The Village of Centennial Springs Las Vegas real estate will have 75,000 square feet of shops and restaurant pads and 41,000 square feet of office space. Lease rates for the Las Vegas commercial real estate range from $2.25 to $3.50 a square foot.
After two years of planning and development, The Village of Centennial Springs mixed-use project in northwest Las Vegas is developing as construction begins on three office buildings, Rick McCarty of Rhapsody Partners said.
Rhapsody, from Kirkland, Wash, founded by Mark Doppe, former president and chief executive officer of Carina Corp., is developing the $42 million Las Vegas commercial real estate portion of the “new urbanist” village. Carina built more than 1,800 homes in Las Vegas’ “Lamplight” communities before Doppe sold the company to Lennar Corp., a national home builder, in August 2005.
The Village in Las Vegas will be a suburban mixed-use 41 acres development with retail, office and residential portions off I-95 at Durango Drive. This will be similar to The District at Green Valley Ranch in Henderson, NV.
Residents will be able to shop and walk along “Main Street” America and enjoy outdoor activities in a central park such as a community center, amphitheater, playground and pool.
The areas population is projected to grow by 50 percent over the next five years.
Lennar plans to build 230 new Las Vegas homes, both brownstones and single-family residences, with 12 home floor plans starting from the high-$200,000s. Construction is expected to begin in November and occupancy in March.
Las Vegas Planning Commission approved the The Village at Centennial Springs real estate for eight units an acre in February 2004 and Doppe started development in March 2005. He kept 11 acres for commercial development when he sold Carina’s land holdings of 187 acres, including The Village of Centennial Springs Las Vegas, to Miami-based Lennar homes.
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The Village of Centennial Springs Las Vegas real estate construction work started.