Building Nevada - November 2004

Montecito Companies

Developing Northwest Las Vegas Corridor

by Kathleen Foley

Las Vegas-based Montecito Companies is a commercial development group headed by Bob Schulman and Frank Nielsen, who together have developed more than $750 million in real estate projects over the past 30 years in Nevada and California. The team has developed several landmark properties in Southern Nevada, including the Alexis Park Hotel and Citibank Park.

Its latest projects take it to the far northwest of the Las Vegas Valley, to Centennial Hills, a 36,000-acre master-planned community that will eventually be home to 400,000 residents. An important part of the Centennial Hills master plan is the concept of centralizing retail and commercial projects along one corridor, rather than having neighborhood centers scattered throughout the community. All access to commercial facilities is by a frontage-road loop system. "The frontage-road system makes the commercial parcels on that road especially valuable," said Frank Nielsen. "For example, all traffic on the loop road must pass by our Tenaya Village property."

Montecito Companies is currently developing two large projects within Centennial Hills, with plans for a third as the town grows even further northwest.

Closest to town is Tenaya Village Center, a 60-acre retail and office development that includes five components: a 17-acre auto mall, a business park, a retail center, specialty retail pads and a storage facility. Phase I is currently under construction, with completion scheduled for the end of 2004. Encompassing more than 100,000 square feet, it is located at Tenaya and Azure near the US 95 and I-215 interchange. The retail component is anchored by Powerhouse Gym & Fitness Center. The office portion of the center, Tenaya Village Business Park, contains single-story buildings for sale, lease or build-to-suit.

Across US 95 from Tenaya Village is Montecito Town Center, a 200-acre mixed-use development, with retail, office, medical and residential components. The master plan for Montecito Town Center includes: a community park; the 40-acre Montecito Crossing retail center at Durango and I-215, anchored by Kohl’s; 294 homes by Richmond American; the Centennial Academy K-8 private school; and a second retail center, Montecito Marketplace, at Durango Drive and Elkhorn Road. Anchor tenants for the Marketplace include Smith’s Food & Drug and US Bank. The master plan also includes a 40-acre mixed-use parcel being developed by Triple 5, developer of Boca Park in Summerlin

Montecito Town Center will be the site of a 280-bed hospital being developed by United Health Services. Montecito Companies has announced plans to break ground in January for the 10-acre Montecito Centre office park, which will include a 6-story, 100,000-square-foot Class A office building adjacent to the hospital, as well as a 4-story parking structure.

The company’s future plans call for development of Grand Canyon Marketplace at the northwest corner of Horse Drive and US-95, just before Kyle Canyon Road. Horse Drive will be the entrance to the new 1,600-acre Kyle Canyon master-planned community. Grand Canyon Marketplace will be a 34-acre commercial development with a 24.3-acre retail center anchored by Smith’s, and 213,000 square feet of junior-anchor, retail, office and restaurant pads.

According to Nielsen, Montecito Companies has a 20-year plan for development and build-out of its northwest properties. "Right now, we’re planning for over 10 million square feet of mixed-use development in Centennial Hills," he stated. "But that number could go up. We’re also investigating the possibility of expanding into some high-rise projects in the future. With a population of 400,000, and 600,000 residents within 10 minutes drive-time, the possibilities are endless."

Kathleen Foley
Kathleen Foley is a freelance writer based in Southern Nevada.