Building Nevada Briefs - September 2006

Building Nevada Briefs

Montecito Breaks Ground  for Retail Project

Montecito Companies recently announced the development of Cheyenne Pointe, a $21 million, 93,000-square-foot grocery-anchored retail center. The project is located on a 9-acre site at the southeast corner of Cheyenne Ave. and Civic Center Dr. in North Las Vegas. This is the first large-scale commercial retail project within North Las Vegas’ downtown redevelopment area and the first redevelopment project east of Interstate 15 in the Cheyenne Technology Corridor. A 30,000-square-foot Mariana’s Supermarket will anchor the center, which will include 13 additional tenants, including Starbucks, Nevada Federal Credit Union and T-Mobile. Tenant space ranges in size from 1,200 square feet to 10,000 square feet. Mariana’s Supermarket is scheduled to open in the first quarter of 2007.

Contractors Board Offers Information

The Nevada State Contractors Board is asking members of homeowners associations to aid them in teaching homeowners how to protect themselves against unlicensed contractors. Representatives of the Contractors Board are available to attend meetings of homeowners associations or other community groups to conduct a one-hour talk on the benefits of hiring licensed contractors for home repairs and remodeling. It is against the law to conduct contracting work in Nevada without a license. For more information, contact Kenya McCampbell at 702-486-1136.

Third Tower Planned for World Market Center

The PENTA Building Group has been awarded a $300 million contract to construct the third building at the World Market Center in downtown Las Vegas. At 2 million square feet and 15 stories, this tower will be the largest at the World Market Center, a home and hospitality furnishing showroom and convention complex. When fully built, at 12 million square feet and eight buildings, World Market Center will be the largest trade show facility in the world. The campus showcases furniture, decorative accessories, lighting, area rugs, home textiles and related products, as well as a Design Center open year-round to the trade. The first building opened in 2005, the second should be open next year, and the third building is scheduled for completion in May of 2008.

Largest Multi-Family Deal Announced

Orion Residential has purchased nine Carefree Senior Living communities in Southern Nevada for $243.5 million, setting a record for the largest multi-family real estate transaction in the state. The deal included nine apartment communities for adults 55 and older, totaling 2,219 units. A development still under construction in Summerlin and a project in Sacramento were excluded from the transaction. The price per unit was $109,734. Garry Cuff and Doug Schuster of NAI Horizon represented the buyer, a prominent national investment company based in Chicago. The seller was Carefree Holdings, an investment group formed in 1981.

New Mixed-Use Plan in Centennial Hills

Blue Marble Development has announced plans to build Paxton Walk, a $2 million development consisting of restaurants, storefronts and 782 condominiums and townhomes on 31 acres at the corner of Tenaya Way and Centennial Parkway in northwest Las Vegas. The Paxton Square Town Center will feature 96,000 square feet of storefronts, restaurants and offices surrounding a 27,000-square-foot courtyard. Residential space will be available above the storefronts and offices. Amenities will include 11 courtyards, three pools, fountains and gardens, two clubhouses and two fitness centers. The Townhomes at Paxton Walk include 65 residences ranging from 1,679 square feet to 1,712 square feet. The Courtyards at Paxton Walk will be four-story buildings consisting of 374 condominiums ranging in size from 726 square feet to 1,503 square feet. Construction will begin in the fourth quarter of 2006.