Does anyone remember back in early July when there was a proposal for a group home/halfway house to be built on the corner of Gilespie and Levi? Well, I talked to one of the people who brought the proposal to our attention. He said the owner changed their mind. I inquired as to the reason. He said that he knew of no reason.
Working on The Beltway
Work on the U.S. Highway 95/Auto Show Drive interchange in Henderson is among the first signals of local road projects. The Regional Transportation Commission has approved $7.6 million for that interchange. Question 10, a sales tax and aviation fuel levy increase approved by voters in 2002, will pay for such projects.
Two-dozen other projects throughout the Las Vegas Valley are seeking about $180 million in Question 10 money through the fiscal year of 2006. Experts say there will only be about $92 million available. The two-dozen projects being looked at all involve adding high-speed lanes or loosening traffic congestion on existing major roads.
These projects planned include Interstate 15 interchanges at Silverado Ranch Boulevard and Cactus Avenue; U.S. 95 interchanges slated for Galleria Drive and Horse Drive; an overpass sought for Grand Teton Drive over U.S. 95; and a planned flyover bridge linking Martin Luther King Boulevard to Industrial Road.
Commission General Manager, Jacob Snow, said some of the projects might take several years to plan. Las Vegas also needs to acquire additional aid dollars from other sources. "These are some very ambitious projects that will require many years and billions of dollars," he said. Funding approval for the Auto Show-U.S. 95 plan was expedited because of work starting on the so-called Henderson Spaghetti Bowl Interchange of U.S. 95 and Lake Mead Drive. Commission members wanted to try to do the two projects simultaneously to avoid having to later redo parts of the Henderson Spaghetti Bowl project to accommodate the Auto Show work.
Condominiums planned for South Pointe; complex to have 1,500 residences, a hotel, and restaurants
Developers of the $200 million Manhattan condominium project on South Las Vegas Boulevard at Serene Avenue have entered escrow to purchase 48 acres about a mile south on Las Vegas Boulevard for another condominium project. Gemstone Development plans to build a mid-rise condominium complex with an estimated 1,500 residential units, restaurants, and a small boutique hotel at South Pointe; a 200-acre master-planned development between Silverado Ranch Boulevard and Cactus Avenue. At Serene, Gemstone is still clearing ground on its 17-acre site, which will have 600 to 700 units priced from $150,000 to $400,000.
More improvements for South Pointe
Coast Casinos and Station Casinos grabbed 55 acres and 50 acres, respectively, at South Pointe. Eldorado Resorts has 40 acres for the Grand View time-share resort. Eldorado broke ground on a third tower at Grand View, which is planned for a 4,000-unit build-out over 10 years
Coast has begun construction on the first phase of its $400 million South Coast Casino south of Silverado Ranch Boulevard and west of Las Vegas Boulevard. Coast Casino personnel told me the final project includes access to I15. I believe this is the reason for widening Silverado Ranch Boulevard.
Green Park Cos., a Seal Beach, California based, Real Estate Company initially purchased the South Pointe land for $36.7 million in December 2000. Simon Property Group, owner of the Forum Shops at Caesars and Las Vegas Premium Outlets downtown, has plans for a one-million-square-foot shopping center south of Cactus.
A few smaller parcels on the South Pointe side of Interstate 15 remain for sale including; 12 acres for $11 million, 4.25 acres for $5.5 million and 2.14 acres for $3 million.
Did you know that…
The human population on earth is now so large and growing rapidly. The current population is 5.5 billion, and growing at an annual rate of 1.7% per year. This adds approximately 93 million people to our planet this year. That is equivalent to more than the population of Mexico City. According to some estimates the population of the area in and around Mexico City is about 20 million. That makes it the largest single concentration of people in the world.
Is there a land shortage in Las Vegas?Last month, I saw a TV show on one of the local networks. Presented by The First American Title Company the president, Richard Lee, discussed the sudden hike in real estate prices within the greater Las Vegas area. Lee says, ”There may be up to ten to twelve years of expansion left.” Lee also states, ”The reason for the increase in land value is it takes an act of congress to release more land for development.”
