CORE Construction Completes Public Project
CORE Construction recently completed construction of a facility that will shared by the Nevada Department of Transportation, Nevada Highway Patrol and Freeway Arterial Signal Technology. The project, located at Decatur Boulevard and the 215 Beltway in Las Vegas, covers approximately 13 acres and includes two buildings totaling 66,670 square feet, including a 10,485-square-foot warehouse/maintenance facility. CORE Construction, a Las Vegas-based general contractor, was awarded the $10.75 million project by the State of Nevada Public Works Board.
Tahoe’s Real Estate Market Up in 2004
Chase International recently released a report indicating the Tahoe real estate market continued to grow through 2004, with substantial increases in the sales of single-family homes over $1 million and condominiums over $500,000. The Lake Tahoe-based real estate agency compared 2003 figures with those of 2004. For single-family homes, lake-wide figures included: a 33 percent increase in overall volume; 13 percent increase in units sold; 10 percent increase in single-family homes under $1 million; and 34 percent increase in homes over $1 million. The average price of a home in Lake Tahoe jumped 19 percent to $890,135, from $746,731 in 2003. Tahoe City saw the largest increase (25 percent) in average home price, from $621,077 to $779,184. The East and South Shores followed with 18 percent increases, and Incline Village saw a 16 percent jump in average home price. The East Shore surpassed Incline Village for the first time with the highest home costs, with an average price of $1,187,208. Overall sales volume of single-family homes around the lake was up 33 percent, to almost $2.2 billion.
Michael Jordan Teams Up For Resort Project
Diversified Real Estate Concepts, Inc. recently announced its partnership with basketball superstar Michael Jordan to develop the Aqua Blue Luxury Condominium-Hotel Resort and Spa in Las Vegas. Aqua Blue will feature 825 condominium and hotel units, a casino, 8,000-square-foot spa, rooftop and 11th-ﬂoor pools, whirlpools, waterfalls and cabanas, two Michael Jordan restaurants and a rooftop nightclub and restaurant. The project will also include the first Michael Jordan Athletic Center, a 65,000-square-foot facility that will be open to both residents and guests. The $600 million Aqua Blue project will be built on a six-acre site now occupied by the Super-8 Motel at Flamingo and Koval, adjacent to Ellis Island Casino & Brewery, which will own and operate the casino space.
Groundbreaking for the project is scheduled for fall 2005.
BLM Auctions 60 Land Parcels
The Bureau of Land Management (BLM) sold all 60 parcels of land that were up for sale at a public auction on Feb. 2 in Las Vegas, netting $602.5 million for the 2,284 total acres, an average of almost $264,000 an acre. Focus Property Group paid $510 million for the largest parcel, 1,710 acres in northwest Las Vegas near the turnoff from US 95 to Kyle Canyon and Mt. Charleston – a price that exceeded $298,000 an acre. Focus was representing a consortium of eight homebuilding firms that intend to develop a master-planned community in the fast-growing northwest Las Vegas Valley. Two large parcels in Lander County, totaling 279 acres, were sold for $425,000, and an 80-acre parcel in Elko County near the site of Northeastern Nevada Regional Hospital brought in $400,000.
Investment Equity Breaks Ground on Two Projects
Investment Equity Development recently broke ground on Phase One of the Tech Retail Center, located at Buffalo Drive and Smoke Ranch Road in northwest Las Vegas. The first phase of the project will consist of a 14,000-square-foot single-story retail building, which will include a steakhouse restaurant. The $6 million project has an expected completion date of fall 2005. Phase Two of the project will break ground in April. Investment Equity broke ground almost simultaneously for an office project on 7.5 acres at Rainbow and Post in southwest Las Vegas. The $13.5 million Rainbow Corporate Center will consist of nine single-story medical/professional office buildings, slated for completion in the fourth quarter of 2005.