Las Vegas
U.of Phoenix Consolidates Footprint; Officials Weigh Growth for Tahoe
The University of Phoenix is reportedly tightening its belt and currently attempting to reorganize its space in the Las Vegas Valley. According to industry magazine VEGAS INC, the education entity is looking to cut costs and has already made some moves to that effect. The University has inked a deal with American Nevada Co., securing space in a building located in the vicinity of the Nevada Cancer Institute. The education institution’s new landlord is the real estate arm of the Greenspun Corp., an entity that currently owns two of the city’s largest publications, VEGAS INC and The Las Vegas Sun.
Company Linked to Dell Pays $93M for Pair of M-F Properties
Two Las Vegas-area apartment complexes traded hands recently, due to the newfound interest that WTI Inc., a company linked to computer manufacturer Dell, has manifested in the local residential market. The company has moved for the Esplanade residential complex near South Durango Drive, as well as the Renaissance Villas complex on West Tropicana Avenue. According to VegasINC.com, the total amount for which the two properties traded stood at around $93 million. Specifically, the Esplanade complex sold for around $18 million, while Renaissance Villas traded for approximately $75 million.
Henderson Stadium Developer Wants New Deal; Officials Suspect Fraud
By Alex Girda, Associate Editor International Development Management CEO Chris Milam, the would-be builder of a sprawling sports complex in Henderson, told city officials that he is walking away from his development agreement because of funding problems. Milam insists that the project is still viable but that he needs a new deal with the city, Vegasinc.com […]
South 15 Partners Eyes 2 MSF Industrial Complex Near Henderson Airport
In a move that paves the way for development of a 2 million-square-foot industrial complex, the Henderson city council has approved the sale of 150 acres near the Henderson Executive Airport. According to VegasINC, South 15 Partners L.L.C., the developers, paid $13.6 million for the parcel. The project would be the submarket’s first large-scale industrial development in many years.
Excalibur Unveils New Food Court at Castle Walk
By Alex Girda, Associate Editor
From celebrity chefs’ bistros to casual eateries and fast-food restaurants, the Las Vegas Strip offers as wide a variety of dining venues as anywhere in the United States. In a bid to capture the largest possible share of the area’s dining dollars, the Excalibur is expanding its food options.
Jump-Starting Stalled Projects Could Revive Development
Las Vegas is searching far and wide for its development future—including in its recent development past. As VegasINC magazine reported recently, a number of large-scale projects that have been stalled for years by the Great Recession may be getting a new lease on life.
Calida Moves to Revive Stalled $350M Manhattan West Project
By Alex Girda, Associate Editor
Four years after its original developer filed for bankruptcy, the $350 million Manhattan West condominium project may be getting new life. The Calida Group is moving to acquire the stalled 700-unit development on Russell Rd., the Las Vegas Review-Journal reports.
Dispute Over Harmon Tower Reaches Nevada Supreme Court
The legal battle between MGM Resorts International’s CityCenter project and the general contractor on the troubled Harmon tower has reached the Nevada Supreme Court. According to VegasINC, the representatives of the $8.5 billion development have requested that the court overturn a ruling that would delay the demolition of the $275 million, 26-story Harmon tower.
Two Years On, $8.5B CityCenter Seeks to Reach its Potential
Two years after opening in the midst of an economic downturn, MGM Grand’s $8.5 billion CityCenter project is still seeking to reach its potential as a game changer for Las Vegas. To begin with, the investment added 5,900 hotel rooms to the city’s inventory at a time when visitors declined 2.85 million over two years, the Las Vegas Sun reports.
Home Prices Continue 8-Month Rebound: Realtors Report
Continuing its turnaround, Las Vegas’ housing market has recorded eight consecutive months of increasing prices, a trend fueled mainly by diminishing supply and a record number of short sales, the Greater Las Vegas Association of Realtors reported..