North Las Vegas Mixed Use Real Estate Project Worth $300M Soon
North Las Vegas mixed-use real estate development is close to starting in the City of North Las Vegas. Up to 800 Las Vegas homes and almost 1.3 million square feet of retail center in an unnamed project.
The North Las Vegas real estate is located near Interstate 15 on Craig Road, north of Downtown Las Vegas and near Nellis Air Force Base. Shopping is expected to open in the last quarter of 2008 with the homes following shortly thereafter. Expected development cost is $300 million.
A unique way to create buzz for this Las Vegas mixed-use real estate project is with a contest to name the development. The winner will will receive a fully paid university or college tuition, room, board and books.
A Nevada based, Celebration Centers of America, purchased the Las Vegas land and development with Athena Group LLC. The homes portion of this mixed use Las Vegas commercial real estate will be by The Athena Group. Vestar Development Co. of Phoenix, with leasing by Taubman Centers Inc. will develop the retail portion.
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Rapid Las Vegas population growth and rising median household incomes are keeping the Las Vegas retail market healthy through the first half of the year. Las Vegas fell to No. 19 from No. 12 in 2005 in a report from Marcus & Millichap brokerage firm that ranked 42 cities based on a series of supply-and-demand indicators such as population, employment, retail construction and vacancy rates.
