility; and a Clark County government satellite office. A fire station that already exists at the property will remain and will be included in the project as well.

Once completed, Summerlin Production Studios is expected to create as many as 10,000 jobs according to David O’Reilly – CEO of Howard Hughes, the developer of Summerlin as well as the proposed studio – and Sony Pictures CEO Tony Vinciquerra, who gave a presentation to Clark County commissioners prior to Wednesday’s vote.

Most high-paying union wages that will be working every day inside and out of these movie productions,” O’Reilly said. “Summerlin has been ranked one of the best master-planned communities for decades. That’s not going to change with the building of a movie studio. It’s only going to make it better.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.