Developers are betting the heated market will persuade buyers to look at rural outposts, which offer cheaper houses but also hefty commutes to Las Vegas and not as many jobs, services and amenities as their famous neighbor.
Eli Segall
Reporter: Real estate
Email: esegall@reviewjournal.com
Phone: (702) 383-0342
X: @eli_segall
Eli Segall joined the Review-Journal in August 2016 after covering real estate and other business topics for four years at the Las Vegas Sun. He also worked for the Silicon Valley/San Jose Business Journal, The Associated Press and other news groups. Segall has a bachelor’s in political science from the University of Michigan and a master’s in journalism from the University of Maryland. His awards include 2017 Story of the Year from the Nevada Press Association.
It’s unclear when Station would develop a project or if the company has drawn up plans for one. But its purchase is a wager on a fast-growing area and is a throwback to the pre-recession days , when the company loaded up on future resort sites before Station went bankrupt.
The Nigro family of developers teamed with brokerage firm IREPLV to purchase four buildings at Coronado Canyons, at the southeast corner of Green Valley and Horizon Ridge parkways, for $12.25 million. The sale closed in September.
Las Vegas’ apartment market has heated up in recent years with rising rents , lucrative investor purchases and increased development.
Developer Jenny Chang Au plans to hold a ceremonial groundbreaking Dec. 7 for her 32,450-square-foot project at the southwest corner of Spring Mountain Road and Duneville Street.
CLA plans to occupy about 9,000 square feet on the fifth floor of the suburban Las Vegas building and move in at year’s end. JRS plans to take around 8,000 square feet on the same floor and move there in March, the landlord said.
JMA Ventures acquired three buildings near Green Valley Ranch Resort from developer American Nevada Co. The properties span about 163,000 square feet combined.
When Wynn Resorts scrapped its 38-acre lagoon project Wednesday, it wasn’t the first big idea to get tossed in Las Vegas’ real estate trash bin.
Las Vegas’ apartment market has accelerated in recent years. Developers are packing the suburbs with projects, landlords are on a buying spree , and tenants are filling buildings. Rents are also rising at one of the fastest rates in the country, stretching affordability for some.
In the past few years, several developers received approvals for apartment towers but haven’t built them.
The Las Vegas-based company – which operates casinos, the PT’s Pub chain and a network of slot machines and video poker in bars, grocery stores and other locations – on Thursday reported a $3.1 million loss for the three months ending Sept. 30. That’s compared to about $8.5 million in profit during the same period last year.
The project comes as the Las Vegas Convention and Visitors Authority gets underway on its $1.4 billion expansion and renovation of the convention center, a massive undertaking that could boost visitor totals and demand for nearby hotel rooms .
Las Vegas’ median house price dipped below $300,000 last month as sales tumbled from a year earlier and inventory soared.
Located about 40 miles south of the Strip on the Nevada-California border, the outlet mall remains open with dozens of tenants listed online in its directory. Efforts to learn what will happen with the property were unsuccessful Monday.
Brokerage firm Sun Commercial Real Estate is a tenant in Red Rock Business Center and has sold the complex three times, Sun owner Cathy Jones said. She and RoyFritz, senior vice president of Sun’s investment services group, sat down with the Las Vegas Review-Journal to discuss the office market.
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