Building Nevada Briefs - December 2004

Building Nevada Briefs

Real Estate Services Group Developing Eldorado Industrial Park

Real Estate Services Group, a commercial real estate firm active in the Southern Nevada market since 1977, is developing the first phase of Eldorado Industrial Park, an 11-acre industrial development on the corner of Industrial and Eldorado in south-central Las Vegas. The initial building will be a 35,000-square-foot concrete tilt-up with loading docks. Architect for the project is Gerald Garapich, AIA of Gerald Garapich & Associates. Affordable Concepts is the general contractor. The first phase of Eldorado Industrial Park is scheduled for completion in second quarter 2005.

Work Proceeding on Creekside Corporate Center II

Panattoni Development Company has broken ground on Creekside Corporate Center II, a 31,000-square-foot, two-story, mixed-use building in the South Meadows Park in Reno. Creekside will offer office/industrial space for either sale or lease in the concrete tilt-up structure, located at 980 Sandhill Rd. The building is designed to provide separate areas for office and industrial users. Sacramento-based Panattoni Development has developed adjacent projects in the business park, now leased to Alliance Gaming and GameTech International. The new facility is scheduled for completion in the first quarter of 2005. General contractor for the project is Panattoni Construction Inc. and the architect is Blakely Johnson & Ghusn Inc.

Territory Inc. Launching Two New Retail Centers

Two new retail centers in fast-growing areas of Las Vegas are being developed by Territory Inc. Centennial Gateway, located at the northwest corner of Centennial Center Boulevard and Ann Road in northwest Las Vegas, has begun its first phase, which will be anchored by a 20,000-square-foot Lane Furniture store, as well as two other nationally recognized, big-box furniture retailers. Phase I of Southern Highlands Marketplace in southwest Las Vegas has been 100 percent pre-leased, and negotiations for Phase II are in progress.

Mixed-Use Project Planned for Downtown Las Vegas

The Las Vegas City Council has approved the transformation of nearly an entire city block into a six- to 14-story, mixed-use, residential-retail development consisting of lofts and townhouses in the heart of the city’s downtown redevelopment district. San Diego-based CityMark Development will purchase the block bounded by Bonneville Avenue on the north, Garces Avenue on the south, Third Street on the west and Fourth Street on the east. Purchase price of the 2.38 parcel is $5.2 million. Preliminary plans call for the construction of 334 lofts and townhouses, 14,000 square feet of "live/work" shopkeeper units and 10,000 square feet of retail space. The lofts and townhouses in the residential component, named "3rd and Bonneville by CityMark Development," are expected to be priced from the $200,000s, with floor plans ranging from 600 square feet to 2,500 square feet.

Southwest Title Opens New Office

Southwest Title Co. has moved its commercial escrow division into a 4,000-square-foot office building at 2880 W. Sahara Ave. in Las Vegas. The company co-developed the office project with Builder’s Capital, Inc. The two firms, as well as local real estate broker and developer Mitchell Oxman, share office space in the completed building. Southwest Title, a full-service title and escrow firm, occupies 2,000 square feet of the new building’s Class-A office space. Southwest Title will provide services for commercial clients at the new location, but will retain its headquarters on South Eastern Avenue, as well as branch offices in the northwest, Henderson, Green Valley and Laughlin.