CA and NV - Real Estate Blog by Olivia McClellan, Agent

City Moving Forward With Development Of 61-Acres With Hiring Of Consultant

This 61-acre tract is the largest single piece of undeveloped land in downtown Las Vegas. It is located adjacent to the World Market Center and the Las Vegas Premium Outlets.
“With Dan’s expertise and the city taking on the role of master developer of the project, we will ensure that our vision for this project comes to fruition,” said Ward 5 Councilman Lawrence Weekly, who represents the area where the 61 acre project is located. “It is our hope that we are leaving a legacy for future generations with the long-term development of this property as an urban village.”

Current plans call for the following to be developed at this site:

• 350,000-square-foot performing arts center.
• 55,000-square-foot Lou Ruvo Alzhemier’s Institute, designed by highly heralded architect Frank Gehry.
• 2 million square feet of Class A office space.
• 350,000 square feet of ground-floor retail space.
• 3,000 high-rise residential units.
• 20,000 parking spaces contained within vertical structures.
• New 500,000-square-foot city hall.
• 18 acres of land reserved for a professional sports stadium.
• Possible hotel and casino uses.

Read the entire article HERE

The Related Cos. officially announced the demise of Icon, a twin-tower luxury condo project on Convention Center Drive.

Related insists that its $3.5 billion Las Ramblas Development inside the Harmon Corridor is moving forward. ICON buyers are rumored being sent to Las Ramblas to secure units.

The recent cancellation of Ivana / Liberty Tower and Icon has turned Vegas has shaken the market a bit. Everyone knew some of the projects would not fly but no one new which ones to bet on. There are key factors to look at when a project is announced. Developer, Branding and Financing are key indicators on the project getting built.

Six months ago, there were 50,000 to 70,000 units planned or ready to begin construction in Las Vegas, raising concerns about over supply. The reality is Vegas is an International Brand and is as strong as ever. If every project was succcessful, in time they would sell and continue to allow Las Vegas's transformation into a World-Class Metropolitan City. "The major factors include a decrease in market high-rise sales, lawsuits and rising construction costs, " Related said in a statement.

As the market continues to shakeout the weak from the strong, we see nature’s survival of the fittest taking over. Over the next few months we will see which projects leave the nest and fly.

Stay tuned.

Las Vegas-- Societe Generale Corporate & Investment Banking (part of Societe Generale Group and acting as Sole Lead Arranger & Book-runner), is leading a syndicate of banks funding a $232.5 million pre-development credit facility for the W Las Vegas Hotel, Casino & Residences, representing a resounding vote of confidence in the project and its ability to lead the new wave of significant projects planned for Las Vegas.

Read Full Article Here

One Queensridge Place, the first Summerlin area high rise condo to go up in Las Vegas, has completed $250 million in financing through HSBC Bank, said Frank Pankratz, president of Executive Home Builders, one of the development partners.

Queensridge is located across from the Suncoast Casino on Rampart and is making speedy progress with two buildings heading skyward.

Prices for Queensridge start at 1 million.

The Las Vegas High Rise Market is truely in its infancy.

The strongest players have been in the market for 5 years and their current projects are steaming ahead. Turnberry Towers are close to being 4 stories strong and truely have set the bar for all other to reach for.

The causualties thus far have been due to lack of experience and dollars and cents. Construction costs and lack of labor are the biggest factors plaguing current projects on deck.

Related Cos. is one of the largest developers in the United States. They have projects running in all of the major cities including Las Vegas. Three weeks ago they pulled out of Union Park, the 61 acre parcel of land Mayor Goodman is promoting full time. Over this weekend, Related pulled the plug on ICON Towers due to contruction costs.

What kind of message does that send to the market?

Most saavy investors are waiting to see.

Thomas Greenough, AKA Tommy Rocker, won approval Wednesday to build a 46-story condominium tower south of Flamingo Road on Dean Martin Drive, formerly Industrial Road.

As of today, the project has no specific name and is planned on being built on 1 acre of land.

More to come.