Roberta's Las Vegas Real Estate Blog: Las Vegas Boulder Strip Construction - More building in Las Vegas

Las Vegas Boulder Strip Construction - More building in Las Vegas

I did a recent blog and slideshow on the amazing new color changing Eastside Cannery set to open later this month. It's on the Boulder Strip corridor, and it's not the only new construction in that area. Thanks to Eric Rosenberg with Boulder Crossroads for furnishing this information that shows even more of the investment going on in the Las Vegas Valley.

Las Vegas’ Boulder Strip Seeing Transformation
With Infill and New Investments

Retail, Gaming/Hotel and Residential Infill Happening

Las Vegas, NV (Weds. Aug. 13, 2008) - With the upcoming August 28th opening of the Eastside Cannery Casino & Hotel, the Boulder Strip is undergoing a revitalization that is gaining steam. Several infill ventures along Boulder Highway have opened or changed hands in the past year, with more in the pipeline.

At 16-stories with its distinctive saw-tooth roofline, the $250 million Eastside Cannery tower is the newest and most visible addition to the eastern skyline. It brings 65,000 square feet of casino space, 20,000 square feet of meeting space, 307 new hotel rooms, and six new restaurants to the Boulder Strip, along with 1,200 employees.

Just across Boulder Highway is the new Boulder Crossroads Shopping Center, anchored by a new Wal-Mart Supercenter. Boulder Crossroads brings more than 260,000 square feet of new retail space to the area. Within the new center, a busy new Chili’s, already the third highest-grossing Chili’s in Las Vegas, presides over Nellis Blvd. at Boulder Highway. National retailers RadioShack, T-Mobile, and GameStop are next door. California-based cult-favorite Original Tommy’s Hamburgers just opened its second Las Vegas location in Boulder Crossroads. Filling a dearth of services for the trade area, Tender Dental began booking appointments four months prior to its opening in July. Nevada Federal Credit Union is busy signing up new customers.

Sam’s Town Hotel and Gaming Hall’s $20 million Sports Book expansion is adding to the Boulder Strip’s gaming appeal, especially for locals. Century Theatres premiered a 18-screen state-of-the-art theatre complex less than a year ago, projecting one million visitors by the end of 2008.
Grocery choices are multiplying, too. In addition to Wal-Mart Supercenter’s 24-hour grocery, two new Fresh & Easy Neighborhood Markets have opened nearby, at Nellis Blvd. and Desert Inn to the north, and at Nellis Blvd. and Tropicana to the south.

The new retail is ready for new rooftops. D.R. Horton is completing the last phase of its Nevada Ranch subdivision (First Twilight, High Noon and Twilight phases), within half a mile of the Eastside Cannery. The second phase of the 21 acre Duck Creek apartments are under construction on Boulder Highway east of Russell.

Investors are noticing, as indicated by recent sales. Boulder MarketPlace, at Boulder Highway and Russell, anchored by Denny’s and Tire Works, completed in late 2007, recently sold for $27.8 million. AIM sold the 670 unit Canyon Pointe apartments on Harmon adjacent to the Eastside Cannery for $44 million.

The mortgage mess and high gas prices have smothered projects in other parts of Las Vegas. So why does this stretch of the Boulder Strip appear to be defying the economic odds?
For one thing, the homes and people - that is, guests and customers - are already there. More than 160,000 people already live within a three-mile radius of the Eastside Cannery, without the coming rooftops.

“Eastside Cannery is a great asset, not just to our family of casinos and hotels, but for local gaming enthusiasts,” said William Wortman, co-owner and principal for Cannery Casino Resorts. “We believe the Boulder Strip is a prime spot for the next phase of our growth.”

There is also the boomerang effect of escalating gas prices. Rather than drive across town, some people are opting to stay close to home. Neighborhood retail centers can benefit unexpectedly as high gas prices make each errand an economic calculation. Infill is becoming the watchword as consumers seek to minimize drive time.

“The Boulder Strip has the added advantage of proximity. It’s not far from the Las Vegas Strip and the airport. Yet it is situated in the midst of established neighborhoods, with new multi-family and single family growth adding to local buying power,” said Eric Rosenberg, spokesperson for Boulder Crossroads LLC.

According to CB Richard Ellis, the vacancy rate for retail space in the east submarket is only 2.47 percent, compared to the citywide retail vacancy rate of 5.82 percent for the second quarter of 2008. Despite market qualms, the average retail lease rate is $2.45 per square foot per month compared to $2.21citywide

Click Map for Larger Image

Boulder Strip - Click for Larger Image

Sidebar: Investment Along the Boulder Strip              Development Details

Eastside Cannery Casino & Hotel                    65,000 sq ft of casino space,
    six restaurants, and 307 hotel rooms,
Boulder Highway at Harmon,
opens Aug 28, 2008
 

Boulder Crossroads Shopping Center                    Over 260,000 sq ft center
       at Boulder Hwy & Nellis Blvd.,
anchored by Wal-Mart Supercenter,

        includes:

  • Chili’s

  • Radio Shack

  • GameStop

  • T-Mobile

  • Nevada Federal Credit Union

  • Original Tommy’s Hamburgers

  • Tender Dental

D.R. Horton Nevada Ranch subdivision in three phases:

First Light (triplexes $129,900 -159,900)

High Noon (triplexes $134,900-163,900)

Twilight (single family $219,000-269,000)

Sam’s Town Gaming Hall and Hotel

$20 million Sports Book expansion completed 2007

Century Theatres 18-screens

State-of-the-art 18 screen complex featuring stadium seating and THX sound,

103,000 sq ft, projecting 1,000,000 visitors/year
 

Wal-Mart Supercenter 200,000+ sq ft,

24-hour grocery, opened 2007

Canyon Point Apartments

Sold for $44 million

Sienna Suites Apartments Extended Stay

600 units completed in 2008

Boulder MarketPlace Shopping Center

anchored by Denny’s and Tire Works,

completed in 2007, sold for $27.8 million

Fresh & Easy Neighborhood Markets

Two new markets in the area,

Nellis Blvd. & Desert Inn,

and Nellis Blvd and Tropicana

 

While you may hear of the billions in construction on the Las Vegas Strip, this is another example of the investment going on all around the Las Vegas Valley and the jobs being created. There is a lot confidence shown by those putting their capital into these projects, in preparation for Las Vegas' future growth.

 

If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me at roberta@search4lasvegashomes.com or call me at 702-354-8988. I look forward to hearing from you!

 

 

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Comment balloon 7 commentsRoberta LaRocca • August 14 2008 01:41AM

Comments

Roberta - Very interesting! Do you know GGP is building a 700,000 sq ft high end shopping plaza on the STRIP next to Circus Circus?

Thank you for the info on Boulder Hwy, Wow!

Posted by Robert Vegas Bob Swetz, Las Vegas Henderson Homes for Sale (Realty ONE Group) about 11 years ago

Robert: Thanks really goes to Eric for sending it. Yes, did hear that. That 'consultant guy' that shares my office is tuned in to a lot of this. Tells me at the moment it seems to be a general consensus of the global investment houses that the credit markets should begin to get a little hungry by the 2nd quarter of next year. Once investment capital flows, it appears a lot of back burner projects will heat up.  

One little clue on the time frame for improved cashflow to Las Vegas comes from Tel Aviv's IBI Investment House. Their RE analysts says he is unmoved by what is currently happening here and has given buy ratings to the stocks of 2 Vegas developers. Africa Israel, that bought the former W Hotel / Las Rambles / Edge Group property on Harmon, and Nochi Dankner's 'Property and Buildings' that is a partner with ELAD in the Plaza. Dankner has also increased his stake and arranged financing for some residential projects here, including Queensridge in Summerlin.  

One more clue on the time comes from Goldman Sachs and Credit Suisse. They just deferred the loan payments for the Plaza's Frontier purchase until May 2009. Roughly the same time frame that Boyd Gaming is looking at for Echelon to come back online.

Posted by Roberta LaRocca, REALTOR®, Broker, Salesperson, NV. Lic BS.507 (Simply Vegas Real Estate) about 11 years ago

Good to hear there is building going on... seems I hear a lot about no building lately.

your friend in Charlottesville!

Posted by Charles McDonald, REALTOR®, Blogger, Principal Broker®, Owner (Charlottesville Real Estate Solutions) about 11 years ago

160K peeps in a 3 mile radius?  I did NOT know that!!  I am sure CCR did when they took on the east side Cannery project though.  I know traffic is congested over there and now I know whY!

Posted by Renée Donohue~Home Photography, Western Michigan Real Estate Photographer (Savvy Home Pix) about 11 years ago

Charles: That seems to be the norm for the media these days. The $700 million M Resort in Henderson topped off this past week. It's under budget and ahead of schedule, opening in March of next year instead of May. Just like these developments on Boulder Strip, doesn't get much attention by the press, they only want to blast bad news.

Renee: Whole bunch of folks over there! Actually the traffic I've seen has been from the construction on the secondary streets as of late, and the Boulder Hwy. renovations to bring back what was once a much busier road. With Boulder Hwy and the 515 parallel it flows pretty well. Plus the new Boulder Hwy ACE mass transit route is up next for RTC construction.

ACE Mass Transit Las Vegas Boulder Hwy.

Just to the south, the 515 has a new interchange under construction at Galleria that will connect to Boulder Hwy, then on to Tuscany, and Lake Mead Pkwy to Lake Las Vegas. Also coming to that area, the Landwell Restoration Project is underway to reclaim the former industrial site of the WWII Basic Magnesium plant. The 2200 acres is expected to come online in 2-3 years and that will add more to the area. Looks like they did their homework on all sides!

Posted by Roberta LaRocca, REALTOR®, Broker, Salesperson, NV. Lic BS.507 (Simply Vegas Real Estate) about 11 years ago

Hey Roberta lets hope all those people moving to the area find the most knowledgeable Realtor, that'd be you, to help them find the right home.  I like your web page too BTW!!

Posted by Sandy Noll, Real Estate Team From Mill Creek to Mercer Island ((RSVP Real Estate) 425.890.0878) about 11 years ago

Sandy: Yes, I hope they find me, but I don't hide a lot! Thanks, glad you liked the site.

Posted by Roberta LaRocca, REALTOR®, Broker, Salesperson, NV. Lic BS.507 (Simply Vegas Real Estate) about 11 years ago

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