Las Vegas

SunCal is adding to the master planned community wave that has hit the Las Vegas area in recent months as a number of projects were revived by developers. The North Las Vegas City Council recently gave its approval to master developer SunCal’s proposed Park Highlands West community project. The development is just a part of the overall Park Highlands development initiative, and the recent approval essentially means that that large plot of land is being divided into East and West master-plans.

By Alex Girda, Associate Editor About $28 million in federal financing for affordable housing is headed to Las Vegas.  Under the New Markets Tax Credits program, investors will get incentives to invest in development targeting residents at the lower end of the income scale. According to The Las Vegas Review-Journal, Senate Majority Leader Harry Reid […]

After it was recently revealed that Downtown Summerlin is set to put one of the most ambitious master-planned projects in the entire Las Vegas Valley to the test of commercial real estate this fall, a number of long-dragged master-planned communities across the Las Vegas area are also closer to becoming reality after successfully exiting the uncertainty created by the fallout of the market crash.

There is always a large amount of chatter regarding big developments, new master-planned communities and ambitious redevelopment projects. But it’s the downtown component that is always polarizing. With Summerlin’s downtown area edging closer to reality, specifically the project formerly known as Summerlin Centre, Howard Hughes Corp’s concept for a new style of large scale development in the area is set to get its trial by combat as homebuyers and businesses will mark the latest phase in the master plan as either a success, or another Vegas bust.

North Las Vegas is set to receive a considerable economic boost as Tennessee-based tech company Asurion LLC recently announced it is expanding operations in the area. The tech insurance provider will reportedly open a new office in North Las Vegas and will create around 800 new jobs in the next five years. Asurion will hire approximately 500 people in the following year alone, as its opens a call center in an office property located near U.S. Highway 95 and the Las Vegas Beltway.

In one of the largest deals recorded this year in commercial real estate, Deutsche Bank recently announced that it had reached an agreement for the sale of The Cosmopolitan of Las Vegas, one of the most high-profile hotel & casino properties in the city. Buyer Blackstone Real Estate Partners VII is set to acquire the owning entity of The Cosmopolitan, Nevada Property 1 LLC for a fee of $1.73 billion. As per the terms of the deal, the Blackstone subsidiary will now own 100 percent of the hospitality facility.

MGM Resorts International recently unveiled its plan to round out an important part of the Las Vegas Strip where the company currently operates a number of resorts that are experiencing their own changes. The company has announced The Park, a concept that will take shape on the west side of The Strip that was thought up to bridge the area between New York-New York and Monte Carlo.

The emergence of solar power as a viable option of fueling residences during recent years has been a lucrative enterprise in the California and Arizona, two of the sunniest states in the entire country. Now, Nevada is seeing serious interest from one of the largest companies committed to raising the profile of the alternative energy method of powering homes. SolarCity recently announces that it is vastly expanding its operations in the state of Nevada, and its push will begin with residences in the city of Las Vegas and the neighboring area.