Category Archive : Development

LAS VEGAS, NV – A new report indicates that the majority of homebuilders in Las Vegas saw strong sales increases during the first half of 2024 when compared to the same period of time in 2023, with seven of the top ten developers in the region reporting impressive jumps in the double-digits.

Led by Lennar, the current top homebuilder so far this year, there were a total of 884 sales of new construction homes in Las Vegas in June 2024 alone, which represents a 31 percent decrease from May – when that number was 1,273 – but a 15.6 percent decrease from June 2023, when 1,048 new homes were sold.

But despite the overall slowdown in sales in June, 2024 is nonetheless going strong, with a total of 6,652 in net sales having been made, which is a 16 percent jump from 5,589 from the same period of time in 2023.

Among builders seeing double-digit sales increases Lennar led the pack, having had 1,198 net sales so far in 2024, which – when taking away cancellations – represents a 19 percent increase over the 1,009 they sold in the first half of last year. Lennar was also the top selling builder in June as well, with 148 net sales.

Next up is D.R. Horton, whose 931 net sales in the first half of 2024 was a jump of 6 percent over the 879 sold in the first half of 2023. In third was the Pulte Group with 900 net sales – 15 percent higher than the 785 sold in 2023 – and in fourth was KB Home, which had net sales of 728. However, despite their placing on the list, KB actually recorded a decrease in sales when compared to last year, moving only 728 new homes as opposed to 856 last year.

Fifth place goes to Richmond American with 578 net sales (up 37 percent over 422 in 2023); in at sixth was Century Communities with 410 net sales (an impressive 122 percent jump over 185 last year); and seventh goes to Toll Brothers, who had 36 net sales (up 80 percent over 191).

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 administration will be authorizing the sale of a set acreage of land in Southern Nevada by the Bureau of Land Management (BLM) for the price of $100 per acre, expressly for the construction of affordable housing to address the shortage plaguing residents of the state.

Currently, the federal government owns 88 percent of the land in Clark County along, with over half of that property – 2.6 million acres – managed by BLM. The failure to release parts of that land for development has contributed to the current housing crisis being experienced in the region, experts say.

BLM has been authorized to release 525.5 acres for 15,000 units of affordable housing for $100 an acre, with the initial 20 acres located in the middle of a Mountain’s Edge neighborhood in the southwest Las Vegas Valley.

During a previous visit to Nevada while campaigning for reelection in November, the President had also encouraged lawmakers to pass a bill to establish a 5 percent cap on rent increases in existing rental units.

In a statement, Nevada Governor Joe Lombardo addressed both the proposed rent cap and the decision to allow BLM to release land for affordable housing development. He acknowledged the action as helpful but insufficient to fully address the challenges faced by prospective homeowners in the state.

While the release of federal land for subsidized housing in Las Vegas is one arrow in our quiver, significant work remains in alleviating high housing costs for the middle class and eliminating federal barriers to housing development across the state,” Lombardo said. “Like many others, I’m also concerned about President Biden’s rent control proposal, which studies have repeatedly shown to inadvertently raise rental costs and lead to lower-quality housing options. My administration remains committed to delivering sustainable and practical long-term housing solutions for Nevadans.”

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 response to the ever-rising need for additional accommodations for out-of-town visitors, a Las Vegas-based developer – Schulman Properties – has announced they currently have two new hotel projects in the works in the Valley.

According to Schulman Properties chairman and owner Bob Schulman, the first of these two proposed projects is a $115 million luxury apartment and medical facility complex in the city’s bustling Arts District named Ilmunia Midtown, slated to be located near the intersection of Charleston Boulevard and Grand Central Parkway.

Schulman said that the growing popularity of the Arts District has been attracting more and more tourists in recent years, making it a prime site for new hotel space.

The Arts District, providing the restaurants and the entertainment and stuff it does, and the arts, I think it’s all huge,” he said. “I think we’re like San Diego’s (Gaslamp Quarter) 20 to 30 years ago.”

The second hotel proposed by Schulman Properties is yet another luxury complex, this one situated in Lake Las Vegas. Both projects are in early stages of development, and currently any schedule for their completion is not yet available.

Schulman’s company is focusing on luxury real estate in Las Vegas – a segment of the industry that he says is growing by leaps and bounds as of late – having opened a 232-unit apartment building earlier this month in Henderson called Ilmunia on Raiders Way that is already quite busy.

The developer noted that his apartments cost an average of approximately $90 million to construct, followed by an additional $20 for high-end amenities that include gourmet room service, pools, outdoor movie screens, exercise facilities, dog parks, and much more.

Rents in Schulman Properties’ apartments range anywhere from $2,000 to $4,000 per month for one or two-bedroom units, all the way up to $8,000 per month for penthouses; despite the high prices and having only just opened in early July, Ilmunia on Raiders Way is already 35 percent leased, Schulman 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 – This week, the Oakland Athletics are set to reveal the financing details and overall construction plan for the Major League Baseball (MLB) team’s proposed new ballpark on the Las Vegas Strip, ahead of their highly-anticipated relocation there starting with the 2028 season.

At the meeting of the Las Vegas Stadium Authority scheduled for Thursday, July 18, one of the items on the agenda is the Athletics’ draft development agreement, which is slated to contain a full breakdown of where the money streams that will make the proposed $1.5 billion stadium a reality are coming from, including $380 million courtesy of Southern Nevada taxpayers.

The new home of the Athletics – who are joining the NFL Raiders in moving from their former hometown of Oakland, California – will be on a nine-acre plot of land situated on the 35-acre site of the Tropicana, located at Las Vegas Boulevard and Tropicana Avenue.

Currently, the plan is to demolish the Tropicana to make way for the A’s stadium and to build a new 1,500-room hotel and casino on the remaining acreage. Bally’s Corp., who owns the Tropicana, has stated that they will be imploding the two hotel towers in October.

The A’s home stadium will take the form of a 35,000-seat retractable roof stadium. In addition to the $380 million in public funds that have been earmarked for the A’s new stadium, and the project in its current form could potentially also receive up to $180 million in transferable tax credits as well.

Construction is scheduled to begin on the team’s Las Vegas Strip ballpark in April 2025; the A’s will be playing their final season at their Oakland Coliseum this year, after which they will temporarily be based out of a Sacramento minor league ballpark for the 2025-2027 seasons before moving to 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 – Renaissance III, an “underperforming” Las Vegas shopping center that recently went into foreclosure, has been purchased by Aspen Real Estate for $24.7 million, as announced by the New Jersey-based private equity real estate investment firm via a press release on Monday.

The 225,748-square-foot property, located in a heavily-populated area two miles from the University of Nevada-Las Vegas at the corner of East Flamingo and East Pecos Roads, was acquired by Aspen from LNR Property LLC, representing the CMBS bond group.

Las Vegas-based Logic Commercial Real Estate, which represented both parties during the transaction, has also been made Renaissance III’s new leasing agent as well.

On the announcement of the sale, Philip Proetto of Aspen pointed out the firm’s long history of investing in foreclosed retail and commercial properties, and stated that he was looking forward to improving the facility and leasing its units to interested parties as soon as possible.

Our history of purchasing foreclosure property helped us secure the contract. Ren III represents a fantastic Value Add opportunity,” Proetto said. “Various tenants have wanted to lease space at the property, but the bond group could not offer tenants money for improvements. Aspen has allocated $7 million for renovations and tenant improvements.”

This acquisition was especially of interest to Aspen, as Renaissance III is located in a very densely-populated area; within a five-mile radius, there are approximately 182,541 households with a total number of 465,278 residents, each and every one of them a potential customer for the shopping center.

We believe this powerful demographic, combined with a 62,000-per-day car count, will attract numerous retailers,” said Proetto.

Current Renaissance III tenants include multiple national chains, such as Planet Fitness, America First Credit Union, Ichabod’s restaurant and gaming, and Panda Express, as well as the Nevada Department of Health and Human Services and several smaller, locally-owned businesses. In addition, Aspen is currently offering a 60,000-square-foot space in the center to several supermarket owners.

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 the profile of Las Vegas has risen considerably in recent years, prompting many to want to move there to take advantage of its lower cost of living, the city has encountered a housing crisis as demand is currently far outstripping the amount of inventory available to would-be homeowners.

And one of the primary reasons for this crisis, according to a growing number of those in the real estate industry, is due to the Bureau of Land Management (BLM), with the federal agency currently managing nearly three million acres in Clark County; the U.S. government currently owns 80 percent of the land in the state of Nevada overall – the most out of any state in the country – and 88 percent of Clark County.

Mike Ford, co-owner of Las Vegas-based public lands consulting firm Abbey, Stubbs & Ford and a former BLM employee, said there is currently no good reason for the federal agency not to release more land for development in Clark County than they already have, which would go a long way towards alleviating the housing shortage currently plaguing local residents.

There’s 2.9 million acres of BLM land in Clark County, and that’s what we really need to focus on because land managed by the other (federal) agencies is generally not available for disposal because it has environmental attributes or it’s part of a congressionally designated special management unit,” Ford said.

In 1998, the Southern Nevada Public Land Management Act (SNPLMA) was passed that set aside approximately 67,000 acres out of the 2.9 million available in the Las Vegas Valley for development of residential housing units or commercial uses, with an additional 33,000 acres that have also been earmarked for potential development that have not yet been released.

The idea was for the BLM to be totally out of the urban land management business in the valley within five to 10 years,” Ford noted. “And that hasn’t happened.”

Multiple members of Las Vegas’s real estate industry have become increasingly vocal with their complaints over the two main issues they claim are affecting the shortage of land in the valley: zoning issues and permit delays that are seen as restrictive on the part of Clark County, and BLM’s seeming reluctance to set aside more land for residential or commercial development, either by releasing it outright or allowing it to go to auction.

When you have 2.9 million acres of land in Clark County, some of it environmentally sensitive land, which is really important, managing rural lands, why would (the BLM) spend 90 percent of the time on the 67,000 acres that are urban lands that are better managed by local units of government?” Ford said. “That’s the million-dollar question.”

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 – When they open their doors for business later this year, Otonomus Hotel will be offering guests a unique way to ensure a memorable stay each and every time they come: utilizing artificial intelligence (AI) to customize and enhance their experience to their exact needs and wants.

Philippe Ziade, CEO and Founder of Growth Holdings – Otonomus Hotel’s developer – said that this new concept of fully powering a hotel with AI in order to personalize guests’ stay is filling a very real void that currently exists in the current hotel model. And he noted that the firm’s status as not just a real estate developer, but as a tech company as well, ensures that the coding goes hand-in-hand with the bricklaying.

“So, it’s really all these layers that the hospitality industry is missing today. That’s what we’re bringing with the concept. It’s really the best value product on the market – that’s how we see it. Where it gives you the best of both worlds,” Ziade said. “We are different to start with, because we are developers as well as technology developers – not just real estate – so that makes us very unique in connecting these minds across these different industries to create that new concept.”

Currently in development, the “Class A” complex – which will be a hybrid comprised of 60 percent hotels rooms and 40 percent apartments – is situated on a 13-acre plot of land in the vicinity of Allegiant Stadium, located at the corner of Russell Road and Decatur Boulevard. The apartment will feature standard 12-month leases as well as short-term rentals that come fully-furnished.

All rooms will boast interconnectivity via a series of doors that can be locked or unlocked by the hotel’s AI algorithm, allowing guests to book the exact number and configuration of rooms they want for their stay, from just one single room all the way up to a six-bedroom penthouse.

The AI – via a downloadable mobile app – will also function as a “personal assistant” that can be used to request cleaning, as well ordering food, extra towels or toiletries to be sent to your room; the requested items will be delivered via a two-way cabinet by the main door of your room, known as an “E-Butler.”

In addition, the AI will keep a permanent record of the guest’s preferences, so if they return even years later, their room will automatically remember the same exact temperature and language preferences, how they take their coffee, food likes/dislikes, and other settings as before, as well as being able to offer personalized entertainment recommendations and even the ability to check in and out through their phone.

So, two years later you come – we have a better service than a five-star hotel,” Ziade said. “Because they’re not going to remember who you are unless you spend millions of dollars. So that’s what we do.”

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 Clark County Board of County Commissioners this week approved two grants totaling $21.9 million from the Clark County Community Housing Fund (CHF) to be disbursed to a developer as part of its “Welcome Home” program, which helps to provide badly-needed affordable housing projects to the Las Vegas Valley.

The grants were awarded to Ovation Development Corporation and its nonprofit partner, Coordinated Living of Southern Nevada (CLSN), who will be tasked with building two facilities that will total nearly 600 affordable apartments.

Construction is anticipated to begin on the first development at the tail end of 2025, and will take the form of a 194-unit affordable senior community located near Burner Avenue and South Las Vegas Boulevard. The second development, slated to break ground in the first half of 2026, will be located in West Henderson on a plot provided by the Bureau of Land Management, and will offer 390 units for low-income working families.

To date, the “Welcome Home” program has awarded a total of $66 million in grants, spread out amongst nine applicants, in order to fund the construction of affordable housing units throughout Clark County. In all, this will result in a grand total of 1,273 units once all work is completed.

Alan Molasky, Chairman and Founder of Ovation Development Corporation, noted that he steadfastly believes everyone is entitled to a place to hang their hat at the end of the day, and is proud that Clark County has shown confidence in his company to help address the affordable housing crisis in the Las Vegas Valley.

Every Ovation project begins with our commitment to the steadfast belief that everyone, regardless of income, deserves a quality home that helps to strengthen individuals, families and community,” Molasky said. “We are grateful for the trust put in us by Clark County, and we do not take this responsibility lightly. This trust is a testament to the incredible work of the entire Ovation/CLSN team and the positive impact we continue to make in our community in our mission to help address Southern Nevada’s critical shortage of affordable housing.”

View a complete list of Welcome Home Community Housing Fund projects.

For more information on the Welcome Home program visit: https://www.clarkcountynv.gov/residents/community_housing_fund/index.php

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 the Southern Nevada Home Builders Association (SNHBA), the Las Vegas Valley – in the span of as little as eight years – could potentially run out of land upon which to develop housing, a serious situation that the organization said needs to be addressed sooner than later to avoid issues in the future.

SNHBA CEO Tina Frias noted that the eight-year timeframe – based on data supplied by a company called Applied Analysis – necessitates government action to free up additional federal desert lands to develop in order to keep Southern Nevada’s housing supply on par with the current level of supply and demand.

At the end of the day, from a homebuilding perspective, we need more land,” Frias said. “So, it’s important for us to have the land to develop in the first place.”

According to officials, the federal government currently owns 88 percent of the land in Clark County, with over half of that property – 2.6 million acres – managed by the Bureau of Land Management (BLM). A BLM spokesperson said that the 1998 Southern Nevada Public Land Management Act Mandated the federal agency to sell select plots of public land within the Las Vegas Valley, and so far nearly 44,000 acres have been sold or leased, with an additional 27,000 acres still pending.

In an effort to do away with the bureaucracy that some say is the cause behind the difficulties in accessing land for development in Southern Nevada, Governor Joe Lombardo recently endorsed a bill called the Accelerating Appraisals and Conservation Efforts Act in an effort to cut through the red tape and get the feds to release more land in the region for badly-needed home construction.

Nevada families deserve access to attainable housing – and that begins with eliminating governmental barriers to development,” Lombardo said.

According to Redfin, the current median sale price of an existing single-family home in the Las Vegas Valley has jumped 9.2 percent year-over-year alone, driven by low inventory and high demand; opening up more land for development, experts say, would help lower home prices in the long run and make the housing market more affordable.

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 Clark County Board of Commissioners have officially approved the first stage of plans for an ambitious project: the Las Vegas Spaceport, which its developer says will build a strong space-based economy in Southern Nevada and will one day become a busy hub for both commercial and private space tourism.

Last week, construction permits were approved for an airstrip for the upcoming the Las Vegas Executive Airport, which will be located at a 240-acre site near Pahrump, north of Highway 160. When the airport complex is completed, according to the project’s CEO Robert Lauer, work will begin on making the connected $320 million spaceport a reality, with a heliport to be built near the Strip in order to transport guests to and from the space-age facility.

But until plans for the spaceport itself are presented to county commissioners for approval, Lauer said the airport will begin efforts to raise its public profile and attract tourists for rides in slightly more conventional aircraft for the time being.

Part one is going to build public support through tourism, because it exposes the average person to what the industry is building and the opportunities that are provided,” he said, noting that visitors would be able to pay $6,500 for rides in fighter jets – which may be available as soon as this summer – that provide enough g-force to simulate the effects of space travel, as well as parabolic flights for $9,000 that actually provide a real zero-gravity environment.

Lauer said that the plans for the spaceport include 40 commercial hangars, a STEM college with advanced flight simulators, a civilian space flight assimilation program, a hotel, passenger terminal, rooftop observation deck and restaurant, with the facility expected to begin looking for an operator within the next three to four years, and actual space travel itself expected to begin within five.

What is on the horizon are space planes,” Lauer said. “There are several companies that we’re working closely with right now that are building the next generation of space vehicles, which I believe will dominate the future of the space industry.”

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 – Amid plans amongst major Hollywood studios to begin setting up operations in Las Vegas – along with the steadily growing presence of more and more professional sports teams within the city – Landon Miller, owner of developer Landon Miller Homes, announced this week that his company would be addressing the increasing demand for high-end housing in Southern Nevada by developing a series of ultra-luxury, $15 million-plus homes.

Initiated by the approved plans for a Sony movie studio and the presence of the Las Vegas Raiders, Golden Knights and other sports teams, the demand for ultra-luxury real estate is expected to surge,” said Miller. “Having grown up in California, I’ve always been captivated by its luxury architectural styles. It’s my goal to mirror that level of architecture here.”

The initial residence to be constructed as a part of Miller’s initiative – whose development has already begun, with completion slated for fall 2025 – will be a $22.9 million dollar estate in Southern Highlands, which will take the form of a 9,500-square-foot, three-story home featuring a cutting edge, contemporary design emphasizing clean lines, large windows, light wood tones, and a cement-plastered interior.

In addition, the estate will boast numerous high-end amenities, including a dedicated media and game room with a wet bar; a large, well-equipped gym; a temperature-controlled wine room with a storing capacity of over 750 bottles; a steam room shower with cold plunge; a resort-style pool; ample vehicle storage, with a three-car daily garage augmented by a huge, subterranean seven-car garage; and a large second-floor terrace with breathtaking views of Las Vegas’ skyline.

The Southern Highlands estate represents the first of a series of posh residences that Miller said he intends to design, build, and sell throughout the Las Vegas Valley, each featuring different architectural styles and unique amenities, noting that he intends to make each one distinctly different from one another.

“Despite Las Vegas’ rapid growth and renowned entertainment scene, the city has surprisingly few ultra-luxe homes. As people relocate from Hollywood and other parts of the United States, they’re looking for an elevated level of luxury, and that’s what we’re striving to provide,” Miller said. “More and more, clients come to us with a desire to create homes that truly reflect their personal style and needs. I work hand in hand with our clients to make my vision and the client’s vision come true.”

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 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.