Building Nevada Briefs - April 2001

Building Nevada Briefs

Ground Broken for Republic Mortgage Building

Republic Mortgage recently celebrated a groundbreaking ceremony at the site of the company’s future 16,117-square-foot office facility at Sahara Avenue and Fort Apache Road in Las Vegas. Seen (from left) are David Moody, vice president, Community Bank of Nevada; Beverly House, senior vice president, Republic Mortgage; Chris Grant, executive vice president, Big Sky Development; and Ray Newmiller, vice president for development, Martin-Harris Construction. Republic Mortgage will occupy the entire second floor and a portion of the first floor of the $4 million, two-story, 29,000-square-foot office building, which is being developed by Big Sky Development, Inc. Martin-Harris Construction is general contractor for the building, and construction financing has been provided by Community Bank of Nevada.

Convention Center Expansion Contract Awarded

Clark & Sullivan Constructors has been chosen to act as general contractor for the expansion and renovation of the Reno-Sparks Convention & Visitors Center. The 520,500-square-foot project calls for a major renovation of the facility to include additional meeting rooms, improved kitchen facilities, exterior graphic wall and entry canopy. LMN Architects is the architect and Worth Group Architects is the associate architect for the project, which has an estimated completion date of October 2002. The Reno-Sparks Convention & Visitors Authority, governing body for the convention center, estimated the $56.2 million construction project will have a significant direct impact on the local economy, generating approximately 250 new jobs.

Park Place Shopping Center Set for Redevelopment

Laurich Properties and the Molasky Companies have announced plans to redevelop Park Place Shopping Center, a 100,000-square-foot property at Twain and Maryland Parkway in Las Vegas. The $16 million project involves redeveloping roughly seven acres of the original 16 acres and selling the remaining 8.9 acres to Clark County for use as a park. Demolition of the existing shopping center will begin this month, with completion slated for November. Vons grocery has already signed on as the major tenant, leasing a 60,000-square-foot area formerly occupied by Mervyn’s. Vons will also install a new prototype fuel center at this location. Wells Fargo Bank is providing construction financing for the redevelopment. Project architect is Perlman Architects, Inc. and the exclusive leasing agent is Keith Bassett of Realty Holdings.

Panattoni Development Building in Reno

Panattoni Development Company, the largest developer of industrial build-to-suit projects in the U.S., is constructing a 43,800-square-foot spec building in South Meadows Business Center in Reno. The 2.93-acre property is located on Sandhill Drive adjacent to the 40,000-square-foot office facility Panattoni recently built for Gametech International. The new building will emulate the architectural and structural design of the Gametech facility, with the addition of a 2,000-square-foot lobby. Colliers International is listing the building for lease, in divisions down to 4,500 square feet. South Meadows Business Park is currently home to Pfizer, Inc., International Gaming Technologies, AT&T, Kendall Jackson and Alcon Laboratories.

Korte-Bellew Constructing Stewart Parking Garage

Korte-Bellew & Associates has begun work on a $15 million expansion and redevelopment project in downtown Las Vegas, located at 400 Stewart Avenue across from City Hall. Phase One includes construction of a 641-space, multi-level parking structure, 41,000 square feet of office space and an overhead walkway connection to City Hall. The project is scheduled for completion in the first quarter of 2002. "We anticipate an increased interest in the downtown area with the completion of the Federal Court House and Regional Justice Center," said David Oka, redevelopment officer for the City of Las Vegas Redevelopment Agency. "This facility will accommodate growth in the office space market and provide the necessary services for workers in the downtown area."

Thomas & Mack to Manage Las Vegas Tech Center II

Thomas & Mack Development Group has entered into an agreement with Lehman Brothers to build, market and lease a $125 million project consisting of more than 1 million square feet of commercial space. The Las Vegas Tech Center II will ultimately consist of 14 buildings comprised of office, flex, Class A and Class B commercial space. Development activities commenced in January, and street and utility construction will start in May. The first phase of the project will consist of two 50,000-square-foot flex buildings and one two-story, 90,000-square foot building to be occupied by a lead tenant. These buildings are slated for completion by February 2002. The Tech Center is located on a 100-acre site near Cheyenne and Buffalo, which was acquired by Lehman Brothers in a trade with the city of Las Vegas for 61 acres at the Union Pacific site downtown.

Industrial Park Planned for Caliente

The city of Caliente has been granted $1.2 million in federal funding to help construct the Meadow Valley Industrial Park. The money will be used to bring in water, sewer, electrical and other infrastructure services. The Meadow Valley Industrial Park will consist of buildings and warehouses that need rail access. The total expected cost of the project is approximately $4 million, and includes building a highway entrance to the park as well as providing rail accessibility. "This funding will help Caliente and the surrounding communities foster business and growth during a time when the area is experiencing serious economic distress," said Senator Harry Reid on announcing the grant.

NAIOP Honors Real Estate Professionals

The National Association of Industrial and Office Properties (NAIOP) 2001 Spotlight Awards recently honored Southern Nevada’s top commercial real estate professionals. In addition to Honor Awards given to projects in a number of categories, NAIOP also recognized the following firms and individuals:

The LandWell Company: Trendsetter Firm

Ed Lubbers, Lubbers Law Group: Special Recognition Award

Rod Martin, Majestic Realty: Principal Member of the Year

Alex de Hondol, First American Title: Associate Member of the Year

Chuck Witters: Office Broker of the Year

Kevin Higgins: Industrial Broker of the Year

JMA Architecture Studios: Firm of the Year (Architecture)

Martin-Harris Construction: Firm of the Year (General Contracting)