New Master-Plan Community Underway in Northwest
By: Jennifer Robinson (Las Vegas Business Press) June 2014
In another recovery milestone, a new master plan is set to get underway in northwest Las Vegas.
Skye Canyon was scheduled to hold its groundbreaking on June 5, making it Southern Nevada’s first big, new residential development to get underway since the recession. The event was significant enough to draw RSVPs from Gov. Brian Sandoval, Las Vegas Mayor Carolyn Goodman and other state and local politicos.
The project, which local developer Olympia Cos. is putting together with New York investment groups Stonehill Capital Management and Spectrum Group Management, is a revival of a master plan snakebitten in the downturn.
The master plan’s 1,700 acres at U.S. Highway 95 and Kyle Canyon Road originally went to Focus Property Group for $510 million in a 2007 Bureau of Land Management auction. Focus borrowed heavily for the deal; Wachovia foreclosed on the property in 2008, citing more than $350 million in loans against the land.
Olympia and its partners have been slowly building an interest in the property.
Now, they’ve made it official.
The developers said they plan 9,000 homes, or about half of the 16,000 homes Focus got approval for in 2007 from Las Vegas. There’ll also be commercial and gaming projects, community parks and a trail system for hiking and biking. The first new-home models are scheduled to open in summer 2015. Olympia President and CEO told the Las Vegas Business Press’ sister publication, the Las Vegas Review-Journal, in 2013 that the community would have a seven- to 10-year buildout.
The developers also said the community would offer “an active, outdoor lifestyle, robust community engagement and multigenerational living” that will “redefine and elevate community life in greater Las Vegas.”
Olympia hadn’t announced any homebuilder partners by Tuesday afternoon, but companies that committed to the development in 2007 include KB Home, Pulte Homes, Toll Bros., Ryland and Lennar.
Olympia’s principals aren’t new to local master-planned development. Goett developed the 2,300-acre Southern Highlands in the south Las Vegas Valley.
Skye Canyon donated sports equipment to the Boys &Girls Club of Southern Nevada during the event.
■ Sun Commercial Real Estate helped arrange three big retail sales in May.
Cathy Jones, Paul Miachika, Jessica Beall, Roy Fritz, and Cash Jordan represented Robert Morelli in his $5.3 million sale of a 13,905-square-foot Walgreens building at 9305 S. Eastern Ave. Jeremy Snyder of Colliers International represented buyer MNG Real Estate Investments.
The team also represented LBUBS 2002-C4 Retail 8000 LLC in its $2.9 million sale of a 12,936-square-foot building at 8000 W. Sahara Ave. Nader Moradian was the buyer.
Finally, the group brokered the $2.7 million sale of a 25,747-square-foot building at 6775 and 6895 E. Lake Mead Blvd. Sun Commercial represented seller MLMT 2005-CIP1 East Lake Retail LLC. Mylin Ta was the buyer.
■ Voit Real Estate Services brokered a land sale. Kevin Higgins, Garrett Toft and Zac Zaher represented Martinez Family LP in its $4.5 million sale of 81.1 acres at U.S. 95 and Spring Canyon, near Boulder City. The buyer was GKT II LLC.
■ Brokers with Colliers International coordinated several big deals.
Dean Willmore represented buyer Foreo Cosmetics in its $3.3 million purchase of a 30,253-square-foot industrial property on 1.4 acres at 1525 Pama Lane in Las Vegas. Brendan Keating of The Equity Group handled the sale side for 2010-1 CRE NV-Industrial LLC.
Stacy Scheer and Andrew Kilduff represented Concord Real Estate LLC in its purchase of a 19,548-square-foot office property at 3441 S. Eastern Ave. Mark Musser and Eric Larkin of NAI Vegas represented seller Leumi B LLC in the $2 million deal.
And Renae Russo and Eric Molfetta represented Gaumond Family Trust dba Tower Investments in its lease of 14,998 square feet of industrial space at 3874 Silvestri Lane. TNTS Inc. leased the space for undisclosed terms at a transaction value of $380,000.
