Las Vegas

As the Las Vegas residential market fights for its life, with Nevada’s foreclosures once again at the top of the national chart in a time when homebuilding is at the top of its game, it seems that the market might find a typically flashy savior, considering the context. According to a recently released press statement, one of the city’s most high profile luxury residential properties, The Residences at Mandarin Oriental, has announced strong sales figures for the first six months of its existence.

One of Las Vegas’ signature shopping spots on the Strip is the Miracle Mile Shops, one of the largest and best-known retail facilities in Sin City. The property made headlines recently for a massive refinancing deal completed by HFF on behalf of the owner, a joint venture between Tristar Capital and RFR Holding LLC. The total amount obtained in the refinancing process stands at $580 million. Robert K. Futterman & Associates acted as the joint venture’s project marketing and leasing advisor in the process.

One of Las Vegas’ most high-profile luxury developments of the year is undoubtedly Marriott’s Grand Chateau project. The three-tower complex that would offer residents a wide range of amenities and villa-style accommodations has only recently reached an important milestone. The general contractor of the project, the Tutor Perini Building Corporation, has topped-out the third tower of the complex, a mere 13 months after breaking ground at the site. The third tower of Marriot Vacation Club’s ambitious project will complete the overall appeal of the development, complementing the other towers that comprise the Grand Chateau.

The Henderson City Council has thrown Inspirada Builders LLC a lifeline in the form of a new project to develop a total of 30 acres of parks, at its southwest Henderson housing project. The massive housing development has been struggling for a while now, and the developer recently had an important modification approved by local authorities. According to The Las Vegas Review-Journal, the development is currently attempting a bounce-back from bankruptcy, and the recently approved amendment to the plan will help improve the state of the 1,600-acre housing project.

The coverage regarding the city’s housing market has been extensive, and for anything else, the Downtown Project has been the go-to topic. However, Las Vegas has been looking for good news for years, and now the positives might begin to outweigh the negatives with an office competition that would help out a lucky start-up in Sin City. Specifically, VegasINC.com recently reported that an advertising agency is looking to sublet 1,000 square feet of office space, for $1/month. The company has staged a competition to determine which new venture will secure the space. The campaign was launched in honor of the Las Vegas Startup Weekend, as well as the inaugural year of SXSW V2V.

Las Vegas’ wild entertainment and gaming environment makes some people forget that a huge amount of business is what backs up the sprawling Strip investments and luxurious resorts. Diamond Resorts International Inc., a company that owns several Las Vegas hospitality venues including Cancun Resort, Desert Resort and Polo Towers Suites has recently announced the closing of its IPO offering an aggregate of 17,825,000 shares of common stock, at the initial offering price of $14 per share. According to company data, Diamond Resorts gained net proceeds totaling $210,185,500 before deducting offering expenses payable by the company.