Retail Center Planned for Southwest Las Vegas
Pacific Southwest Development of Las Vegas is partnering with California-based World Premier Investments in a joint venture to develop a $50 million, 500,000-square-foot power shopping center in southwest Las Vegas. Grand Flamingo Centre will be built on a 40-acre site adjacent to the Las Vegas Beltway at Flamingo Road and Grand Canyon Drive. The tenant mix may include furniture stores, health food outlets, pet product suppliers and an athletic club. Sierra Health Services will open a Southwest Medical Associates clinic in the center early next year. Tent-like structures will cover two patio dining areas linked by a landscaped walkway, providing eight or nine dining choices for visitors. Joe’s Crab Shack has already committed to opening a restaurant at the development. Grading and site improvements are underway, and the multi-phase project is slated for completion in summer 2006.
Work Continues on Holsum Lofts
One of the redevelopment efforts for the downtown Las Vegas area is a renovation project to convert the 50-year-old Holsum Bakery to mixed-use residential, retail, restaurant and art gallery/studio spaces. Demolition work has been completed and work is well underway on the renovation, according to the general contractor, Las Vegas-based TWC Construction, Inc. The Holsum Lofts project also includes an adjacent building that used to be a lighting store, which will be incorporated into the new structure. Developer LaPour Partners plans to preserve some of the charm of the old bakery building, including exposed heavy timber ceilings and historic signage, while adding contemporary design elements. Las Vegas architect Stephen Jackson created the conceptual design for the building’s makeover, and the architect for the construction project is Westar Architecture of Nevada. Completion of the Holsum Lofts is scheduled for the fourth quarter of 2004, and the 46,000-square-foot building is over 50 percent leased, including an agreement with a restaurant tenant for a café to be called Union Street Grill.
Las Ventanas Plans Phase II
Burke & Associates has been awarded the contract to construct the second phase of the Las Ventanas senior-living facility in Summerlin, near Las Vegas. Phase I of the 17-acre community features 198 independent-living apartments, 60 assisted-living apartments and a 60-bed skilled nursing center, in addition to common areas that feature game rooms, a library, hair salon and business center. Phase II will consist of four additional buildings for apartments and skilled care. The 200,000-square-foot, $31 million project will break ground in September and is scheduled for completion in February 2006. Architect for this phase is Dallas-based ThreeArchitecture. Las Ventanas is being developed by Greystone Communities, Westport Senior Living and American Baptist Homes of the West.
D& D Announces New Jobs
D & D Roofing and Sheet Metal, with headquarters in Sparks and offices in Elko, Carson City and Portola, Calif., recently announced that it has been awarded contracts for $2.2 million in new jobs in Northern Nevada. The largest of the projects is a $1.5 million contract for the Village at Northstar mountain resort community in Truckee, Calif. Other commercial jobs include: Tamarack Junction Phase 2, a retail store for Lazyboy Furniture, Riverside Commerce Center, the Harley-Davidson Call Center and the Mills Lane Justice Courts.
Las Vegas Approves SID for Providence Community
The City of Las Vegas has approved the creation of a $51,185,000 special improvement district (SID) for Providence, a master-planned community being developed by Focus Property Group in the northwest part of the Las Vegas Valley. The SID will provide funding for the construction of major infrastructure improvements, such as streets, water lines, sewer lines and drainage facilities. The Providence SID bonds were sold through municipal bond underwriter Stone & Youngberg. A 1,200-acre master-planned community located north of Interstate 215 and west of Hualapai, Providence will include more than 225 acres of public facilities, including parks, a trail system, schools and 15 acres of land of general commercial development.More than 867 acres of land will be dedicated to residential development, both single and multi-family. Participating builders include Astoria Homes, Beazer Homes, Juliet Corporation, KB Home, Kimball Hill Homes, U.S. Homes, Greystone Homes, Meritage Homes, Pardee Homes, Picerne Development, Pulte Homes, R/S Development, Ryland Homes, Toll Brothers, Trophy Homes, Warmington Homes and Woodside Homes. Models are expected to open in early 2005.
Southwest Title Co. Expands to Laughlin
Dale Puhl, president and chief executive officer of Southwest Title Co., announced the full-service title and escrow firm has opened new offices in Laughlin. The Laughlin office, located at 3100 S. Needles Highway, currently hosts one escrow unit. Puhl said Southwest Title Co. made the move to Laughlin in response to its growing population base, and also in anticipation of an increased availability of federal lands next year. The firm also broke ground recently in central Las Vegas for a new home for its commercial escrow division.
Parade of Homes Awards Announced
The Builders Association of Northern Nevada held its fourth annual People’s Choice Awards as the culmination of the 2004 Parade of Homes. The Best of Show, awarded to the production home that garnered the highest scores from the panel of judges, went to Lakemont Homes for The Cascade at Granite Ridge. MB Construction’s Villa Lago Placido won Best of Show for a custom home. The public who toured the 25 homes in the event also voted for their favorite homes, which were Reynen & Bardis’ The Pony Express (production home) and MB Construction’s Villa Lago Placido (custom home).
Tahoe Real Estate Continues To Strengthen
The Lake Tahoe real estate market continues to grow, with substantial increases in single-family homes over $1 million and condominiums over $500,000. An in-depth analysis conducted by Lake Tahoe-based real estate agency Chase International, comparing mid-year 2004 to mid-year 2003, shows a 59 percent increase in sales volume of single-family homes around the lake, with homes selling for over $1 million increasing 67 percent. The largest increase in the sale of single-family homes could be seen in Tahoe City, where homes in the over-million market jumped 160 percent. Lake-wide, average home prices increased 28 percent from $698,323 to $893,530.
