Sign in Subscribe
Real estate industry

Las Vegas Real Estate Boom: New Developments and Transformations

Strategic Insights

— 2 min read

Las Vegas is witnessing a rapid transformation with numerous developments and transformations taking place in the real estate sector. From new office projects to luxury condo towers, the city is experiencing a significant boom. Shea Commercial, a Scottsdale-based developer, has broken ground for a $17 million office project at Tenaya Village, marking the first major "office condo" development in the northwest Las Vegas Valley. The project, expected to be completed in September, will consist of five one-story and two two-story buildings totaling 105,000 square feet, with single-story suites ranging from 1,500 square feet to 28,000 square feet.

Key Takeaways:

  • Shea Commercial has broken ground for a $17 million office project at Tenaya Village, marking the first major "office condo" development in the northwest Las Vegas Valley.
  • The project, expected to be completed in September, will consist of five one-story and two two-story buildings totaling 105,000 square feet.
  • About 60 percent of the project has been sold, with single-story suites ranging from 1,500 square feet to 28,000 square feet selling for $230 to $245 a square foot.
  • Shea Commercial has received building permits for five developments in Las Vegas totaling 366,000 square feet, including Shea at Shadow Crest, Shea at Sunset, Shea at Warm Springs, and Shea at Spring Mountain.
  • Baskin-Robbins has transformed 14 stores in Las Vegas to test a new design concept, which will be rolled out at nearly all of its 2,700 U.S. stores over the next two to three years.
  • The company plans to add 20 locations in Las Vegas over the next three to five years.
  • Gateway Las Vegas, a 39-story luxury condo tower, has received final approval from the Las Vegas City Council, with 236 condo units and 75 condo-hotel units with ground-floor retail.
  • Sky Las Vegas, a 45-story condo tower on the Strip, has nearly sold out of its 409 units and is expected to top off construction in June.
  • Pacific Concepts plans to build The Village at the Cauldron, an upscale, mixed-use development in the southwest valley, with construction expected to start in the summer.

Statistics:

  • The office project at Tenaya Village is a $17 million investment.
  • The project covers a total area of 105,000 square feet.
  • Single-story suites in the project range from 1,500 square feet to 28,000 square feet.
  • Shea Commercial has received building permits for 366,000 square feet of development in Las Vegas.
  • Baskin-Robbins has transformed 14 stores in Las Vegas to test a new design concept.
  • The company plans to add 20 locations in Las Vegas over the next three to five years.
  • Gateway Las Vegas will have 236 condo units and 75 condo-hotel units with ground-floor retail.
  • Sky Las Vegas has nearly sold out of its 409 units.
  • Pacific Concepts plans to build The Village at the Cauldron, a 68,000-square-foot mixed-use development.

Sources:

  • "Las Vegas Review-Journal"
  • Shea Commercial
  • Lucinda Stanley, Senior Vice President of Shea Commercial
  • James Franks, Franchising Director of Baskin-Robbins
  • Paul Murad, President of Metroplex Development
  • David Pourbaba, Developer of Sky Las Vegas
  • Jaimee Yoshizawa, President of Pacific Concepts

Read more