Nearly 15 years after its opening, a local private club is still looking for its footing.
The Stirling Club at Turnberry Place is back on the market less than two years after it last sold, and the brokers in charge of its sale have expanded the list of potential uses to include offices, medical centers and a private residence.
The Stirling Club’s 78,000-square-foot building, which sits on 3.2 acres on Paradise Road near Karen Avenue, has been shuttered since May 2012, when operator Turnberry Associates decided it could no longer afford to run the club.
A group of tech execs from the San Francisco Bay Area bought the club in an online auction in November 2013 for about $10 million, and promised “very big things.”
But the club never reopened, and its new owners, incorporated in Nevada as JDLB LLC, decided that “spending time trying to operate the club would take time away from how they earn their living,” said Michael Parks, a broker with CBRE Las Vegas, which has listed the club.
Parks said he expects the club to sell for less than $22 million, or half of the original construction cost. Still, it should net its current owners a decent sum, despite ongoing investments in maintaining the pool and the building, he said.
“They’re not doing this to lose money,” Parks said.
The building could serve virtually any use, but CBRE Las Vegas is marketing it in particular as a potential high-end office for an image-conscious professional firm, perhaps helmed by an executive who also lives at Turnberry Place, where condos are listed for as much as $6 million.
It’s also an ideal location for a rehabilitation center or cosmetic-surgery practice. It could even work as a private residence, Parks said.
“It’s a great facility that lends itself to alternative uses. There are a number of potential end uses for it because of its high-quality finishes,” he said.
Ascaya picks architects
Henderson’s luxury Ascaya community is mostly dirt lots.
But the project’s sales managers want to help prospective residents understand what it’s like to live there. So they’ve chosen seven architecture firms from across the nation to design seven “showcase” homes to help inspire buyers.
San Francisco-based SB Architects has unveiled the first prototype, a 7,200-square-foot floor plan with four bedrooms, 6½ baths, an office and an entertainment room.
Matt Page, vice president of SB Architects, said the home’s “clean-lined,” desert modern design consists of a series of indoor and outdoor spaces, with glass expanses opening to outside rooms sheltered by extended overhangs. Exterior accents include stone, wood and a corrosion-resistant steel that will develop a burnished patina with exposure.
The home, which will be built on a triangular site of just over half an acre, will have three distinct “destinations” linked by the outdoor rooms. The home will also be completely private from the street, with a driveway tucked into the lot’s slope, leading to an entry court and tree-lined garden entry walk, for a “stunning arrival experience,” Page said.
A combination living-dining-kitchen area is the home’s centerpiece, with walls that open almost entirely to the infinity pool and views of the city 400 feet below.
“This beautiful home will be an inspiration to future homeowners at Ascaya,” said Darin Marques, the community’s sales manager. “Their design not only utilizes the natural elements of this beautiful location, it celebrates them.”
Ascaya, in Henderson’s McCullough Mountains, has 313 home sites starting at nearly $1 million each, and is anticipating a 15-year buildout. Sales for the luxury community are being handled by Shapiro and Sher Group, a team with Berkshire Hathaway HomeServices Nevada Properties.
An open house is planned for 4-7 p.m. Aug. 20. RSVP required by 5 p.m. Aug. 18, to RSVP@ascaya.com.
Back on the bus
Call it the “events” indicator.
Amid a sudden crush of industrial building, NAIOP Southern Nevada is reviving its bus tour of local commercial properties.
The tour, scheduled for Oct. 8, will be the first since the recession.
The event’s “Back to the Future” theme is designed to celebrate both the tour’s return and the future of local commercial development.
The tour is a sign of growth not just in commercial real estate, but in NAIOP itself, which has grown from 240 members since the downturn to nearly 400 members in 2015. It had more than 800 members before the recession.
NAIOP will also invite UNLV real estate students on the tour, where they’ll be mentored by experienced industry professionals.
The tour will start at the Rio and last about four hours. The cost is $75 for members and $95 for non-members until Sept. 30. The price includes a buffet lunch, a drink ticket and prizes.
For more information, call 702-798-7194.
The District’s comeback
The District at Green Valley Ranch hit several recent milestones in its yearslong turnaround.
Phoenix retail operator Vestar announced in July that it bought out project partner Rockwood Capital of New York for $120 million, four years after the two paired up to buy the mixed-use lifestyle center out of foreclosure.
“Vestar is committed to the success of The District and is proud of what we have accomplished with the property thus far,” said Jeff Axtell, Vestar’s executive vice president. “Rockwood Capital has been an exemplary capital partner for us and has realized a significant return on its investment. We look forward to working with them on future ventures.”
Vestar also announced on Aug. 5 that the 384,000-square-foot shopping center added tenants Victoria’s Secret and Bath & Body Works, bringing its total number of new tenants since 2011 to 22.
Terms of the leases weren’t disclosed.
Other tenants signed since 2011 include Charming Charlie, Sotheby’s International, State Farm, Lyfe Kitchen, Elixir Beauty and Gabroy Law Offices.
The center has gone from 84 percent occupancy in 2011 to 95 percent today, and tenant sales are up more than 20 percent, Vestar executives said.
“Over the last several years, Vestar has made a significant investment in The District at Green Valley Ranch and is pleased that we are attracting new, high-profile retailer brands to further enhance the customer experience and draw to this prime retail destination,” said R. Patrick McGinley, president of management services at Vestar.
