Category Archive : Development

LAS VEGAS, NV – The Bascom Group – a significant player as of late in the Southern Nevada real estate scene – has announced the purchase of Sun Chase, a 200-unit multifamily property in Las Vegas for over $40 million.

Scott McClave, Bascom’s Senior Principal of Acquisitions, noted that the purchase was driven by the city’s continued population and employment growth and the subsequent – and continuing – high demand for apartment rental options.

“Sun Chase is a highly desirable asset as it was previously owner-managed with a focus on maintaining occupancy,” he said. “This acquisition offers tremendous opportunity to optimize property operations through institutional property management and a focused renovation program. Macro factors such as population growth, employment growth and diversification, and an ongoing housing supply/demand imbalance continue to a foster a highly favorable rental market.”

Bascom purchased Sun Chase for $40,500,000, which translates to $202,000 per unit; the firm stated that Apartment Management Consultants would be providing property management services for their tenants.

Originally built in 1984, Sun Chase is described as a “low density” apartment community, consisting of one and two-bedroom units with many of its floorplans including private patios or balconies. In addition, the complex includes many amenities for residents, including a fitness center, resident clubhouse, pool / BBQ area, and a putting green.

Upon their purchase of the community, Bascom announced that they would be sinking a significant sum of money into the property in an attempt to “modernize” it; renovations to the fitness center, clubhouse, and pool areas are planned, and the putting green is slated to be repurposed into a landscaped park area for residents that will feature a shaded play structure, BBQ station, and seating areas.

Sun Chase is located in the vicinity of multiple attractions in the Las Vegas valley, including the world-famous Las Vegas Strip, the Hughes Center, and the newly-built Allegiant Stadium, home of the NFL Las Vegas Raiders.

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 – Steve Witkoff, a former developer of the Las Vegas Fontainebleau resort – which has since progressed in his absence – has announced a new project in Florida this year.

Developer Steve Witkoff has trumpeted a new project, which will be to redevelop the Shore Club in Miami Beach in 2021. The hotel – situated within two miles of the Fontainebleau Miami Beach, which has the same current owner as its Las Vegas counterpart – closed at the inception of the COVID-19 pandemic and has remained shuttered ever since.

Both the Shore Club and the Fontainebleau are located on Collins Avenue, a hotel-specific thoroughfare which mainly features establishments and lodging that caters to beach partiers. Witkoff’s company has plans in-place to destroy portions of the Shore Club complex and reduce the overall number of its rooms. In addition – according to plans filed this fall with the city of Miami Beach– Witkoff intends to construct a residential tower as well.

The buyers did not disclose in a recent press release what exactly will be built upon the site for the project’s estimated cost of $94 million, but they noted that the 4.7-acre site — located near a train station, a pro basketball arena, and several high-rises — has zoning that allows for 60-plus stories and a combination of residential and commercial uses.

Prior to this deal, Witkoff had claimed ownership of one of Las Vegas’ tallest buildings when he purchased the still under-construction Fontainebleau Hotel and Casino on the Las Vegas Strip in 2017 for $600 million. However, the hotel resort’s original developer then re-acquired the project in February 2021 from Witkoff – which at that point was still unfinished – and announced plans in November to finally open the establishment in 2023.

The Fontainebleau Las Vegas will mostly adhere to the original vision that was laid out for it back when the project was first envisioned in 2007, and will consist of a 67-story tower containing 3,780 hotel rooms and suites, 550,000 square feet of convention and meeting space, a casino, restaurants, and other amenities. Once completed, the project will provide approximately 6,000 full-time employees, which will greatly add to Las Vegas’ blossoming job market.

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 – Despite their efforts to combat the high demand for housing and apartment options in the Southern Nevada region for the past year-and-a-half, developers in Las Vegas have reported numerous impediments in their pathways, in particular high costs and supply-chain issues brought about by the COVID-19 pandemic.

Despite the housing market in Las Vegas remaining super-hot, experts say, delays brought about by supply chain disruptions have spelled costly issues for developers throughout the region. As a result, contactors in Las Vegas have noted that building and renovating homes and rental units in the region has been “10 times more difficult than two years ago”, despite the intense demand.

With materials hard to come by, the costs of construction have been elevated by several degrees beyond what they would have been prior to the COVID-19 pandemic, according to Nat Hodgson, the director of the Home Builders Association of Southern Nevada.

“Everything you can imagine that goes into a house (is affected), because people say can you give me a list of what’s hard to get? It’s like it depends on what day of the week it is,” he said.

While overall, construction materials have jumped over 14 percent compared to what they would have cost a year or so ago, according to data from the National Association of Home Builders. Lumber in particular – a primary component of home construction – has significantly increased in demand – with a top price of $1,600 on the NASDAQ during summer of 2021, for the first time ever, before settling on the still-high price of $1,100 during recent months.

John Compagno, president of Renovations of Las Vegas Inc., said that the scarcity of materials presents challenges, but the continued affordability of homes in the region has remained constant, and workarounds mean that construction projects can continue for the time being.

“Although things are challenging at times with the lack of workmen and the cost of materials, on the flip side we’re very, very busy. So, it’s somewhat of an offset,” he said.

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 – Hard Rock International announced last week that, as a part of a whopping $1 billion deal, they are intending to construct an elaborate guitar-shaped hotel on the famed Las Vegas Strip.

Hard Rock will be purchasing The Mirage’s operations side from MGM Resorts International in a deal worth over $1 billion in cold, hard cash; part of that deal will see the development of a fancy new hotel that is sure to live up to Hard Rock’s rock-and-roll reputation.

The hotel is slated to take the form of the purple-hued tower hotel in the shape of a guitar, with six bright light beams penetrating upward into the night, which will represent strings on the neck of a guitar. The hotel will be located directly next to The Mirage, which will be rebranded and renamed as the Hard Rock.

Hard Rock should fit in nicely with the plethora of themed hotels and resorts that Las Vegas is known for, such as the replica Eiffel Tower at Paris Las Vegas and The Mirage’s volcano. However, currently, the announcement of this new venture is still early and no concrete details have been revealed yet about the project, according to Hard Rock spokeswoman Gina Morales.

“I wish we had more to share, but at this stage, we are not ready to discuss details on the design, development and timeline of the Las Vegas construction project,” she said in a statement, adding that the “first order of priority is to be respectful of the process of gaming regulatory approvals and the closing.”

Approvals and permits are anticipated to be completed by the end of 2022, Morales said, with development expected to commence shortly afterward.

Hard Rock International – owned by the Seminole Tribe of Florida – operates restaurants, casinos, hotels and other venues around the world; the organization owns a 450-foot-tall guitar-shaped hotel tower in Florida, which is similar in appearance as the one planned for the Las Vegas Strip.

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 – Project63, a new four-story retail strip mall-style development at Las Vegas’ multi-tower CityCenter complex, has officially begun construction in an effort to meet both growing consumer demand as well as its anticipated 2022 completion date.

While the frame of the building itself is slated to be completed by this upcoming March, the entire project is not anticipated to be finished until fall of 2022, reports say.

The complex, according to Clark County documents, will clock in at 228,278 square feet. It will be located at the southwest corner of Las Vegas Boulevard and Harmon Avenue, and currently is already about 30 percent leased via signed contracts with the developer reporting on the project’s many signed contracts.

“We’re seeing a very strong response,” they said.

The developers, Brett Torino of Las Vegas and New York’s Flag Luxury Group, reportedly purchased the site for $80 million earlier this year from MGM Resorts International and its partner CityCenter, a government-owned holding company Dubai World.

When the per-acre price is factored in, the amount of monies paid in this transaction was far-in-excess of even the price paid for Las Vegas Boulevard during the intense real estate activity experienced during the aftermath of the Great Recession of the mid-2000s.

Located adjacent to the luxury mall Shops at Crystals and across the intersection from Harmon Corner, the location was originally where the never-completed Harmon hotel tower was intended to be; the project – which was deemed “structurally flawed” – was dismantled several years ago.

Clark County commissioners approved plans for Project63 in August; once completed, the resulting apartment complex is anticipated to help alleviate the great demand for rental housing options that are currently plaguing Las Vegas in the wake of the COVID-19 pandemic.

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 was recently broken on The Highline, a new luxury apartment complex that is being constructed within “next generation” master planned community The Gramercy Las Vegas, slated for completion by winter 2023.

Lyon Living and LandSpire Group are co-developing The Highline, with the project being the first one that they are collaborating upon in the Las Vegas Valley. When completed, the project will boast 294 apartment homes, consisting of studios and one-and-two bedroom units featuring numerous amenities and high-end appliances.

Tenants of The Highline will also have access to an impressive rooftop lounge area, including a resort-style pool and spa, a clubhouse, beer garden, co-working space, an elite fitness facility according to managing partner of Lyon Living Pete Zak.

“As the economy and population of the Las Vegas area continues to grow, we wanted to bring an innovative and exciting new property to the area, that will offer residents more than just a place to live, but a place to dine, shop, explore and network,” he said. “Conveniently located in the heart of Spring Valley, The Highline will deliver a sophisticated level of dining, retail and office space, while embodying a socially-driven living community that encourages residents to gather and entertain in shared spaces. We are excited for this first-ever partnership with LandSpire Group, who shares a similar vision of creating unique, community-based developments.”

The Highline will continue to evolve and grow past its 2023 opening date, and will eventually make 71 townhomes available for purchase, in addition to adding 25,000 square feet of retail space that will supplement the restaurants, shopping, and offices already offered in The Gramercy Las Vegas.

The Highline is advertised as being family-and-pet friendly, and is located just a few miles away from the hustle and bustle of the famed Las Vegas Strip, but will nonetheless be close to some of the most sought-after dining and shopping options available in Southern Nevada.

Rockwood Construction will be handling the construction duties on The Highline, and anticipates a 26-month timetable to completion.

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 – Lake Mead West Apartments, a new affordable housing complex that will be located near Texas Station in North Las Vegas, recently broke ground and, once development is started, is slated to be completed in 2023.

According to Hassan Chaudhry, principal of developer Foresight Companies and developer of Lake Mead West Apartments, the project will offer 156 units when completed and will have one, two, and three-bedroom units with below-market rents. At the moment, fair market rent in the area starts in the mid-$900 range.

“High-quality affordable housing is a critical need in Southern Nevada, and Lake Mead West Apartments will be a much-needed community in North Las Vegas,” he said. “Creating a project that is a true public-private partnership to benefit our working families requires intensive collaboration among numerous agencies and entities, but is worth the hard work for the community benefit.”

Chaudhry noted that the phrase “affordable” shouldn’t scare off prospective tenants who are worried that may translate into a lack of quality.

“Affordable just means that there is an opportunity for someone to pay less in rent. it doesn’t mean the quality of construction is low somehow,” Chaudhry said.

Lake Mead West Apartments, the development cost of which comes in at approximately $31.5 million, will be comprised of a gated complex and will feature numerous amenities for tenants, including a dog park and a barbecue area. In addition, the project will also boast of so-called “Wrap Around Services” aimed at serving the needs of tenants, offering services such as affordable health care, a food pantry, after-school programs for students, social services, computer/internet workstations, and a children’s play area.

The housing complex was brought into existence via a public-private partnership with the City of North Las Vegas, Nevada Housing Division, Foresight Companies, LLC and a private investor called Red Stone.

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 Stockton, California-based developer has announced that a new 265-unit apartment complex is set to open in Henderson’s Cadence community in 2022, which is anticipated to help address the near-ravenous demand for affordable housing options in Las Vegas during the past year.

A.G. Spanos Companies, founded by billionaire Alex Spanos in 1960, is a builder of multifamily residences, commercial buildings and communities, and is considered to be one of the biggest apartment developers in the United States; the company is currently led by Chairman and CEO Dean Spanos, owner of the Los Angeles Chargers football team.

In a press release, Spanos announced that the new apartment complex they are currently developing is expected to begin letting tenants begin their occupancy in the third quarter of next year.

The project, which will consist of 265 units ranging in size from 617 to 1,320 square feet, will feature a variety of amenities for tenants, including a 10,000-square-foot clubhouse and private parking garages situated in all of the buildings located in the complex.

Spanos has constructed over 200,000 multi-family housing and master planned communities with fifty years of operational experience. Their mission, as stated on their website, is “to enhance the communities where we build and develop projects that endure.”

In Las Vegas alone, the company has built over 22,000 apartment units from the 1970s through the 1990s.

Spanos representatives noted that the new apartment complex is being constructed on a plot of land located within Cadence, a master-planned community in Henderson that is currently being developed by the LandWell Company. Cadence is being developed on a plot of land 2,200 acres in size and is located off of Lake Mead Parkway east of Boulder Highway.

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 long-gestating Fontainebleau resort project – located on the northern part of the famed Las Vegas Strip and originally scheduled to open in 2009 – has finally commenced on construction after it was re-acquired by its original developer following changing hands several times over the years.

Jeffrey Soffer, chairman and CEO of Florida-based Fontainebleau Development, is still surprised that another developer didn’t finish what he began in the 12 years since he put the brakes on the nearly-3,800-room, $2 billion development due to lack of funding, despite it already being 75 percent completed.

“I saw the articles over the years that it should be torn down, crazy stuff like that,” Soffer said in a recent interview. “The building itself was very well-built as a physical structure. It’s in pristine shape.”

However, this week Soffer was involved in the groundbreaking ceremony with numerous local dignitaries and politicians, such as Nevada Governor Steve Sisolak and various Clark County officials. After a prolonged delay, the Fontainebleau is finally on-track to be completed and open for business by the fourth quarter of 2023, with Soffer declaring that he will finally “finish what I started.”

Soffer reacquired the Las Vegas project in February in partnership with Koch Real Estate Investments.

The Fontainebleau will mostly adhere to the original vision that was laid out for it back when the project was first envisioned in 2007, and will consist of a 67-story tower containing 3,780 hotel rooms and suites, 550,000 square feet of convention and meeting space, a casino, restaurants and other amenities. Once completed, the project will provide approximately 6,000 full-time employees, which will greatly add to Las Vegas’ blossoming job market.

Parts of the original design that are being jettisoned include condominium units and a significant reduction of the originally planned 245,000 square feet of retail space. In addition, a 20,000-square-foot attraction on Fontainebleau’s roof – originally slated to open upon completion of the project – will instead debut within the next two years, Soffer said.

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 new luxury resort-style condominium project is slated to be built in MacDonald Highlands in Henderson, which will be the first high-rise apartment building constructed in the city since the mid-2000’s recession if it is approved by the Henderson City Council.

The proposed $600 million Pinnacle Residences at MacDonald Highlands will be comprised of 183 units – spread out over two towers, one being 24 stories and the other 25 – currently in the planning process, will include underground parking.

The designs of the project have yet to be finalized, but Pinnacle Residences is to cater to the wealthy based on the current anticipated pricing plan; units are expected to start at $1.5 million and go all the way up to $13 million for penthouses, which will feature terraces with private pools and outdoor kitchens, outdoor dining and outdoor sitting areas.

The units will range in size from 6,000 square feet to 7,000 square feet, with three to five bedrooms and numerous amenities included, with the feel said to be “more like a luxury hotel resort.”

Currently, about 140 reservations have been made thus far, with prospective residents plunking down anywhere between $10,000 and $100,000 for units; it should be noted that these reservations are refundable until early 2022, at which time they will be converted into purchase and sales agreements with 25 percent down and the remainder due when the unit is complete and ready for move-in.

The Henderson City Council will review the plans for the project and potentially give their approval for it to proceed in December. If approved, the developers – Las Vegas and Mexico- based Azure Resorts and Canada and New York-based Luxus Developments – anticipate readying the site in early 2022 and starting construction in the third quarter of that year, with an expected completion date of summer 2024.

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 MSG Sphere, the high-tech entertainment venue that has been under construction off of the famed Las Vegas Strip for some time now, has entered a new phase of construction on its way to its anticipated 2023 opening date.

The project has progressed to a point that the steel structure that will support the venue’s interior LED display and multi-layered audio system has entered a concentrated point of development, MSG Entertainment said in a press release.

Upon completion of the venue’s concrete and steel domed roof late last month, developers on the project have transitioned to a section of the MGS Sphere that will support a hanger system under the dome that will house its significant multimedia presence, according to vice president for construction at MSG Entertainment Nick Tomasino.

“Completing MSG Sphere’s domed roof is a significant milestone because it allows us to begin the next phase of construction – building the steel framework to support the advanced audio and visual immersive technologies that will make MSG Sphere a first-of-its-kind entertainment destination,” he said.

When completed, the MSG Sphere will be a 400,000-square-foot, 18,000-seat, 360-foot-tall globe-shaped arena slated to be constructed on 63 acres of property located behind the Venetian Resort Hotel Casino on the Las Vegas Strip.

The exterior of the sphere will feature 36 miles of variable intensity LED lighting – the aforementioned exosphere – enabling the structure to allow outside spectators to peer through a transparent facade to watch the concert within; at higher lighting intensities, outside vision will be obscured.

The venue will typically not feature sporting events, but rather cater to musical performances and concerts; however, the occasional boxing or MMA contest could be held there if needed.

Originally slated to be opened in 2020, the project has fallen behind scheduling estimates and is now eying a 2023 opening date.

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 – “Sync Apartment Homes,” a new apartment complex that is slated to be constructed near the Aliante Hotel in North Las Vegas, broke ground this week, with a completion date estimated to be in the fourth quarter of 2022.

Development firms American Nevada Co. and Warmington Properties have teamed up to build Sync Apartment Homes; the two companies held the groundbreaking ceremony for the new apartment complex – located off Aliante Parkway and the 215 Beltway in North Las Vegas – on Tuesday, November 9 which, upon completion, will be comprised of 203 units with a number of high-scale amenities that are sure to attract scores of tenants.

Sync Apartment Homes is to be comprised, according to reports, of several two and three-story buildings built upon a 9.4-acre project site, and will feature attached garages and a resort-style pool area for tenants to utilize. The apartment units are to range in size from 815 to 1,338 square feet and are to offer competitive rental price points.

Sync Apartment Homes is one of three brand new multifamily apartment communities that Warmington Properties will complete in the Las Vegas area in 2023, bringing their total in North Las Vegas to twelve.

Apartment complexes such as this are, according to many real estate professionals, the key to solving the skyrocketing rental prices that Las Vegas is currently experiencing that are leading many to question the region’s long-standing reputation for affordability.

According to their website, Warmington Properties – via a group of residential building companies – has constructed approximately 40,000 homes in core markets throughout the West Coast of the U.S. They offer “professionally managed, lifestyle-centric communities” in many sought-after locations in Southern California, Las Vegas, Nevada, and Salt Lake City, Utah.

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.