{"id":1004087655,"date":"2013-11-29T14:37:45","date_gmt":"2013-11-29T22:37:45","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=221667"},"modified":"2020-04-01T06:25:18","modified_gmt":"2020-04-01T14:25:18","slug":"citra-wins-city-approval-incentives-for-71m-downtown-healthcareassisted-living-complex","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/citra-wins-city-approval-incentives-for-71m-downtown-healthcareassisted-living-complex\/","title":{"rendered":"CITRA Wins City Approval, Incentives for $71M Downtown Healthcare\/Assisted Living Complex"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/p>\n

As the Downtown Project led by Tony Hsieh gathers momentum, a major healthcare and residential project has reached a major milestone. The Las Vegas City Council recently approved an agreement with developer CITRA Real Estate Capital for Symphony Park, a $71 million skilled nursing and assisted living facility.<\/p>\n

Located on the site of a former rail yard at 394 S. City Parkway, the mixed-use project would mainly consist of the skilled nursing building and the assisted living facility, but will also include a parking structure, garage, ground floor retail and dining spots. The linchpin of the deal is the council\u2019s decision to sell the project\u2019s 3.3-acre site for $3.5 million, a substantial discount from the parcel\u2019s estimated $11.5 million market value.<\/p>\n

According to The Las Vegas Review-Journal<\/em><\/a>, the company will develop a six or seven-story skilled nursing center with a capacity of about 150 beds. Services will include physical therapy, speech and occupational programs. The eight-story assisted living facility will offer some 140 residential units, and the parking structure will accommodate around 464 vehicles.<\/p>\n

Potential job creation persuaded the Las Vegas City Council to provide the financial incentive. Symphony Park would attract around 892 positions, which translates into a $37.6 million annual payroll. Although the city will get a below-market price for the land, returning the parcel to property tax rolls will generate $781,000 in revenue annually, LVRJ<\/em> reports.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Alex Girda, Associate Editor As the Downtown Project led by Tony Hsieh gathers momentum, a major healthcare and residential project has reached a major milestone. The Las Vegas City Council recently approved an agreement with developer CITRA Real Estate Capital for Symphony Park, a $71 million skilled nursing and assisted living facility. Located on […]<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1593,21742],"tags":[],"class_list":["post-1004087655","post","type-post","status-publish","format-standard","hentry","category-las-vegas","category-latest"],"acf":[],"yoast_head":"\nCITRA Wins City Approval, Incentives for $71M Downtown Healthcare\/Assisted Living Complex - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/citra-wins-city-approval-incentives-for-71m-downtown-healthcareassisted-living-complex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CITRA Wins City Approval, Incentives for $71M Downtown Healthcare\/Assisted Living Complex\" \/>\n<meta property=\"og:description\" content=\"By Alex Girda, Associate Editor As the Downtown Project led by Tony Hsieh gathers momentum, a major healthcare and residential project has reached a major milestone. 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