Las Vegas

Projects for mega-resorts or ambitious mixed-use developments were stalled up and down the Strip after the market downturn a few years ago. Since, some residential developments have found new life, with a string of recent acquisitions that have turned things around for some of these projects. MGM is still stuck in a legal battle with Perini over the Harmon tower, but things are pointing towards imploding the building. All of these projects are finding their way as the city is looking to repair its image, and Genting Group is set to further that initiative, as the Malaysian hospitality company has announced the acquisition of the Echelon.

The $2.5 billion development project that is set to be known as the Las Vegas Global Business District, includes a number of completely new structures, such as a new World Trade Center building and a multimodal transportation hub. The first phase of the decade-long project the Las Vegas Convention and Visitors Authority is set to see the officials kick off the request-for-quotation (RFQ) process for the development. It will also focus on securing the financing for the massive plan, as well as starting the acquisition process for any of the land parcels that are needed for the actual construction.

The company would build around 1,400 residential units, part of the initial phase of the project, occupying 320 acres of land in the vicinity of the ambitious Union Village health care-focused project. Entering development under the name of Cadence, the community will feature a neighborhood park, a retail complex as well as some office space, according to Landwell company officials.

A Henderson apartment complex recently traded hands in what is touted as the largest deal of its kind perfected in the Las Vegas Valley in 2013. TM Equities, a real estate investment company based in Salt Lake City that focuses its investments on residential properties with over 100 units, acquired the Adobe Ranch in Henderson for approximately $30 million. The transaction was made through an entity that is managed by the Utah-based company.

The number of available lots in the offering sits in the high 20s, with a series of intriguing properties set to catch the attention of both those interested and trivia enthusiasts. The town of Searchlight, home of former Senate Majority Leader and current senior Senator of Nevada Harry Reid, has had its fair share of history. Considered at one point to become the county seat of the newly formed Clark County at the turn of the 20th century, Searchlight is a little mining town built on the success of a gold vein. The 21-room El Rey Motel was formerly a brothel that constituted the main venue used by workers laboring at the Hoover Dam.

Veer Towers is a LEED Gold certified, twin-tower, 37-story development planned to be the centerpiece of MGM International’s gargantuan CityCenter development on the Las Vegas Strip. The 480-foot towers were built leaning against each other at a five degree angle, following a design by renowned architect Helmut Jahn. Each tower houses 337 luxury condo units offering surfaces between 500 and 1,500 square feet. Each of the two towers has an amenity-packed top floor including spa, fitness center, cabanas and an outdoor patio.

Consisting of structures developed between 1999 and 2009 the Territory portfolio totals 1.7 million square feet of retail space across the Las Vegas Valley. A number of major anchor tenants ensure the lasting appeal of the properties with the overall tenant roster featuring names such as Walmart, Sam’s Club and Lowe’s Home Improvement. The properties are placed in well-populated, economically stable areas, securing the new owners a solid shopper base, one that has, until now, been responsible for strong occupancy rates.