Vegas On The Move!

• Prologis to develop an 11m sf industrial project on 879 acres at Apex Industrial Park (Hwy 93 / Grand Valley Pkwy – N Las Vegas).
• The newest… Las Vegas Convention Center is the third largest in North America.
• A 32 story, 240-unit condo bldg. (Cello Tower) is coming to Symphony Park.
• Oakview Group is wrapping up its entitlement and permitting for a $10b casino resort at LV Blvd and Blue Diamond with a 20,000 seat arena which could eventually house an NBA team.
• The high-speed train to CA is wrapping up its final permits and is scheduled to begin construction in early 2024.
• Multiple tech companies are beginning to dot the 215 throughout the southwest.
• Four Seasons Private Residences is coming to MacDonald Highlands community with units starting at $3m.
• Uncommons is a live and work project consisting of 100,000sf of retail space, 500,000sf of office space and 875 luxury apartments.
• Entek opened a 98,000sf battery manufacturing plant in Henderson.
• 1700 Pavilion, a ten-story 267,000sf office bldg. in Downtown Summerlin opened its doors.
• Tanager Luxury apartments in Downtown Summerlin opened their newest phase.
• Lennar to develop a 79 lot subdivision on 14 acres off Lake Mead Blvd just west of the 215.
• Largest skyscraper in Vegas to be constructed behind the STRAT where the Casino Royale now stands.
• Construction began on Simmons Airpark just east of North Las Vegas Airport with completion projected in June 2024.
• KB Homes purchased 32 acres in Summerlin for $44.7m, (almost $1.4m/acre near Red Rock / 215) expected to build 200 single family residences.

• The Sphere at the Venetian Resort, an immersive entertainment venue… 366 Ft Tall, 516 Ft Wide, 160,000+ speakers, 16K LED Jumbo Tron Screen.
• Bottled Blonde, a $50m bar and nightlife venue, is coming to the strip in 2024.
• Mark Wahlberg wants to build a “state-of-the-art” studio and turn Vegas into “Hollywood 2.0”, creating over 10,000 jobs.
• Immersive 14,000 sq ft playground entertainment attraction coming to Luxor.
• The Bend, a 158,000 sq ft dining and entertainment venue, opening soon in the southwest.
• Universal to open a 110,000sf year-round ‘horror’ experience adjacent to AREA 15 with immersive horror-centric experiences incl haunting bars & eateries.

• Fontainebleau opened Dec 2023.
• Station Casinos has opened the Durango Casino & Resort – Dec 2023.
• Tilman Fertitta has broken ground on a luxury hi-rise casino hotel at LV Blvd & Harmon… 43 stories, 2,240 rooms.
• Majestic Las Vegas, a 45 story-720 room resort, next to the Convention Center is scheduled to begin construction in 2024.
• M Resorts scheduled to build a second tower beginning in the 4th quarter in 2023.
• AC by Marriott / Element by Westin to open a dual-branded 441 room hotel in Symphony Park.
• Station Casinos plans to open a 201 room ‘Inspirada’ hotel/casino in Henderson.

SFR Stats thru Feb 2024:

• 1,896 Single Family Residences, (SFRs) sold, 10.1% increase from Feb 2023.
• The median sales price of previously owned (SFRs) increased from $445,000 to $460,000.
• 2,533 new listings came to market.
• Apprx 1.8 months of housing supply.
• 56.1% of closings were on the market for 30 days or less.
• Median sales price of $1 million or more – $1,400,000.

Summerlin Stats:

• Currently 123,000 residents – projected growth 200,000 by 2043.
• Encompasses 22,500 acres / 35 sq miles.
• Apprx 4,500 acres left to develop.
• Median sales price for a home as of August 2023 – $580,000… (Henderson $485,000)
• 7M sq ft of office space.
• 10 golf courses, over 300 parks, more than 200 miles of trails.

• Formula 1 Racing has arrived.
• Superbowl LVIII Feb 2024… A huge economic success!
• Oakland A’s are on their way hoping to be in their new $1b stadium in 2028.
• Golden Knights – 2023 Stanley Cup Champs!
• Allegiant Stadium home to our NFL Raiders.
• WNBA 2x Champs… 2022 & 2023!
• Oakview Group is wrapping up its entitlement and permitting for a $10b casino resort at LV Blvd and Blue Diamond with a 20,000 seat arena which could eventually house an NBA team.

• Vegas is now home to the Kirk Kerkorian School of Medicine – A state of the art facility.
• Harry Reid Airport is scheduled to reach capacity by 2030, 63-65m passengers yearly.
• The newest… Las Vegas Convention Center is the third largest in North America.
• The high-speed train to CA is wrapping up its final permits and is scheduled to begin construction in early 2024.
• Mark Wahlberg wants to build a “state-of-the-art” studio and turn Vegas into “Hollywood 2.0”, creating over 10,000 jobs.