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Development , Economy

Concrete Industry Playing Important Role in Las Vegas Construction and Development

By Christopher Boyle March 8, 2019

LAS VEGAS – Unless you’ve been living under a rock in the Mojave Desert, you’ve likely heard that Southern Nevada is currently in the midst of a construction boom.

The Las Vegas Convention Center recently hosted the World of Concrete trade show this past February, where members of the concrete industry convened to see the impact their livelihood has had upon the city since its epic recovery from the mid-2000’s recession.

Due to the recent economic and real estate-related boom that has been re-shaping Vegas – attracting business, professional sports teams, and those seeking jobs – construction work has escalated to a large degree to keep up with demand in the Vegas area.

Among the current high-profile developments in the works – all of which are utilizing copious amounts of concrete in their construction – are Resorts World Las Vegas, Caesars Entertainment’s Linq complex, Las Vegas Raiders’ stadium (as well as the team’s team separate headquarters/practice facility), Wynn Las Vegas’ new convention facilities, MSG Sphere at The Venetian, Las Vegas Ballpark, among many more.

Considered a versatile, cost-effective, and efficient building material, concrete is a vital component in constructing a variety of projects in the region, including buildings and stadiums, as well as the infrastructure these developments require, such as bridges, roads, and highways.

The World of Concrete trade show highlighted how the substance has contributed to shaping the skyline of Las Vegas in recent years, in addition to illuminating breakthrough new developments in the field that are allowing concrete to not only act as a strong foundation for a structure, but to function as an attractive and eye-catching element of design as well. New coatings and applications are allowing concrete – once thought of as bland and utilitarian in appearance – to contribute to the beauty of a building’s overall design as well.

Another topic addressed at the trade show was the economic impact concrete has had upon the construction industry, especially in terms of jobs and employment; recent retirement of long-standing construction veterans, combined with a lack of new inductees into the field, have resulted in a shortage of new hires, and experts note that a coordinated effort is needed in order to lure students that are near graduation and looking for careers into construction. This is especially true in Southern Nevada, where job openings are plentiful in the face of the current overwhelming needs of the business and real estate sectors.

Shelter Realty Property Management specializes 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.

Development , Economy , Market Updates

New $95 Million Investment in Marriott Hotel Approved by Las Vegas Officials; To Support Downtown Development, Offer Jobs

By Christopher Boyle February 28, 2019

LAS VEGAS – Las Vegas’ Symphony Park, a 61-acre mixed-use site currently under development in downtown Las Vegas, will be the home of a new Marriott Hotel, thanks to city officials who recently voted to approve the project. The new Marriott convention hotel brings with it a $95 million investment, which officials say will support Symphony Park’s development and create much-needed jobs in the downtown area.

Once housing a Union Pacific rail yard, Symphony Park currently is being master developed for mixed-use by the city of Las Vegas, also the landowner. Symphony Park is home to the Cleveland Clinic Lou Ruvo Center for Brain Health, Smith Center for the Performing Arts and the Discovery Children’s Museum.

Slated to be a 406-room, six story hotel with a projected opening date of summer 2020 will be constructed on the corner of Grand Central Parkway and Symphony Park Avenue – will offer a number of amenities for guests, such as an upscale restaurant, a fitness gymnasium, as well as retail stores and 20,000 square feet of spaces that can host large-scale meetings and conferences, officials say.

The six story hotel with a projected opening date of summer 2020 will be constructed on the corner of Grand Central Parkway and Symphony Park Avenue.

Officials anticipate that the project will produce approximately 150 construction jobs via developer Jackson-Shaw – a company responsible for 21 hotels to date – and once completed will employ over 275 people both directly and indirectly; in addition, the hotel is expected to generate about $1.5 million in tax revenue for the state and local municipality, according to reports. Previously, Jackson-Shaw was responsible for building local hotels the Hampton Inn Tropicana and the Renaissance Las Vegas.

The hotel, which is to be designed with inspiration taken from Spanish architecture and slated to cater to cutting-edge, modern lifestyles, will gel with the designs of neighboring structures and buildings in the Symphony Park development. City official said that they envision the mixed-use facility to become a hub for the arts, as well as a home for numerous professionals and businesses, including those in the science and medical fields.

In addition to the Marriot, other structures under development in Symphony Park include two parking garages that will incorporate up to 30,000 square feet of space for retail establishments, as well as residential apartments that will feature up to 600 single-family units once completed.
All in all, officials are expecting Symphony Park to play a large part in the re-invigoration of the Las Vegas downtown area within just a few years.

Shelter Realty Property Management specializes 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.

Development , Economy , Market Updates

Matter Real Estate Group Looking to Develop $400M Las Vegas-Based Mixed-Use Project

By Christopher Boyle February 21, 2019

Matter Real Estate Group Looking to Develop $400M Las Vegas-Based Mixed-Use Project

LAS VEGAS – San Diego-based Matter Real Estate Group recently announced plans to create a $400 million project spanning 40 acres in Southwest Las Vegas. The project, dubbed UnCommons by Matter owner Jim Stuart, is to be a mixed-use development consisting of office, retail, and rental space.

The UnCommons office park, slated to be located at the corner of the 215 Beltway and Durango Drive, will consist of 500,000 square feet of office space, 100,000 square feet of retail space, and 875 apartments, Matter officials said. The development is planned to be designed with ease of access to foot traffic in mind, with early design renders illustrating a variety of walkways situated within a densely built series of buildings offering visitors access to a wide array of amenities, including coffee shops, a food hall, restaurants and live entertainment venues.

Matter is currently in the process of purchasing the land needed for the UnCommons project; currently, the company owns approximately 8 acres, but plans on acquiring the remainder of the property by the start of summer this year, once project plans have been officially approved by Clark County officials.

The southwest valley of Las Vegas is considered a fast up-and-comer in terms of business growth and construction, and UnCommons stands to help that reputation continue to develop. Matter officials have noted that the design approach that their company is taking with the project – especially in terms of office construction – is catered to attract young professionals who expect a little something extra in terms of a modern, exciting, and interesting work environment.

In addition to UnCommons, Matter has unveiled plans to construct multiple warehouses in the Southern Nevada region. These include a 540,000 square foot industrial park adjacent to North Las Vegas Airport, a facility spanning 10 acres in the southwest valley, and a 300,000 square foot Henderson-based development located beside the practice facility of the Las Vegas Raiders NFL team.

Matter is currently in the process of working with borrowing institutions to provide capital for the UnCommons project, as well as courting various companies and retail businesses regarding leases at the office park. There is currently no official timetable for when the project is expected to commence or when the project is to be completed by, but Matter representatives indicated that they are keen to get the ball rolling on the project as soon as possible in order to take advantage of the rapid growth that the southwestern Las Vegas valley is currently experiencing.

Shelter Realty Property Management specializes 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.

Area Living , Economy , Market Updates

North Las Vegas to Conduct Grant-Funded Study on Potential “Livable Center” by Regional Transportation Commission

By Christopher Boyle February 19, 2019

LAS VEGAS – “Livable Centers” are a recent phenomenon that ‘center’ around offering residents a variety of options which help promote and facilitate a healthy, active lifestyle; North Las Vegas’ Deer Springs district has decided that this may give their community a significant commercial boost, and to that end they are dedicating grant monies into a study to see if a Livable Center in their backyard is a good fit.

Livable Centers are vibrant, walk-able places where people can live, work, and play with less reliance on their cars. Livable Centers, with concentrations of residential and employment, support more trips by foot, bicycle, transit, or carpool. Funded via financial grants provided by the Regional Transportation Commission of Southern Nevada are intended to assist communities looking to spur local economic development; Deer Springs’ study will work with the local community to identify specific recommendations, such as pedestrian and bicycle facilities, that can help spark the potential creation of a Livable Center.

If approved, most of the construction going into the Livable Center will be new, especially considering the fact that a majority of the Deer Springs area is currently awaiting development. Local officials are hopeful that a progressive and environmentally friendly project, such as a fully-functioning Livable Center, will attract businesses, jobs, and entertainment options into the region enabling it to grow and expand and, ultimately, create an environment that will bring in more families wanting to live here.

Before the mid-2000’s recession, the Deer Springs district was home to several businesses however once the recession hit the area dried up and many businesses either closed up shop or moved elsewhere. With the recent economic boom in Southern Nevada, local developers believe there is opportunity capitalize on the upward trend exhibited in both the real estate and job markets.

The benefits of Livable Centers include:

  • Less Time on the Road: By concentrating destinations, Livable Centers study areas reduce an estimated 416,541 single-occupancy vehicle trips daily.
  • Employment Opportunities: From 2009-2013, Livable Centers study areas saw 17.5% job growth, outpacing the overall 8-county region’s job growth rate of 11.7%.
  • Economic Impact: As of May 2015, a total of $197,041,186 in locally sponsored capital improvements had been made in Livable Centers study areas. An additional $272,146,008 are planned or programmed.

Deer Springs officials noted that they hope to complete their Livable Center study and present their findings to the North Las Vegas city council in June of this year; the report is slated to include strategies derived from the study that are intended to guide the development of the project – including transportation and other forms of access, should it be approved by officials.

Shelter Realty Property Management specializes 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.

Economy , Investing , Market Updates

Las Vegas Outpaces U.S. 2018 Average Employment in Terms of Construction

By Christopher Boyle February 5, 2019

LAS VEGAS, NV – Looking back at 2018, Las Vegas can boast of a great many things – a booming economy, a healthy job market, booming real estate, an influx of new residents and businesses – but one item that stands out just as impressively is the fact that employment in the local construction industry blew up at roughly twice the rate when compared to the rest of the United States.

With a plethora of ongoing high-profile building projects – including the Las Vegas Raiders NFL stadium, a new baseball stadium, numerous single-family homes, apartment buildings, and condos, retail buildings, warehouses and more –  nearly 68,000 people were employed by the Las Vegas construction industry last year, representing a jump of nearly 9 percent from the same period in 2017, as per reports. In contrast, construction jobs only grew on an average of 4 percent elsewhere in the country.

With demand for quality – and affordable – housing spiking in Las Vegas within the last few years, the only thing standing between prospective homeowners and their desire to move into new dwellings has been a shortage of workers, and in an attempt to offset the difficulty in attracting laborers, construction companies have been offering extra incentives in order to draw them in, including higher salaries and benefits. 

Slowly, but surely, the approach has been working, and output from the region’s contractors has been steadily increasing to meet demand; however, according to reports, the workforce is still under-populated and companies are still looking for qualified workers.

The housing job market in Las Vegas currently, while very impressive by national standards, still pales in comparison to how it was in the “good old days.” Previously, before the housing market crash of the mid-2000’s, construction companies in Las Vegas employed approximately 112,000 workers; following the burst of the housing bubble, however, the market could only sustain fewer than 35,000 workers. Needless to say, the modern market is clearly in the rise once again.

Real Estate professionals in Las Vegas in 2018 reported record numbers of sales, with the marker hitting highs not seen in the Southern Nevada Region in over a decade. Scarcity has resulted in elevated pricing, but as more workers are brought in by home-builders in the area, a greater output of dwellings will result in prices stabilizing and, eventually, dropping to more affordable levels, although it is worth noting that Vegas’ cost of living, even now, is lower than much of the country, especially when compared to neighboring states such as California.

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos or rental info? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Development , Economy , Market Updates

Las Vegas Developer Tearing Down Campus Village Complex for Mixed-Use Project

By Christopher Boyle January 22, 2019

LAS VEGAS, NV – Campus Village, located at 4440 South Maryland Parkway in Las Vegas, is a two-story complex consisting of space for retail establishments and professional office complexes. It’s been occupying its space for decades – it was originally built in 1978 – and due to the efforts of a prominent local developer, it will be soon demolished to make way for a new mixed-use project that is looking to tap into the recent real estate boom experienced as of late in the Southern Nevada region.

Situated directly across from the University of Las Vegas campus, workers employed by G2 Capital Development began demolition last week on Campus Village, with owners of the company estimating that the property will be completely razed and ready for re-purposing within a week or 10 days. G2 purchased Campus Village in 2017 for almost $5.5 million; the deal also included a separate building featuring retail space next door as well.

G2 Capital Development noted that demolishing the building and starting over from scratch is a necessary step due to numerous issues that Campus Village faced; due to its below-ground construction and open-air set-up, the property was often the victim of flooding during storms. Occupations by Las Vegas’ homeless community and drug dealers, as well as ongoing issues of vandalism, have also been a growing problem, G2 noted.

The demolition of Campus Village, G2 said will make way for a new complex that will feature numerous buildings constructed upon the site, some reaching as high as 20 stories; the new structures are slated to consist of spaces serving a variety of uses, from hotel rooms to office space, apartments and possibly even space utilized by the neighboring University of Las Vegas administration.

Project plans are expected to be filed with Clark County officials within the next few months as to the exact specification of the project, which is tentatively anticipated to break ground and begin construction by the end of 2019 or possibly the beginning of 2020. The estimated time from start to finish is approximately 20 months, G2 said. Part of the construction is expected to involve the neighboring retail-centric building at 1220 East Harmon Avenue, which is expected to also be demolished soon and whose property is expected to be incorporated into the overall mixed-use project G2 is working on.

Completion of the project, and the new retail and business tenants that the new complex is expected to attract, are to serve as a catalyst for positive change in the area, which has until now been seen as impoverished by some, according to reports.

Looking for information on resettling in the fast-growing Las Vegas market? Home recommendations? Vegas apartments, condos or even area nightlife and entertainment expectations? Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Area Living , Economy , Market Updates

Las Vegas Raiders Hold Groundbreaking on New Henderson Headquarters

By Christopher Boyle January 14, 2019

LAS VEGAS, NV – The news that the famed Oakland Raiders National Football League (NFL) team would be picking up their cleats and transplanting themselves to Las Vegas rocked the sports and business world. And to coincide with their arrival in Sin City – anticipated to be in time for the start of the 2020 season – work upon their new $2 billion, 65,000-seat stadium located on a 63-acre plot of land situated between Russell Road and Hacienda Avenue began in November of 2018, generating big headlines across the nation. And since the beginning of construction, work has progressed at a steady and rapid pace, with estimates putting the completion of the project on-time and within budget.

Lost among all the hoopla of the stadium, however, is another Raiders-related construction announcement this week; one perhaps not as flashy but certainly equally as important when it comes to running the sports dynasty once it arrives in its new Las Vegas home. On January 14, ground was broken on the construction of the Raiders’ new headquarters, a cutting-edge facility located in Henderson to be built upon 55 acres of vacant land adjacent to the Executive Airport. 

The headquarters will offer 323,000 square feet consisting of advanced training and workout facilities – including three practice areas outside as well as an indoor football field as well – in addition to numerous corporate offices to house the team’s management, executives, and other personnel.

The area in Henderson surrounding the future Raiders headquarters is, according to reports, in the middle of a resurgence of development, with numerous construction projects branching out and taking shape as the region continues to benefit from the booming Vegas economy and real estate market that is attracting businesses far and wide. Rounders Grilling & Gaming, a tavern franchise offering bar food, drink specials and gaming options in a “no-nonsense setup” is in the process of creating a new location adjacent to Raiders’ headquarters, with a target date of September of this year set for their official Grand Opening; the hook for customers, they say, will be a place for Raiders fans to be able to easily and comfortably watch their new hometown team play. 

The hope, of course, is for these new businesses to latch onto the increased traffic that is sure to be attracted to the area by the arrival of both the legendary sports team’s new HQ and Raiders Stadium; this is expected to create a ripple effect that will be felt throughout many of Las Vegas’ many industries, including real estate, the job market, and the amount of tourism to the area. In fact, not only will the stadium be the new home of the Raiders, but also the University of Nevada’s football team as well, attracting professional and colligate football fans of all ages.

Indeed, 2020 is shaping up to be an exciting year for Las Vegas.

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos even area nightlife and entertainment expectations? Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Area Living , Economy , Market Updates

New $75 Million State-of-the-Art Movie Theater to Open in North Las Vegas; Scheduled Opening on Friday, January 18

By Christopher Boyle January 8, 2019

LAS VEGAS, NV – Downtown North Las Vegas, parts of which are still considered ‘depressed’ despite the economic boom taking place throughout the Southern Nevada region, is nonetheless experiencing a degree of growth in recent months that seems to be putting it on a course to intercept the reset of Las Vegas in due time. And one manner in which that growth is taking place is in the form of a new multi-million dollar entertainment complex that is sure to put the area on the map.

Maya Cinemas will be opening a new $75 million, 14-screen movie theater in front of the Silver Nugget Casino, an area of North Las Vegas that is considered economically depressed but that experts say is on the verge of a growth spurt, given the need for real estate in the area to satisfy the many new inhabitants that moving there. The opening of a new, state-of-the-art movie theater in the area, according to Maya Cinemas, is sure to serve as a catalyst for continued development in the under-served community, attracting more businesses and residents as its profile continues to improve.

In addition, local businesses are hoping that such an investment in their community will improve their fortunes as well, considering the increased foot traffic that a high-profile entertainment complex is sure to bring. Also, local residents, according to reports, are excited about finally getting a high-tech movie theater right in the heart of their very own neighborhood.

The theater, slated to open in late January of 2019, will feature luxury reclining leather seats situated in large-scale stadium seating, booming Dolby surround sound set-ups, a large arcade stocked with all the latest and greatest video games, snack counters stocked with a plethora of treats, and a cantina where grown-ups can unwind after taking in the latest blockbuster.

Maya Cinemas ownership noted that the impending opening of their theater in North Las Vegas has already attracted other merchants to the community; four restaurants and eleven retail establishments are already in the works in the immediate vicinity of the theater, all of which were drawn by the promise of new economic growth and development in the area, officials said.

Maya Cinemas is scheduled to open in North Las Vegas on Friday, January 18.

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos even area nightlife and entertainment expectations? Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Area Living , Economy , Market Updates , Real Estate

Las Vegas: The Hottest Real Estate Market of 2018

By Christopher Boyle December 31, 2018

LAS VEGAS, NV – As always, the real estate market in the United States can be a highly competitive one, but when looking back at the year 2018 in review, one territory stands out clearly above all the rest as the hottest market in the county: Las Vegas, Nevada.

Based on home price growth alone, Vegas reigns supreme as the biggest housing market of the past year, and part of that status can be directly attributed to its relatively low cost of living not only when compared to much of the country – Vegas remains one of the cheaper metropolitan areas in the country to live – but especially when directly compared to its immediate neighbor: California. California boasts some of the highest home prices and cost of living in the nation, and it’s that crucial fact about its housing market that makes Southern Nevada that much more attractive not only to tourists, but to people and families looking for a new place to live that is affordable.

However, it’s not just the affordability factor that made Vegas’ real estate market so hot in 2018; a number of other factors functioning in tandem helped with that. Major job creation, coupled with diversification in multiple industries in the region, is another contributing reason. After the recovery from the housing market crash of the mid-2000’s, Vegas saw a variety of companies and businesses settle down within its borders; companies and businesses that need qualified workers, and because of that the city quickly saw an influx of new transplants from across the country, effectively kick-starting the local real estate market that has been otherwise sitting dormant for nearly a decade. With that demand, housing prices started to quickly climb in the region, although nonetheless remaining at levels comparatively lower than the much of the rest of the country.

For example, let’s compare median single-family home prices in Las Vegas to California. In the third quarter of 2018, a home in Vegas came in at approximately $294,600; when compared to the same home type in Los Angeles – $628,900 – and San Diego – $650,000 – and Orange County-Anaheim – a whopping $830,000 – it’s easy to see why Las Vegas suddenly becomes a very attractive alternative, even with its own real estate market currently on the rise.

Vegas also overtook Seattle, Washington as the king of the fastest-growing home prices, with 13 percent jump in September 2018 over the same month one year before. Vegas’ real estate market had previously peaked back in 2006 before the burst of the housing bubble, and while prices locally have recovered and grown significantly since then, they are still 20 percent below 2006 levels. If ever there was a time to buy in a rapidly-growing marketplace, now is clearly the time and Las Vegas is clearly the place.

Thinking about relocating to Las Vegas? Need some ideas on what areas fit your family best? New home recommendations? Las Vegas apartments, condos even nightlife and entertainment? Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Area Living , Economy , Market Updates

Service MSG Sphere Facility to Receive Dedicated Monorail Station, One of Two Under Construction in Las Vegas

By Christopher Boyle December 18, 2018

LAS VEGAS, NV – There are currently two monorail stations in the planning stages in Las Vegas, and one of them is conformed to be servicing the upcoming MSG Sphere at The Venetian facility, an appropriate melding of a futuristic transportation mode and an equally-futuristic concert facility.

Clark County has recently received plans from the developer of the project, calling for a 60-foot tall, 11,119 square-foot monorail station that will feature platforms on both sides – north and south – of the existing monorail track that passes through the 19-acre MSG Sphere site. The monorail station will provide access via a 1,100 foot-long pedestrian bridge that is also in the works, slated to connect the MSG Sphere with the Sands Convention Center.

The MSG Sphere, a joint venture between Sands Corp. and Madison Square Garden, 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. A futuristic music and event venue, the MSG Sphere will feature an exterior with 36 miles of variable intensity LED lighting, 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. Ground was broken on the project in September of 2018, with construction expected to be compete in 2021.

The construction of the monorail station is expected to incorporate painted steel, metal panels, metal guardrails, glass doors, and metal roofing, with support columns made from concrete. The current estimated price of the station is not publicly known.

A second monorail station for Las Vegas is also in the works, with a station and track extension planned to connect the MGM Grand and Mandalay Bay with the upcoming 65,000-seat Las Vegas Raiders stadium, a $1.8 billion project that is currently under construction. The price tag of this aspect of the monorail expansion is purportedly in the neighborhood of $23.6 million, and is expected to take approximately 18 months to complete once started.

Upon completion of the new stations and extensions, the Las Vegas monorail system’s track will span five miles comprised of nine stations, offering both local residents and visitors an easy and effective means of transportation to a variety of locations throughout the city, including hotels, casinos, dining, retail, and entertainment venues, in addition to all of its major convention centers and, of course, the MSG Sphere once it is completed.

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos even area nightlife and entertainment expectations? Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Economy , Real Estate

Las Vegas Asian-American District Receiving New Retail and Business Additions

By Christopher Boyle December 11, 2018

LAS VEGAS, NV – Las Vegas boasts a diverse and wade array of residents, and one of the segments of this population that is growing at an especially rapid rate is Asian-American contingent; currently drawn to the Southern Nevada region from areas of the country including California, New York, and even Hawaii, Asian-Americans are making up an ever-increasing segment of Vegas’ residents due to the many opportunities that are being offered by the city’s rapidly-rebounding economy and job market.

Developers are looking to take advantage of this demographic by recently announcing an increase in construction in Vegas’ Asian-American district, particularly in the form of new retail and business-related projects on Spring Mountain Road. Recently, local dignitaries turned out for a groundbreaking event in that will signify the kick-off of work on a 33,000 square-foot plot of currently-vacant land that, once development is complete, will offer new office space, restaurants, and more to local residents.

Special effort will be given to making maximum use of the available space, the developer noted, as land is scarce for new projects in this area; Spring Mountain Road represents a very busy roadway that travels through the very heart of Vegas’ Chinatown district, and as a result conditions are tight.

The event included a festive scene as Asian-themed celebrations incorporating dancers, dragons, and authentic music ushered in the commencement of work on the project, located in the vicinity of Spring Mountain and Jones. Developers noted that the design of the upcoming business and retail complex will make use of a modern yet distinctively Asian aesthetic in an effort to attract both younger and older members of Vegas’ growing Chinese population. The new retail and business opportunities are expected to lure in one of the most desired demographics in the region – traditional families as well as tech-savvy millennials.

The new project, according to the developer, should usher in a fresh new vibe to the region and attract a younger, hipper demographic; in addition, the fresh construction and design elements should inspire neighboring businesses – including some that have become somewhat run-down over the years – to follow suit and invest in a serious facelift.

After the recent groundbreaking, project managers for the development have said that construction should start kicking into gear within several weeks. The first new business tenants are tentatively expected to move in and open their doors by December of 2019, if all goes according to plan.

Economy , Market Updates , Real Estate

Lake Las Vegas Becoming Newest Hotspot for Real Estate Sales in Southern Nevada

By Christopher Boyle December 4, 2018

LAS VEGAS, NV – After a series of construction projects throughout 2018 aimed at increasing its appeal, Lake Las Vegas has emerged at year-end as a place for people to call a full-time home, finally shedding its reputation as merely a weekend retreat for those able to afford a second home ‘away from home’.

Initially, after the Southern Nevada region began to recover from the mid-2000’s burst of the housing bubble, Lake Las Vegas was one of the slowest Master Planned Communities to show any sign of a rebound; as of 2014, developers shied away from constructing homes there initially, but as time went by and more and more demand for housing began to grip the area, builders began to give Lake Las Vegas a second look. Currently, there are now ten communities within Lake Las Vegas that have homes on the market, ranging from moderately-priced dwellings to luxury custom lots. In addition, there are even plans in the works to construct a 55+ community, slated to potentially open by the end of 2019.

Clearly, developers have turned around when it comes to what Lake Las Vegas has to offer the Southern Nevada real estate market; the 3,600-acre development – complete with a 320-acre, man-made lake – is in the midst of a construction boom, and a lot of that new success is due to efforts by owner John Paulson to change Lake Las Vegas from a vacation spot to a legitimate community where families and individuals would live year-round.

Part of the plan to rehab Lake Las Vegas’ image is to make it more family-inclusive were the development of numerous amenities that would illustrate the community as more than just a weekend resort town, and developing homes that catered to a variety of different income levels in order to make it more inclusive and attractive to buyers. As a result, more and more buyers are seeing Lake Las Vegas as a place for their primary residence as opposed to simply a getaway.

Another large factor that has opened up Lake Las Vegas to serious home buyers is the linking of U.S. Highway 95 to an extension of East Galleria Drive, opening up an easier, more direct access to retail shopping and entertainment options for residents. In addition, the construction and opening of Stevens Elementary School along that route has also proven to be an allure for families with children. The addition of new businesses such as a supermarket and sports club have also helped to draw new buyers in.

Indeed, things at Lake Las Vegas as 2018 comes to a close have taken a 180 degree turn over the previous year; whereas the region was formerly seen as a weekend retreat for wealthy individuals, Lake Las Vegas is now a permanent home to more and more people than ever before. In fact, many individuals are purchasing homes there and turning to areas such as Utah and Idaho for second home options. And as more development continues as Lake Las Vegas, its reputation is expected to continue to draw in buyers looking to make it their primary residence.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.