Category Archive : Development

LAS VEGAS, NV – A project previously approved by Clark County that would have seen an NBA-ready arena erected in Las Vegas to entice an existing basketball franchise – or a newly created expansion team – to move to Nevada has been quietly cancelled. 

While experts have noted that a new arena was not required to lure an NBA team to Southern Nevada – T-Mobile arena could potentially be shared with the NHL’s Golden Knights – having a facility dedicated to professional basketball competition would make Las Vegas a very attractive candidate for such a thing. 

Clark County commissioners had approved plans for a basketball arena – dubbed All Net Arena – to be erected on a plot of land located on the North Las Vegas Strip, situated between the Fontainebleau and the Sahara resorts. However, after the groundbreaking ceremony was held 10 years ago, the project has sat in limbo with no construction being carried out at the site, due in-part to the lack of the $5 billion in funding previously promised by the developer. 

In the ensuing years, officials have extended the permits for the project several times, but to no avail. Finally, after a decade of delays, Clark County Commissioner Tick Segerblom announced this week that the project’s construction permits have been pulled by unanimous vote of 7-0, quietly killing it off for good. 

Time and time again, we’ve asked, ‘Just one more year, or two years, let’s get this done, we’ll get it done,’” he said. “We’ve followed the money everywhere around the world. And truthfully, it just hasn’t happened. So, I’m just prepared to make a motion to deny it at this point. It breaks my heart to do it.” 

All Net Arena Had been slated to be a 22,000-seat arena with a retractable roof, convention center, movie theater, and grocery store. 

While the league currently has no plans to create an expansion team, NBA Commissioner Adam Silver has heavily hinted that Las Vegas would very much be in the running if those plans were to change. 

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 – Construction on the luxury high-rise condominium Cello Tower is slated to begin soon, with the ritzy residential complex to be connected to the Origin at Symphony Park mixed-use enclave in Downtown Las Vegas, according to Red Ridge Development. 

Cello Tower 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. According to Las Vegas Mayor Carolyn Goodman, development of the high rise is intended to address the intense need for more housing in Las Vegas’ downtown area, and she praised Red Ridge’s CEO of Development, Patrick Brennen, for making the project a reality. 

Patrick Brennen is bringing us this wonderful project in a magnificent high-rise,” Goodman said. “People can live in the heart of the city, and there is so much to do with great access. The area is located in the center of our government with federal, state, city and county buildings. Patrick and his team have created this wonderful complex, which is walkable and bikeable along tree-lined streets and so safe.” 

Cello Tower will be comprised of 32 stories – the penthouses taking up the top two floors – and was designed by architecture firm Perkins Eastman. Buyers have the option to purchase as many penthouses on a given floor as they like if they wish to customize and/or combine them, up until the point that they either sell out or construction begins. 

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. 

Units at Cello Tower will go on sale by the end of 2023; construction on the high-rise is expected to be completed by 2026. For more information on Cello Tower, unit availability as well as to register a specific interest, please visit: https://originatsymphonypark.com/cello-tower

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

LAS VEGAS, NV – Multiple parcels of land in the Las Vegas Valley, totaling 589 acres, have been sold by the U.S. Bureau of Land Management (BLM) – an agency within the United States Department of the Interior responsible for administering federal lands – for the impressive sum of $93 million. 

BLM had previously announced that they would be auctioning off some of their land in the Las Vegas Valley this past July, with the federal agency being allowed to do so thanks to the Southern Nevada Public Land Management Act of 1998. 

While the majority of the parcels sold were relatively small in size, one parcel was particularly large – coming in at 505 acres and located east of Red Rock Canyon and West of Interstate 215 – and was purchased by Las Vegas real estate developer Lawrence Canarelli for $55 million. 

While Canarelli has not publicly stated what he intends to use the land for, experts note that due to its large size and how other properties in the area have been utilized in recent years, it will most likely be utilized for housing projects. 

The U.S. Department of the Interior Bureau of Land Management issued a press release announcing that the property sold was acquired by its new respective owners by way of a “competitive” online auction process. 

The sale of this public land within a congressionally-designated disposal boundary will generate funding to enhance recreation opportunities, promote species and habitat conservation and reduce the threat of wildfire in locations across the state,” the release said. 

BLM noted that 85 percent of the proceeds from the sale will be utilized mainly for projects to benefit the public, such as developing parks and trails as well as federal land capital improvements, purchasing land encountering environmental issues, landscape restoration projects, and the reduction of hazardous fuels. In addition, 5 percent will go towards the Nevada General Education Fund and the remaining 10 percent will go to the Southern Nevada Water Authority. 

An additional 225-acre parcel of land that was originally slated to be included in this auction will be put up for sale at a later date, according to the BLM, which currently owns 48 million acres in Nevada, or approximately 67 percent of the state.

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

LAS VEGAS, NV – During a presentation last week to the Las Vegas Stadium Authority by Mortenson-McCarthy, the construction manager of the Oakland Athletics, revealed that work is slated to begin on the Major League Baseball team’s upcoming Las Vegas ballpark in April 2025 for an anticipated completion date of April 2028 – just in time for that year’s regular season. 

The presentation laid out the entire timeline for the project, including plans to incorporate a variety of local vendors throughout the ballpark’s construction, with 15 percent of the work expected to be carried out by local and minority-owned businesses. Mortenson-McCarthy also noted that they intend to employ a diverse workforce, stating that 51 percent of the total construction hours for the project will utilize a combination of female, minority, veteran, and disabled workers. 

It was also revealed at the presentation that law firms have been retained by the A’s to draw up both a stadium lease as well as a community benefits agreement, covering a financial commitment from the A’s to the local Las Vegas community in addition to promises of paying livable wages to ballpark employees, diversity requirements, educational programs, community engagement, and more. 

The new home of the Athletics’ 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. 

The A’s home stadium – the project is expected to cost a total of $1.5 billion – is slated to take the form of a 35,000-seat retractable roof stadium, with the project currently pending the passing of state legislation for public financing. Once the monies are obtained, full development of the ballpark will be in the hands of Bally’s. 

The A’s relocation from Oakland to Las Vegas still needs to be approved by MLB team owners, who are expected to vote on the matter next 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, NV – After an extended series of delays, the $3.7 billion Fontainebleau Las Vegas is finally set to open at the north end of the Las Vegas Strip on December 13, bringing to close a development saga that has spanned 23 years amid ongoing doubts at times that the resort would ever open to begin with.

Jeffrey Soffer, Fontainebleau Development’s chairman and CEO, first purchased the land for the resort back in 2000. Development later begun on the Fontainebleau in 2007 – with its grand opening scheduled to take place in 2009 – but work was indefinitely halted two years later by the recession, forcing the project into bankruptcy.

In 2010, Icahn NV Gaming Acquisition LLC purchased the Fontainebleau for $150 million, and then sold it off to developer Steve Witkoff for $600 million in 2017. Witkoff originally envisioned a 2022 completion date; however, that was derailed by the COVID-19 pandemic.

From there, the Fontainebleau sat unfinished for years until Soffer and Fontainebleau Development re-acquired the project and resumed construction in 2021, following Soffer’s securement of $2.2 billion in new funding.

When the resort finally opens its doors for business on December 13, it will be operated by the company’s subsidiary, Bowtie Hospitality LLC.

The Fontainebleau will mostly adhere to the original vision that was laid out for it back when the project was first announced 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, retail, health and wellness spaces, and many other high-end amenities.

In addition, the resort is expected to provide approximately 6,000 full-time jobs, which will greatly add to Las Vegas’ already booming economy.

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 – MIG Real Estate LLC has announced the sale of Pecos Plaza, a 124,000-square-foot medical and office campus in Henderson, Nevada, to new owner Woodside Health for $26.7 million. The seller was represented in the transaction by Cushman & Wakefield and JLL, reports say.

Originally built in 2006, Pecos Plaza is a Class B medical and office campus that is anchored by a two-story building with an additional seven single-story medical and professional office buildings, all located on a 7.62-acre plot of land at 9005-9089 South Pecos Road. The plaza is situated nearly seven miles from downtown Henderson, just over 18 miles from Las Vegas, and has access to Interstate 215.

Reports indicate that the campus is currently 93 percent occupied, with the property anchored by multiple retail establishments such as Michaels, Starbucks, Denny’s and UPS, among others. The medical facilities located on the campus are Belle Medical, Las Vegas Urology, Serenity Dental and Innovative Pain Care Center, in addition to several more.

MIG Real Estate LLC had originally acquired Pecos Plaza in 2014, having purchased the campus for $17.5 million from Wells Fargo Bank.

New Pecos Plaza owner Woodside Health has an extensive history when it comes to the medical field. The company was originally founded in 2008, and this newest purchase represents their 48th acquisition overall, giving them a combined total of over 2.5 million square feet – about twice the area of Chicago’s Millennium Park – in healthcare assets across the country, spread out over Arizona, Florida, Georgia, Nevada, Ohio and Texas.

Earlier in 2023, Woodside – as part of a $140 million transaction – recapitalized a medical office portfolio spread out over four states, consisting of 10 properties with a combined size of 423,000-square-feet. And in June 2022 Woodside purchased Optum Center – a 81,907-square-foot medical office building anchored by UnitedHealthcare – in Phoenix, Arizona for $20 million.

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 Las Vegas City Council is currently considering a proposal that, if approved, would add a new mixed-use project to the downtown Arts District planned to be made up of new apartments, hotel rooms, and commercial space. 

The proposed project – which is slated to be located on a 1.78-acre site at the corner of West Utah Avenue and Fairfield Avenue – would take the form of an 83-foot-tall building comprised of 279 apartments, 97 hotel rooms, 2,800 square-feet of commercial space and a 1,000 square foot plaza.  

The application documents have been filed with the city of Las Vegas, with the City Council anticipating discussing the project at its Wednesday meeting this week. Multifamily developer Mojave Group is the firm that has submitted the application to the city, although the documents currently don’t indicate what company would be responsible for managing and operating the hotel that would be located in the building if it comes to fruition. 

Currently, the site of the proposed mixed-use project is occupied by an equipment supply company called Mobile Mini; as part of the application process, Mojave Group is seeking to have the property rezoned so it can be utilized for commercial purposes. 

During a meeting to discuss the project back on August 8, Las Vegas Planning Commissioner Trinity Schlottman noted that despite there being some minor concerns about the mixed-use facility being proposed, the Commission would be voting unanimously to recommend its approval to the Las Vegas City Council due to the pressing need for more housing options in the city’s downtown area. 

This is exactly what we need,” Schlottman said during the August meeting. “We need more households down in the Arts District and downtown. We can tell by Symphony Park since everything that gets built there ends up getting filled up pretty quickly.” 

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 Rockefeller Group – a private company based in New York City primarily involved in real estate operations and a subsidiary of Mitsubishi Estate Company – announced this week that they had purchased the 19-acre location of a former Walmart supercenter located in Las Vegas, with plans to redevelop the property into an industrial complex.

The project, dubbed the Craig Road Logistics Center – which will be The Rockefeller Group’s third industrial development in Vegas thus far – is located at the intersection of Craig Road and North Nellis Boulevard in Clark County and is slated to be made up of at least two speculative industrial buildings, spanning a total of approximately 369,198 square-feet in size.

The company reportedly paid $19 million for the property, and Marc Berg – Vice President and Regional Director for The Rockefeller Group – noted that demolition of the existing Walmart building will start before the end of September, and that construction is anticipated to be finished on the new industrial complex by June 2025.

The buildings will be designed by Lee & Sakahara Architects and TWC Construction will serve as general contractor.

As for the potential tenants for the complex, Berg noted that they could consist of representatives from a variety of different industries, such as distribution, warehousing, e-commerce, light manufacturing, and assembly.

Clark County Commissioner Marilyn Kirkpatrick applauded The Rockefeller Group’s intention to redevelop the former big box store property, saying it would be tremendously helpful to the local economy.

Since the Walmart location closed in 2016, we have been looking for an innovative way to redevelop the parcel and bring back jobs to the area,” she said. “We are confident that we have found the right use for the project and the right partner in The Rockefeller 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 – While commonplace in many other cities, visitors to the famed Las Vegas Strip will take note of the general lack of individual, freestanding retail storefronts lining the four-mile stretch of roadway; instead, the majority of stores are located either within casino hotels or enclosed malls.  

However, one New York-based developer is looking to change that via two street-facing retail projects, with one recently opened and another currently under construction. 

Developer Eli Gindi – whose family founded and owns the Century 21 retail chain – is behind the under-construction “door on the street” retail property dubbed BLVD located at 3743 South Las Vegas Boulevard. Upon completion, this property will utilize 300,000-square-feet of space to deliver two stories of street-facing retail space, with a 100,000-square-foot rooftop overlooking the Strip offering dining and “hang out” area options for patrons. 

Meanwhile, Project 63 at Harmon Avenue and Las Vegas Boulevard is already open for business, offering up 186,000-square-feet of street-facing retail space right next to the upscale The Shops at Crystals, an enclosed mall owned by the Simon Property Group. 

The move to developing street-facing retail on the Strip shows how the area has evolved over the years, with a major sporting component being added to its impressive gambling and entertainment options. With new venues opening nearby – such as the Golden Knights hockey team’s T-Mobile Arena and the NFL Raiders‘ Allegiant Stadium – more and more sports fans are being lured to Las Vegas and, subsequently, the stores nearby their favorite team’s events that they came there to see. 

Additional sporting attractions – including an upcoming stadium for the Oakland Athletics baseball team, as well as the city hosting a Formula 1 race in November – should prove to continue to draw fans to the Las Vegas, resulting in even further retail expansion in and around the 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 – San Francisco, California-based Prologis has announced plans to build an 11 million square-foot industrial project in North Las Vegas that will be situated upon 879 acres at Apex Industrial Park that the developer purchased last week. 

The project is slated to take the form of several buildings and construction is anticipated to begin within the next three years, with Prologis planning on also covering the cost of installing utilities at the site, located at Highway 93 and Grand Valley Parkway. 

The developer has not disclosed the price that they paid for the land and the deed has yet to be filed with Clark County officials. 

Prologis’ investment officer, Mathias Hughes, noted that the company sees massive untapped potential in the area in terms of its use as an industrial hub, which is what drove their decision to purchase and develop the land. 

Prologis has been operating in North Las Vegas for more than 30 years,” he said. “Our Vegas Industrial Park project demonstrates our commitment to the market while also enabling us to maintain our development momentum in Southern Nevada.” 

Hughes also justified the new development by referencing the success that Prologis has enjoyed with their previous commercial real estate investments in Las Vegas, noting that the company currently boasts 13.9 million square feet of space in the Las Vegas Valley, 96 percent of which is currently leased. 

We continue to see strong demand for modern and well-located logistics facilities in the market,” he said. “This industrial park will be best in class and its strategic location makes it ideal for a wide range of companies with varying logistics needs.” 

No tenants have been signed up for the Apex Industrial Park property as of yet. 

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 – California-based Realty Income Corp. announced on Friday that it has signed an agreement to invest approximately $950 million into acquiring equity interests from New York-based Blackstone Real Estate Income Trust, Inc. in a new joint venture that now owns a 95 percent interest in the real estate assets of The Bellagio Las Vegas. 

Subject to customary conditions, the transaction is expected to close in the fourth quarter of 2023; at that time, Realty income will acquire a 21.9 percent indirect interest in the property by way of an initial investment of $300 million of common equity into the joint venture. Blackstone will retain a 73.1 percent indirect interest, with the remaining 5.0 percent interest being held by MGM Resorts International. 

In addition, $650 million will be invested by Realty Income into the joint venture to acquire a yield-bearing preferred equity interest. 

Sumit Roy, Realty Income’s President and Chief Executive Officer, announced his firm’s sizable investment into Las Vegas, saying that it is expected to yield huge benefits for their investors. 

We are pleased to initiate our Credit Investment platform through a preferred equity investment in the Bellagio joint venture,” he said. “Credit Investments are a natural adjacency to our traditional business, allowing us to provide additional value to our clients while leveraging our core competencies in transaction sourcing and structuring, and real estate and credit underwriting and monitoring.” 

Located on the famed Las Vegas Strip, The Bellagio is a luxury hotel and casino that was purchased from MGM Resorts by Blackstone back in 2019 for $4.25 billion; MGM retained a small stake and continues to operate and maintain the resort on a day-to-day basis. 

Realty Income Corporation is a real estate investment trust that owns and operates a portfolio of over 12,237 commercial properties. 

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 Athletics’ ownership has hired the pair of industry-leading construction firms responsible for building Allegiant Stadium to build the Major League Baseball (MLB) team’s proposed new $1.5 billion ballpark on the Las Vegas Strip. 

 The A’s announced this week that the Mortenson | McCarthy Joint Venture will be responsible for handling all construction-related duties on the upcoming stadium, including estimates prior to the start of construction, scheduling and logistics planning, bidding, coordinating and managing labor, as well as engaging with the community. 

According to a statement released by A’s President Dave Kaval, the decision to go with this joint development team –  who are considered standouts in their field – was an easy one based on their previous efforts, particularly with the work they did on bringing Allegiant Stadium to life for the Las Vegas Raiders. 

Mortenson | McCarthy brings an exceptional level of expertise and experience to our project,” he said. “Their focus on innovation, safety and efficiency makes them the best in their field.” 

Despite the announcement, hiring of Mortenson | McCarthy still must be approved by the Las Vegas Stadium Authority before the deal can go down, although that is considered merely a formality. 

The new home of the Athletics – who are joining the 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. 

The A’s home stadium – a project expected to cost a total of $1.5 billion – is slated to take the form of a 35,000-seat retractable roof stadium. $380 million in public funds 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. 

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.