Category Archive : Area Living

LAS VEGAS, NV – A California-based developer is planning to construct a $380 million mixed-use sports, entertainment, and retail facility in Las Vegas, with Agora Realty & Management having recently closed on financing and land purchases at the former site of two Las Vegas casinos in order to bring the project to life.

Plans for the upcoming facility including housing, retail, and the a professional-grade public ice rink, which will be managed by the NHL‘s Golden Knights, who play at the Las Vegas Strip’s T-Mobile Arena and won this year’s Stanley Cup championship.

The 73-acre project is slated to be called Hylo Park and will be located in North Las Vegas at the intersection of Rancho Road and Lake Mead Boulevard. It will be made up of 1300 residential units, a retail center anchored by a supermarket, and many sports and entertainment aspects that will be added in a number of construction phases.

The main attraction of the project – and the aspect the rest of the facility will be built around – is Champion Square, which will be a sports village and public plaza that will include the public ice rink, as well as practice facilities that can be utilized by youth and amateur hockey and skating leagues.

The idea behind the project is to capitalize on Las Vegas’ rising profile as a sports destination following the recent influx of transplanted major sports teams and events to the region, including NHL, NFL, MLB, and Formula One racing.

Agora Realty CEO Cary Lefton said in a statement that the extensive sporting attractions at Champion Square would appeal to both the local Las Vegas community as well as traveling sports teams, and stands to be a “lucrative traffic generator” for surrounding restaurants and businesses.

From our longstanding work with North Las Vegas we knew that the city needed more housing and community services for its growing population,” he said. “We also recognized an opportunity to leverage the draw of Las Vegas’ fast-growing sports 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 – 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 – Workforce housing property Intrigue Apartments Las Vegas – formerly known as Andiamo Apartments – was recently sold by Wilshire Unlimited to a private family trust in a deal that was worth $33.5 million. 

Part of the sale price was comprised of a $17.5 million Fannie Mae loan that carries a seven-year term with four years of interest-only payments and a 30-year amortization schedule. 

Intrigue Apartments Las Vegas – located at 4600 Vegas Drive, in the vicinity of Highway 95 and five miles from downtown Las Vegas and two miles from North Las Vegas Airport – is made up of 193 units spread out over eight two-story buildings and was originally constructed in 1986. There are both one and two-bedroom floorplans available, with square footage ranging from 700 to 900 feet. There are numerous amenities for tenants including a fitness center, a clubhouse, a swimming pool, laundry facilities, and 300 parking spaces. 

As a workforce housing property, Intrigue Apartments is intended to be affordable to households earning between 60 and 120 percent of area median income (AMI), targeting middle-income workers which includes professions such as police officers, firefighters, teachers, health care workers, retail clerks, and the like. Many cities across the country are investing in workforce housing properties, as it is increasingly difficult these days for middle-income workers to buy or rent housing in the areas in which they work. 

Despite that fact, a recent Yardi Matrix report indicates that multifamily investment has decreased in Las Vegas over the past year. In the first half of 2023, the total sum of transactions amounted to $283 million, compared to the first half of 2022 when that amount was a whopping $2.2 billion. In addition, the average price per unit in the city of Las Vegas dropped by 25.7percent year-over-year this past June, amounting to $184,407. 

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

LAS VEGAS, NV – A new report released by H&R Block reveals that more middle-class Americans are moving out of state in search of affordable lifestyles, and that Las Vegas, Nevada is among the top destinations for families and individuals looking to get more bang for their hard-earned buck. 

Cities in Arizona, Nevada, Florida, and Texas are the top places in the country budget conscious members of the middle-class are moving to, according to 2022 tax data utilized by H&R block for their report. And the number two city on that list is Las Vegas, with the tax preparation company noting it is an up-and-coming destination for those seeking to relocate to a region in the country where taxes are lower and homes are more affordable. 

Andrew Arevalo, a real estate agent who is licensed in both Nevada and Colorado, said that in recent years Las Vegas has been stealing the thunder from other parts of the country that had previously been considered financially friendly to the middle-class. 

It’s weird to say this out loud, but I feel like Vegas is the new Colorado,” Arevalo said. “It has shifted from Denver getting a lot of people from out of town to Vegas. It has now officially taken over.” 

According to metrics from H&R block, the American middle-class is made up of those with an adjusted median household income ranging between $45,000 and $145,000 a year. The company based this on guidelines provided by the Pew Research Center as well as anonymously collected data from those who had filed taxes with them within that income bracket in 2022, coming in at 4.6 million people. 

Arevalo noted that – according to the Multiple Listing Service – there are presently over 13,000 homes listed in Clark County, which is where Las Vegas is situated; a number of properties on the market is currently assisting in keeping it affordable, with the median sales price of a Las Vegas home in September being $410,000, according to residential real estate brokerage and mortgage origination services company Redfin. 

In contrast, Arevalo noted that in Denver the median sales price of a home is $568,500, with currently only 4,700 homes available on the market. It is this reason, he said, that the cash-strapped middle-class are now passing over Denver and are instead heading to Vegas. 

At the end of the day, all they really care about is their bottom dollar in their pocket,” he said. 

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

LAS VEGAS, NV – 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 – Las Vegas has seen an explosion in the expansion of both its residential and commercial sectors in recent years – including Summerlin, Henderson, and the Las Vegas Strip, to name a few – but Enterprise, an up-and-coming township located in the southwest Las Vegas Valley, has been turning heads lately as one of the fastest growing areas in the United States.

Clark County statistics indicate that Enterprise is currently experiencing a degree of rapid growth that puts it ahead of any unincorporated area in the Valley; in fact, if it were to incorporate itself today, it would rank only behind Las Vegas, Henderson and North Las Vegas in terms of the largest cities in the county.

While Enterprise has been in existence for some time, Clark County Commissioner Justin Jones noted that the main factor contributing to its current skyrocketing growth was the recent construction of a major roadway and the development of several high-end neighborhoods.

Enterprise really started to explode with the construction of the 215 Beltway and development of the Rhodes Ranch, Mountain’s Edge and Southern Highlands master-planned communities, which began more than 20 years ago,” Jones said. “With the beltway providing a connection to the Summerlin and Henderson communities and easy access to the airport and the Strip, Enterprise was highly attractive to working families and businesses.”

Enterprise is located on a plot of land approximately 66 square miles – or 42,600 acres – south of the 215 Beltway, beginning in the vicinity of Fort Apache Road and Warm Springs Road and ending at the intersection of Interstate 15 and St. Rose Parkway.

In addition of the 215 Beltway and the aforementioned master-planned communities, other significant developments in the township consist of a planned high-speed rail Brightline Station that would serve as a direct link to Los Angeles; a potential NBA arena and casino resort; and several high-profile resorts and residential projects that are currently either in the planning or active construction phases.

According to 2022 Clark County statistics, Enterprise boasts a population of 233,896 residents, 185,506 single-family homes, and over 29,000 apartment units, with many industry experts calling the township a legitimate real estate hotspot that will continue to grow and thrive for years to come.

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 – 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 – According to a new report released by online real estate brokerage Redfin, somewhere in the neighborhood of 5,000 people relocated from Los Angeles to Las Vegas during the month of August, showing that Southern Nevada is still a very desirable place for people to move to, especially from states with a very high cost of living such as California. 

This impressive number of transplants nonetheless represents a decrease year-over-year; in August 2022, 6,800 people moved to the Las Vegas Valley from Los Angeles. Redfin stated they have gathered this data by utilizing an algorithm that tracks searches made by home buyers in markets outside of their local area, indicating a desire to relocate; this algorithm, according to the company, has a 90 percent success rate in predicting moving behaviors. 

An interesting fact is that while Las Vegas is one of the most popular cities to move to in the country currently – ranked second nationally behind only Sacramento – Los Angeles is actually at the top of the list of cities that people are moving out of.  

Along with Los Angeles, other top cities in the country that people are presently relocating from in large numbers include San Francisco, New York, and Washington D.C., according to the Redfin report; the reasons cited by residents of these cities for leaving include affordability issues, high taxes, crime rates, and the ability to work many jobs remotely becoming more and more commonplace. 

Relocations are holding up better than in-metro moves largely because homebuyers are searching for affordability, and remote work gives many Americans the freedom to move,” the report states. “Nine of the 10 most popular migration destinations have a lower median home-sale price than the most common origin of homebuyers moving in.” 

Currently, according to the UNLV Center for Business and Economic Research, the population of Las Vegas is swelling by approximately 115 residents on a daily basis. 

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 – Hard Rock International, the new owners of the Mirage Las Vegas, have gained the approval of the Clark County Zoning Commission to replace the resort’s iconic volcano attraction with a massive guitar tower-themed resort and casino, reflecting the eventual rebranding of the property into the Hard Rock Las Vegas. 

The Mirage Las Vegas transferred operations in December 2022 from MGM Resorts International to new owners Hard Rock, the gaming arm of the Seminole Tribe of Florida, who purchased the rights to operate the resort for $1.075 billion; this marks the first time that a Native American tribe has run a Las Vegas Strip-based casino in history.  

While Hard Rock plans to continue operating The Mirage under its current name for the time being, the eventual plan is to re-brand the resort with the Hard Rock name in 2024 and redevelop the building into the same trademark guitar-style shape as other Hard Rock resorts. 

The eventual plan for the resort includes a 600-room, 660-foot-tall project along Las Vegas Boulevard – slated to be built exactly where the existing Mirage volcano currently is – with 49,000 square feet of gaming area and 96,000 square feet of retail and restaurants; amenities will include a pool, spa, fitness center, and salon. 

According to Jennifer Lazovich, a land-use attorney with law firm Kaempfer Crowell, the design of the proposed tower that Clark County approved last week will see it take the form of giant back-to-back guitars featuring “brightly lit strings” and massive floor-to-ceiling glass panes. 

Hard Rock had been repeatedly questioned about their plans for the volcano attraction since taking over the property, which has entertained tourists and visitors to the city for years; unfortunately, earlier this year the company confirmed their plans to eventually demolish it, citing the fact that it does not generate any revenue. 

For the time being, MGM will license the “Mirage” name to Hard Rock until the rebranding project is complete; Hard Rock Las Vegas is expected to open in 2025 or 2026. 

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 per a new report released this week, when prospective homebuyers nationwide are looking for a new place to relocate, the Las Vegas valley is currently the most searched location out of entirety of the United States. 

Real estate brokerage Redfin noted that home buyers are being inspired to flock to Las Vegas by several notable factors, the most prominent of which being its extremely high degree of affordability when compared to other parts of the country. 

Buyers with the freedom and inclination to relocate are choosing Las Vegas largely because their money goes a long way there,” the report said. “Its typical home sells for $412,000, less than half the price of a home in Los Angeles, the most common origin for buyers moving to Las Vegas.” 

The data in the report was accumulated from searches conducted by approximately 2 million Redfin.com users between April 2023 and June 2023 and encompassed queries for homes currently on the market across over 100 major metropolitan areas. 

In addition, the Redfin report notes that in the second quarter of 2023, a full 25 percent of their users indicated that they were looking to relocate to a different metropolitan area other than where they currently reside, which constitutes a record number of the site’s users looking to move. 

The Redfin report is backed up by newly released research from the University of Nevada, Las Vegas’ Center for Business and Economic Research, which indicates that 115 people are moving to Clark County on a daily basis. In fact, Clark County’s population is expected to grow by approximately 42,066 residents in 2023 alone, and the number of people moving there will continue to increase, according to UNLV, with that number possibly increasing to as many as 56,000 new residents in 2026. 

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.