New Apartment Development on the Horizon
Las Vegas is going to soon see a new rental complex at the corner of Tropicana Avenue and Grand Canyon Drive. Wayne Laska of StoryBook Homes is set to begin construction on a four-story 175-unit apartment development soon. This site was supposed to be the home of luxury condominiums years ago, but the project was scrubbed after the site was foreclosed on. With the existing underground parking garage, the plan is to build the rentals on the site to take advantage of the parking that has already been created.
New rental complex is set to open at the end of this year.
Construction Date Set
The site was purchased for $1.25 million in 2012, according to county records. This amount is more than $4 million less than what the failed developers purchased it for in 2006. The 5-acre site should begin to see some changes in the fall as soon as the $22 million development loan and the completed building plans are finalized. The plans include a rooftop deck, courtyard swimming pool, yoga room, fire pits, and even ground floor retail space. The rates are expected to be $1000 to $2500 per month when it opens in the first quarter of 2017.
The Mercer
When the site was abandoned during the real estate downturn, it was planned to be called “The Mercer.” Laska plans to keep the name and complete the project, although instead of pricey condos, it will feature luxury apartments. Apartments are one of the most active areas of real estate, both in Las Vegas and across the nation. Many younger professionals prefer the benefits of apartment living to purchasing their own home.
In addition, the people who were devastated financially during the recession flock to apartments, as they are not able to get a mortgage or afford the down payment needed. These apartment can offer them the amenities, as well as aesthetics they are look for at a price that they can afford.
Apartment Building
Apartment complex buildings are a big segment of the building industry in our area. Developers are thought to open roughly 5750 units this year and 2000 more in 2016. This seems like a huge number, but it is in response to the number of people coming to the Las Vegas area and the upticks in job availability. These apartments will be comparatively well priced, which could make them a big draw for people who are currently residents and those who are looking to move to the area.
Mr. Laska believes that this project is going to be a successful one. He already plans to move into the fourth floor corner apartment with his wife. In addition, he is considering moving his business offices into the retail space. It will be fun to watch the complex coming up and see what type of effect it has on the area in general.