Category Archive : Development

LAS VEGAS, NV – The Calida Group, a multifamily real estate development and investment firm based out of Clark County, has closed on a purchase of a parcel of land in the southwest Las Vegas Valley next to a prominent hotel, with plans to begin building a luxury apartment complex starting in late 2025.

The purchase takes the form of a 13.2-acre parcel next to the Durango Resort located in the vicinity of Durango Drive and the 215 Beltway, with the Calida Group paying approximately $18.3 million to Las Vegas apartment developer Ovation for the property, according to records.

The developer has announced plans to hold the official groundbreaking on the project early this upcoming spring, with the facility boasting 393 upscale apartment units spread out over a four-story Ainsley-branded building, which is set to include “ultra-modern designer fixtures, timeless hardware and luxurious amenities.”

Calida’s Co-Founder, Doug Eisner, noted that the currently-unnamed project will have a slew of high-end amenities for tenants that fall in-line with other neighboring properties that the firm has built in Las Vegas, such as a game lounge with billiards and shuffleboard, in addition to a gym, sauna, yoga studio, Himalayan salt cave and massage and steam rooms.

In addition to all of the upscale trappings and perks of living in the new facility, one of the main draws, according to Eisner, will be the location of the apartment complex, which is in an up-and-coming part of the valley that is within walking distance of the Durango and its plethora of food and entertainment offerings.

“We think it’s a huge amenity,” Eisner said.

Units at the upcoming complex will range from 575 to 1,450 square feet, with monthly rent expected to be between $1,700 to $3,200 per month, according to the Calida Group.

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 – A high-rise hotel project proposed near the Las Vegas Strip that would cater exclusively to the Jewish community is expected to move forward in 2025 after being recommended for approval by the Paradise Town Advisory Board, according to reports.

Slated to be built at 3601 Vegas Plaza Drive according to documents submitted to Clark County, the 42-story, 648-foot-tall KDH Hotel – formerly known as the King David Hotel – would be located directly to the north of The Mirage and west of Treasure Island. The hotel would include 486 rooms, banquet halls, a day spa, a two-level synagogue, kosher meals, restaurants, bars, a banquet facility, retail and convention space, all situated within short walking distance of Las Vegas Boulevard.

Following the 3-1 recommendation vote for approval by the Advisory Board on December 11, the next step for the KDH Hotel is for the developers to go before the Clark County Commission for review on January 8; potential hurdles include the outcomes of traffic and drainage studies, in addition to aligning the proposed height of the building in accordance with Federal Aviation Administration regulations.

Or Bamidbar Chabad Sephardic Synagogue Rabbi Yossi Shuchat said that he was very happy that there would be an establishment in the heart of the city where the Jewish community – in addition to the many Jewish tourists that visit Vegas every year – would feel welcomed and safe.

I think it is a great place. Anywhere near the Strip would be great because that is where all the conventions happen,” he said. “On the Sabbath, we are not allowed to drive. So religious people, they walk to the synagogue. Also, there are a lot of restrictions using electricity on the Sabbath. So, people have issues with electronic keys for the rooms so if there is a hotel that would work with them and have regular keys and everything that is needed it will be much more comfortable for them.”

However, the KDH Hotel project has received pushback from a neighboring resort-casino; Treasure Island General Counsel Brad testified at last month’s Advisory Board meeting that “the project will have adverse impacts on surrounding properties due to increased traffic and heavy polluting.”

Food deliveries, linen and sundries, retail items, etc, require access to the property,” he said. “I have heard during an in-depth screening for a few board members that a large building on a small parcel will have an impact on its neighbors. I would like to note that that is exactly what this is. We also believe that the inability to stage construction vehicles onsite while building this tower will create massive problems and negatively impact ingress and egress on the North Strip.”

If all goes well at this week’s Clark County Commission meeting, construction on the project could commence later this 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 – The former sites of the Texas Station and Fiesta Rancho in North Las Vegas – both of whom closed their doors for business in 2020 due to the effects of the COVID-19 pandemic – are now being developed into a new housing community that, upon completion, will help to address the ongoing housing crisis in the region.

Hylo Park, whose construction is anticipated to begin early this year, is slated to take the form of a new mixed-use development – comprised of a 700-unit housing complex, along with entertainment and retail components, among other options – located upon the currently empty 73-acre lot that was left behind following the 2022-2023 demolition of the Texas Station and Fiesta Rancho hotels.

The Hylo Park project was originally announced by Agora Realty & Management in July 2023 following an abortive attempt by the city of North Las Vegas to acquire the property for use as an affordable housing development; however, city officials deemed the purchase price to be too high.

The North Las Vegas Planning Commission approved Agora Realty’s final development plan for the south end of Hylo Park in December, with construction of the project slated to begin in early 2025; a finish date has not yet been publicly announced.

Upon completion, Hylo Park is planned to have a housing complex with approximately 700 brand-new units, in addition to a sports field, an outdoor entertainment venue, a 150-room hotel, restaurants and bars, a convenience store, a car wash, an ice rink, and possibly more.

Reports indicate that surrounding residents have reacted positively to the news of Hylo Park’s development, as the 2020 Texas Station and Fiesta Rancho closures have left locals with a less entertainment options in the area, a situation they anticipate will be remedied by this new project.

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 – Two cases that are currently before the United States Supreme Court, depending on their outcome, could have a serious impact upon several aspects of the home development industry, mainly when it comes to federally-mandated environmental reviews and how they could affect the overall timeline of construction projects.

Depending on the outcomes of San Francisco v. EPA and Seven County Infrastructure Coalition v. Eagle County, Colo., addressing the housing crisis in Southern Nevada could face significant setbacks, as developers could be required to greatly increase the scope of federally-required environmental reviews and/or studies to gauge the potential impact that their construction projects could have.

The Las Vegas Valley has been experiencing a housing crisis in recent years, due to a shortage of affordable housing units; this can be attributed to several factors, but the main culprit experts say is an overall lack of land to develop, given the fact that much of the land in Southern Nevada is owned by the Bureau of Land Management (BLM). Critics of BLM have pointed out that the federal agency has been slow to release additional lands for housing development, contributing to the housing crisis that is currently ongoing in the valley.

However, even if additional lands are released for development, builders could face an uphill battle depending on the outcome of the two aforementioned Supreme Court cases. Reviews to ensure that the surrounding environment and wildlife – as well as any federally-protected endangered species – are not harmed by any given construction project can already contribute to a significant amount of time and planning, ranging anywhere from months to years.

These cases could cause environmental impact reviews and studies to become even more stringent, mandating that the review process take into consideration a more diverse array of environmental harm, including potential threats to drinking water and other maladies.

The overall intention of these lawsuits is to ensure the health and well-being of millions of people across the country, a cause that should be lauded; the unfortunate side-effect, however, is that it may take even longer to address Las Vegas’ housing crisis depending on the outcome, according to the National Association of Home Builders.

Both of these cases have the potential to add uncertainty to the development process. And uncertainty translates to added time and money,” the organization said in a statement.

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 – Ground on a new Class A, 342-unit multifamily housing complex was recently broken as part of a joint venture by the NRP Group and Rockefeller Group in Las Vegas; this marks NRP’s first-ever development in Sin City, and Rockefeller’s first-ever multifamily project in the state of Nevada.

When completed in early 2027, Silverado – designed by Perlman Architects – will take the form of 15 three-story buildings located on a 10-acre lot in Enterprise, located 10 miles from the Las Vegas Strip, Harry Reid International Airport and Allegiant Stadium.

The buildings will contain one, two, and three-bedroom units. In addition, the complex will boast many amenities for its tenants, including a swimming pool, sports court, and a clubhouse with a social lounge, gym and coworking spaces, among other features.

For the next two years at least, according to NRP Group Vice-President Michael Moriarty, there will be no other Class A projects within a 3-mile radius of the Silverado complex.

The Rockefeller Group has developed approximately 3,000 housing units across the country, with an additional 2,000 currently under construction; most recently, the company completed Sol38, a 360-unit housing community in Nevada’s neighboring state of Arizona.

Multifamily housing development has increased in Southern Nevada in recent months, with over 9,500 units under construction as of December; more than 3.200 units were broken ground on during the first 11 months of the year alone. In contrast, during the same span of time in 2023, ground was broken on only 2,800 apartment units.

However, overall housing construction levels now still remain below what they were at the same period of time in 2023, when they were 16.5 percent higher with over 11,400 units in the works at the time; some of these projects had been started the year or so prior.

Completion of Silverado is anticipated to be in early 2027.

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 – Funding has been approved for a new affordable housing complex within Las Vegas, with the city council last week earmarking $1 million in public funds towards the $21.5 million project.

Upon completion, “Tropicana Trails” – being developed by George Gekakis Inc. – will be comprised of 50 studio apartments, built upon a 2.5-acre plot of land in unincorporated Clark County slated to be located near East Tropicana Avenue and Boulder Highway. Units will be primarily aimed at being made available to people who had previously been homeless, those who are in danger of becoming homeless, and survivors of domestic violence.

In addition to the $1 million provided by city officials – the final batch of funding that required official approval – the remainer of the funding for the project is coming by way of the Nevada Housing Division, Clark County, and a $1 million grant provided by the Federal Home Loan Bank of San Francisco, according to Gekakis Executive Vice President David Paull.

“We’re very excited to see this go,” he said.

HELP of Southern Nevada, a not-for-profit group that assists members of the Southern Nevada homeless community, will serve as administrators of the complex once it opens. Prospective tenants will be required to meet certain qualifications set by the federal HOME Investment Partnerships American Rescue Plan Program, and rental assistance will be provided by the Southern Nevada Regional Housing Authority.

According to Las Vegas city officials, construction on Tropicana Trails – the land upon which its being built was purchased by Gekakis in May of this year for $2 million – is scheduled to start in April 2025, with an estimated completion date of summer of 2026.

Once completed, the complex will include amenities such as a library, computer, wellness and business rooms, and a garden courtyard; utilities will be included in the rent.

For more information visit: https://ggidevelopment.com/december-news/

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 – $25 million has been approved by the Nevada State Infrastructure Bank to finance the initial phase of the redevelopment of the Desert Pines Golf Club, currently owned by the city of Las Vegas, into the largest affordable housing project in the history of the state of Nevada.

The Desert Pines Redevelopment Project – located at East Bonanza Road and North Pecos Road, mainly servicing the residents of east Las Vegas – will be a master-planned community comprised of 1,082 affordable multifamily housing units and 280 market-rate housing units.

In addition, the Desert Pines community will also offer a 10,000-square-foot community center, a 10,000-square-foot early education center, a 30,000-square-foot job training center and 75,000 square feet of commercial space.

The $25 million loan will be to finance the project’s initial infrastructure, work which will be carried out by the not-for-profit group Urban Strategies and developer McCormack Baron Salazar. However, the main thrust of Desert Pines’ development will be a broad partnership between multiple entities, including the state of Nevada, the city of Las Vegas, Clark County, the AFL-CIO Housing Investment Trust as well as the Southern Nevada Building Trades Unions, reports say.

The development will be carried out in phases, with the first one slated to cost $54.3 million; the overall total cost of the project is anticipated to come in at approximately $450 million, and will provide thousands of jobs throughout its construction. Phase one alone is expected to create 1,000 jobs, and later phases are said to provide as many as 2,475 construction jobs as well as 4,905 supplier and induced jobs.

The workers on the Desert Pines project are mandated to be comprised of at least 50 percent local Nevada state residents who must be paid state prevailing wages. Also, disadvantaged workers will be prioritized during the hiring process and 15 percent of all workers must be registered as apprentices.

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 – Two new high-rise luxury apartment complexes in Las Vegas – the first such projects slated to be erected since prior to the mid-2000s recession – have driven home the very real demand for high-end accommodations in the city, with the two projects already fetching a combined total of over $600 million in sales before even a single brick has been laid.

Construction for the two projects – Four Season Private Residences Las Vegas in MacDonald Highlands in Henderson and Cello Tower in downtown Las Vegas – is planned to begin at the end of 2024. Four Season, with an anticipated completion date of late 2026, has nonetheless already recorded $542 million in sales, with 97 of the 171 units sold so far; meanwhile, the 240-unit Cello Tower has already exceeded $100 million in sales, reports say.

The two-tower Four Season project – designed by Wimberly Allison Tong &Goos (WATG) – will have residences that range from 2,279 square feet to 8,349 square feet and offer numerous luxury amenities, including semi-private elevators, private garages, furnishings by Wimberly Interiors, customizable terraces with outdoor kitchens, and social gathering and dining areas.

In addition, residents will have access to three multi-level resort-style pools, fine on-site dining and event spaces, while owners of larger units will have the option of having their own private outdoor pool.

Prices at the Four Season range from $3.67 million for two-bedroom units, all the way up to $28.95 million penthouses.

Meanwhile, the 32-story Cello Tower – located on the grounds of the Origin at Symphony Park mixed-use enclave in downtown Las Vegas and designed by architecture firm Perkins Eastman – will be comprised of eight penthouse suites beginning at $4.5 million, along with an additional 240 one-and-two-bedroom residences that will start at $700,000 and up.

The complex will feature numerous high-end finishes and appliances for its residents in addition to a great many amenities, including an elevated outdoor environment on the 25th floor featuring beautiful landscaping, gorgeous views, and a fountain; an exhibition kitchen and private dining room; pods for barbecues; a hyper-oxygenated resort-style pool; a TV media wall; a pet spa and park; and an entire 7,000-square-foot floor dedicated to wellness, including a full gym and spa facilities.

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 – One of the major hot-button topics that may affect the outcome of the 2024 presidential election on Tuesday is said to be the housing crisis currently plaguing the Las Vegas Valley – and the affordability concerns that are driving it – due to a growing lack of land available for new development, experts say.

According to John Tuman, Executive Associate Dean of the College of Liberal Arts and Professor of Political Science at University of Nevada, Las Vegas (UNLV), Latinos, who make up a rapidly-growing demographic in Nevada – 30 percent of residents currently identify as such, with the group estimated to contribute 20 percent of the state’s total votes in the upcoming election – have expressed concern inflation, rent, and housing affordability, with those factors said to be influencing their voting.

Normally, Latinos tend overall to vote Democrat, but recent polls indicate that former President Donald Trump has been making progress with this demographic while campaigning this year as opposed to his opponent, current Vice-President Kamala Harris, Tuman said.

There’s been a lot of debate about whether or not Trump has made inroads with Latinos nationally,” he said. “I think there is evidence that he has, but it’s very sensitive to the states that you’re looking at. Latinos as a group are not monolithic and the demographic composition of different Latino population varies across different states. And so I always try to caution, not to generalize for example from what we’re seeing in Florida or even in South Texas to Nevada.”

However, affordability concerns when it comes to housing isn’t confined to Latinos, Tuman said; indeed, people from all walks of life are expressing the same fears, with the recent number of Californians fleeing the high taxes in their home state for the lower cost of living in Nevada subsequently eating up housing inventory and driving up prices as a result.

We’ve had an influx of people from California who took equity out of their homes and then have driven up new home prices and also existing home prices in different parts of the Las Vegas metropolitan area,” Tuman said.

In addition, research suggests that in as soon as eight years, the valley could exhaust its supply of land for development unless the Bureau of Land Management – a federal agency that controls much of the land in Nevada – speeds up the process of releasing more land for housing construction, a process that they have been heavily criticized for due to their lack of urgency in doing so thus far.

The stance of both candidates on this topic this Tuesday represents a yet another huge factor when it comes to influencing the votes of Southern Nevada residents, with both stating they are in favor of releasing more federal land in the state for housing development.

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 – With both high housing costs and home mortgage rates driving affordability concerns upon the part of prospective home buyers, Las Vegas-based builders are hoping that the recent rate cut implemented by the Federal Reserve will make the act of purchasing a home in Southern Nevada more economically feasible going into 2025.

In a report released earlier in October, Las Vegas Realtors (LVR) stated that the cost of townhomes and condominiums had reached $299,500 in September, an all-time record high for the region. In addition, exiting single-family homes also approached record highs as well, reaching $479,900 in last month, just shy of the all-time record set in May 2022 of $482,000.

However, when it comes to the price of brand-new homes in the Las Vegas Valley, Home Builders Research reported that that number in September was $550,000 – yet another all-time record – which represents a year-over-year jump of 8 percent. New Townhomes also peaked in price in September at $393,990.

However, as time goes by and the Federal Reserve releases further cuts to interest rates, builders in Las Vegas anticipate not only the cost of constructing homes to correspondingly go down, but – most importantly – builders’ preferred lenders have the ability to offer buyers lower interest rates; those rates will only go down further as more rate cuts are implemented. This is opposed to sellers of existing homes, who would not have the luxury of lowered rates on par with those of new homes.

This, according to Charlie Dougherty, Wells Fargo Senior Economist, is why the new home market in Vegas is currently outperforming the existing home market; due to the lower rates, buyers are simply able to get more while comparatively paying less.

Builders are able to offer pricing incentives that bridge the affordability gap for buyers,” Dougherty said. “Builders have been able to offer a mortgage rate buy-down that helps attract buyers very concerned about affordability issues. Interest rates are certainly a big part of why existing home sales have been sluggish.”

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 – Those looking for sustainable housing options in Las Vegas’ trendy Arts District may wish to look into Midtown, a high-tech, environmentally-friendly “green” luxury apartment complex spearheaded by female developers that represents a unique new addition to the city’s downtown area.

Midtown – located at the north end of the Las Vega Arts District at 921 South Main Street, managed by Berkshire Hathaway HomeServices Nevada Properties with retail sales represented by the Martinez Group – will be holding a public open house event for prospective new tenants on Friday, October 25, from 5 p.m. to 8 p.m.

The facility will boast “modern residences alongside micro-retail, small business spaces and luxury amenities,” according to Aldo Martinez of the Martinez Group.

Midtown is designed for people who want an active, community-driven lifestyle, similar to the energy and vibrancy you find in New York City,” he said. “It is going to be the future of urban living in the valley, where sustainability and style come together. It’s a place where you can live, work and unwind, all while enjoying a modern environment without giving up any luxury.”

Midtown is slated to have 87 residential units – comprised of studio, one-bedroom, two-bedroom and penthouse options – with prices starting at a base level of $299,000, and accompanied by numerous high-end amenities such as energy-efficient appliances, all-electric interiors and access to a shared series of Tesla electric vehicles (EVs).

Midtown is unlike anything Las Vegas has seen before,” Matthew Martinez of the Martinez Group said. “We’re bringing together everything that makes downtown living exciting – walkable spaces, local businesses and modern design – all while keeping it accessible.”

If you’re interested in registering for the open house event, please visit midtownvegas.bhhsnv.com/midtown-open-house. Since space at the complex is limited, it is recommended registering as early as possible.

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 – KB Home, a major homebuilder in the Las Vegas Valley, has announced that they have purchased a large plot of “prime” land adjacent to Henderson upon which they intend to construct multiple housing units next year.

The 20 acres of land located in the Southeast valley along Boulder Highway and northeast of Harry Reid International Airport will be the site of KB Home’s latest construction endeavor, with the developer stating they will erect 229 homes at the site.

KB Home purchased the commercially-zoned land from The Siegel Group – a Las Vegas-based real estate investment and management firm – for $19 million, and is currently in the process of entitling the land for residential development.

The Siegel Group President, Stephen Siegel, noted that his firm had received numerous offers for the land in recent years, and said that he is happy that it will be used to address the housing crisis that is currently plaguing Southern Nevada.

We’re thrilled to complete this sale with KB Home, a top-tier builder known for creating exceptional residential communities,” Siegel said. “Their development will bring much-needed housing to Boulder Highway and positively impact the community.”

KB Home’s Division President, Jim McDade, revealed that the 229-unit single-family housing community will be dubbed “Manzano,” and that both construction work and home sales will commence on an unspecified date in 2025.

The new homes at Manzano will be designed for the way people live today, with popular interior features like modern kitchens overlooking large great rooms, expansive bedroom suites with walk-in closets, and ample storage space,” McDade said. “The community’s floor plans will feature up to five bedrooms and four baths.”

The original plot of land involved in the deal totaled 27 acres, with The Siegel Group holding onto the remaining seven acres for future development; there is also currently a 186-unit extended-stay hotel located on the property as well.

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.