The Thomas &Mack Center modernization project is coming to a close, and the additional 35,000 square feet of space is readying to be shown off before the impending National Finals Rodeo in December.
The $72.5 million renovation project will add 11,700 square feet of meeting space, being dubbed the Strip View Pavilion at Thomas &Mack on the west side of the complex.
The space is split into 9,200 square feet inside and a 2,500-square-foot balcony facing the Las Vegas Strip. It features 16 televisions, its own entrance and rigging points to serve as a multipurpose facility.
Michael Newcomb, executive director of Thomas &Mack Center, Cox Pavilion and Sam Boyd Stadium, said the added space can handle about 600 guests for a sit-down dinner event. For events during which guests are on the move and using the balcony, the space could pack in between 800 and 1,000, he added.
The addition adds to the already flowing convention and meeting business Thomas &Mack has been offering the general public and business community for more than 30 years. Newcomb said Thomas &Mack already puts on more than 200 events a year.
And interest in the new space is already there from new and existing clients, Newcomb said.
The space will enhance the impending National Finals Rodeo experience in December and the basketball events the center hosts each year, including the Mountain West Tournament and the Samsung NBA Summer League.
Other Thomas &Mack upgrades include improvements to the lighting and sound systems, safety enhancements, decorative concrete and two new large LED video boards.
The project was funded with public and donor dollars: $54.4 million in state funds from the slot tax source; $3.35 million in donor funds from the Thomas &Mack families; $13.5 million in finances dollars; and $1.35 million in Thomas &Mack facility-related funds.
Siegel Group picks up new property near north end of the Strip
The Siegel Group Nevada Inc., a company driven by a model of easy rental terms and turn-key move-ins at its more than 20 communities around Las Vegas, purchased a multifamily property near the north end of the Strip at the beginning of September.
Siegel purchased the two-story, 40-unit Somerset Apartments at 3064 Kishner Drive, near the recently closed Riviera and a half-block east of Las Vegas Boulevard, on Sept. 1 for $6 million, property records show.
“I’m pleased to have added this important and strategically located asset to our growing portfolio,” said Stephen Siegel, founder and CEO of The Siegel Group Nevada. “This marks the second location we have recently acquired in this vicinity, which we believe will be the center of the largest redevelopment plan to occur in Las Vegas since exiting the downturn.”
The complex, which will be renamed Siegel Gardens, was built in 1961. The property will continue to operate as a traditional apartment complex while Siegel Group investigates plans for redevelopment, a release from the company stated.
California investor picks up multifamily property in Las Vegas
Newport Beach, California-based Fowler Property Acquisitions LLC, a multifamily investor, purchased a large multifamily complex on the west side of Las Vegas, CoStar.com reported in mid-September.
The 326-unit Reflections at the Lake apartment community at 2601 S. Grand Canyon Drive sold for $37.5 million, according to CoStar.
Spencer Ballif, a senior vice president focusing on multifamily for commercial brokerage CBRE, represented the seller. The buyer handled the sale in-house, CoStar reported.
Utah-based mortgage co. expands presence in Southern Nevada
Salt Lake City, Utah-based Castle &Cooke Mortgage LLC., an independent mortgage lender, has spread its reach in the Southern Nevada market with the opening of a new branch in Henderson at 901 N. Green Valley Parkway, the company reported in September.
The new branch adds to Castle &Cooke’s other location at 6900 Westcliff Drive.
“Castle &Cooke Mortgage’s Las Vegas branch has consistently been one of the company’s top-producing offices,” said Adam Thorpe, president and chief operating officer of Castle &Cooke.
This the brand’s eighth new branch this year, adding to its 43 existing locations across the U.S. Castle &Cooke employs more than 300 people.