Minor Projects
Clark County Schoolboard Approves School Repair
The Clark County School Board voted to repair Lundy Elementary School. The elementary school closed after storm damage in August 2023. The school is hoped to reopen in fall 2025, but no guarantees were made. This vote passed 5-1. There was a previous vote in which the Board denied reconstruction requests. (Source: Las Vegas Review Journal)
Single-Family
Housing Development Approved in Douglas County
Douglas County Commissioners unanimously approved an 84-unit single-family development called Gardnerville Ranchos. The project was originally approved in 2002 for 95 lots, but approvals expired before work began. Commissioners denied the project in March due to “increased traffic and density.” Ranchos LLC, thedevelopers, filed a lawsuit against the County, resulting in a settlement. The project was then approved with some modifications. (Source: The Record Courier)
Commercial Real Estate
Sales Transactions
1. Caesars Entertainment is selling the LINQ Promenade for $275M to a joint venture between TPG Real Estate and the Investment Management Platform of Acadia Realty Trust. The LINQ Promenade is toward the center of the Las Vegas Strip. The property is home to more than 35 restaurants and retail stores, a casino and hotel rooms.
2. The 10.3-acre Vista Commons retail center in Summerlin sold for $56.1M. The retail center is 98.7KSF and is located along West Charleston Blvd. and the corner of Desert Foothills Drive. JLL Capital Markets represented the seller, Vista Commons LLC. AEW Capital Management was the buyer.
3. Colin Smith and MaryBeth Smith purchased The Virgil Events Center at 301 Vassar St. in Reno. While the details of the Smiths’ transaction were not disclosed, the building recently sold in 2019 for $1.4M. The Smiths operate multiple event centers throughout northern Nevada. The Virgil also has six rentable office spaces, a boardroom and a breakroom in the lower portion of the building.
Lease Transactions
4. Snell & Wilmer recently relocated to an approximately 8.3KSF space at 5520 Kietzke Lane, Suite 200, in Reno. The four-story building was developed and constructed by McKenzie Properties, which holds its offices on the top floor. OneStudio D+A provided interior design services for Snell & Wilmer’s new office space.
