Category Archive : Development

LAS VEGAS, NV – According to reports, Ascaya – a master-planned luxury community located in Henderson that was formed by blasting 15 million cubic yards out of a mountain range – has seen sales on-pace to double their number this year when compared to 2020, a year when sales profits were already at a level that were three times higher than they were throughout the previous three years.

Among the recent new buyers of land in Ascaya is Mark Davis, owner of the Las Vegas Raiders NFL team, who purchased a 6-acre plot to construct his custom home featuring views of Allegiant Stadium, his team’s home base.

And according to the developer, the number one draw of Ascaya is the community’s breathtaking views of the surrounding region; in addition, it also features a $25 million clubhouse and a two-acre park currently in the works.

The majority of sales in Ascaya have consisted of vacant lots upon which buyers have been building their own homes to their personal specifications; a small number of sales have been made up of speculative-built homes, reports say.

Currently, the developer of Ascaya – Henry Cheng, a Hong Kong billionaire and owner of NWS Holdings Ltd. – has closed over $38 million in sales in 2021 alone, with an additional $8 million in sales currently under contract. This is in stark contrast to the dismal rate of sales when the community essentially “stalled” due to the housing crash of the mid-2000’s, or even when it re-opened in 2014.

However, with the recent recovery of the Southern Nevada economy and housing market, Ascaya has attracted a new breed of upscale clientele who were attracted by low mortgage rates and the greater bang for their buck Las Vegas afforded them. With that being the case, Ascaya has seen its growth explode over the past year or so.

Ascaya currently features over 300 homesites, and homes that are constructed there are mandated to be of at least 4,500 square-feet in size, according to the developer. Currently, 26 new homes have been built, 18 are currently being constructed, and 21 are in the planning stages.

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 at the Venetian, the much talked-about high-tech Las Vegas event venue that is currently in the works, reached a major development milestone recently when the final 32 steel beams were bolted into place by the 650-strong construction crew, according to reports.

Madison Square Garden Entertainment (MSG) Corporation is the construction manager of the MSG Sphere, and handles “strategic planning and the construction timeline, as well as management of all subcontractors,” according to a press release put out by the company. The previous construction manager, an engineering firm called AECOM, remains in a supporting role.

Madison Square Garden Company Vice President of Construction Nick Tomasino noted that there will be two “topping out” ceremonies for the project, with the first representing the completion of the steel beam bolting and the second slated for 2022, when the venue’s “exosphere” will be added.

The exosphere will consist of 580,000 square feet of LED light panels that will be able to be seen from several miles in the distance, and will increase the height of the current MSG Sphere itself by approximately 30 percent.

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 façade 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 – Howard Hughes Corp. has announced that they have begun development on two different projects in Las Vegas that will comprise both office space and rental apartments, according to recent reports.

The first of these projects is an upscale office building located in the vicinity of the Las Vegas Ballpark; the second project is what is considered the second phase of construction on the luxury Tanager apartment complex, which seeks to add an additional 295 rental units to the existing structure.

Both of these projects are situated near the open-air downtown Summerlin mall at Sahara Avenue and the 215 Beltway.

Current estimates place completion of the office building near the end of 2022, and the completion of the apartment project in early 2023, according to the Texas-based developer.

The office marketplace in Las Vegas has come under scrutiny over the course of the past year due to the COVID-19 pandemic which saw an increased number of workers telecommuting to work via the internet; this has resulted in a decreased need of physical office space. And despite nearing the end of the pandemic due to the rollout of vaccines, many workers have indicated a distinct preference for working from home due to the convenience and a reluctance to return to the confines of the office life they once took for granted.

Regardless, life in Las Vegas is slowly returning to normal, with tourism increasing and unemployment shrinking to levels below the pandemic’s high-points; experts are saying this is a boon for the local commercial real estate market, and that people will eventually be returning to their offices after the health scare has died down, necessitating the subsequent need for more commercial space sooner or later.

To that end, Hughes Corp. notes that they have spent hundreds of millions of dollars investing in the property in Summerlin, which it still is planning to develop for future commercial use.

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 reports, Cadence – a recently-built master-planned community located within the city of Henderson – has been the center of a number of new building efforts recently, with several developers hard at work constructing apartment complexes and tracts of rental homes to satisfy Las Vegas’ ongoing need for housing amid the end of the COVID-19 pandemic.

Already one of the top-selling locations in Southern Nevada in terms of new single-family homes, rental developers are now making their presence felt in Cadence; Scottsdale, Arizona-based The Wolff Company are planning to build a 388-unit apartment building, and A.G. Spanos – headquartered in Stockton, California – has a 265-unit apartment complex in the works as well. Both projects are expected to break ground either this year or in early 2022.

In addition, a tract of single-family rental homes was recently opened in the community by American Homes 4 Rent, a real estate investment trust based in Calabasas, California; several tenants have already moved in, reports say.

With the COVID-19 pandemic seemingly on its last legs as vaccine rollout continues, the rental scene in Las Vegas and its surround communities is on a state of constant flux; the need for rental housing options is greater than it has been in years as the local economy continues to recover, but the impending end of the federal eviction moratorium looms at the end of the month, it us unknown how many residents may be facing eviction.

While developers may be working at a fever pitch at the moment in order to satisfy demand, it still remains to be seen how many pre-existing rental units may eventually be opening up after potentially thousands of eviction proceedings kick in come July 1.

Until that question is answered, one thing remains certain – currently, Las Vegas residents are renting apartments and houses at record paces, rents are increasing at some of the fastest rates in the United States due to demand, and more and more developers are working on rental projects.

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 Native American tribe in North Dakota, flush with cash – $1.7 billion in tax revenues, to be exact – from lucrative oil-drilling operations they have carried out on their land for the past 15 years, have used some of those profits to purchase a multi-million dollar vacant lot adjacent to the famed Las Vegas Strip in Nevada, reports say.

However, what the tribe plans to do with their investment acquisition remains a mystery for the moment.

The Mandan, Hidatsa and Arikara Nation – known collectively as the Three Affiliated Tribes – had discovered a bankruptcy auction in Southern Nevada that had divided a large, vacant plot of land just off of Vegas’ famed central casino-lined corridor, and purchased an 8.7-acre plot of land for $12 million; according to tribal Chairman Mark Fox, the land could be used for a variety of different purposes, including building a casino or a parking lot.

“We saw it as an opportunity to get land — prime real estate land — in Las Vegas for a good price, and that’s essentially why we went there,” he said.

The 95 E. Ali Baba Lane property is situated just off the south end of the Vegas strip near the 43-story Mandalay Bay casino and about one mile from Allegiant Stadium, home to the Las Vegas Raiders NFL team.

Originally, the property purchased by the Three Affiliated Tribes was part of a 38.5 acre lot that was divvied up into smaller parcels of land after a developer had failed to get a Ferris wheel venture going and declared bankruptcy. The lot was completely unused, except for a brief stint where obstacle course-based reality television show American Ninja Warrior filmed some episodes there.

“We’re still in that phase of trying to develop a concept of development for the acreage. Nothing beyond that right now,” Fox said, noting that his tribe is meeting with developers to discuss potential uses for the property.

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 reports, a vintage apartment complex located in the Convention Center District of Las Vegas has been sold to the Camino Verde Group, a Southern Nevada-based real estate investment, development and asset management company, with this being the fourth such purchase they’ve made in this area recently.

Kevin Romney, co-founder and managing director of Camino Verde Group, noted that Sherwood Palms – an aging property located at the north end of the Las Vegas Strip – would be an excellent source of housing for the local area workforce once much-needed restoration has taken place.

“Sherwood Palms was a great opportunity to restore this vintage Las Vegas property and provide quality workforce housing for workers on the north end of the Las Vegas Strip,” he said. “With the opening of the Convention Center Expansion, Resorts World and Circa, the need for affordable and workforce housing grows. Sherwood Palms fills an important need for that.”

Sherwood Palms was originally constructed on 1963, and consists of 24 two-and-three bedroom apartments – with floor plans of up to 1,000 square feet – spread out over two stories, with the property featuring an enclosed outdoor courtyard, a community laundry facility, high-speed internet access, and air-conditioning and heating units.

The Camino Verde Group has extensive renovation plans for Sherwood Palms, according to Romney, including new appliances, countertops floor coverings, and more.

“Many of the properties Camino Verde Group acquires are in dire need of rehabilitation and nearly uninhabitable,” he said. “We repair holes in the walls, broken windows and security issues to make them both safe and aesthetically pleasing to tenants. We are committed to providing affordable housing that our hard-working industry workers will appreciate.”

Once the renovations are completed, Sherwood Palms – which stands in the middle of public transportation routes – is anticipated to be a significant lodging draw for those working at numerous local high-profile employers, including the Convention Center, Resorts World, The Westgate, the Strat tower, Fremont Street Experience and the Fashion Show Mall.

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 reports, the upcoming high-speed railway system between Las Vegas and Southern Los Angeles that has been long-gestating has finally seen some forward momentum, as Brightline West CEO Mike Reininger has confirmed construction of the high-speed railway system – expected to have top speeds of 200 miles per hour – is still on-track to start in 2021.

Reininger had noted that the COVID-19 pandemic had created a series of speed bumps that interfered with the anticipated raising of funds for the project, but that Brightline West had made good progress with their plans to sell private activity bonds allocated for the project by the U.S. Department of Transportation – as well as both Nevada and California – to finance the railway’s construction.

“The world changed as a result of the pandemic, but we continued to work wherever we possibly could towards advancing the ball,” Reininger said. “The project remains a very high priority for us. The tenor of the financial markets today is dramatically different, the stock market is doing incredibly well, people are optimistic about a massive rebound in the economy, jobs are heading in the right direction. That gives us confidence about our ability to keep the project on track.”

The finished rail line would result in a 34-mile stretch of track in Nevada, running along Interstate 15, ending at a station located on the south end of the Las Vegas Strip. This line would be fed by several lines from various locations in California, resulting in a total of approximately 185 miles of track overall. Travelers from Las Vegas would be able to continue from the system to Los Angeles via the Metrolink, which would effectively link Las Vegas with L.A.

Construction will be broken into six segments, three in California and three in Nevada. The project, according to Brightline West’s official website, will create more than 40,000 construction jobs and more than 1,000 permanent jobs, with an economic income of $9 billion. In addition, it will generate $1 billion in tax revenue.

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 reports, Auric Symphony Park – a new luxury midrise apartment community at Symphony Park in downtown Las Vegas – has officially begun pre-leasing units, according to an announcement by Southern Land Company.

Southern, a national real estate developer whose mixed-use developments and master-planned communities have won awards, will be holding hard hat tours for interested tenants later in April while the community is still under construction. The first batch of residents are currently anticipated to begin in June of this year.

Auric Symphony Park is described as a luxury apartment complex for those seeking “a blend of indulgence, comfort and respite.” All units will come with high-end finishes including quartz countertops, stainless steel appliances and tile flooring.

The 480,000-square-foot, five-story building is located north of Donald W. Reynolds Symphony Park – an open-space park outside of The Smith Center for the Performing Arts – on six acres of land, and is the first luxury multifamily development in that area.

The community will offer a mixed-use property consisting of 324 studio, one-bedroom and two-bedroom for-lease apartment homes, with the ground floor offering a selection of restaurants and retail establishments as well as a secure parking garage for residents-only.

Speaking of secure, residents of Auric Symphony Park will have multiple security features safeguarding them, such as access control via an app they can download and utilize on their smartphones; residents can also send entry codes to guests as well , in addition to a multitude of video surveillance cameras and overnight private security.

Residents will have access to an impressive number of amenities, such as a resort-style pool with two-story cabanas and an outdoor bar, rooftop bar overlooking Symphony Park, resident lounge, a fitness center, pet park, grooming area and a business center.

Apartment homes will range in size from 591 square feet to 1,452 square feet for studio, one-bedroom and two-bedroom units, with rent starting at just over $1,300 per month.

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, NY – Tower 16 Capital Partners, a real estate investment and management company based out of San Diego, has recently sold a three-property group of apartment buildings located in Las Vegas for the whopping total of $182 million, according to reports.

The three apartment buildings in question include Accent on Rainbow, a 540-unit complex located at 6666 W. Washington Avenue; Accent on Decatur, a 313-unit complex at 2950 S. Decatur Boulevard; and Accent on Sahara, a 312-unit complex at 4801 E. Sahara Avenue.

All three buildings are multifamily communities with each having multiple resident amenities, including pools, a workout gym, a clubhouse and more. In addition, Accent on Sahara also features a children’s play area and a dog park.

Tower 16 originally bought all three properties over two years ago for a total of $112 million, and then invested an additional $10.3 million in renovations across all three buildings, including improvements made to leasing offices, adding amenities, and upgrading approximately 40 percent of the apartment units. The undisclosed buyer will be continuing to invest into the renovation efforts of all three properties, according to reports.

Tyler Pruett, a Tower 16 co-founder, noted that the three properties needed some TLC to get them into proper shape for a sale.

“We are excited to announce the successful sale of our Las Vegas portfolio to a very strong and reputable buyer,” he said. “Upon our acquisition, all three assets needed significant physical and management improvement, which we quickly implemented at all three properties. The result was an extraordinary execution, far surpassing our goals for the properties.”

Mike Farley, another Tower 16 co-founder, said that Las Vegas is an ideal city to invest in multifamily rental properties, and that his company would continue to do so in the future.

“Las Vegas has proven to be a very strong market for multifamily, especially in the workforce housing space,” he said. “We remain enthusiastic about the future of Las Vegas and will continue to look for new acquisition opportunities in the marketplace.”

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 – Long in development, Elon Musk’s “The Boring Company” has finally completed the Tesla-powered underground people mover – AKA “The Loop” – that will service attendees of the Las Vegas Convention Center going forward, according to reports.

The Loop is comprised of a series of underground tunnels, dug by The Boring Company, that will ferry people back and forth to the Convention Center in a series of Tesla automated electric cars in approximately two minutes each way. Normally, the route would take an average of 30 minutes for a person to walk on their own.

The Loop system project cost is $52 million, with construction originally started in 2019 underneath the convention center campus. The system will be serviced by 62 Tesla cars, although it has been said that the system can handle more if needed; the current vehicle allotment can transport an estimated 4,400 people per hour.

The Boring Company has stated that they plan on expanding the tunnel system that they have started for the Convention Center, with plans for new people mover routes to various area resorts and even the airport having already been submitted to city officials.

The expanding high-tech underground people mover network is anticipated to be yet another major draw for tourists in Las Vegas, where the local economy is dependent on the income brought in by out-of-town visitors.

The first major event at the Convention Center that will make use of The Loop will be The World of Concrete, the commercial construction industry’s largest annual international event for concrete and masonry professionals, set to be held from Tuesday, June 8 through Thursday, June 10, 2021.

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.

NORTH LAS VEGAS, NV – Reports indicate that a prominent real estate developer that specializes in warehouses has purchased a huge stretch of land in North Las Vegas with plans to develop a large-scale industrial park for use by e-commerce firms and other companies.

350 acres were bought for $44.75 million by VanTrust Real Estate, which noted in a press release announcing the deal that was the one of the largest in recent years by a private developer in the Southern Nevada region.

The property was sold by Southern Nevada land investor and broker Mason Harvey, and according to property records the sale closed on March 31.

Work on the project’s initial infrastructure phase is slated to commence this fall and will make up approximately 1.5 million square feet; this phase of construction is expected to be completed in 2023, at which point the second phase will begin.

Currently, the final completion date for the industrial park has yet to be announced.

In recent years, the industrial component of Las Vegas’ construction has been expanding and increasing, with many developers concentrating on building warehouses that end up housing businesses such as distribution centers for e-commerce firms. The allure of developing these projects in Southern Nevada is due to the large amounts of land available and the low prices and cost of living when compared to many other regions of the United States.

VanTrust has completed several such warehouse facilities in North Las Vegas in recent years, with big companies such as Amazon, The Honest Company, Sephora, and Fanatics among those that have moved in to establish distribution centers there.

VanTrust’s overall construction in North Las Vegas is comprised of 5.5 million square feet, all of which has been quickly sold, with their most recent sale being the $110 million sale of an 855,000-square-foot Amazon warehouse to an investment firm in Los Angeles.

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 – Due to the low housing inventory throughout Southern Nevada – coupled with high demand – more and more people seeking residences are turning to North Las Vegas, causing prices to shoot up to a degree that is causing real estate experts to do a preverbal double-take, according to reports.

While upscale communities such as Henderson and Summerlin have been the hotspots for home buying in recent years, North Las Vegas is considered a major up-and-coming territory, with many expecting the region to become a dominant force in the real estate market for the next ten years, at least.

New homes are selling as fast as they’re being built, reports say, and waiting lists are becoming the norm for many developments. New home sales in North Las Vegas have tripled in the last two years; for example, Valley Vista had 1,073 closings in 2020, and Tule Springs had 543 closings, which represents a huge flurry of sales in a relatively short amount of time.

In addition to the availability of inventory at the moment, another attractive feature of North Las Vegas that is bringing in buyers is its relative affordability when compared to other parts of Vegas; currently, the average home in North Las Vegas is selling for $340,000, compared to the southwest where similar homes are going for as high as $497,000.

Experts say that the city of North Las Vegas has been doing an excellent job of making the region attractive to builders. In addition, the region has a surplus of land to build upon when compared to other areas in Las Vegas currently, making it an ideal place for buyers to find a home in their price range, especially those who are working from home due to the pandemic and are looking for an affordable residence to call their own.

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.