Building Nevada Briefs - May 2002

Building Nevada Briefs

Reno Events Center Approved

The Reno City Council recently approved a series of measures to facilitate the construction of an events center in downtown Reno. The city plans to renovate the existing National Bowling Stadium and construct a new facility on the next block. The two buildings will be connected by a bridge above Fourth Street. When completed, the facility will offer approximately 290,000 square feet of space for conventions, bowling tournaments and other events. The council approved the sale of up to $120 million in revenue bonds, to be repaid over 30 years by room tax revenues. It also granted a 10-year contract to operate the facility to the Reno Sparks Convention and Visitors Authority. The Reno Redevelopment Agency will manage the design and construction of the $65 million project, turning it over to the city when it is completed.

Sierra Health Services Building Sold

Last month, Health Care Property Investors REIT of Newport Beach, Calif. purchased a 204,000-square-foot Class A office building in Las Vegas from CB Richard Ellis Corporate Partners, LLC for $45 million. Christina Roush, first vice president of CB Richard Ellis, stated that investor interest in Southern Nevada is increasing. "So far this year, we have already closed more investment sale transactions than all of last year combined," said Roush, adding that a number of deals placed on hold after Sept. 11 are now being revisited. The administrative office building at 2716 N. Tenaya Way is part of a portfolio of buildings originally sold to CB Richard Ellis in December 2000 by Sierra Health Services in a sale/leaseback transaction.

Third Street of Dreams Opens

The 2002 Las Vegas Street of Dreams luxury housing tour opened on May 4, allowing the public to view four homes specially constructed and decorated for the event. For this year’s tour, four mansions were built in the Highlands custom home neighborhood in MacDonald Highlands, a guard-gated community in Henderson. The homes range from 5,500 square feet to 8,200 square feet and are valued between $1.9 million and $3.5 million. This will be the first show to feature terraced hillside homes. Builders participating in the show are Job Construction LLC, Sun West Custom Homes, 5 Star Development/HiCon, Inc. and GJM Development. Designers for the homes are Sydni Jay Interiors Associates, Karen Butera, Inc., Designers Touch and Joy Bell Design Associates. The show will be open to the public Tuesdays through Saturdays through June 16.

NAIOP Presents Commercial Real Estate Awards

The 2002 Spotlight Awards sponsored by the Southern Nevada chapter of the National Association of Industrial and Office Properties (NAIOP) honored real estate professionals and commercial projects in Southern Nevada. More than 500 people attended the fifth annual event, hosted by Lt. Gov. Lorraine Hunt, who presented the following awards: