Las Vegas - Bank of Nevada is helping Southern Nevada businesses to meet the needs of an accelerating economy through the financing of more than $270 million dollars in development projects. This represents in excess of 1.8 million square feet of commercial projects — multi-family, office, retail, and leisure — over the last 18 months.
“I think the projects that we’ve financed over the last 18 months illustrate the strong desire of many local businesses to grow,” said Bill Oakley, Real Estate Manager at Bank of Nevada. “As a leading construction lender, Bank of Nevada is actively seeking to meet the needs of the business community and participating in driving projects forward throughout the region.”
Southern Nevada’s population now exceeds 2.2 million, growing more than two percent year over year, with a labor force exceeding 1.1 million people, according to the Las Vegas Global Economic Alliance (LVGEA) August 2017 Economic Snapshot.1 In addition, a comparison of Las Vegas area employment figures between 2015 and 2016 show job growth in nine out of 10 major industry sectors, according to the Nevada Department of Employment, Training, and Rehabilitation.2
Commercial development projects funded by Bank of Nevada since 2016 include:
Office Projects - Summerlin
Construction of two office projects aggregating more than 320,000 square feet.
Multi-Family Housing - Southwest Valley
A 325 unit multi-family apartment project located near Blue Diamond Road & Buffalo, in one of the fastest growing areas of the Las Vegas Valley.
Hockey Practice Arena - Summerlin
A 146,000 square foot structure housing an ice arena/practice facility for the new hockey team on Pavilion Center Drive near Charleston Boulevard.
Office Building - Southwest Valley
Construction of the 40,646 square foot building located on Rainbow Boulevard near the 215 Beltway.
Healthcare Facility - Pahrump, Nevada
A 54,000 square foot facility that includes a medical clinic and office space for specialized medical services. This represents Pahrump’s largest construction project in years.
Super Convenience Store - Jean, Nevada
A super-sized, 51,000 square foot convenience store which will include 48 gas pumps along the busy I-15 corridor south of Las Vegas.
Industrial Development - Near McCarran International Airport
More than 225,000 square feet of industrial use buildings near the airport.
Skilled Nursing Facility - Northwest Valley
Construction of a 30,050 square foot, a 45-bed skilled nursing facility near the U.S. 95 and 215 Beltway.
Retail Development - Henderson
Includes development of several retail pads and a 5,500 square foot tavern on St. Rose Parkway near the Henderson Airport.
Fitness Facility - Southeast Valley
Retail development of a 49,382 square foot facility on East Tropicana near U.S. 95.
In addition to the projects listed above, Bank of Nevada has an additional $100 million of approved commercial real estate loans in closing.
Over the last 18 months, Bank of Nevada has also provided more than $75 million to local and regional homebuilders.
About Bank of Nevada
Bank of Nevada is a division of Western Alliance Bank, Member FDIC, the go-to bank for business in its growing markets. Founded in 1994, Bank of Nevada offers a full spectrum of deposit, lending, treasury management, international banking and online banking products and services, plus superior service to meet the needs of local businesses. With 10 offices in Las Vegas, Henderson, North Las Vegas and Mesquite, along with Western Alliance Bank’s robust national platform of specialized financial services, the banking division is a valued partner for Southern Nevada’s business, real estate, professional, municipal and nonprofit communities. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation. One of the country’s top-performing banking companies, Western Alliance ranks #4 on the Forbes 2017 “Best Banks in America” list. For more information, visit bankofnevada.com.
1.(LVGEA) August 2017 Economic Snapshot: https://www.lvgea.org/data-portal/regional-overview/
2. Nevada Department of Employment, Training & Rehabilitation (DETR) 2015/2016 Employment Comparison. https://cl.ly/1M2g1q3k1T0U