New Federal Courthouse Building Opens in Las Vegas
The Lloyd D. George United States Courthouse was opened to the public in July after a construction process spanning over five years from conceptualization to completion. The eight-story, $96.8 million structure located at 333 Las Vegas Boulevard was built on a six-acre site donated by the City of Las Vegas. The building houses 10 courtrooms and judicial chambers for the United States District Court and the U.S. Magistrate, as well as support facilities and Congressional offices. A separate jury assembly area can be used for community events. The courthouse is one of the first to meet the new GSA blast resistance standards for federal buildings. Architect for the project was Dworsky Associates, Los Angeles, with local assistance from Harry Campbell Associates in Las Vegas.
Paiute Tribe Expands Golf Resort
The Las Vegas Paiute Tribe recently broke ground for the second phase of the $500 million Las Vegas Paiute Resort. The 4,000-acre golf resort northwest of Las Vegas presently features two championship golf courses. Phase Two will include a 300 room hotel, a 30,000 square foot conference/learning center, additional meeting and banquet space, a spa and wellness center, a 16,000 square foot casino, and 70,000 square feet of retail space. Two additional 18-hole golf courses will also be added to the resort, in addition to tennis and equestrian centers and a golf academy. Completion of the $170 million project is slated for spring of 2002.
Investors Purchase Historic Goldfield Building
The County of Esmeralda recently sold the historic Goldfield High School building to real estate investors Kirk Thompson and Paul Olsen. The pair bought the property at public auction and are expected to form a holding company to oversee the preservation and potential renovation of the building. The abandoned high school, which lies within a historic district as defined by the National Register of Historic Places, has fallen into disrepair and has suffered earthquake damage. It is known as a classic example of the kind of early 20th century architecture found in Nevada mining towns. The new owners hope to eventually renovate the building and turn it into a mixed-use commercial facility.
Pacific Beltway Centre Breaks Ground
Burnett Haase Construction has broken ground on the first phase of the Pacific Beltway Centre, a 47-acre, mixed-use development in Henderson. The project, located at Stephanie Street and I-215, is expected to be finished this fall. Phase I consists of one office building and two flex buildings, containing more than 100,000 square feet. Pacific Properties, LLC, of Las Vegas is serving as developer and Howard F. Thompson Associates is the architect. Burnett Haase is a Las Vegas-based construction firm specializing in general contracting, design-build tenant improvements and development coordination.
Las Vegas Real Estate In Top Ten
Integra Realty Resources, a New York-based firm, has ranked Las Vegas as one of the top ten markets for real estate investment in 2000. Las Vegas placed tenth in the retail segment and seventh in the commercial business district office sector. Citing strong performance in tourism, retail and manufacturing, the report concludes that continued growth is likely. Estimates show a 15-20 year residential land supply. Evidence of rising values was found in the single-family median value, which jumped to $150,000 for the first quarter of 2000, an all-time high. The report says prices rose 6% last year and analysts expect the increase could be higher this year, possibly up 9.1%. Home sales in January and February were up 18.1% from the same period one year ago.
Business Bank of Nevada To Build Carson City Branch
Business Bank of Nevada recently broke ground on a new 5,000 square foot branch facility in Carson City, located in the Shaheen Business Park at College Parkway and Goni Road. The new permanent, bank-owned facility will replace an existing 1,500 square foot leased space about two blocks away. Hannafin/Darney Architects of Carson City was chosen to design the new building, which will sit on approximately two-thirds of an acre and have a split-face block and stucco design. Shaheen/Beauchamp Builders is the general contractor for the $1 million project, scheduled for completion by the end of the year. Business Bank of Nevada, with over $140 million in assets, has three branch offices in Las Vegas in addition to its Carson City location. Bank officials have announced plans to open additional offices statewide in the near future.
New Resort Planned at Lake Las Vegas
Transcontinental Properties, Inc., the developer of Lake Las Vegas Resort, recently announced an agreement with several other entities to develop and construct a $500 million, Mediterranean-themed village at the resort, to be named The Village at MonteLago. The project will include a 350-room luxury Ritz-Carlton hotel, a 40,000 square foot casino and 80 luxury condominiums associated with the hotel. The commercial portion will contain 820 condominium units and up to 125,000 square feet of commercial space, including retail boutiques, waterside specialty restaurants and cafes, and 50,000 square feet of office space. Construction is scheduled to begin before the end of the year, with an anticipated opening date of fall 2002. The development group for The Village at MonteLago consists of the Ritz-Carlton Hotel Company, LLC, Intrawest Corporation, CIRI, and Lake at Las Vegas Joint Venture partners. Lake Las Vegas Resort is a $5 billion residential, resort and golf community surrounding Nevada’s largest privately owned lake.
TRI Capital Funds Sparks Apartment Community
TRI Capital Corporation of San Francisco has arranged funding for the Village at Wildcreek, an apartment community overlooking the Wildcreek Golf Course in Sparks. The FHA-insured loan totaling more than $18 million enabled the Village at Wildcreek Limited Partnership to begin construction of the development, which will include a total of 240 units. According to Todd Marans, TRI’s senior vice president, the project helps ease a housing crunch in the area caused by steady population growth, partially fueled by new distribution businesses and an increasing number of dot-com companies.
Downtown Las Vegas Office Building Planned
Martin-Harris Construction of Las Vegas has been chosen as the general contractor for a six-story office building to be constructed at the corner of 4th and Lewis Streets in downtown Las Vegas. The $8.3 million City Centre Place, owned by the Pauls Corporation of Aurora, Colorado, will be the first new Class A office building in downtown Las Vegas in 25 years. The City of Las Vegas will build a $5.4 million parking structure on the same lot. Martin-Harris Construction Management Group will represent the city on the parking structure project.
Development Companies Combine Resources
Jim Zeiter, principal member of Insight Holdings, a Las Vegas-based real estate operating company, and Rick Smith, president of RDS Associates, LLC, a Henderson-based commercial development and consulting firm, recently announced their merger into a new firm called RDS/Insight, LLC. The new firm plans to develop projects in North Las Vegas and in the Southeast Valley area. Initial projects will include the 37-acre Air Center North at Cheyenne Avenue and Simmons Street in North Las Vegas, as well as the 18-acre Boulder Ranch Business Park on Boulder Highway and Russell Road. Both projects will feature flex office, R & D, light distribution facilities, and support retail.