Retail Center Underway in Henderson
NewMark Merrill Companies broke ground in December for its $40 million Horizon Town Square shopping center in Henderson. The 325,000-square-foot retail complex, located at the northwest corner of Boulder Highway and Horizon Drive, has an anticipated completion date of November 2003. The center will house a Lowe’s Home Improvement Warehouse and a Food 4 Less grocery store. Restaurant pads, sub-anchor stores and strip space are also being leased. NewMark Merrill has completed 10 retail developments in Las Vegas valued at over $100 million and is developing an additional eight projects.
Double Diamond Commercial Center Planned
A $6 million project underway in the South Meadows area of Reno will provide “incubator” tenant spaces of approximately 5,000 square feet each. The Double Diamond Commercial Center, located at the intersection of Double R Boulevard and Trademark Drive, will consist of three concrete-and-steel buildings, totaling over 140,000 square feet. While the tenant spaces will be used primarily for warehouse or light manufacturing, they will also include office space. Each unit has a storefront entrance, a minimum 18-foot ceiling height and a drive-in back door for shipping and receiving. The center is scheduled for completion in late spring 2003. Nevada-based Blakely Johnson & Ghusn, Inc. Engineering & Architecture designed the project, which is being managed by Gaston & Wilkerson.
Condo-Hotel Complex Slated for MGM Property
MGM MIRAGE and Florida-based Turnberry Associates have announced plans to build a luxury condominium-hotel complex on the northeast end of the MGM Grand’s 115-acre property. The site, which formerly held a theme park, will eventually house as many as six 40-story towers. Sales are expected to start in summer 2003, with groundbreaking tentatively scheduled for the second quarter of 2004. Residents of the complex will be able to enjoy the towers’ numerous amenities, including a private owners’ lounge, fully-staffed lobby, swimming pool and 24-hour security, in addition to the facilities available at the MGM Grand. Buyers will have their choice of three different suites, priced from $350,000 to $1 million, and several penthouses from $1.4 million to $2.6 million. Turnberry Associates is also developing a $600 million high-rise condominium project, Turnberry Place, just off the Las Vegas Strip.
Triad Developing Professional Park
Triad Development recently broke ground on a 7.5-acre master-planned medical/professional park in the City of Las Technology Center at Smoke Ranch Road and US 95, adjacent to the Tenaya Way medical office corridor and MountainView hospital. The $15 million Mountain View Professional Park will comprise approximately 70,000 square feet of single-story buildings ranging from 4,500 square feet to 9,000 square feet each. Buildings can be combined to provide up to 15,000 square feet of space if needed. Along with selling buildings and improved parcels, Triad will also offer lease and lease-option opportunities. Las Vegas-based Triad Development is a partnership comprised of J. Christopher Stuhmer, Mark Fine and Scott Godino.
