Las Vegas Metro Development News

[pwalker]

So, for us outsiders, what is happening with City Center? How many buildings are stalled? How many are cancelled? And, for the ones open, how is business? Locals, please share, (unbiased of course)...

[CrazyAboutCities]

Yes please. I want to know too.

[Paddington]

Anyone know about hospitals in Las Vegas? I have some questions.

[VegasCharlie]

UNLV had a press conference today regarding the new proposed stadium... http://www.unlvnow.com/

**All Pictures are from UNLVnow.com**

[desertpunk]

Las Vegas Review Journal

Three-facility downtown stadium proposal would compete with UNLV dome
Special To The Las Vegas Review-Journal

Mark Anderson
LAS VEGAS REVIEW-JOURNAL
Posted: Feb. 8, 2011 | 5:29 p.m.

The dazzling Feb. 1 presentation by a development group promising to not only build a 40,000-seat domed stadium at UNLV but remake its campus appears to have hit its first significant hurdle.

A separate group, International Development Management LLC, that hopes to construct a three-venue sports complex downtown is lobbying the Board of Regents to vote against approving an exclusivity negotiating agreement for the UNLV venture.




The regents have called a special meeting for Friday to discuss whether to enter into such an agreement with a group led by Southern California billionaire builder Ed Roski and Silverton Casino president Craig Cavileer.

On the face, it appears the two projects have little in common, but the first to build a stadium in the valley probably ends the chances of a second being constructed in the near future.

IDM also hopes to attract UNLV's basketball, football, baseball and soccer teams as tenants for $1 per year plus event expenses. The group plans to construct a 50,000-seat stadium, a 17,500-seat arena and a 9,000-seat ballpark that also could house the Triple-A 51s.

51s executive director Don Logan said previous stadium proposals that fizzled have taught him to temper his enthusiasm before true progress is made.

"You just want to get to the whole root of it," Logan said. "I think everybody (with the 51s) is aware of the talk, but at this point, it's just talk."

IDM says its $1.58 billion project could be ready to begin construction by October and open two years later. Spokeswoman Lee Haney said this project has been in the works for two years and has quietly lined up financing. An IDM document states no tax money is needed.

"We need the regents to be aware we're moving forward and our project is viable," Haney said. "We don't want them to tie their hands and have a situation where they couldn't work with us."

The project, called the Las Vegas National Sports Center, would be on a 70-acre parcel in Symphony Park. City of Las Vegas spokesman Jace Radke noted the city can only discuss an arena project in that location with the Cordish Cos., a Baltimore-based developer that the city has been negotiating with for years.

Radke said the city has not been in talks with IDM CEO Chris Milam "because we have an (exclusive negotiating agreement) with Cordish. We're bound from talking to anybody else."

Haney said IDM is "working in conjunction with Cordish" because they have similar interests. She said IDM is interested in the sports complex and Cordish in the retail side.

"They are having discussions with Cordish," Radke said. "That's our understanding."

IDM clearly is a competitor of the UNLV Now project presented by Roski and Cavileer that not only would build a stadium on campus but create student housing, hotels and parking garages that would almost completely change the face of the university.

Haney pointed out that by the competing group's own admission, it was light on specifics and not far along.

The IDM document also is critical of placing a stadium so close to the airport and of the disruption that would be caused by changes to Swenson Street. IDM also stated Roski and Cavileer's group seeks $100 million from UNLV alumni to get started.

Attempts to reach Cavileer for comment were unsuccessful.

Regent Mark Alden said "unless something changes," he won't vote to give UNLV Now exclusive negotiating rights.

"Anybody who reads the material and does a full analysis would vote no," Alden said. "If they wouldn't, they're not very bright."

Regents chairman James Dean Leavitt said he planned to enter the meeting with an open mind.

"Absolutely, and I always encourage other members to do the same," Leavitt said.

UNLV athletic director Jim Livengood said he was aware of the downtown proposal, but didn't have enough information to comment on it. University president Neal Smatresk did not respond to a text message for comment.

There probably would be concern on the part of UNLV officials about moving four of its sports downtown, but Haney said playing in what would be professional facilities would help recruiting.

She said IDM has talked to different pro leagues about bringing a team to one of the potential new venues. Haney said, however, no agreement is in place and that, contrary to reports, there never was one with an NBA team.
[...]

[saiholmes]

Originally Posted by Las Vegas Sun

DesertXpress high-speed rail project rolls forward
Officials say report is a step forward in Obama’s transportation plans
By Richard N. Velotta (contact)
Las Vegas Sun
Friday, March 25, 2011 | 4:22 p.m.

DesertXpress, a proposed $6 billion high-speed rail line that would link Las Vegas with Victorville, Calif., cleared another major hurdle Friday with the Federal Railroad Administration’s release of its final environmental report on the route.

Transportation Secretary Ray LaHood announced the completion of the environmental impact statement, a document that was reviewed by five federal agencies, during a press conference at UNLV’s Science and Engineering Building.

The announcement also included presentations by Sen. Harry Reid, Nevada Department of Transportation Director Susan Martinovich and UNLV President Neal Smatresk.

DesertXpress officials had expected the environmental report to be completed by the end of 2010 so the fact that was completed was no big surprise. But transportation experts say the announcement is significant because it is one of the first reports involving high-speed rail transportation, an important piece of President Obama’s transportation initiative.

An environmental report was completed for a high-speed rail line between Tampa and Orlando, but that project is in jeopardy because Florida Gov. Rick Scott in February rejected federal money for the line.

Reid, LaHood and Martinovich didn’t answer specific questions about the report because they hadn’t seen the document, which was posted by the FRA earlier today.

One of the key aspects of the report is the location of the Las Vegas train station. Experts familiar with the project say the preferred site for the station is at Russell Road and Interstate 15.

The draft environmental report also considered two sites at Flamingo Road and I-15 and one in downtown Las Vegas, but the Russell Road site is preferred because of the additional cost of continuing the line farther north.

Additional right-of-way would have to be acquired to run the track to Flamingo Road or downtown and tracks would have to be elevated.

The rest of the report outlines preferred routes of the dual tracks that would run 185 miles, primarily along the I-15 corridor between Las Vegas and Victorville. The report analyzed several alternative corridors on portions of the route with the objective of avoiding desert tortoise habitats and other environmentally sensitive areas.

While DesertXpress officials attended the event, they didn’t participate in the conference with LaHood, Reid, Martinovich and Smatresk.

After the conference, Andrew Mack, chief operating officer of DesertXpress Enterprises, explained how important completion of the report is.

“It’s really significant for DesertXpress because it means that the six years of hard work by the federal and state agencies has reached a conclusion and it sets the path forward for final permitting so we can start the project,” Mack said.

Mack said he’s still uncertain when the company will be able to break ground for the project, but Reid said during the press conference that he was hopeful that it would occur before the end of the year.

DesertXpress has applied for a $4.9 billion loan through the Railroad Rehabilitation & Improvement Financing program, which provides direct federal loans and loan guarantees to finance development of railroad infrastructure.

Under terms of the program, funding may be used to develop or establish new intermodal or railroad facilities and direct loans can fund up to 100 percent of a railroad project with repayment periods of up to 35 years and interest rates equal to the cost of borrowing to the government.

If approved, the loan would be more than four times the amount the program has loaned to 28 railroad projects that have received loans through RRIF program since 2002.

Since 2002, the program has lent $1.02 billion with the largest loan, $233 million, going to the Dakota, Minnesota & Eastern Railroad in 2003.

The FRA has hired an independent analyst to determine if ridership estimates, $50 one-way fares and other ancillary revenue will be enough to pay back the loan and prevent taxpayers from footing the bill.

The DesertXpress high-speed rail project would travel 185 miles through federal lands, a national preserve and two states.

LaHood and Reid had no update on the status of the loan request.

Mack said his company may not borrow the total amount in the request and has been awaiting the final environmental report to determine which route alternatives would be approved to determine a final cost of the project.

Transportation consultant Tom Skancke, who advises local government officials and the Las Vegas Convention and Visitors Authority about transportation matters, said today’s announcement “is a big victory in the transportation world.”

“It’s a big victory for the Obama administration’s vision of high-speed rail in the United States and a big victory for Sen. Reid in helping Nevada get the nation’s first high-speed rail transportation system,” Skancke said.

“This is also a great model as a classic public-private partnership,” he said. “Public-private partnerships often are criticized because companies seek up-front money for their projects. In this case, DesertXpress has invested a lot of their own money to get the environmental reports completed and are now going to the government with this loan request to build the project.”

Reid also said the project is important because of the jobs it would provide. He said DesertXpress would bring 35,000 jobs to Clark County alone with construction, operation as well as suppliers and vendors for the project. Several thousand more jobs are expected to be created in Southern California once the project begins.

Read More: http://www.lasvegassun.com/news/2011...rolls-forward/

[saiholmes]

[saiholmes]

Originally Posted by Las Vegas Sun

Henderson unveils plan for $1.5 billion health, retail campus
Estimates include 17,000 initial jobs, billions in tax revenue
By Paul Takahashi (contact)
Las Vegas Sun
Thursday, April 7, 2011 | 2:26 p.m.

For the past nine months, Henderson has kept mum about plans for a 171-acre, city-owned lot at U.S. 95 and Galleria Drive.

On Thursday, city officials and developers unveiled a master plan for an integrated hospital and retail campus called Union Village. It’s an ambitious, privately funded $1.5 billion project that developers say is expected to generate 17,000 jobs, including construction, on-site positions and those created to support Union Village.

“This is a once-in-a-lifetime opportunity,” Mayor Andy Hafen said. “It’s going to revitalize our community. This is the good news that we’ve been looking for in a really bad economic time … This could be the project that gets us booming again.”

Union Village will be one of the nation’s first integrated health villages, a concept of a mixed-use development anchored by a hospital and senior retirement community. The project will have four components, according to the master plan.

Union Centre will be the focal point of the development, housing a state-of-the-art Rose de Lima Campus operated by St. Rose Dominican Hospitals.

The center will have a rehabilitation hospital, senior wellness centers, specialty care facilities and space for a children’s hospital in the future, said Rod Davis, president and CEO of St. Rose Dominican Hospitals.

Davis said the 214-bed hospital would serve a dual purpose: Replace the more than 60-year-old Rose de Lima Campus at 102 E. Lake Mead Blvd. and help relieve overcrowding at the newer Siena Campus at 3001 St. Rose Parkway.

Union Plaza will be a mixed-used development featuring 300,000 square feet of retail and another 300,000 square feet of medical office space, residential apartments and a midrange hotel. In addition, the European village-style Plaza will include a multiscreen movie theater, a 24-hour fitness and rehabilitation center, restaurants and outdoor cafes. The primary developer of this retail section will be Juliet Cos., developer of the Green Valley Crossings and Lake Mead Crossings in Henderson.

Union Place will offer senior independent and assisted living housing for 1,200 full-time residents. The senior housing complex will be built around a clubhouse with four dining facilities, a spa, theater, several lounges, indoor and outdoor swimming pools and boccie courts.

“This is going to be like Dave and Busters meets Leisure World,” Union Village partner and developer David Baker said. “This is not going to be a place to get warehoused to. This is going to be a place for (seniors) to get connected.”

Union Park will be the cultural center and house the expected $63 million Henderson Space and Science Center, a performing arts center and future education research centers for fields such as nursing. The $1.5 billion cost does not include the space and science museum, which will have its own developers.

Union Village developers said they chose Henderson because Southern Nevada is ground zero for the economic recession and because Nevada faces a health care crisis. Baker quoted a Commonwealth Fund study that found Nevada to be 47th in the nation for the quality of its health system and 50th in children’s health care.

The project will bring better quality health care to the valley, developers said, in addition to changing the perception of hospital centers by adding retail, commercial and residential facilities.

“I personally don’t know of any other project of this magnitude in the country,” Hafen said. “We really do believe this is going to be the model for the future.”

Project developers expect Union Village to attract 15,000 to 30,000 people daily to its campus in one of Henderson’s redevelopment districts. Construction is expected to take four to eight years. Thursday’s announcement marks the beginning of the public input process for the sale and development of Union Village. Henderson City Council will hear the developer’s proposal at its April 19 meeting.

David Baker, a partner and developer of Union Village, unveils the master plan for one of the first health care and mixed-used developments in the country on Thursday, April 7, 2011 at the Henderson City Hall.

City Financial Manager Mark Calhoun said he didn’t know how much the land would sell for, but estimated it could be as high as $20 million. The land was purchased by Henderson in the early 1990s for a sports complex that never materialized.

“We were hanging on to it for the right project,” Calhoun said. “This is an excellent project for this piece of land.”

If the sale and financing goes according to plan, developers said they expect to begin to finish the city’s efforts to fill in the gravel pit on the property and start grading the land for groundbreaking by the end of the year. The three-phase project is expected to bring in 4,000 to 6,000 construction jobs and an estimated 5,000 permanent jobs.

“We know this is just the beginning of our process, not the end of it,” Baker said, adding there is still a lot of work to be done. “This is not a press pronouncement, but a press announcement.”

Henderson has seen a number of mixed-used developments fail in the recession, and Baker said he couldn’t guarantee the success of the project.

He did, however, say he was confident in his project partners, which include HKS Architects, Hammes Co. health care consultants, the Haskell Co. design builders, the local Penta construction and the Nevada AFL-CIO.

“We think this is a great team and a great project,” Baker said. “This is the right project in the right place by the right people at the right time.” It’s also an investment that will pay for itself multiple times over during its 80- to 100-year life span, Baker said, adding he expects the project to generate $10 billion in tax revenue over its first 25 years.

Hafen said the hospital being the anchor of Union Village would set this mixed-use development apart from other failed projects throughout the valley.

“With that unique twist, it’s going to be farther removed from some of these other commercial developments that may be having a little bit more of a difficult time,” he said. “This will succeed.”

Read More: http://www.lasvegassun.com/news/2011...llion-health-/

[desertpunk]

Let's get this thing goin'!




full article for this one:
Las Vegas Review Journal

Sports complex developer has eye on site sought by DesertXpress

By Howard Stutz
© 2011, LAS VEGAS REVIEW-JOURNAL
Posted: May 19, 2011
Updated: May 20, 2011



Two multibillion-dollar Las Vegas developments appear to be targeted for the same piece of vacant desert, though no one appears to know how -- or even if -- the two can coexist.

Earlier this month, the 63-acre site west of Interstate 15 across from Mandalay Bay was revealed as the proposed home of a $1.95 billion, three-stadium sports complex.

The developer said he would ask lawmakers to make it a special taxing district to help finance construction of the venues, which would include a new home for the Las Vegas 51s Triple-A baseball team he plans to buy.

What Texas developer Christopher Milam hasn't said in various presentations and public statements: The same 63 acres were identified in March as the preferred station site for the $4 billion DesertXpress high-speed train connecting Las Vegas with Victorville, Calif., proposed by another private company.

Milam, asked about the possible conflict, said Thursday his three-stadium Las Vegas National Sports Center and the train station might be able to share the site. "The drawings indicate the station is not very large," Milam said in an email. "We believe we could accommodate what's shown in these drawings by integrating the station into our venue master plan (probably tied to the stadium). That could yield a terrific result."

But how the two might coexist is unclear. "We are not, however, railroad engineers or financiers, and no one from (Desert*Xpress) has approached us about integrating this prospective station into our development," Milam said.

Today, Milam's representatives in Carson City are expected to deliver a 300-plus-page binder to all state lawmakers while detailing the multiple-stadium project and its potential economic impact. But nowhere in a binder reviewed Thursday by the Review-Journal was there a single mention of a train station on the site. It's unclear why that detail was omitted.

DesertXpress' promoters identified the station site, bordered by Polaris Avenue on the west, Dean Martin Drive on the east, Hacienda Avenue to the north and Russell Road to the south, in an environmental impact statement issued in March. The train's developers also named a potential alternative in the environmental impact statement, which is now under review by the Federal Railroad Administration.

Authors of the environmental impact statement said the site's advantages include proximity to the south end of the Strip and to McCarran International Airport, and the fact that it is "undeveloped and would not require displacement or demolition of any existing development."

The site is owned by a consortium of banks that obtained it through foreclosure, but Milam says he has signed a sales agreement and has put down a nonrefundable deposit. While he now controls the site, he says he would complete the deal only if he moves forward with the stadiums. Milam said Thursday that the landowners were unaware of DesertXpress' station plans, and that he discovered it while doing diligence on his deal.

Greg Gilbert, legal counsel for DesertXpress, said the company hasn't taken a stance on any potential Las Vegas station site, and has identified another possible location west of Interstate 15, just off Flamingo Road near the Rio. "It's premature for us to have a position on any location," Gilbert said. "This is not an adversarial issue."

Milam's group, International Development Management, is asking the Nevada Legislature to create a special taxing district at the site to help pay for the project, which would include a 9,000-seat baseball park, a 17,500-seat arena for a National Basketball Association team, and a 36,000-seat stadium for a Major League Soccer squad.

Milam said this week the stadium project might be scuttled unless the Legislature approves the special taxing district, which would add a 12 percent ticket sales tax for any event at the three arenas. The legislation would also allow stadium owners to keep sales, live entertainment, property and other taxes generated there for reinvestment in the facilities.

Meanwhile, real estate analysts say DesertXpress principals would likely seek to acquire the site through eminent domain. According to the environmental impact statement, almost all of the site -- 57.09 acres -- would be needed for the train station and related facilities to serve more than 4 million passengers per year.

The high-speed trains would travel at speeds of up to 150 mph and transport passengers 186 miles between Las Vegas and Victorville in about 80 minutes. It's envisioned that the line eventually would extend to Palmdale, Calif., where it would link into an ambitious statewide high-speed rail project.

DesertXpress has some big-name supporters, including U.S. Senate Majority Leader Harry Reid. Las Vegas marketing executive and political consultant Sig Rogich has ties as an investor to DesertXpress Enterprises LLC even as his public relations firm, The Rogich Communications Group, represents Milam and the stadium development. A representative of Rogich declined comment Thursday.

In October 1988, Los Angeles-based Weststate Land paid roughly $5.73 million for 58 acres of the current stadium/station site. In 2004, the company bought the adjacent 4.2 acres for $8.3 million. Six years ago, the stadium/station site was valued at $15 million to $20 million per acre, according to real estate analysts.

The acreage, slightly smaller than the 67 acres that houses CityCenter, is zoned for a hotel-casino; but it has remained empty as land values dropped and the recession halted development and acquisitions.

[desertpunk]

Lawsuit Over Failed Spanish View Condos Resolved

A lawsuit brought to trial by buyers at the failed Spanish View Towers condominium project was resolved Thursday with a confidential settlement, an attorney for the plaintiffs said.

Attorneys advised Clark County District Court Judge Elizabeth Gonzalez that both parties in the case had reached a mutual agreement, said Brian Hardy of law firm Marquis & Aurbach.

Buyers were seeking the return of $3.5 million in nonrefundable deposits for luxury condos at Spanish View Towers, an $800 million project that started construction in 2005 at the Las Vegas Beltway and Buffalo Drive.

[...]

[desertpunk]

Smith Center For The Performing Arts tower topped out

[desertpunk]

Old story but indicative of efforts to rebrand and revive developments in the Las Vegas area:

Las Vegas Review Journal

To lift sales, Panorama North tower renamed The Martin

By Hubble Smith
LAS VEGAS REVIEW-JOURNAL
Posted: Jan. 26, 2011 | 2:03 a.m.
Updated: Jan. 27, 2011 | 11:15 a.m



The third tower at Panorama Towers, formerly known as Panorama North, has been renamed The Martin in a marketing strategy to bolster sales at the 45-story, 372-unit luxury condo development off Interstate 15 at Harmon Avenue.

Like most high-rise condominium projects in Las Vegas, Panorama struggled with sales shortly after construction, with many of the units entering foreclosure or short sale. The original developers were Laurence Hallier and Andrew Sasson.

Panorama Towers' street address is on Dean Martin Drive, formerly Industrial Road, and the name "Martin" conjures up a feeling of classic Las Vegas with a dose of modern glamour, said Alan Mark of The Mark Co., which is overseeing sales and marketing for the property.

In addition to the new name, the rebranding efforts include a new logo, revamped website, and new sales and marketing materials.

Condo units at The Martin are priced from the $200,000s for one- and two-bedroom floor plans ranging from 1,035 square feet to 1,962 square feet.

[...]

[desertpunk]

Veer Towers Opens

[desertpunk]

From March:

CBS Vegas

Firm Ditches North Vegas Development Plan
March 30, 2011 1:50 PM
Reporting Robert Rytina

NORTH LAS VEGAS, Nev. (AP) — An architectural firm cited political infighting in North Las Vegas for its decision to pull out of a $500,000 contract to master plan a citywide international business community.

The Las Vegas Review-Journal reported Tuesday that Gensler notified the city of its decision on Monday.

The proposal had drawn criticism from Mayor Shari Buck and Senate Majority leader Steven Horsford as a waste of money for a financially struggling city. Other council members hoped developer Otis Harris’s proposal would spur city economic development.

Gensler oversaw the architectural design of the massive CityCenter project on the Las Vegas Strip. But critics complained other bids weren’t sought for the North Las Vegas proposal.

Gensler official Robert Cousins left open the possibility that the deal could be resurrected if the political differences are resolved.

Copyright 2011 The Associated Press.

[desertpunk]

Las Vegas Sun

Retailers optimistic about future of Las Vegas market



Steve Marcus

Friday 20 May 2011

The Las Vegas retail industry is faring its best since 2008 — in part because of less competition among retailers and restaurants — but analysts cautioned it could take another four to five years before it fully recovers.

“We’re in the best shape we been in three years, and the last six months is the strongest position we have been in as a shopping center industry in that time,” said Nick Hannon, senior vice president of Las Vegas-based Territory Inc., which owns 3 million square feet of retail space in Nevada.

Hannon, who spoke during a forum Thursday to members of NAIOP, the Commercial Real Estate Development Association, said his company has done 23 leases since the beginning of the year – a number that took two years to reach previously, he said.

The retail development industry in Las Vegas continues to have more than 10 percent vacancy in its shopping centers anchored by major tenants. That vacancy, however, is considered closer to 20 percent when factoring in smaller unanchored retail centers sprinkled in neighborhoods throughout the valley.

Territory Inc., which owns such centers at Cannery Corner in North Las Vegas, Centennial Center in the northwest valley and Eastgate in Henderson, has more than a 90 percent occupancy rate overall, which is a reflection of tenants gravitating to larger anchored centers that give retailers a chance to draw from one another, he said. “Of our more than 200 tenants, unless they are bad operators, virtually every one of them has had an increase in sales over the last six months,” Hannon said. “That tells us consumers are starting to open their wallets.”

What’s helping retailers is not only an improvement in the economy but the survival of the fittest since restaurants and retailers have closed in the last three years.

In one example, people see in their own neighborhoods where they may have had 30 restaurants within a three-mile radius of their home, there may be only 20 today. “The dollars being spent by people are spread out over fewer restaurants, because they aren’t competing with as many retailers,” Hannon said. “It’s a natural culling of the economy, and we’re seeing retail improving in this city.” That is reflected by sales tax figures that show consumers spending more on retail goods and in restaurants.

Despite the improvement, landlords are finding it difficult to attract tenants they once did because of the 60 percent-plus decline in the Las Vegas housing market. In the past, entrepreneurs borrowed equity from their homes to start a flower shop or yogurt store. “That market is gone, because there’s no equity in their homes,” Hannon said.

Michael Kammerling, a senior vice president of the retail group with Grubb & Ellis brokerage in Las Vegas, said leasing has been the strongest in anchored centers. But centers of 50,000 square feet and less are where the bulk of the vacancy is, and they will remain a challenge to lease. Those centers remain susceptible to foreclosure and only cash mom-and-pop buyers are showing any interest in them, rather than institutional buyers who don’t want unleased centers, he said. Some centers are selling for $45 to $70 a square foot on average, he said.

Even though leasing is up, it’s nothing like it was in the past, and Hannon’s numbers of 23 leases so far this year is probably a quarter of the number when the economy was stronger, Kammerling said. “It’s directly tied to the economy, and our chronic problem in Las Vegas is unemployment,” Kammerling said. “You need it to decrease for retailers to do well and grow. The good news is there won’t be any new developments for several years, and the existing space will be absorbed,” he said. “But I think for retail, considering the unemployment rate, it will take four to five years to get whole in this market.”

That means having an occupancy rate in the low 90 percent range and lease rates based on where values will ultimately be reset because of foreclosed real estate, Kammerling said.

Kammerling said there are plenty of unanchored centers that should never have been built and questions remain on whether they will ever be leased. Those landlords are under financial duress and doing what they can with concessions and rents to lure tenants, he said. Some have gone as low as 75 cents a square foot in the first year to lure retailers, he said.

Analysts said there continues to be a lot of money on the sidelines ready to purchase distressed assets, and Hannon said he expects The District in Green Valley, which has been foreclosed upon, to quietly go on the market in the next month. There should be a lot of interest and Hannon said someone is likely to overpay for the mixed-use center.

Kammerling said he believe the buzz over mixed-use that combines retail, office and residential, in some cases, won’t be returning to Las Vegas anytime soon.“All of the mixed-use attempts in Las Vegas have failed,” Kammerling said. “Many of them were half-built and I don’t think it will be something available for a long time. We have other issues and challenges to resolve.” Kammerling said one exception is the stalled Summerlin Centre, but even that may take 20 years to complete, he said.

Hannon said 50 percent of the leases his company has done are restaurants, which may be a reflection that people are feeling better about the economy. Another factor is that when so many people are opting to live in their home and let it go to foreclosure, that gives them the money to spend eating out, he said.

While some restaurants are doing well, Kammerling said, a majority are just getting by because sales remain below their previous high and operating costs remain high. “Many are struggling, yet people see them full on a Friday or Saturday night,” Kammerling said. “That doesn’t determine how successful you are. You need a solid lunch business and you have to have business during the week.”

Despite the slowdown in the retail industry, analysts remain optimistic about its future in Las Vegas.

Brian Wynne, a project manager with Forest City, which owns the Galleria at Sunset mall in Henderson, said people shouldn’t simply attribute the growth in Las Vegas in the last decade to subprime mortgages and the construction industry. The valley grew faster between 1990 and 2000, and those dynamics aren’t going away, he said. “We’re bullish on that coming back,” said Wynne, who added that population growth will spur the need for more retail. But as for development, “the big regional mall lifestyle centers like Town Square; it’s going to take a while for that (to be built) for sure.”

Kammerling said he’s optimistic, too, that population growth will resume, because Nevada doesn’t need jobs to attract seniors looking to retire. It will take job growth, however, to lure even more people to Las Vegas and foster future development, he said. “The future is bright, but the question is how long will it take for the employment machine to kick in,” Kammerling said. “Gaming and tourism are picking up, albeit slowly, but the question is when does the construction industry come back. It’s not a question of if but when. Hopefully, it’s sooner than later.”

[desertpunk]

LVhometrends

Indoor Mall for Summerlin in Las Vegas, Nevada
Posted by Mike West on Apr 7, 2011 in News & Information



Tivoli Village Monday, April 4th 2011 – The developers of Tivoli Village submitted plans to Las Vegas to build a 750,000 square-foot indoor mall and 100 condominium-type units across from its mixed-use development scheduled to open this month.

The project, an effort to provide retail in Summerlin and adjacent areas that analysts said is lacking, is scheduled to open by spring 2015. It provides competition for the half-built Shops at Summerlin Centre, where work was halted in October 2008 amid the recession and its developer General Growth Properties going through bankruptcy proceedings. GGP spun off Summerlin and Summerlin Centre to the Howard Hughes Corp. in November.

The Summerlin Centre plans called for retailers such as Nordstroms and Macy’s, and office and residential development totaling more than one million square feet south of Red Rock Resort. “It’s not a matter of if it’s going to happen, it’s a matter of when it’s going to happen,” said Kevin Orrock, president of Summerlin and executive vice president of master planned communities with the newly recreated Howard Hughes Corp.

Since the company just emerged from bankruptcy in November, Orrock said it’s going to take time to decide a course. The company has projects in 18 states. “We’ve got to get our hands around a lot of developments, and the [Summerlin Centre] site is one of them,” Orrock said. “We can’t do them all at the same time. But this is one of the best regional retail sites in the country considering its location and demographics. It’s served by two full interchanges on the Las Vegas Beltway.”

The newly proposed project is on 23 acres on the north end of the Boca Park retail development, across Alta Drive from Tivoli Village. Its developers are Las Vegas-based EHB Cos. and Israel’s IBD Development Corp., the developers of the adjacent luxury condominium tower One Queensridge Place.

EHB President Frank Pankratz declined to discuss his project as it relates to Summerlin Centre, but with Meadows Mall more than six miles away, there’s a need for a mall to serve the area, he said. “We believe what we’re doing with Tivoli and this, that it will be the trade center of this area,” Pankratz said.

Orrock said he didn’t want to comment about the new Tivoli proposal except to call it “aggressive.”

Retail consultant John Restrepo, principal of Restrepo Consulting, said a mall is needed in the area because residents have to drive to Meadows Mall and other venues. “There’s nothing up there, and that’s why Summerlin Centre was such a big deal,” he said. “I think it’s a good move if timed appropriately. The recovery ought to be moving along by then.”

Pankratz said his planned mall, which will be called Las Vegas Renaissance, is expected to have three big-box retailers and 50 smaller stores that could be accessed by Tivoli Village via a pedestrian bridge over Alta Drive. The hope is that department stores will want to occupy the mall, but Pankratz said no leases have been signed as of yet and none are pending.

The developers opted for an indoor mall because it complements Tivoli, which is more of a boutique retail and restaurant center. Pankratz said there’s demand for large retailers to open in the Summerlin area. Tivoli’s developers acquired the 23 acres in October 2010 for $11.75 million. The property was taken over by City National Bank via foreclosure from Triple Five Development.

The original plans called for nearly 1.7 million square feet of development, said EHB’s Pankratz. The developers are expected to have site plan hearings before the city’s Planning Commission and City Council in May and June 2011, he said.

Pankratz said a timeline for the project hasn’t been finalized, saying it will be driven by the market conditions.

[ElDudarinodotcom]

Plan in works for 500-foot, $100M Las Vegas wheel

By OSKAR GARCIA, Associated Press

(05-23) 08:30 PDT LAS VEGAS (AP) --

A developer is rolling out plans to build a 500-foot viewing wheel on the Las Vegas Strip that would be higher than the London Eye and give visitors an unparalleled view of Sin City.

Developer Howard Bulloch of Compass Investments was due to release details of the project Monday at the site across Las Vegas Boulevard from the Mandalay Bay hotel-casino.

Bulloch wants the attraction to open in 2013 as part of a $100 million privately funded project also including a roller coaster and 200,000 square feet of retail, restaurant and entertainment space.

A rendering of the Ferris-style wheel shows its rotation perpendicular to the Strip. That means views from the 40 gondolas wouldn't be obstructed by other passenger cars.

http://www.sfgate.com/cgi-bin/articl...2D46.DTL&tsp=1

[CrazyAboutCities]

There was many Ferris wheel proposals in Las Vegas in the last decade but none of them got built. Hopefully this time it will get built.

[saiholmes]

Originally Posted by VEGASINC.com

Las Vegas developer breaks ground on 500-foot Ferris wheel project
By Sun Staff, Las Vegas Sun
Monday 23 May 2011 9:13 a.m.

The developer of a 500-foot Ferris wheel and amusement park across from Mandalay Bay held a media event today to launch the project.

The Clark County Commission approved the Skyvue Las Vegas Super Wheel project in March, and today with various public officials in attendance, groundbreaking ceremonies celebrated the clearing of the 11-acre site at Las Vegas Boulevard and Mandalay Bay Road.

The Ferris wheel is being touted as the largest in the Western Hemisphere and third tallest in the world. The project is also planned to include 200,000 square feet of restaurants, retail and entertainment uses.

The wheel will have 40 heated and air-conditioned passenger gondolas that each will hold 20 to 25 passengers.

The project is led by Las Vegas developer Howard Bulloch of Compass Investments.

It is scheduled to be completed in the first half of 2013. A similar project proposed for the site stalled a decade ago.

The entire project will include 39.5 acres with 11 acres as part of the first phase. A 1950s-era motel will be demolished as part of phase one.

Read More: http://www.vegasinc.com/news/2011/ma...-foot-ferris-/

[desertpunk]

And then there's this:

Las Vegas Review-Journal

Fate of giant Las Vegas Ferris wheel still up in the air


By Tim O'Reiley
LAS VEGAS REVIEW-JOURNAL
Posted: May 24, 2011 | 2:02 a.m.
Updated: May 24, 2011 | 10:29 a.m.



The game of chicken to build a giant Ferris wheel on the Strip drew a little tighter Monday with a public sales pitch by the developer of one project.

While not breaking ground or even clearing a defunct 1950s' motel from his site, Skyvue developer Howard Bulloch unveiled a 23,000-pound bearing needed to make his big wheel go 'round. He timed the ceremony to coincide with the annual REcon convention staged by the International Council of Shopping Centers, hoping to create a sense of momentum that might persuade potential tenants at the show to sign leases.

Skyvue, across the Strip from Mandalay Bay, would have a 500-foot London Eye-style wheel as its centerpiece, with 200,000 square feet of retail and entertainment space at its base and 107,000 square feet of light-emitting diode signs in the middle of the wheel or along the building's side. Bulloch said he has yet to line up financing for the project, which he said would cost $175 million, but vowed to open by the end of 2012. Skyvue would cover about 11 acres of a 38.7-acre parcel Bulloch and his partners purchased a decade ago.

Quick money for construction could be critical because Caesars Entertainment Corp. has mapped out a similar development, Project Linq, adjacent to the Flamingo and the Imperial Palace. Caesars says it has inked $450 million in loans for its wheel and to finish the Octavius Tower at Caesars Palace. The company has not published many final details about Project Linq, beyond covering about 500,000 square feet with a wheel about 500 feet tall.

Dennis Speigel, president of the consulting firm International Theme Park Services, has said he doubts the Strip could support two giant wheels. "The first one out will be the last one in," Speigel said. Big wheel projects have been floated for Las Vegas in the past but none materialized. Now, Bulloch has various government approvals, but not the money, while Caesars has money without final approval from the county.

The popularity of the 443-foot tall London Eye, which has attracted more than 3 million riders a year since 2000, has attracted a slew of imitators from Singapore to New Jersey to Myrtle Beach, S.C. The latest generation of Ferris wheels come with enclosed gondolas -- 22 passengers each for Skyvue -- instead of open-air baskets.

"A giant wheel has become the icon du jour," Speigel said. "The London Eye has been a tremendous success," said Bulloch, who will model ticket prices on London's. The basic ride would cost $20 to $25.

The Monday ceremony also highlighted that big wheels are not financially foolproof. The bearing Bulloch displayed is a leftover from a Beijing wheel that was never built. According to a spokesman, Bulloch paid about $840,000 for the unused, secondhand bearing. Bulloch said he has received letters of intent from potential tenants for 15 percent of the retail space. A letter of intent indicates a formal interest, but not a rental contract.

At least some of the early skirmishing between Skyvue and Caesars has revolved around location. By placing his wheel right on the Strip, at a slight angle to the street, riders will get a better view, Bulloch said. "That is the real appeal, not being off the Strip," Bulloch said.

But Caesars senior vice president Jan Jones depicted Skyvue as relatively isolated. "If I was going to argue location, I would rather have the center of the Strip than being on the end of the south end," she said.