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MGM Resorts Plans $86M Expansion of Mandalay Bay Convention Center

1 May 2014, 12:05 am

By Alex Girda, Associate Editor

Mandalay Bay Resort and Casino plans an $86 million expansion of its convention center that would increase its convention space to more than 2 million square feet.

The project would expand the 1.7 million-square-foot convention center by 350,000 square feet. MGM Resorts International, Mandalay Bay’s owner, said in a statement that additional improvements are planned, including a new underground parking structure and new exhibit space.

Also in the pipeline is a 70,000-square-foot ballroom that can be divided into five sections, allowing greater flexibility and more breakout areas for corporate groups.

When complete, the additions will boost the Mandalay Bay Convention Center’s total square footage from seventh to fifth in the nation, and its expanded 1.1 million square feet of exhibit space will bump up the property from No. 11 to No. 5. Construction is scheduled to begin late this year, followed by the opening of the new exhibit space in August 2015. The rest of the new facilities will come on line in January 2016. The additions will meet LEED Gold standards.

Image courtesy of mandalaybay.com



Revived Master Plan Would Bring 15,000 New Homes to North Las Vegas

24 Apr 2014, 4:09 am

By Alex Girda, Associate Editor

One of the largest residential projects in Nevada has found new life as developers have expressed the intention to break ground on a $3.2 billion master-planned community in North Las Vegas that could encompass up to 15,000 homes.

Originally approved in 2006, the Park Highlands project would occupy 2,600 acres. Despite the backing of the City Council, the project stalled due to a combination of financial problems and the economic downturn. A number of changes to the plan have revived the project, which would be located north of the Las Vegas Beltway near Aliante Parkway. With the final vote for a number of smaller master plans set for May, North Las Vegas could see a 10- to 15 year buildout.

Due to the project’s troubled financial history, the 2,600 acres of land are now under the ownership of eight different entities, The Las Vegas Sun reports. A representative for the owners has since revealed that the developers intend on rolling out a development process with groundbreaking aimed for  late 2014 or early 2015. The Sun also noted that the land has been split into two separate master-plans.

Utilities and storm drains are already in place on the 600-acre western site between Decatur Boulevard and Aliante Parkway, where about 4,000 homes would be built. Work is somewhat less advanced on the 2,000-acre eastern portion of Park Highlands; a pair of commercial and residential landowners hope to develop another 11,000 homes, according to The Las Vegas Review-Journal .



High-end Summerlin Office Property Hits the Market; Gladstein Group Gets Listing

17 Apr 2014, 2:57 am

By Alex Girda, Associate Editor

 

Sam Gladstein, president of the Gladstein Group, was named the exclusive sales agent by the Donald W. Reynolds Foundation for its property at 1701 Village Center Circle  in the Summerlin master-planned community. According to a statement, the asking price for the asset is around $11.5 million.

The 43,000-square-foot building is located on a 2.5-acre lot in Summerlin, and offers convenient access to McCarran International Airport, as well as to the 215 Beltway, U.S. 95 and U.S. 15.

The Reynolds Foundation’s property is a high-end office building offering a wide range of amenities that include expansive board rooms, state-of-the-art multimedia capabilities, full kitchen, fitness facilities, an executive dining room and on-site underground parking.

The building’s floor plans are potentially suitable for law, accounting and other professional services firms. The two-story 1701 Village Center Circle building includes executive wings with private offices and conference rooms, open areas designed for roomy cubicles, plus large file rooms, state-of-the-art computer server facilities and break/lunch rooms. Tech fixtures include a 60-ton cooling tower.

The building features prairie-style design, wide overhangs, garden-style landscaping, sandstone, granite, steel and glass flourishes, as well as a slate roof. Master craftsman woodwork and commissioned lighting fixtures adorn the interior.



Capital Square Realty Buys CVS Store in the Heart of Strip’s Development Boom

14 Apr 2014, 2:39 pm

By Alex Girda, Associate Editor

The appeal of drugstores to investors was recently underscored when an affiliate of Capital Square Realty Advisors L.L.C. acquired a 14,378-square-foot CVS on the ground floor of Sky Las Vegas, the luxury condominium tower on the Las Vegas Strip. Capital Square’s purchase also reflects the demand expected to flow from the multibillion-dollar resort projects under development nearby.

Located at 2700 S. Las Vegas Blvd., the store is leased to CVS Caremark Corp. on a long-term basis. Capital Square Realty CEO Louis Rogers commented in a statement, “The facility also benefits from a strategic location on the rapidly-developing north end of the Las Vegas Strip.”

High-profile projects under way include SLS Las Vegas, the 1,600-key resort scheduled to open this year on the former site of the Sahara, and the $2 billion Resorts World Las Vegas, which will debut in 2016 where the Stardust once stood.

Regarding the deal’s financing, Capital Square’s vice president of acquisitions, Yogi Singh, added that the firm placed “highly accretive debt on the property based on the credit of CVS Caremark Corporation.” BCG Capital Partners procured the senior debt.

Rendering courtesy of skylasvegas.com



Century Communities Acquires Dunhill Homes’ Las Vegas Operations

3 Apr 2014, 3:09 am

By Alex Girda, Associate Editor

With the metropolitan Las Vegas residential market on the upswing, some home builders are looking to expand their local footprint.  To name one example, Century Communities recently acquired Dunhill Homes’ Las Vegas operations.

The acquisition boosts Century Communities’ Las Vegas portfolio to 1,849 lots and its total holdings to 10,095 controlled lots, which translates to a 21 percent jump since the end of 2013.

The move comes as a natural continuation of the developer’s strategy to expand into major  markets with solid economic fundamentals, the company explained in a statement. Co-CEO’s Robert Francescon and Dale Francescon said that the move  “allows us to add an experienced operations team, with a reputation of delivering quality homes in well-located communities.”

Additionally, Century  is in a strong position in a land-constrained market, and its current assets will offer opportunities for growth.

Century now has a presence in five different residential communities, in the form of land, homes under construction and model homes. Two of those are master-planned communities with full amenities.  The new additions to the company’s inventory are one- and two-story single-family homes that range in size from 1,350 to 3,700 square feet.



Sansone Plans $23 Million Makeover for Boulevard Mall

30 Mar 2014, 8:19 pm

By Alex Girda, Associate Editor

Sansone Cos. plans a $23 million overhaul of the Boulevard Mall in a bid to restore the 49-year-old retail center to its former prominence. The multi-phase renovation will start this summer and is scheduled for completion in 2015. Details of the plans follow Sansone’s $55 million acquisition of the property late last year..

The renovation plan recently cleared a hurdle when it won approval from the city planning commission. Opened in 1965, the 1.2 million-square-foot center was a major force in the local retail market through the early 1980s.

As part of the overhaul, the property’s first in more than 20 years, Sansone will refresh the tenant roster with a variety of new retailers. Other highlights will include  a farmers market offering about 70 vendors, valet parking, free Wi-Fi, as well as a  food court upgrade that would add a number of new dining plus  four wide-screen plasma TVs.

Also in the works is a redesigned exterior with a new facade that will front Maryland Parkway and its corridor, plus new storefronts, awnings and landscaping.



Former North Las Vegas City Hall Awaits Next Chapter

21 Mar 2014, 8:25 pm

By Alex Girda, Associate Editor

One of North Las Vegas’s most distinctive properties is awaiting its next chapter. According to the Las Vegas Review-Journal, the former city hall is now available for prospective buyers or tenants after standing vacant for several years.

The building has a number of attributes that investors may find attractive, and upgrades that could be considered important assets. Located at the center of the redevelopment district, the former city hall offers great proximity to dining and transportation. The building is also compliant with the Americans with Disabilities Act, offers air conditioning, high ceilings and wide hallways. The property also features a glass-enclosed atrium.

The Review-Journal reported that the property, offering a total of 29,000 square feet of space, was recently assessed at $3.1 million–an estimate that falls short of  city expectations, especially in light of the current city hall’s $130 million cost.  According to the publication, the local government might lease out the building and wait for the real estate market to see some consistent improvement before seriously considering selling the asset.



Vestar Gives The District at Green Valley Ranch in Henderson a $3M Makeover

16 Mar 2014, 10:02 pm

By Alex Girda, Associate Editor

After a $3 million renovation, Vestar Development  has re-unveiled the District at Green Valley Ranch, a 384,100-square-foot retail center in Henderson, according to rentv.com.  A joint venture of Vestar and Rockwood Capital acquired the property two and  a half years ago in a $79 million deal.

Part of Green Valley Ranch, a  master-planned development at the foothills of Black Mountain, the District  features a tenant roster that includes Whole Foods, West Elm and William Sonoma. The 37-acre property has gone through a number of customer-oriented changes and improvements that aim to create a new ambiance for shoppers.

Vestar has added  new lighting above the revitalized Main Street district. Major changes to the exterior include new outdoor furniture, a splash pad for children and improved landscaping, including palm trees that will provide additional shade. The changes also offer the option of closing off the street for large-scale events.

The District at Green Valley Ranch was built in phases with the first totaling 212,600 square feet of retail and office space on Green Valley Parkway, plus 88 luxury condo units. Phase two  totals 171,500 square feet of retail and office on a 16-acre parcel. Combined vacancy for both phases is less than 20 percent, rentv.com reports.



Siegel Group Buys 119-Unit M-F Property Near Strip, Expanding Flexible-Stay Portfolio

10 Mar 2014, 1:57 am

By Alex Girda, Associate Editor

The Siegel Group Nevada Inc. recently expanded its local apartment portfolio with a purchase near the Las Vegas Strip. The commercial real estate and business development company has completed a $4.2 million deal for Solana Square, a 119-unit property located off Paradise Road. The Siegel Group plans to rename the property Siegel Suites Twain III, one of 23 flexible-stay communities Siegel Group operates throughout Nevada.

Completed in 1987, Solana Square is located near the Hughes Center, as well as the Wynn Golf Course, which is located just across the street from the community. Occupancy averages 90 percent.

Siegel Group also owns another nearby property, the 186-unit Siegel Suites Twain. Operating the two properties together is expected to reduce operating costs.

Stephen Siegel, the company’s CEO, indicated in a statement that the firm is looking to “continue expanding the brand throughout Southern and Northern Nevada with new markets such as California and Arizona to follow soon..

Image courtesy of lasvegas.com



Brookdale Gains 3 Las Vegas Properties in $2.8 Billion Emeritus Deal

3 Mar 2014, 10:29 pm

By Alex Girda, Associate Editor

Brookdale Senior Living’s blockbuster $2.8 billion acquisition of Emeritus Corp. involves three properties in Vegas. The two companies are touting the merged companies as the first national senior living solutions provider, one that can offer facilities within 10 miles of 6.5 million seniors age 80 and over.

The three local Emeritus communities are Emeritus at The Plaza, Emeritus at Spring Valley and Emeritus at Las Vegas. Located at 6031 West Cheyenne Ave., Emeritus at The Plaza offers retirement and assisted living facilities, with individual retirement cottages featuring two bedrooms, two baths and full kitchens. Other options include studios, one-bedroom apartments and large one-bedroom suites that offer full bathrooms and kitchenettes. All units offer individual climate control and free maintenance.

Emeritus at Spring Valley is located  at 8800 West Tropicana Ave. and offers services that include Alzheimer’s and memory care. Emeritus at Las Vegas is located at 3025 East Russell Road and provides assisted living, memory care, short stay/respite care services and on-site rehabilitation.

The $2.8 billion price tag includes $1.4 billion in mortgage debt. According to
The Las Vegas Review-Journal, the merger will increase Brookdale’s portfolio to 1,161 senior housing communities comprising 112,700 units. Emeritus shareholders will own about 27 percent of Brookdale.

Image courtesy of emeritus.com







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