Las Vegas real estate development company Montecito Cos. has started grading a 9-acre site in North Las Vegas to build the $21 million Cheyenne Pointe retail center, the first major Las Vegas construction news of a commercial project in the city’s redevelopment area.
The 93,000-square-foot center at Cheyenne Avenue and Civic Center Drive will be anchored by a 30,000-square-foot Mariana’s Supermarket to serve the predominantly Hispanic population in nearby neighborhoods.
In addition to Mariana’s, the center’s tenants include Starbucks, Nevada Federal Credit Union, T-Mobile, Gen X Clothing, LA Insurance, Discoteca, PWS Laundry, Nevada Best Nails, El Rodeo and Estela’s Beauty Salon.
Frank Nielsen, Montecito President, said he did his research on the demographics of North Las Vegas, which is one of the fastest-growing cities in the nation. Cheyenne Pointe is between Interstate 15 and the Community College of Southern Nevada, with about 100,000 residents within a 5-mile radius. Traffic count is about 65,000 cars a day, he said.
“If you go into the neighborhood and look at the houses, it’s a well-kept neighborhood and these stores will do well,” Nielsen said. “It’s an ethnic center, mostly Hispanic.”
It will be Mariana’s fourth store in the valley and first in North Las Vegas. The supermarket chain is spending about $1.5 million on the store, with tenant improvements scheduled to begin late in the fourth quarter, said Ruben Anaya, director of operations for Mariana’s. The store will create about 100 new jobs.
R&O Construction is general contractor for Cheyenne Pointe.
Nielsen said he’s looking at other locations in North Las Vegas for similar projects. Montecito has eight shopping centers in various stages of Las Vegas commercial real estate development with a market value of more than $200 million. The company, which has offices in Las Vegas and Phoenix, holds about 3,500 acres in Nevada, Arizona and California.
Source: LV Review Journal
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Las Vegas real estate development company starts Cheyenne Pointe Retail Center.