Development of North Las Vegas
In 2001 when the North Las Vegas did not see much development, two companies the American Nevada and Pulte homes bid jointly on the federal land for the development of master community called Aliante. But the risk turned out to be a great success for the company. During that period builders built only small projects and entry-level homes. Of the 7,000 homes planned for Aliante, 3,400 have been sold or are under construction.
While there is shortage of land for residential and commercial purpose in the rest of Las Vegas, North Las Vegas still has large open areas, which is helping it in its development. 2,073-acre of parcel and 601-acre of parcel of federal land was auctioned by the BLM last month with the bid starting at $522.4million. Growth of businesses in North Las Vegas has resulted in builders developing custom homes. This trend will attract business owners to the area who until then were located in Henderson because the city provided them with industrial building as well as custom homes.
Developments Along The South Strip
The South Strip corridor has many new projects coming up some of them are- the 700-unit mid-rise Manhattan condominium complex at northeast corner of serene avenue and Las Vegas Boulevard South, Eldorado Resorts 10- tower Grandview timeshare complex at southwest corner of Las Vegas boulevard and Silverado Ranch, Boyd’s south coast Casino which is a $600 million project of 1,350 rooms, Olympia Gaming’s$750 million, 610-room Southern Highland Resort and Casino and Marnell’s $1.8billion 79-acre M Resort. These increased investment in housing and infrastructure along he I-15 corridor is making the region suitable for entertainment and leisure amenities. 705 foot tall Club Renaissance Tower located in the new downtown area of Las Vegas valley offers 60 floors of breathtaking views, 15,000 square foot of country club and fitness center, retail space, multimedia screening and meeting room, billiards and game room, dining room with catering kitchen and smoking lounge. The club Renaissance and chef Charlie Palmer have come together to bring dining experience to the residents as well as the general public. They will also have market style grocery outlet.
Cabanas - The Hottest New Trend
The latest, hot extra at the condominium projects are the cabanas. While the cabanas in the hotels are made of flimsy fabric or wood and are rented out for a day or for few hours, the condo variety is made up of sturdy material like the concrete and is deeded to the owners like the condo apartment.
They may cost as much as $500,000 but those in a prominent location and better view of the ocean can cost even more. The space may range from 140 to 500 square feet and may have a small bathroom or even a small kitchen. Poolside units are usually lined with chairs and plants that don’t generate any revenue, but Cabanas means extra profit to the developers and they also don’t cost much to build. To erect cabanas about $16,000 needs to be invested by the developer but this can be sold at $100,000 or more, which is more than the price of most of the condos units! Allure Las Vegas project has at least 50 apartment owners on the waiting list to buy the 28 cabanas it has. Each of these poolside structures cost $30,000 to $50,000.
