Las Vegas-based Pace Contracting Co. started work on two new campuses for the Clark County School District — projects totaling over $50 million.
One is a new 90,000-square-foot elementary school. The project will rest on 19 acres at North Lamb Boulevard and Kell Lane in North Las Vegas.
The second project, also an elementary school designed to hold 850 students, is in The Paseos village in Summerlin, along Antelope Ridge Drive. The 94,000-square-foot, $27 million project will rest on 11 acres upon the estimated July 2017 completion date, according to Henry McCubbin, vice president at Pace Contracting Co.
The Summerlin campus was designed by Pugsley. Simpson. Coulter. Architects. It will include two classroom buildings, an administrative building and a large multipurpose building, according to a release from the Howard Hughes Corporation. Neither campus is named yet.
The North Las Vegas campus is also scheduled for completion in July 2017, said McCubbin.
The projects come as part of school district’s $4.1 billion 2015 capital improvement plan starts to come into play. The 10-year plan will eventually bring 35 new elementary schools and two new high school campuses throughout that valley, with several other existing campuses in line for additions, renovations or replacement.
The funding became available after the Nevada Legislature voted to approve a bill, which Gov. Brian Sandoval signed, in 2015, that extended a bond rollover program to aid the district in building new schools, something it said was needed.
Several new schools for the district also are also scheduled to come online by August 2017: one at East Galleria Drive and Dave Woods Circle in Henderson; one at Arville Street and Mesa Verde Lane; another at Quail Avenue and Grand Canyon Drive; another at Dean Martin Drive and Interstate 15; and one at Chartan Avenue and Pioneer Way.
Las Vegas’ multifamily market sees increased rent, decreased vacancy in first quarter: report
The Las Vegas apartment market saw a slight increase in asking rents and a slight decrease in vacancies in an overall analysis of the city, according to data from the University of Nevada, Las Vegas’ Lied Institute for Real Estate Studies apartment survey, administered by the Center for Business and Economic Research at UNLV.
This quarter, which follows a string of increases over the past five, saw an increase of 1.4 percent in average asking rents in the city, bringing the average to $867, according to the report. The average is up 6.4 percent from an $815 average asking rent in the first quarter of 2015 but were still 1.1 percent lower than their peak in 2007. Vacancy decreased 0.2 percent and is now at 8 percent in a regional analysis, compared to 9.2 percent in the first quarter of 2015.
The report also broke down numbers by zip code. In 14 zip codes across the valley, there was a decrease in average asking rents in the multifamily sector, while 38 zips saw an increase. Some of the largest increases occurred in the southeast portion of the valley: 89005 and 89012 both saw more than 13 percent increase in average asking rents in the first quarter, according to the report.
The eastern and western regions saw little change, while the northwest and south parts of the city were the only areas that had zip codes decreasing in average asking rents by more than 1 percent.
On the submarket side of vacancy rates, the center reported seeing the largest decreases in the first quarter of 2016 in the 89115 zip code, with a 2.6 percent drop. Also on the east side of town, the 89156 zip code saw the largest increase in vacancy, with a 2 percent rise. The city’s highest vacancy rate was in the 89109 zip code at 13.1 percent. The region also experienced a 1.8 percent increase in vacancy in the first quarter.
Nevada Donor Network
The Nevada Donor Network recently entered an expansion and renovation phase at its 2061 E. Sahara Ave. campus after receiving a grant for $2.4 million through the Nevada New Markets Job Act.
The $8 million overhaul and expansion job will assist Nevada Donor in increasing its campus by 31,000 square feet — across four buildings — bringing its total campus to 44,000 square feet. Phase one, the campus’s main building, is set to be completed July 7 and is being developed by Desert Oak Development.
“NDN has made a dedicated effort to invest into our people and into this community,” said Nevada Donor Network’s CEO Simon Keith. “The changes will impact the organization and the community members it serves. We have purchased three additional buildings on this campus in the past two years, bringing our total to six, all with the goal of providing our team members the best environment to continue to perform the heroic work they do in honoring the gift of life and health.”