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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

Infinity Obtains $5M SBA Construction Loan for Hospice Facility

21 Feb 2014, 8:38 pm

By Alex Girda, Associate Editor

TMC Financing provided Infinity Hospice Care of Las Vegas, L.L.C. with a $5 million SBA 504 loan for construction of a 9,616-square-foot hospice, TMC said Feb. 15 in a statement. Cindy Santilena served as business development officer for TMC on the transaction.

The 12-bed hospice facility, which opened last August at 6330 S. Jones Blvd., also includes a 9,015 square-foot office support building. Infinity Executive Vice President Brian Bertram commented in a statement that the facility “will help address the demand in the Las Vegas Valley for more comprehensive in-patient, supportive care.”

Demand for healthcare-related facilities in Las Vegas is expanding. Last November, the Las Vegas City Council approved CITRA Real Estate Capital’s plans to develop a $71 million assisted living and skilled nursing facility on a former rail yard at 394 S. City Parkway. CITRA’s project will offer 150 beds and 140 residential units, as well as a parking structure that will accommodate 464 vehicles.

MIG Buys Office/Medical Office Complex in Henderson

13 Feb 2014, 10:10 pm

By Alex Girda, Associate Editor

In the latest sign of improvement in the metropolitan Las Vegas office market, MIG Real Estate acquired Sansone Pecos II, an eight-building, Class A office/medical office portfolio in Henderson’s upscale Green Valley. Located near the I-215 and South Pecos Road interchange at 9005-9089 South Pecos Road, the one- and two-story buildings total 122,922 square feet. CBRE Group Inc. represented the seller; neither the identity of the prior owner nor the purchase price was disclosed.

“Sansone Pecos II has strong upside potential, benefiting from the improving real estate fundamentals of Las Vegas and the solid employment base of its Southeast submarket,” said Greg Merage, CEO of Newport Beach, Calif.-based MIG, in a statement. “We will continue to evaluate opportunities within Las Vegas’ growing and economically diverse submarkets.”

Sansone/Pecos II is about one mile from The District, the upscale lifestyle center, four miles from McCarran International Airport and 12 miles from the Las Vegas Strip.

Since 2009, MIG has acquired 20 properties, five of them in the Las Vegas Valley. Focusing on major western markets, the firm has acquired more than $850 million worth of office, retail, hospitality and multifamily assets, according to a company statement.


Rialto Capital, Kismat Investments Pay $10M for N. Las Vegas Strip Mall

6 Feb 2014, 7:00 pm

By Alex Girda, Associate Editor

A joint venture of Rialto Capital and Kismat Investments recently picked up Craig Promenade, an 86,395-square-foot retail center in North Las Vegas, in a $10.1 million deal. Faris Lee Investments represented the seller, an affiliate of San Mateo Calif.-based TNP Strategic Retail Trust Inc.

Located at 525-785 West Craig Road near Craig Ranch Regional Park, the property was constructed in 1985 and was 70 percent occupied when the deal closed last month. National tenants include Big Lots and Metro PCS, as well as local retailers.

“Over the last few quarters the Las Vegas retail market has continued to improve, with expectations that we will continue to see positive momentum as the national and local economies gain traction. We’re now at the front end of this recovery,” Faris Lee president & CEO Rick Chichester said in a statement. Rob Moore, Lisa Brady and Katie Brase of the firm’s Las Vegas office highlighted the Craig Promenade’s leasing and development potential in marketing the property. A long-term exit strategy includes an option to divide the property into four parcels.

Craig Promenade is the third of three retail properties that Faris Lee has sold on behalf of TNP SRT over the past 12 months. Previously, Faris Lee had represented the seller in the disposition of Waianea Town Center, a 171,065-square-foot regional center on the island of Oahu, Hawaii, and Willow Run, a 91,565-square-foot grocery-anchored center in metropolitan Denver.

John Chun and Sebastian Trujillo of HFF arranged $7.3 million financing for the Craig Promenade acquisition. RRA Capital Management provided three-year, floating-rate financing.

Griffis Residential Pays $43M for Luxury M-F Asset in Summerlin

22 Jan 2014, 11:27 pm

By Alex Girda, Associate Editor

On the heels of significant price increases in Las Vegas’ single-family home market, multi-family properties may be gaining further traction with investors. A case in point: Griffis Residential’s recent $43.2 million acquisition of The Wellington, a luxury apartment community in Summerlin’s Lakes area.

Completed in 1998, the property underwent renovation in 2012 and 2013. The Wellington is near the I-215 beltway, as well as the soon-to-be-completed Shops at Summerlin retail district.

The Wellington offers 332 garden-style units ranging in size between 759 and 1,322 square feet, with five floor plans that include one-, two-, and three-bedroom layouts.

Amenities include 24-hour emergency maintenance, a clubhouse, controlled access entry, a heated swimming pool, spa facilities, tennis and basketball courts, and reserved covered parking.

For Denver-based Griffis, the Wellington deal marks its second acquisition of a high-end multi-family property in less than a year. Last May the company bought Quest Apartments, a 310-unit apartment community in nearby Henderson.  

Image courtesy of  thewellington-apartments.com

Residential Market’s Strong Finish Points To More Gains in 2014

16 Jan 2014, 10:26 pm

By Alex Girda, Associate Editor

The Las Vegas housing market kept a year of gains going all the way to the end. According to data released by the Greater Las Vegas Association of Realtors,  the median price of a single-family home rose to $185,000 in December.

That marked a 24 percent increase compared to the fourth quarter of 2012, when the average resale price of homes in the market was $149,000. Moreover, median prices have remained above $180,000 since July. That surge promises further gains and stabilization in 2014.

Median prices of condos and townhomes also recorded significant growth in 2014 .On the strength of a 26.3 increase during the year, prices reached $96,000 by the end of last month.   

Encouraging as those gains are, they are not universal in the state’s housing market. The Las Vegas Review-Journal notes that Nevada still leads the country in underwater homes. According to the publication, approximately 38 percent of homeowners in Nevada are currently unable to pay off their mortgages, while Florida and Illinois follow with 34 percent and 32 percent respectively.

KRE, Dune Acquire 5 M-F Assets for $237M; South Blvd. Apartments Fetches $42M

11 Jan 2014, 9:06 pm

By Alex Girda, Associate Editor, and Paul Rosta, Senior Editor

Las Vegas’ residential market ended 2013 with a flurry of high-profile multi-family transactions. In a $237 million deal, KRE Capital and Dune Real Estate Partners teamed up to acquire five residential properties comprising 1,435 rental and condominium units, VegasINC.com reports.

The seller, ST Residential, was formed by private equity investors who bought construction loans on the properties from the Federal Deposit Insurance Corp., Bloomberg News reported. FDIC, in turn, had assumed the notes when it closed Corus Bank in 2009.

According to information on ST Residential’s website, the portfolio includes:

  • The Juhl, 353 E. Bonneville Ave., 341 units
  • Loft 5, 2715 West Pebble Rd., 272 units
  • One Las Vegas, 359 units (address not listed)
  • Spanish Palms Condominiums, 5250 S. Rainbow Boulevard, 188 units
  • The Ogden, 150 Las Vegas Blvd. N., 275 units

Of note, the Ogden is the home of Tony Hsieh, the entrepreneur and leader of the Downtown Project. ST Residential originally listed the assets in early 2013 as part of a 13-property, eight-state portfolio with a $1 billion asking price.

Also in late December, The Praedium Group acquired South Blvd. Apartments (pictured above) from Nevada West Development for $41.9 million. Located at 10200 Giles St., the 320-unit complex was completed in 2012. CBRE Group Inc. arranged financing for the deal, while Hendricks-Berkadia represented the seller.

South Blvd. Apartments comprises 29 two-story buildings, large layouts, nine-foot high ceilings, granite countertops, stainless steel appliances and washer/dryer units. Community amenities include a state-of-the-art clubhouse and health center, a resort-style pool, a common barbecue area, a movie theater with stadium seating, and gated garage parking. The complex was 93 percent occupied at closing.

Henderson’s $1.6B Union Village Wins Hospital Commitment from Valley Health

19 Dec 2013, 7:32 pm

By Alex Girda, Associate Editor

In a major step for Union Village, the $1.6 billion healthcare-centered project in Henderson, Valley Health System is nearing an agreement to build the acute-care hospital that will anchor for the 220-acre development.

Valley Health’s commitment would allow the city to approve the sale of the 30-acre site designated for the facility. Union Village L.L.C., the project’s master developer, would pay about $11.6 million for the site, according to The Las Vegas Review-Journal .

Touted as the world’s first integrated health village, the project would include retail, senior care, cultural and residential components.

Union Village’s backers say that the project will generate an economic boost in the form of tax increment revenue worth around $158 million. By the time it is completed in 2022, the development will create an estimated 17,000 new jobs.

Image courtesy of unionvillage.net

Juno Plans Fall 2014 Opening for Bazaar-Flavored Retail Project on the Strip

12 Dec 2013, 6:27 pm

By Alex Girda, Associate Editor

With office investment and leasing showing new life and the residential market enjoying its strongest year since the recession, innovative projects are likewise infusing new energy into Las Vegas’ retail scene. One of the largest of those projects, the Grand Bazaar Shops, is betting on a vibrant new concept that will be located at the entrance to Bally’s Las Vegas.

Developed by a team including Juno Property Group, Perella Weinberg Partners, Glincher Capital Group and Caesars Entertainment, the 55,000-square-foot project will accommodate about 150 shops when it opens next fall.

Most stores will range in size from 150 to 300 square feet; a few larger venues will offer spaces in the 1500- to 2000-square-foot range. The lineup of retailers will emphasize lifestyle products like apparel, footwear, eyewear, health and beauty, electronics and entertainment.  

Located on a heavily traveled two-acre site at the intersection of Flamingo Road and Las Vegas Boulevard, Grand Bazaar Shops will count Caesars Palace, Flamingo Las Vegas and Paris Las Vegas among its neighbors. According to its developer, the retail center will rely on the appeal of smaller, more interactive shops, as well as its bold and colorful design features, in order to attract as many of the 20 million visitors that cross the area every year.

International marketplaces inspired Juno Property Group Chairman Larry Siegel to create the concept, which will evoke traditional sights, sounds and smells of bazaars around the world. Signature design elements include a Swarovski Crystal Starburst and rooftop mosaic-like rooftop drawings.


MVP Wraps $55M Office Acquisition as Market Shows Signs of Reversing Decline

5 Dec 2013, 10:59 pm

By Alex Girda, Associate Editor

MVP Real Estate Investment Trust Inc. has closed on the last of six office buildings in a $55.1 million acquisition at an office park on West Post Road.  The REIT said that it paid $6.1 million for the 22,000-square-foot, two-story building, which is 89 percent leased.

“The addition of these properties adds greater diversification to our growing portfolio with well-located, multi-story commercial office buildings that enjoy a mix of tenants primarily under triple net leases,” said  MVP REIT chairman & CEO Mike Shustek.

Built in 2008, the most recently acquired building is situated at 8945 W. Post Road, directly off of Interstate 215 and offers convenient access to  McCarran International Airport and the Las Vegas Strip. Each of the six buildings was at least 89 percent occupied at the time of acquisition, significantly outperforming Greater Las Vegas’ office market.

Despite the metro office market’s long struggles, several major indicators are trending in the right direction. Vacancy has now fallen for the second consecutive year in 2013 and prices are on the rise. After a 4 percent decline in 2012, asking rents will reverse course and edge into positive territory by the end of the year, predicts Marcus & Millichap Real Estate Investment Services Inc.

Chart courtesy of Marcus & Millichap Real Estate Investment Services at marcusmillichap.com

CITRA Wins City Approval, Incentives for $71M Downtown Healthcare/Assisted Living Complex

29 Nov 2013, 10:37 pm

By Alex Girda, Associate Editor

As the Downtown Project led by Tony Hsieh gathers momentum, a major healthcare and residential project has reached a major milestone. The Las Vegas City Council recently approved an agreement with developer CITRA Real Estate Capital for Symphony Park, a $71 million skilled nursing and assisted living facility.

Located on the site of a former rail yard at 394 S. City Parkway, the mixed-use project would mainly consist of the skilled nursing building and the assisted living facility, but will also include a parking structure, garage, ground floor retail and dining spots. The linchpin of the deal is the council’s decision to sell the project’s 3.3-acre site for $3.5 million, a substantial discount from the parcel’s estimated $11.5 million market value.

According to The Las Vegas Review-Journal, the company will develop a six or seven-story skilled nursing center with a capacity of about 150 beds. Services will include physical therapy, speech and occupational programs. The eight-story assisted living facility will offer some 140 residential units, and the parking structure will accommodate around 464 vehicles.

Potential job creation persuaded the Las Vegas City Council to provide the financial incentive. Symphony Park would attract around 892 positions, which translates into a $37.6 million annual payroll. Although the city will get a below-market price for the land, returning the parcel to property tax rolls will generate $781,000 in revenue annually, LVRJ reports.

CIM Launches Downtown3rd Entertainment District After Makeover

22 Nov 2013, 11:32 pm

By Alex Girda, Associate Editor

Notwithstanding the struggles experienced by the Las Vegas residential market in recent years, the area is getting repeated reminders that its entertainment, hospitality and gaming sectors are bouncing back nicely. A recent case in point is the makeover of Downtown Grand Las Vegas. Renovated and re-branded Downtown3rd by its developer, CIM Group, the mixed-use entertainment district is positioned as a boutique-style experience in its hotel, casino and entertainment components.

Image courtesy of cimgroup.com

Located on a 6.3-acre site at 3rd Street and East Ogden Avenue, Downtown3rd offers 634 guest rooms in the 25-story Grand Tower and the 18-story Casino Tower. Downtown3rd has 25,000 square feet of casino space leased to Fifth Street Gaming.

The property offers 35,000 square feet of retail as well as a variety of dining options. PICNIC, a rooftop retreat with an infinity pool, private cabanas, a fire pit, and full-service restaurant and bar, is expected to be a major draw.

The debut of Downtown3rd is an example of a resurgence sparked in large measure by the Fremont Street Experience. Further contributing to the growing appeal of the district are attractions like the nearby Mob Museum and the commitment shown by Zappos in establishing its corporate headquarters. CIM’s acquisition and redevelopment of the Downtown Grand signals the developer’s strategy to get a footing in a market on the rise.

Medical Schools Planned for UNLV, UNR; MVP Closes on 5th Building in $55M Office Portfolio

18 Nov 2013, 11:16 pm

By Alex Girda, Associate Editor

As the Las Vegas residential market continues to improve and the office sector shows signs of life, a partnership of educational institutions is also eyeing growth..

A memorandum of understanding was recently signed by the Nevada System of Higher Education; the University of Nevada, Las Vegas; the University of Nevada, Reno; and the University of Nevada School of Medicine. The agreement marks the first step toward establishing four-year medical schools on both the UNLV and UNR campuses.The Las Vegas Review-Journal reports. This move comes as a result of a directive to develop a school of medicine with the effort of UNR and UNLV, according to The Las Vegas Sun.

In investment news, MVP REIT Inc. said Oct. 28 that it closed on the fifth of six buildings it is under contract to buy in an office park at 8905 W. Post Road.

Most recently, MVP closed on a 22,000-square-foot Class A office building for $6.1 million. The property is part of a $55.1 deal for the six-building campus.

The property is 91 percent occupied by tenants with triple-net leases. MVP financed the purchase by assuming $3.5 million in debt and transferring around 296,106 shares of the company’s common stock valued at $8.78 per share, the REIT said in a statement.  

Las Vegas Home Prices Gain Again As Market Draws Institutional Investors

31 Oct 2013, 2:07 am

By Alex Girda, Associate Editor

Now that the final summer numbers for the nation’s housing market are in, it is clear that Las Vegas outperformed the rest of the nation once again in August. The Standard & Poor’s Case=Shiller Index shows that  home prices for the Las Vegas market grew 29.2 percent compared to August 2012.

According to the Associated Press, that is more than double the 12.8 percent increase achieved by the 20-city Index during the 12 months ending in August.  All 20 markets recorded year-over-year growth. However, the Las Vegas housing market still has a long way to go before catching up with pre-recession levels. Prices are still 47 percent lower than peak values.

In the office market, the fast pace of price growth is already starting to lessen the appetite of institutional investors. In the single-family housing market, however, the reverse is happening, as institutional players are increasing their activity. According to a RealtyTrac report cited by VegasINC magazine, institutional investors accounted for a quarter of all Nevada residential sales in September, up from 14 percent during August.

During the first half of 2013, institutional investors accounted for 15 percent of home purchases in the Las Vegas Valley. The prices still outpace last year’s figures considerably, but the market is showing signs of cooling. As VegasINC noted, September was the first month this year to record a month-over-month price decrease.

Caesars, Gansevoort Part Ways on $185M Bill’s Gamblin’ Hall Makeover

25 Oct 2013, 11:20 pm

By Alex Girda, Associate Editor, and Paul Rosta, Senior Editor

Caesars Entertainment’s $185 million makeover of Bill’s Gamblin’ Hall & Saloon is going forward without one of its original partners. In response to concerns raised by Massachusetts regulators about an investor’s alleged links to Russian crime syndicates, Gansevoort Hotel Group is stepping away from its role as developer of a 188-key boutique hotel. Statements from Caesars and Gansevoort strongly dispute the problems cited by regulators, and imply a reluctant but amicable parting.

The Las Vegas Review-Journal reported that New York City-based Gansevoort’s departure stemmed from an unrelated billion-dollar casino venture in Boston, on which Caesars teamed with Suffolk Downs Race Track.  Massachusetts Gaming Commission officials raised a red flag because of a 2012 report in the New York Post, which suggested that an investor in Gansevoort has connections to Russian crime syndicates.

Although Gansevoort had no connection to the Boston proposal, officials nevertheless raised concerns about its partnership with Caesars on the Bill’s Gamblin’ Hall project. Massachusetts regulators prompted Suffolk Downs Race Track to drop Caesars from the Boston project. Also at issue was Caesars’ $23 billion debt load.

The action drew a sharp response from Caesars, which called Massachusetts’ standards “arbitrary, unreasonable and inconsistent with those that exist in every other gaming jurisdiction,” according to the Review-Journal. After consulting its partners, the statement added, Caesars had decided “to focus on our 54 properties around the world as well as other growth opportunities.”

Gansevoort expressed equal dismay. Michael Achenbaum, the company’s president, released a statement charging Massachusetts regulators with relying on what it called “rumor” and “innuendo.” “No new facts have arisen since we passed the internal gaming compliance process of Caesars prior to the execution of our agreements,” Achenbaum added, according to the Journal-Review.  “However, in order to minimize any controversy for Caesars, we have agreed to end our role in the Las Vegas project. Gansevoort wishes Caesars and its team continued success.”

According to statements from Caesars, Gansevoort’s departure will have no impact on the transformation of Bill’s Gamblin’ Hall & Saloon, which will include a 40,000-square-foot casino. Nor will other planned attractions be affected, such as the 65,000-square-foot nightclub owned by Victor Drai, which is scheduled to open in the spring of 2014, or  celebrity chef Giada De Laurentis’ restaurant.


A while ago, part of a city-wide trend to improve or redevelop old gambling spots on the Strip, Caesars Entertainment announced plans to turn a local staple into a completely revamped, high-end hospitality spot. The Las Vegas giant had presented its project to put new life into the former Bill’s Gamblin’ Hall & Saloon, with the aid of New York-based Gansevoort Hotel Group. The idea was to turn the aging casino property into a fresh-faced, 188-key boutique-style hotel, sporting the signature style of the iconic hospitality company. That partnership however, is now ancient history, The Las Vegas Sun reports.

While Caesars Entertainment is set to go ahead with the $185 million investment in the boutique hotel project, Gansevoort is no longer part of the scheme, marking a split between the two organizations. The breakdown will also not affect other planned attractions at the rebranded property, with the Victor Drai-owned 65,000-square-foot nightclub set to open in the spring of 2014, as well as celebrity chef Giada De Laurentis’ new Italian restaurant at the address.

According to press statements from Caesars, the split with Gansevoort will have no impact on the transformation of Bill’s Gamblin’ Hall & Saloon into a new nightlife-oriented spot, with a 40,000-square-foot casino also part of the proposed package.

The backstory regarding the split with Gansevoort has received quite the amount of coverage recently. The Las Vegas Review-Journal recently reported that Caesars ended its partnership with the hospitality company for Bill’s Gamblin’ Hall and Casino as a result of its forced exit from a billion dollar casino venture in Boston, MS. State regulators prompted Caesars’ partner in the joint venture, Suffolk Downs Race Track to drop the Las Vegas company due to its involvement with Gansevoort in the Bill’s Gamblin’ Hall redevelopment project, and denied Caesars’ gambling license in the state of Massachusetts. The action came as a result of information regarding one of Gansevoort’s current investors having ties to Russian organized crime. Caesars and Gansevoort ended their partnership amicably, as press releases from both sides point out, mainly in order to prevent the gambling company to take any more hits from their association.

New Office Product Nears Debut as Job Picture Brightens

19 Oct 2013, 6:42 pm

By Alex Girda, Associate Editor

As office rents stabilize and surge of new office product approaches the Las Vegas market, a new study confirms that local economic fundamentals are continuing to improve.

Employment improved to the tune of a 2.3 percent increase in payroll, reflecting the creation of 19,300 jobs over the past 12 months, reports Marcus & Millichap Real Estate Investment Services Inc. Growth was consistent over a wide range of sectors; professional and business services, leisure and hospitality, and government each added around 4,000 jobs. Unemployment also appears to be leveling off. Although Las Vegas’ 9.7 percent jobless rate remains well above the 7.6 percent national average, the local rate has dropped 470 basis points since the depths of the recession.

In terms of development, Marcus & Millichap’s report indicates that 109,000 square feet of new office came on line during the 12 months that ended with the third quarter. That fell far short of the 535,000 square feet of new product that debuted during the prior 12-month period. Through the third quarter, new office inventory consisted of a single 22,000-square-foot building.

Las Vegas’ office pipeline looks considerably more robust going forward; 600,000 square feet are under construction. By the end of the year, 408,000 square feet are scheduled for completion; 91 percent of it is pre-leased.

 Chart courtesy of Marcus and Millichap Real Estate Investment Services @ marcusmillichap.com

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