Monday, December 25, 2006
Station Casinos to build 52-acre mixed-use complex
A Station Casinos subsidiary has entered into an operating agreement that combines 52 acres of land behind Palace Station at the southwest corner of Sahara Avenue and Rancho Drive. The parcel stretches south of back toward Desert Inn Road. Station will develop, construct and manage a master-planned development with mixed-use residential, retail and entertainment, according to SEC documents. The agreement also includes the 4.39-acre Scandia Family Fun Center that was sold to the New York-based Fisher Brothers for $6.35 million, or $1,44,469-per-acre, in September 2005. The deal closed earlier this year. The center had previously been the site of a planned $550 million, 700-unit twin tower luxury condominium project called Opus Vegas. It was recently renamed "Kallisto." Plans had called for two 50-story glass towers, with units priced from the low $300,000s to $4 million. Station, as a result, has mapping entitlement to build 700 residences at the site if they choose.
Friday, December 22, 2006
Harsch plans $34 million Henderson center expansion
Harsch Investment Properties is planning a $34 million expansion of its Henderson Commerce Center IV development at the southeast corner of Eastgate and Warm Spring roads. Plans call for five single-level double height buildings totaling 246,000 square feet. Construction is expected to begin in the first quarter with anticipated completion by December 2007.
Designed by Portland-based VLMK Engineers, the concrete tilt-wall buildings will offer a combination of light-industrial, flex-office and mid-bay distribution space. Lease rates have yet to be determined. Harsch’s Stacy Mbithi will handle the leasing. Buildings will range from 35,000 to 60,000 square feet in size, with 24-foot clear heights and grade-level and dock doors. Divisibility will be 750 to 15,000 square feet, with a parking ratio of 3:1,000.
Harsch purchased the 17.5-acre property in December 2001 for $7.69 million, or $4.20-per-square-foot, from the LandWell Co. Henderson Commerce Center IV currently consists of two buildings totaling 360,000 square feet. It’s currently 80% occupied with such tenants as Good Humor and Storage Barn, among others. Asking rents are 50 to 70 cents per-square-foot triple-net.
Future plans entail another 15-acre phase tentatively scheduled to break ground in late 2007. It will entail roughly 230,000 square feet office and retail space. Henderson Commerce Center IV is expected to reach build-out in late 2008 The 50-acre center, upon completion, will have 12 to 14 buildings totaling 836,000 square feet of commercial space.
Designed by Portland-based VLMK Engineers, the concrete tilt-wall buildings will offer a combination of light-industrial, flex-office and mid-bay distribution space. Lease rates have yet to be determined. Harsch’s Stacy Mbithi will handle the leasing. Buildings will range from 35,000 to 60,000 square feet in size, with 24-foot clear heights and grade-level and dock doors. Divisibility will be 750 to 15,000 square feet, with a parking ratio of 3:1,000.
Harsch purchased the 17.5-acre property in December 2001 for $7.69 million, or $4.20-per-square-foot, from the LandWell Co. Henderson Commerce Center IV currently consists of two buildings totaling 360,000 square feet. It’s currently 80% occupied with such tenants as Good Humor and Storage Barn, among others. Asking rents are 50 to 70 cents per-square-foot triple-net.
Future plans entail another 15-acre phase tentatively scheduled to break ground in late 2007. It will entail roughly 230,000 square feet office and retail space. Henderson Commerce Center IV is expected to reach build-out in late 2008 The 50-acre center, upon completion, will have 12 to 14 buildings totaling 836,000 square feet of commercial space.
Business Press Reporter Wins Industry Award
The Society of Industrial and Office Realtors (SIOR), Southern Nevada Chapter, recently named Tony Illia as the recipient of its inaugural "Real Estate Reporter of the Year" award. The ceremony took place at House of Blues Foundation Room at Mandalay Bay on Dec. 7. Illia has covered real estate, development and construction topics for the Business Press for the last eight years. The award cited his industry insight and continuing commitment to journalistic excellence. SIOR is a professional commercial and industrial real estate association, representing many of the most knowledgeable, experienced and successful brokerage specialists in the business today.
Valley Home Sales Dip in November
Southern Nevada's housing market continued its yearlong slide with 1,547 home sales in November, a 36.6% drop from 2005, reports the Greater Las Vegas Association of Realtors. Yet average sale prices climbed to $379,108 last month or 1.5% higher than in 2005. There were 19,729 units available in November, a 33.9% increase from a year ago. New listings, as a result, flatted at 4,043 units or 0.9% fewer than in 2005.
"We've been saying for months that sellers should be realistic in listing and pricing their homes for sale," said GLVAR President Linda Rheinberger. "With this month's drop in the number of active listings, it looks like our message is taking hold. Sellers who may just be speculating are either removing their homes from consideration or renting them out, which is positive."
There were a scant 324 condo/townhome sales in November for 46.1% drop versus a year ago. And average condo/townhome sale prices dropped to $225,598 or 4.4% less than in 2005. Meanwhile, condo/townhome availability skyrocketed in November with 5,144 units or 90% more than 12 months ago.
Overall, there was $586.4 million worth of home sales in November, which 35.7% less than in 2005. Condo/townhome sales registered $73 million worth of activity for a 48.4% drop over 2005.
"We've been saying for months that sellers should be realistic in listing and pricing their homes for sale," said GLVAR President Linda Rheinberger. "With this month's drop in the number of active listings, it looks like our message is taking hold. Sellers who may just be speculating are either removing their homes from consideration or renting them out, which is positive."
There were a scant 324 condo/townhome sales in November for 46.1% drop versus a year ago. And average condo/townhome sale prices dropped to $225,598 or 4.4% less than in 2005. Meanwhile, condo/townhome availability skyrocketed in November with 5,144 units or 90% more than 12 months ago.
Overall, there was $586.4 million worth of home sales in November, which 35.7% less than in 2005. Condo/townhome sales registered $73 million worth of activity for a 48.4% drop over 2005.
Gibbons Names New State Transportation Director
Nevada Gov.-elect Jim Gibbons (R) today named Susan Martinovich as the state's new transportation director effective Jan. 1. Her appointment follows on the heels of Jeff Fontaine's Dec. 11 announcement that he has accepted a position as executive director of the Nevada Association of Counties, a nonprofit group representing the state's 17 counties.
Fontaine served as director since June 6, 2003, and previously was deputy director from 1995-2003. The department has 1,700 employees and a $674-million annual budget. The agency oversees the maintenance and operation of 5,400 miles of state highway and nearly 1,000 bridges.
But the department currently faces a projected $3.8 billion funding shortfall from 2006-2015 due to booming tourism and population growth that has increased highway use with fewer tax dollars available for new construction. The agency, in order to stay within budget, recently cut its $130-million a year pavement repair and maintenance program by half. The reduction will remain in place until at least 2009. A task force has since recommended raising gas and service taxes as well as license fees to bridge the funding gap.
Susan Martinovich, a 22-year department employee, has served as deputy director and chief engineer since 2003. She is the first female director in department's 89-year history. Martinovich, 45, is a certified civil engineer in Nevada and California. She has served on a number of national transportation committees, including vice-chair of the American Association of State Highway and Transportation Officials (ASHTO).
Fontaine served as director since June 6, 2003, and previously was deputy director from 1995-2003. The department has 1,700 employees and a $674-million annual budget. The agency oversees the maintenance and operation of 5,400 miles of state highway and nearly 1,000 bridges.
But the department currently faces a projected $3.8 billion funding shortfall from 2006-2015 due to booming tourism and population growth that has increased highway use with fewer tax dollars available for new construction. The agency, in order to stay within budget, recently cut its $130-million a year pavement repair and maintenance program by half. The reduction will remain in place until at least 2009. A task force has since recommended raising gas and service taxes as well as license fees to bridge the funding gap.
Susan Martinovich, a 22-year department employee, has served as deputy director and chief engineer since 2003. She is the first female director in department's 89-year history. Martinovich, 45, is a certified civil engineer in Nevada and California. She has served on a number of national transportation committees, including vice-chair of the American Association of State Highway and Transportation Officials (ASHTO).
NCA names Contractor of the Award Winners
The Nevada Contractors Association, a nonprofit industry trade, group recently named the winners of its seventh annual "Contractor of the Year" awards during a gala luncheon at the Orleans Arena on Nov. 30. The awards are the industry's highest honor, recognizing excellence, safety, leadership and innovation in construction. Pro-rodeo announcers Boyd Polhamus and Bob Tallman served as masters of ceremonies, keeping the mood light and festive. Miss Rodeo America Amanda Jenkins was also on hand to pass-out awards and pose for photos. Wells Cargo Construction took home top honors as Contractor of the Year; Midwest Drywall Co. Inc., was Subcontractor of the Year; Perini Building Co. was named Safest Contractor of the Year; and, APCO Equipment was named Supplier of the Year. Meanwhile, Las Vegas Paving Corp. won Heavy/Civil Project of the Year for the I-15/Blue Diamond Interchange, and M.J. Dean Construction received Building Project of the Year for Marriott's Grand Chateau tower. Schwab Sales Co. was Associate of the Year and Brent Conrad of Werdco B.C. was Recruiter of the Year. A crowd of 250 people turned up for the yearly event, which included a free raffle for tickets to the National Finals Rodeo.
Subscribe to:
Posts (Atom)
