Apartment developer eyes luxury projects in downtown Las Vegas
After opening an upscale rental complex in Las Vegas’ Symphony Park last year, a Nashville developer is pushing ahead with plans to build apartments downtown.
Southern Land Co. plans to begin work on the site this fall for its next apartment project at Symphony Park, company spokeswoman Jenna Lefever told the Review-Journal last week.
Plans call for more than 500 units in a five-story building and a 22-story tower, according to Tracy Reich, the city’s redevelopment manager. Lefever said the smaller building would start first and work on the tower site would begin in about a year.
Additionally, last month the City Council approved the developer’s plans for a 335-unit apartment complex at the intersection of California Avenue and Third Street in Las Vegas’ Arts District.
Lefever didn’t say when the company would launch that one.
The Arts District project site is mostly vacant land, but includes a closed commercial building which, when visited by a Review-Journal reporter last week, had smashed windows, graffiti and a homeless man lying in inside.
After facing questions and chaos when the pandemic hit, Southern Nevada’s rental market has heated up over the past year as people seek more space under widespread arrangements. home work. Developers are building more apartment complexes in the valley, tenants have had to contend with rapidly rising rents and rental properties have sold at increased values.
Apartment construction has been heavily concentrated in the outer suburban crowns in recent years, although a small but growing number of urban projects have also taken shape, notably in downtown Las Vegas.
Reich, the redevelopment manager, said the city is “starting to see momentum” in people wanting to live downtown, and more residents mean more services can be drawn to the area.
“It just adds vibrancy to downtown,” she said.
Lefever said in an email that Southern Land is building more apartments “to help fill a need and provide vibrant and luxurious residential options in Las Vegas neighborhoods we believe will only continue to transform. and prosper”.
His new project at Symphony Park is next door to Auric, a 324-unit rental complex he developed that features a resort-style pool, resident lounge with bar, and concierge services.
Auric is about 70% leased, Lefever said.
She also said the company was “aware of homeless people residing” at its arts district property and was working with “appropriate groups…to help them properly in the short term.”
She said demolition of the building is expected to begin in the coming weeks.