42.36 +/- Acres Conceptual Development
The Collection INFORMATIONAL PACKAGE 3753 - 3980 Howard Hughes Parkway Las Vegas, Nevada 89169
Statement It is understood that this Informational Package is completely confidential and is NOT an Offering Memorandum or a solicitation for offers by the Owner(s) of the properties being presented. This presentation is for conceptual purposes only and not meant to be an offering for sale, but only a concept for a potential use on the site and will be subject to the existing owner potentially entertaining an offer to purchase and ultimately a purchase by the offeror. It has been in NO WAY represented that the Seller would be willing to sell or entertain an offer to sell the properties as depicted.
Contents Introduction Executive Summary Property Aerials & Maps Market Overview Disclaimer
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The Collection You have arrived………now be inspired! The Collection at Hughes Center You came to visit and now you never want to leave. Imagine, Park Avenue meets Rodeo Dr. and having the world at your fingertips-a self contained city, within the most exciting destination in the world, Las Vegas! Once you enter The Collection at Hughes Center you will be swept away to an uber elite bastion of prestige and respectability, within it’s own district, right in the heart of Las Vegas. A luxurious atmosphere that will appeal to every sense and accommodate every pleasure. The Collection will offer every hedonistic indulgence and amenity imaginable, in an environment that will cater to the mind, body, sprit, soul and your entrepreneurial side! Whether you are visitor, or choose to call it home, you can experience the finest in world class luxury penthouse living, lodging, shopping, dining, playing, gaming, rejuvenating ….you will even be able to conduct business at your global headquarters, in your luxury offices within the mixed use towers. There will be copious amounts of convention space to accommodate the large appetite that ranks Las Vegas the #3 destination for conventions in the United States. Realizing the designer prestige of the branded living-we anticipate creating one of the most exciting fashion districts and runway fashion show venues in the world! Everything in one magnificent district and branded with the most distinctive legendary brands in the world that you already know……..and love! 5
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The plan will be to integrate They Collection at Hughes Center into a site which is currently home to one of the finest existing Class A Office/ Retail subdivisions in Las Vegas, that is currently comprised of approximately 1,442,583 square feet of class A office space and situated on approximately 42.36+/- acres. The Luxury Collection will plan to utilize approximately 15.75+/- acres of the 42.36+/-acres. Each signature luxury branded property is projected to be 3-4 individual mixed use, hotel and condominium towers, reaching approximately 400+/- foot height. The site currently enjoys H-1 zoning with a CT Land Use Plan, and an MUD 1 overlay, all which allow Hotel, Gaming and the most intense Mixed Use classifications allowable. Centrally located and just steps away from the finest resort hotels and casinos on Las Vegas Strip, you can almost reach out and touch the lights. Mc Carran airports’ private Executive Terminal and one of the largest convention facilities in the country are just a stone’s throw away and wave of the hand! The eastward expansion plans of the Las Vegas Strip include the anticipated “Wynn’s, Paradise Park development”, a $1.5B project with the focal point to be a 38 acre manmade lagoon, surrounded by a 47 story, 1500-room hotel, convention facility, shopping, dining and the finest of entertainment-The Collection will enjoy spectacular views of the project and will reside just due South of the project,separated only by Sands Ave. Due west of The Collection, also fronting Sands Avenue, and due east of the Venetian, plans are underway to build the MSG Sphere, an entertainment and performance venue that Madison Square Garden Co. and Las Vegas Sands 7
Corporation will be partnering on, to build an entertainment platform and will offer sound and visual technology never before heard or seen, and will enhance the Las Vegas skyline with it’s spherical shaped, 360 foot tall building, 18000 seat arena and has an anticipated opening date of late 2020.
Conceptual Amenities for The Collection at Hughes Center:
• Exclusive Luxury Penthouse residences, offering premium units with full and half floor and purchases • Lounge lobbies and formal dining areas scattered through out the towers for gatherings • Gaming Salon • Rooftop Gardens • Luxury Hotel Accommodations • Office condo for sale • Business meeting rooms, & banquet/convention facilities, permanent exhibition space, etc. • First and Second floor Retail • HeliPad-Subject to FAA approvals. • Outdoor Avenue street side retail and dining. • Casual and high end bars and restaurants, the ultimate of dining/libation/club experiences (think Moet Chandon and Hennessy which are part of the conglomerate Louis Vuitton, LVMH) Boutique Gaming • World class fashion runway shows • Year round exhibition space for high end designers-(Retailers to do buying here instead waiting for Majic) • Sprinkled mid tower-luxury lounges, clubs (day and night) • Hair and Beauty Salons. • Wellness spas with indoor/outdoor wet experiences- potentially branded by Miraval Native American Spirituality Spas. • Work out facilities with views----meditation gardens, rooftop lounge resort areas. 8
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Anticipated Project Square Footages: • • • • • • •
Retail SF includes Bars & Restaurants 500,000 SF Hotel Rooms 1150/575,000 SF @ 500 SF per avg. rm. Condo Units 700/1,800,000 SF @2500 SF avg. unit Day Club/Night Clubs 100,000 SF/units for Office/Office Condo 142,000 SF Convention Area - 200,000 SF Runway/Fashion Show Theater to seat 5,000/30,000 SF • Fashion Mart-permanent exhibition space for designers 100,000 SF • Gaming Area - 110,000 SF (100 sf for every room) One main casino • Brand name Spa Area - 30,000 SF (each building can have their own designer spa if necessary).
Total Anticipated Square Footage 3,587,297+/-
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Comparable sales prices for various aspects of anticipated product:
Sold Units as of 9/27/17: 13 Units sold with +2,000 SF.
• Condominium: $1167.00-$1567.00 per square foot. • Retail Lease Rates: $71.00-$300.00 Annual Lease Rate per square foot. • Retail Center Sale Capitalization Rate: Average 4.34% Cap Rate. • Land Sales Value Strip Frontage: $20mm$32mm per acre. • Land Sales Value Off Strip: $4,074,625.33 Average price per acre.
Sold price per square foot: $819.35-$1,490.88 Average Sold Price Per Square Foot : $1166.23 Average days on the market: 71
Best Comparable for Condo Living: Mandarin Oriental 3750 Las Vegas Blvd South Currently Available for Sale as of 3/26/2018 6 units currently available with +2,000 SF. Asking price per square foot: $1,128.45-$1,995.65 Average: $1,577.83 List Price Range: Minimum: $2,495,000.00 Maximum:$5,500,000.00 Average Asking Price: $4,072,500.00 12
Sold Price Range: $2,100,000.00-$4,300,000.00 Average Sold Price: $2,776,923.00 Average Square footage: 2,382
Strip Retail Annual Lease Rates: Crystals: $179.00+/Fashion Show Mall: $200.00+ Caesars Palace Forum Shops: Asking: Low $100.00$150.00 Annual PSF for larger space, small premium locations as much as $600.00-$700.00 annual per square foot. Planet Hollywood Miracle Mile Shops: $71.00$74.00+ NNN Grand Canal Shoppes: Over $200.00+ Via Bellagio: $300.00+/-
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Comparable Strip Retail Sales Average Cap Rate 4.345%
Property: Fashion Show Mall Sale Date: 7/16 Sq. Feet: 1,900,000 Sales Price $1,250,000,000.00 (50% Interest) Cap Rate: 3.9% Property: Wynn Retail Promenade Sq. Feet: 161,084 Sale Date: 12/16 Sales Price: $472,000,000.00 (49% Interest) Cap Rate: 4.7% Property: Crystals City Center Sale Date: 4/16 Sq. Feet: 262,327 Sales Price: $1,112,000,000.00 Cap Rate: 4.22% Price Per Sf. $4,238.98 Miracle Mile Shops Sale Date: 10/16 Sq. Feet 501,522 Sales Price: $1,080,000,000.00 Cap Rate: 4.56% Price Per Sf. $2,153.44
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Comparable Strip Land Sales: Buyer: Steve Wynn-Wynn West 3120 Las Vegas Blvd. Strip Frontage Vacant Land Sales Price: $300MM- Approx. $20mm per acre Acreage: 38+/- Acres: 162-09-403-004, 16.17 acres, (part of property was ground lease that was assumedper acre price to be determined)-Tishamar Transferred Grant Bargain and Sale Deed on 1/26/2018 162-16-101-009 (12.79 acres) and 162-16-101-011 (5.6 Acres) Transferred Grant Bargain and Sale Deed on 2/06/18 162-16-101-008 (2.89 acres) and 162-16-101-010 (.73 acres) Total Fee Simple: 22.01+/Plans to build 2000-3000 Room Hotel/Casino 3767 S. Las Vegas Blvd. (Next to Showcase Mall across from Monte Carlo just south of City Center, east side of LV BLVD) Sales Price: $59,500,000.00/$32,692,307.69 per acre Acreage: 1.82 Sale Date: 5/17
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Off Strip Land Sales: Buyer: Caesars Entertainment Resort Properties Location: Koval and E. Flamingo Road (Behind Flamingo Hilton and Linq) Off Strip Sales Price: $73,600,000.00/$4,000,000.00 per acre Acreage: 18.40+/Sale Date: 12/22/17 Plans to construct convention and entertainment venue Buyer: Calida Property Group 3768-3798 Howard Hughes Pkwy. (contiguous with subject) Vacant Land Sales Price: $15,860,000.00/$2,608,522.16 Acreage: 6.08 Sale Date: 3/31/17 Plans to build 375 Luxury Apartments 3 parcel Assemblage-east of Flamingo Hotel (east of Strip close to subject) Buyer: Vegas Development LLC 140 Albert .47 Acre 154 Albert .48 Acre 158 Albert .49 Acre 162 Albert .51 Acre
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Total: 1.95 Acre Sales Price: $10,950,000.00/$ 5,615,384.61 per acre Sale Date: 1/2017 $4,074,625.33 Average price per acre * All Data obtained from various sources such as Co-Star, Clark County Assessor’s Office, CBRE, MLS Greater Las Vegas Association of Realtors.
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HUGHES CENTER
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SHOPS AT
SHOPS AT ®
:|: |: Shops at The HC Shops Las at Vegas, The HCNevada :|: Las :Vegas, Nevada HUGHES CENTER
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First Class Amenities Serving Las Vegas’ Premier Class A Office Camp
HUGHES CEN
Executive Summary The HC Hughes Center is a 42.36 acre Class A master-planned office complex located just east of the Las Vegas Strip. The site is situated on the northwest corner of Flamingo Road and Paradise Road. The subject complex encompasses nearly the entire block of Paradise Road between Flamingo Road and Sands Avenue. The development offers a new developer an unprecedented assemblage of land less than one mile off the famed Las Vegas Strip, and directly adjacent to the 38 acre $1.5 billion Wynn Encore Paradise Park expansion which will add 1,000 new rooms, and 260,000 square feet of additional meeting space. Furthermore, the site is just ½ south of the Las Vegas Convention Center which is planning more than $2 billion expansion and renovation in the coming years. The parcels offer irreplaceable real estate upon which a new developer can re-confi gure and maximize the property’s footprint. Many potential uses include full-scale hotel resort casino, retail, timeshare, mixeduse and more. The project is currently home to ten Class A offi ce buildings built between 1986 and 2006. The buildings total approximately 1.4 million square of rentable space, as well as developable land parcels. Nearly 43 million visitors traveled to Las Vegas in 2016, setting a new record for the city, which continues to grow year after year. Furthermore, convention attendance is also at an all-time high of more than 6.3 million per year. The resurgence into the Las Vegas economy has been a huge factor in many recent and future developments and additions to the city. The construction of the 20,000 seat T-Mobile Arena has given way to the city’s first professional franchise- The Las Vegas Golden Knight NHL team, which ultimately led to the city bringing the Oakland Raiders to Las Vegas. The Las Vegas Raiders have agreed to build a $1.9 billion 65,000 seat stadium on I-15 just west of Las Vegas Boulevard, and less than one mile from the subject development. These two arenas located close by the site are slated to host close to 200 events annually. 19
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Parcel “A” 162-16-714-003 = Parcel “B” 162-16-712-004 = Parcel “C” 162-16-712-002 = Parcel “D” 162-16-714-006 = Parcel “E” 162-16-812-004 = Parcel “F” 162-16-812-005 = Parcel “G” 162-16-812-003 = Parcel “H” 162-16-811-007 = Parcel “I” 162-16-811-011 = 0 Parcel “J” 162-16-811-008 = Parcel “K” 162-16-811-017 = Parcel “L” 162-16-811-003 = Parcel “M” 162-16-712-007 =
Executive Summary LOCATION The Property is located on the northwest corner of East Flamingo Road & Paradise road in the City of Las Vegas in Clark County, Nevada. ADDRESS 3753 - 3980 Howard Hughes Parkway, 360 Hughes Center Drive Las Vegas, NV 89169 TOTAL BUILDING SQUARE FOOTAGE (TEN BUILDINGS) 1,442,583 square feet (Source: CoStar) ZONING Zoning: H-1 Hotel Land Use: CT Commercial Tourist YEAR BUILT Between 1986 & 2006
BUILDING NUMBER & SIZE 3753 & 3763 = 61,655 SF & 61,723 SF 3764 = Not Applicable 3770 = 65,321 SF 3773 = 169,054 SF 3883 = 261,833 SF
TRAFFIC COUNTS Approximately 44,000 cars daily on Sands Ave, 31,000 cars daily on Paradise Rd., and 53,000 cars per day on Flamingo Rd. PARCEL NUMBERS & SITE AREA:
Parcel “A” 162-16-714-003 = 6.02 acre Parcel “B” 162-16-712-004 = 3.09 acres Parcel “C” 162-16-712-002 = 0.87 acres Parcel “D” 162-16-714-006 = 5.79 acres Parcel “E” 162-16-812-004 = 3.90 acres Parcel “F” 162-16-812-005 = 3.10 acres Parcel “G” 162-16-812-003 = 4.28 acres Parcel “H” 162-16-811-007 = 2.06 acres Parcel “I” 162-16-811-011 = 0.35 acres Parcel “J” 162-16-811-008 = 1.70 acres Parcel “K” 162-16-811-017 = 2.26 acres Parcel “L” 162-16-811-003 = 3.76 acres Parcel “M” 162-16-712-007 = 5.18 acres TOTAL - 42.36 ACRES
3893 = Not Applicable 3993 = 178,555 SF 3980 = 86,018 SF Not Applicable 360 Hughes Center = Not Applicable
3960 = 175,545 SF 3930 = 94,195 SF 3800 = 288,684 SF TOTAL - 1,442,583 SF 21
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Property Aerials & Maps
PROPERTY AERIALS & MAPS
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PROPERTY AERIALS & MAPS APN# 162-16-812-003 - 4.28 Acres Building Size: 178,555 SF Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist
APN# 162-16-812-005 - 3.10 Acres Building Size: Not Applicable Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist
APN# 162-16-812-004 - 3.90 Acres Building Size: 261,833 Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist
APN# 162-16-714-006 - 5.79 Acres Building Size: 169,054 SF Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist
APN# 162-16-714-003 - 6.02 Acres Building Size: 61,655 SF & 61,723 SF Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist
APN# 162-16-811-007 - 2.06 Acres Building Size: 86,018 SF Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist
APN# 162-16-811-011 - 0.35 Acres Building Size: Not Applicable Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist APN# 162-16-811-008 - 1.70 Acres Building Size: Not Applicable Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist APN# 162-16-811-017 - 2.26 Acres Building Size: 175,545 SF Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist
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APN# 162-16-712-004 - 3.09 Acres Building Size: Not Applicable Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist
APN# 162-16-811-003 - 3.76 Acres Building Size: 94,195 SF Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist
APN# 162-16-712-007 - 5.18 Acres Building Size: 288,684 SF Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist
APN# 162-16-712-002 - 0.87 Acres Building Size: 65,321 SF Zoning H-1: Limited Resort & Apartment Planned Use: Commercial Tourist
Property Aerials & Maps
PROPERTY AERIALS & MAPS
15 PALMS
TRUMP INTL.
RIO
RESORTS WORLD
FASHION SHOW MALL MIRAGE TI ENCORE CAESARS WYNN AZ PALAZZO FORUM PALACE VENETIAN SHOPS FLAMINGO HARRAH’S PANORAMA SAND’S EXPO FUTURE THE LINQ TOWERS BELLAGIO CROMWELL WYNN LAKE DEVELOPMENT COSMOPOLITAN BALLY’S 1,000 NEW ROOMS CITY PARIS CENTER T-MOBILE MONTE PLANET ARENA CARLO HOLLYWOOD NEW YORK NEW YORK
IP
AS
S
15
EXCALIBUR LUXOR
MANDALAY BAY
LA
MGM GRAND
G VE
R ST
SITE
THE SIGNATURE AT MGM GRAND
TROPICANA HARD ROCK HOTEL & CASINO
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PROPERTY AERIALS & MAPS
Property Aerials & Maps LAWRY’S THE PRIME RIB
PARKING STRUCTURE PARKING STRUCTURE
THE PARK P CONDO C CONDOMINIUMS
PARKING STRUCTURE
3763
FUTURE RETAIL T
HO
W AR
D
Bandito Latin Kitchen
3773
HU
GH
3980
H20 Sushi & Izakaya
ES
3993 PA R
KW AY
FUTURE DEVELOPMENT
STARBUCKS T
G
RU
CT
3930
UR
E
TE
L
PARKING STRUCTUR STRUCTURE
DEL FRISCO’S
3770
3800
PARKING STRUCTURE
PARADISE ROAD
GORDON BIERSCH BAHAMA AMA BREEZE
FEDEX OFFICE FED BIKE PAD P
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WIFI HOTSPOT
UE
ST
S AV EN
KIN
HO
FUTURE DEVELOPMENT
3960
PA R
SAN D
PAN P NERA BREAD CO. HABIT BURGER JAMBA JUICE PIEOLOGY CHIPOTLE
3883
CORPORATE A DRIVE
FLAMINGO ROAD
FOGO DE CHAO
HUGHES CENTER DRIVE
CLAIM JUMPERS
3753
Las Vegas Market Overview
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AREA HIGHLIGHTS
14.8%
Increase in new home sales
3.8%
Increase in existing home sales
6.3%
Increase in median new home pricing
26TH
Busiest airport
47.4M
Passengers per year
6
Full service marinas
60
Golf Courses
6.31M
Convention attendees
LAS VEGAS TRADE AREA OVERVIEW LAS VEGAS ECONOMY The Las Vegas metropolitan area– encompassing Las Vegas, Henderson, North Las Vegas and Boulder City–is known as the “Entertainment Capital of the World” is home to more than 2,100,000 residents. With a tourism and gaming industry unlike any other in the world, the city boasts more than 30 mega hotel/casinos with over 150,000 available hotel rooms. Tourism is at a record high with the city hosting over 42.9 million visitors in 2016. Gaming revenue reached $9.72 billion in Clark County and convention attendance saw another annualy increase with over 6.31 million attendees in 2016. The city’s tourism and gaming industry helps support the local workforce of over one million. However, in recent years, companies such as Zappos, Switch and the Faraday Future plant in North Las Vegas, continue to drive the diversification of Las Vegas’ future as a major technological and industrial hub on the west coast. Its proximity to Los Angeles, Phoenix, San Diego, Salt Lake City and Reno also make the city a thriving center for western transportation. Las Vegas continues to be a desirable place for residents due to its high quality of life, lower housing costs and favorable tax benefits. After the downturn of the residential real estate market during the recession, the Las Vegas market was negatively affected along with the rest of the country. That said, home prices have continued to rebound with nearly 10% year-overyear increases. This furthers the confidence of residents and investors in the local real estate market.
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HOUSING The residential housing market has improved over the past year in nearly every measurable indicator. New home sales are up 14.8% with 7,000 new homes built in 2015. Existing home sales increased 3.8% with 44,000 resales. Median new home prices increased 6.3% to $312,000. Average monthly apartment rental rates are up 10.6% with an average rate of $884 per month. Commercial building permit values in 2015 were up 83.9% over 2014 with a total value of $549,000,000. Despite the increases, Las Vegas retains its appeal on the affordability scale and continues to be viewed as an attractive value for retirees.
TRANSPORTATION AND ACCESS Las Vegas is easily accessible by virtually all modes of transportation. A comprehensive network of rail, truck and air service lines contribute directly to Las Vegas’ growing importance as a manufacturing and distribution center. Among the most vital links for the community is Interstate 15 which was constructed to promote development of the southwestern United States. While the Las Vegas area does not have any passenger rail lines there are a number of proposals to provide service. The California-Nevada Maglev Train is one such proposal for a high-speed rail corridor between Los Angeles and Las Vegas. Travel time from Las Vegas to Los Angeles is less than five hours by car and one hour by plane. There are three airports serving the area, the largest being McCarran Airport which ranks as the 27th busiest facility in the world. Sixty percent of Las Vegas visitors arrive through this airport, and it handles more than 41 million passengers per year. The airport has nonstop air service to international destinations in North America, Latin America, Europe and Asia.
RECREATION The city of Las Vegas benefits from its natural surroundings. Lake Mead National Recreation Area is a short drive east of the city offering six full service marinas, numerous beaches accessible by car, camping areas and miles of biking trails around the park. Red Rock National Conservation Area is 17 miles west of the Strip, more than 195,000 acres, and is visited by over one million people annually. It offers a 13 mile scenic drive, 30 miles of hiking trails, rock climbing, horseback riding, picnic areas and much more. Additionally, Mt. Charleston, northwest of the city, offers residents access to skiing, snowboarding, hiking and camping. The valley is home to more than 60 golf courses including TPC Summerlin and TPC Las Vegas. Topgolf Las Vegas recently opened just off the Strip offering tourists and residents 108 climate-controlled driving range bays, two pools, five bars, VIP cabanas and a concert venue.
2.1 M
Population
$72,972
Average household income
5.2% Unemployment rate (Aug. ’17)
TOURISM AND CONVENTIONS Until the beginning of the recession, visitor volumes consistently improved over the past decade, generally spiking to a new level after each mega casino-resort opened. In 2007, visitor volume peaked at 39.2 million and took a significant hit shortly thereafter. In 2016, Las Vegas showed further resurgence with 42.9 million visitors spending $9.7 billion in gaming revenue.
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Moulin Rouge | 15.18 Acres • Development Projects NFL STADIUM
NHL
UNLV SCHOOL OF MEDICINE
Excerpt from nfl.com
Excerpt from espn.com
Excerpt from knpr.org
By Gregg Rosenthal | March 2017
By Arash Markazi | March 2017
By Joe Schoenmann | February 2017
The Raiders are leaving Oakland again, this time for the neon lights of Las Vegas. In a decision that would have been hard to fathom not so long ago, NFL owners voted 31-1 on Monday at the Annual League Meeting to approve the Raiders’ proposal to relocate to Las Vegas. The decision comes after years of fruitless efforts by Raiders owner Mark Davis to build a viable stadium in Oakland. The failure to do so, which goes back to Davis’ late father Al Davis’ stewardship of the team, led to exploring stadium options in Los Angeles and eventually Las Vegas, where Nevada lawmakers approved $750 million in public funding for a new stadium. The Autumn Wind will no longer blow through Raiders games as the team is expected to move into a planned $1.7 billion domed stadium in Las Vegas. In what is sure to be an awkward process, the Raiders won’t be moving immediately. The new stadium in Las Vegas is not expected to be ready until 2020. The Raiders plan to play at the Oakland Coliseum in 2017 and 2018, Davis said in a statement. Davis also expressed openness to staying in Oakland in 2019, although NFL Commissioner Roger Goodell said the league would look into potential venues for 2019. In the meantime, the Raiders will remain the Oakland Raiders. “My father always said, ‘the greatness of the Raiders is in its future,’ and the opportunity to build a world-class stadium in the entertainment capital of the world is a significant step toward achieving that greatness,” Davis said. This is a surreal moment involving one of the NFL’s most iconic franchises, although NFL teams changing cities is sadly becoming routine. The news caps a frenetic 14-month stretch during which three teams announced plans for relocation. The Rams moved from St. Louis back to Los Angeles last year and the Chargers announced their decision to move from San Diego to L.A. in January. Goodell said last week on MMQB Peter King’s podcast that leaving Oakland would be “painful.” ...”
The Vegas Golden Knights officially joined the NHL as the league’s 31st team and were formally cleared to make trades and roster transactions before the league’s trade deadline.
Nevada lawmakers provided $27 million two years ago to get the school up and running. Governor Brian Sandoval wants to add another $53 million to that total. The request is in his current budget.
While the team finished the day without making its first transaction, Foley and general manager George McPhee are beginning to get a good sense of the team they will be able to put together following June’s expansion draft and entry draft.
Most of that money has been used to hire faculty, Atkinson said.
“We’ve been downstairs the last 2½ days doing mock drafts with all of the pro scouts and going through every team, and George is getting calls periodically from various teams on potential ideas for things that could happen,” Foley said. “We’ve done nothing yet. There are lots of different discussions, but we’re just not in a position to make commitments. We just don’t want to do something that would hamper us in the expansion draft. “That’s what we’re all preparing for now: The focus on various players is becoming more clear and more pronounced. We’re picking the same players assuming they’re going to be available.”
The first 60 students in the school will pay no tuition. That means the total of their more than $100,000 in debt will be covered by a fundraising effort Atkinson spearheaded. With big help from the Engelstad Family Foundation -- which is paying tuition for 26 students for each of the next four years -- she raised $13.5 million in just 60 days in 2015. Meanwhile, the city of Las Vegas is expecting a big redevelopment spurt in the city’s urban core from the medical school. Betsy Fretwell, city manager, said by 2020--just three years from now -- the school will have a $600 million impact on the economy; will result in more than 4,000 new jobs; and bring in an addition $30 million in tax revenue. In 13 years, those numbers are projected to quadruple.
Foley was initially scheduled to make his final payment on April 5 to make the team an active member of the NHL, but he moved up that date up so the team could field calls during the trade deadline, and McPhee could participate in the general managers meetings in Boca Raton, Florida, next week, and Foley could prepare for the board of governors meetings next month. “The whole notion of moving it up to March 1 from April 1 came up casually several months ago,” McPhee said, “but I said, ‘Gee, it would be kind of nice to do it on March 1 so we can be involved in the trading deadline and I can go to the GM meetings and we can start competing for young free agents out there.’ Bill said, ‘Well, if we need it, I’m going to do it.’ That’s a big help for all of us...”
30 LAND INVESTMENT OPPORTUNITY | MOULIN ROUGE
NORTHCAP COMMERCIAL
Moulin Rouge | 15.18 Acres • Development Projects CONVENTION CENTER
INTERSTATE-11
HAINAN AIRLINES
Excerpt from reviewjournal.com
Excerpt from lasvegassun.com
Excerpt from prnewswire.com
By Richard N. Velotta | December 2016
By Mick Akers | March 2017
Provided by Hainan Airlines Co | December 2016
The $1.4 billion Las Vegas Convention Center expansion and improvement project authorized in a special session of the Nevada Legislature in October took a big step forward Tuesday. The Las Vegas Convention and Visitors Authority board of directors approved the second phase of the project by unanimously authorizing an eight-month $1.28 million contract extension with its builder representative, Cordell Corp., to begin the process of designing a 600,000-square-foot exhibit hall. The first phase involved demolition of the Riviera.
Construction of the first 15 miles of Interstate 11, which will link Las Vegas to Phoenix and could eventually stretch from Mexico to Canada, is making progress. The Nevada Department of Transportation is in charge of the 2.5-mile phase one, while the Regional Transportation Commission is heading the 12.5-mile phase two. Both phases have been under construction since 2015 and are expected to be completed by 2018. The first phase of the $318 million Interstate 11 project is about 60 percent complete, according to the Nevada Department of Transportation.
Between the middle of February and the end of March, Cordell officials will meet with convention authority staff, its contracted partners and customers that conduct conventions and trade shows in Las Vegas to solicit ideas for needs in the construction program. Those ideas will be reviewed by the authority board and a seven-member oversight panel appointed by Gov. Brian Sandoval to develop the building design.
NDOT’s phase is projected to make up $83 million of the project’s total cost. “We opted to use concrete pavement due to its longevity, which, federally funded studies show, costs 13 to 28 percent less in the long run than asphalt
Cordell principal Terry Miller said he hopes to bid the design and engineering of the project by August and have a construction process in place by the end of the year, with the groundbreaking of the new hall by early 2018.
The stretch will allow motorists to bypass the main street through Boulder City, alleviating frequent bottlenecks and quickening the drive between Las Vegas and Phoenix.
” NDOT spokesman Tony Illia said. “It also reduces rutting and potholes, thereby cutting maintenance expenses by up to 75 percent.”
The maiden voyage of Hainan Airlines’ new non-stop service took off from Beijing and landed at McCarran International Airport in Las Vegas at 11:00 am on December 2, 2016, following a 12-hour journey. The flight, serviced by a Boeing 787 with a Kung Fu Panda motif adorning the plane’s cabins, served as the announcement of Hainan Airlines’ formal launch of non-stop service between Beijing and Las Vegas. The new service further complements the airline’s intercontinental network. Hainan Airlines is the sole Chinese airline providing non-stop service between the two cities. A brief yet grand welcoming ceremony for the maiden voyage was held by the Las Vegas Convention and Visitors Authority at the arrivals hall in McCarran International Airport, after the plane landed at the airport. Data from the US government shows that close to 7.3 million Chinese tourists are projected to travel to the US between now and 2021. Since the launch of the BeijingSeattle service in 2008, Hainan Airlines has continued to expand its flight services to the US. Hainan Airlines’ non-stop flight to Las Vegas adds an additional transportation choice for business travelers, international students and tourists traveling between China and the US.
Terry Jicinsky, senior vice president of operations, said Cordell would conduct focus groups and interviews and present industry trends and best practices to develop a quality facility. “We’re not looking at using Italian marble and building a 300,000-square-foot ballroom, but we won’t be using residential carpet either,” Jicinsky said of the quality the authority will work to provide...”
31 NORTHCAP COMMERCIAL
Moulin Rouge | 15.18 Acres • Development Projects PARADISE PARK
RESORTS WORLD
Excerpt from reviewjournal.com By Todd Prince | January 2017 Wynn Resorts Ltd. hopes to start construction of its Paradise Park before the end of 2017, Chief Executive Office Steve Wynn said Thursday. ”I think we have nailed it down,” Wynn told investors and analysts on a call to discuss the company’s fourth-quarter results. “I hope to take the business plan to our board of directors in the second quarter and be in a position to begin work in the fourth quarter,” Wynn said of the the proposed 38acre lagoon surrounded by a convention center and hotel on the Strip. Wynn Resorts’ future lies in nongaming attractions, Wynn said. It is those attractions that in turn bring people to the gaming tables.
“We want to take our noncasino revenue to enormously high levels,” he said while explaining the project’s concept. Wynn commented after his company reported fourth-quarter net revenue rose 37.3 percent, beating analysts’ estimates. Shares surged despite adjusted profits missing estimates as Wynn said business was off to a strong start in China. Wynn Resort’s revenue increased $353.5 million to $1.3 billion for the last three months of 2016, the company said in a statement. Wall street analysts expected the company to post revenue of $1.25 billion, based on Zacks Investment Research data....”
HYPERLOOP
Excerpt from vegasinc.com
Excerpt from vegasinc.com
By Jeff Gillan | May 2016
By Daniel Rothberg | March 2016
Resorts World Las Vegas will begin full-scale construction sometime in the last three months of this year, an executive affiliated with the $4 billion project told Nevada gaming regulators today.
If Hyperloop Technologies Inc. has its way, North Las Vegas could become one of the few locations for testing the futuristic transportation platform that propels pods down pneumatic tubes.
Appearing before the Nevada Gaming Control Board almost exactly a year after the project held its ceremonial groundbreaking, Resorts World General Counsel Gerald Gardner said construction would get underway in earnest in the fourth quarter, with site activity starting to ramp up this summer.
With city and state officials working to make that happen, the company is expected to receive tax incentives today worth an estimated $9.2 million for a full-scale track. The company’s new commitment expands upon its initial goal to create a smaller open-air test track at the largely vacant Apex Industrial Park.
Gardner said construction of the Chinese-themed resort should be finished in early 2019. Project officials had previously said it would open in 2018.
The full-scale 2-mile track, to be operational at Apex by the end of 2016, is expected to bring the company’s workforce here to more than 100 jobs and give it a permanent presence in Nevada.
Genting Chairman K.T. Lim told board members his company’s goal for Resorts World was to complement the Strip’s existing resorts while creating a “new and unique” destination. He said he remained “very excited and engaged” with the plans moving forward. Once building activity is in full swing, Resorts World is expected to create about 5,000 direct construction jobs, Gardner said. The resort will have about 2,500 full-time employees at opening and aims to attract both Asian and domestic tourists, Gardner said. Plans for the debut of Resorts World include a hotel tower with more than 3,000 rooms, a 150,000-square-foot casino and other amenities that Gardner said would be the “latest, greatest thing on the Strip...”
Officials see it as a big economic development win. Hyperloop Tech estimates that it will invest more than $121 million, yet the technology remains untested, and experts are unsure about any company’s ability to bring Hyperloop to the market soon. The Hyperloop idea came from a design floated by Tesla CEO Elon Musk, who has described the levitating pods as a mix between a Concorde supersonic passenger jet, a rail gun and an air hockey table. Los Angeles-based Hyperloop Tech is one of several teams vying to build a working model of the frictionless high-speed pods that can transport people and goods in enclosed tubes. Hyperloop Tech declined to comment for this story, but in its tax incentive application, an executive wrote that “if selected, Nevada would be poised to compete for future expansions.” “I think it helps solidify Nevada’s brand as a place where really innovative technology is taking place and where the future of transportation is happening,” said Steve Hill...”
32 LAND INVESTMENT OPPORTUNITY | MOULIN ROUGE
NORTHCAP COMMERCIAL
In 2016, nearly 22,000 conventions were held in Las Vegas, drawing more than 6.3 million conventioneers to the city. Las Vegas remains the number one host market for conventions with an inventory of more than 149,213 rooms in 2015, compared to Orlando’s inventory of 121,000 rooms, or Chicago’s 111,000 rooms.
SPORTS Las Vegas is currently finalizing its plans for its first major sports team- an NHL hockey franchise to be hosted at the new T-Mobile Arena on the Strip, a joint venture between MGM Resorts and AEG Live. In addition, the city is home to the Las Vegas 51s triple A minor league baseball team, Fighting Championship (UFC) is based in Las Vegas and hosts multiple headlining fights throughout the year. UNLV also plays Division I basketball and football at the Thomas & Mack Arena and Sam Boyd Stadium. The Las Vegas Motor Speedway and its drag strip will hold events including NASCAR, NHRA and the Red Bull Air Race in the upcoming year. The Thomas & Mack Arena continues to host the annual Wrangler National Finals Rodeo (NFR), celebrating its 31st year in Las Vegas. This event, held in December, attracted 172,650 visitors and 120 athletes from around the world in 2015. It has sold out 290 consecutive performances.
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Existing Location at Hughes Center
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