Groundbreakings
1. The Victory Logistics District industrial park’s groundbreaking is scheduled for Feb. 28. Mark IV Capital, a real estate investment and private equity firm, initially closed the $45M deal in 2019. The 4.3K-acre park is entering its second phase, which includes grading 600 acres, opening 1.6K acres for potential development, and installing key infrastructure. Future plans include installing data pathways along I-80 and U.S. Hwy 50, relocating nearly 3M cubic yards of soil, and completing four miles of paved road, five miles of new water lines, and six miles of storm drains. The completed facility will contain data centers and distribution and manufacturing facilities.
2. A groundbreaking was held Monday for UNLV’s CSUN Preschool expansion. The $16M expansion is within the Lynn Bennett Early Childhood Education Center, and was funded by a $10M anonymous gift and $6M in assorted donations. The expansion will add 6.9KSF building to the current 21KSF with two new classrooms, a parent resource center, family lounge and conference room. The additional expected 20KSF of site improvements will include updates to playground facilities, landscaping and a parking lot reconfiguration.
3. A groundbreaking has been confirmed for Line Drive Apartments at 700 Line Dr. in Reno. This $15M affordable housing development will include 51 residential units in three stories and span 46.8KSF. The project is being constructed by Metcalf Builders and is expected to be completed by spring 2026.
Progress Reports
4. Construction on a $65M new project in downtown Henderson has resumed. The Watermark, located at 215 S. Walter St., will contain 151 apartments and 30KSF of commercial space. Gillet Construction began construction in summer 2021 but halted work and sued Strada Development Group for owed funds in late 2023. A new $27.9M loan by Acres Capital Corp. has reenabled construction, and the project is expected to be completed by the end of 2025.
5. The Bent Inn, an adults-only LGBTQ boutique hotel in Las Vegas, will reopen in early April. An investor with a hospitality background refinanced the hotel’s construction loan after the project encountered financing troubles. Improvements will include guest room and lounge area upgrades.
Completions
6. Porsche’s largest dealership in Nevada is now open. Porsche Henderson is owned by Gaudin Motor Company and is located at 7779 Eastgate Road. The facility is LEED-certified.
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