Downtown Las Vegas Project Announced
Mark L. Fine & Associates has acquired approximately 4.5 acres north of Las Vegas Premium Outlets in downtown Las Vegas, on the southwest corner of Grand Central Parkway and Bonneville Avenue. The property was purchased from Simon/Chelsea Las Vegas Development, LLC, developer of the upscale outlet center that opened last summer. Initial plans for the mixed-use project include approximately 100,000 square feet of retail, restaurant and office space. “This site is key to the downtown redevelopment efforts of the city of Las Vegas,” said Fine. “It is in the very heart of new and future downtown development. We would anticipate building restaurants and complementary retail, Class A office space and ample parking for both retail and office uses.” Fine’s company developed Hills Center North Business Park and Canyon Pointe Shops, both in Summerlin. It is also teaming with Focus Property Group to develop Mountain’s Edge, a 3,000-acre master-planned community in the southwest Las Vegas Valley and Cliff’s Edge, a 1,300-acre community in northwest Las Vegas.
New Marina Underway for Laughlin
Work has begun on Phase One of the $100 million Laughlin Bay Marina project, which will contain 110 boat slips, three launch ramps, maintenance facilities and dry storage for 120 boats. CRM/Colorado River Marina, LLC is developing the project on 32 acres with a 1,250-foot frontage on the Laughlin Bay Lagoon, which opens to the Colorado River. It is the first marina in Nevada to be built on private property and will be the first marina to adopt voluntary Clean Marina standards. Phase One, which will include a sea wall and boardwalk in addition to the boat slips, will be concluded by December 31 to allow for the spawning of the endangered razorback suckerfish. Future phases will include administrative offices, a clubhouse with meeting rooms and recreational facilities, a store and café, and a townhome development. The first homes are expected to be available in 2005. “The Laughlin Bay Marina project is the first large-scale, non-gaming project to be constructed in many years,” said Samuel Wacht, Colorado River Marina’s managing member.
Insight Develops ParkView Center
Insight Development has purchased 34 acres of land on Eastern Avenue across from Sunset Park in southeastern Las Vegas, and has begun preliminary work on a multi-use commercial project called ParkView Center. Plans for the site include office, industrial and retail uses, with options for both sale and lease. Work has begun on phase one, ParkView Center North, on six acres on land fronting Eastern. Martin-Harris Construction will erect three multi-tenant office buildings on the site, ranging from 14,700 square feet to 24,000 square feet. These buildings are expected to be completed by February. Manpower Temporary Services will also build its 11,000-square-foot corporate headquarters in the office park. Voit Commercial Brokerage and Insight Realty Associates are marketing the ParkView Center project.
Work Begins on Carson Surgical Hospital
Ground has been broken for a new surgical specialty hospital near Eagle Valley Road and Highway 395 in Carson City. Temporarily named Carson Surgical Hospital, the 49,000-square-foot project will feature six operating rooms, a 10-bed post-anesthesia unit, a 15-bed admitting and recovery unit, 15 inpatient rooms, a small pharmacy and laboratory, and a diagnostic imaging center. Carson-Tahoe Hospital has provided land for the new hospital adjacent to the site for its own new building. When the new specialty hospital opens in fall 2004, it will replace Carson Ambulatory Surgery Center (CASCI). The project is jointly owned by Carson-Tahoe Hospital and the doctors who own CASCI. The architect is Architectural Nexus of Salt Lake City; the general contractor had not been selected at press time.
CENTRA Breaks Ground for Beltway Business Park
CENTRA Properties, LLC has begun construction on CENTRA Pointe, a $55 million, 300,000-square-foot Suburban Class A office park at the I-215 Beltway and Durango Drive in southwest Las Vegas. The 21-acre master-planned professional office project will feature six buildings ranging in size from 41,000 square feet to 60,000 square feet. The first phase, three buildings with approximately 150,000 square feet of space, was 50 percent preleased, with tenants including Stewart Title of Nevada, Vestin Group, Nevada Heart and Vascular and the law firm of Sklar Warren Conway & Williams LLP. Phase One should be ready for occupancy in February 2004. The development team includes Howard F. Thompson Architects, Panattoni Construction and Panattoni Development. Financing was provided by Colonial Bank.
Preleasing Underway for South Rainbow Business Park
Investment Equity Development broke ground in November for South Rainbow Business Park, a $10 million, 44,000-square-foot office and professional park located on the southeast corner of Rainbow Blvd. and Oquendo Rd. in southwest Las Vegas. Located within 0.5 miles of the new Spring Valley Hospital and within two miles of other hospitals currently under construction, the development is expected to attract professional offices, medical offices and medical support businesses. Amenities include an enclosed landscaped courtyard design with mist system and a 5-to-1 parking ratio. Pre-leasing has begun for the two single-story buildings planned for the 5-acre site. Space is available from 1,400 to 44,000 square feet, with lease terms from three to seven years. Priority One Commercial, leasing agent for the project, is offering a lease incentive program during construction of the buildings, with incentives for both brokers and tenants. Investment Equity Development is acting as general contractor for the project. Completion is scheduled for the second quarter of 2004.
