Glen, Smith & Glen Development is seeking entitlements for a planned $1 billion, 40-acre mixed-use project in Henderson. The property is near Stephanie Street and Wigwam Parkway, adjacent to a city-owned 100-acre former gravel pit that will soon become a park. GSG acquired the land in spring 2007 for $51 million from KB Homes, which had acquired it months earlier for $50 million from Centra Properties.

The proposal, which goes before the planning commission Oct. 16, calls for a combination of retail, residential, hotel and office space. The project, dubbed Park Heights, won’t break ground until 2010. It will be completed in phases over 10 years; the first portions will come on line as soon as 2011.

The development will consist of 1,588 residences and 850,000 square feet of commercial space. Kirkor Urban Solutions is the master-plan architect.

“This an entitlement package with a whole lot of flexibility,” GSG Development managing partner Kenneth Smith said. “We believe in the long-term outlook for Las Vegas. I don’t think people will stop coming. We’re in a recession, but it will end.”

Park Heights will contain five towers, including two 30-story towers and a 13-story building — all three will be residential. The other two will be a 12-story, 200-room hotel and a 13-story, 182,000-square-foot office tower. The city must waive height restrictions for the towers, the tallest of which is 330 feet, for the project to win approval.

The development also combines lofts, brownstones and townhomes in two- to four-story structures. There will also be 475,000 square feet of stores and restaurants with retail promenades, neighborhood centers, and midsized shops. Park Heights will be a sustainable project that aims to get 30 percent of its energy from solar power, along with cooling towers for natural ventilation and high performance glazing for daylighting. It will likely seek a Leadership in Energy and Environmental Design certification from the U.S. Green Building Council, GSG says.

“The future of real estate is going to be these infill sites,” Smith said. “We can’t be building single-family subdivisions endlessly in the desert. It doesn’t work from a cost point of view or environmentally either.”

PROJECTS

SR Construction completed a $5.5 million Henderson International School expansion at 1165 Sandy Ridge Ave. The two-building, 24,528-square-foot addition consists of a cafeteria, classrooms and administrative offices. Carpenters Sellers Associates was the architect.

Wells Cargo Construction is performing $3.4 million in sewer upgrades along Stewart Avenue between Maryland Parkway and Las Vegas Boulevard in downtown Las Vegas. The project will finish in the second quarter of 2009.

Kitchell Contractors recently completed The Shoppes at Coronado Canyons at 670 S. Green Valley Parkway in Henderson. The nine-building, 121,890-square-foot complex is anchored by a Fresh & Easy supermarket and Wells Fargo bank. The development, on 10 acres, consists of 64,400 square feet of retail space, 13,000 square feet of restaurants, and 15,600 square feet of offices. There is also a 3,000-square-foot pad site. Asking rents range from $3.25 to $4.50 per square foot. Grubb & Ellis’ Kent Preston, Chris Godino and David Lipp are the leasing agents.

COMPANIES

ProLogis was added to the New York Stock Exchange’s list of firms that can’t be sold short. The Denver-based firm is traded under the ticker symbol PLD.

ProLogis has 40 distribution centers in Southern Nevada, totaling more than 6.7 million square feet, making them the valley’s largest industrial landlord. A short seller makes money from the stock’s decline by borrowing shares from a brokerage and selling them back after the stock has fallen, pocketing the difference. An NYSE spokesman didn’t explain why ProLogis made it on the list, except that REITs (real estate investment trusts) qualified for the inclusion.

MILLION-DOLLAR DEALS

Equity Based Services bought the 112,000-square-foot Storage One complex at 6380 Annie Oakley Drive in Las Vegas for $4.85 million, or $43 per square foot, from Annie Oakley Storage Partners LLC. The facility, on 1.43 acres, consists of 455 self-storage units and 28 recreational vehicle parking spaces. It will be rebranded under the American Mini Storage chain. EBS now owns eight self storage centers in Southern Nevada.

James Allan-Gorski I LP received a $2.4 million, 10-year loan to refinance the 22,413-square-foot Business Park Court at 2881 Business Park Court in Las Vegas. CommCap Advisors’ Kyle Nagy placed the financing.

JSM Holdings LLC bought 5,532 square feet of office space inside The Park at Spanish Ridge at 8894 Spanish Ridge Ave. in Las Vegas for $1.4 million, or $250 per square foot, from GSG Spanish Ridge II LLC. Colliers International’s Tom Stilley, Lizz Stilley, Taber Thill and Dean Kaufman represented the seller.

Credits: LV Business Press

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