The Spry July Market
The Las Vegas construction market is experiencing significant growth as of July 2024. Driven by major commercial, industrial, and recreational developments, this expansion marks a noteworthy improvement compared to previous years. The current trend highlights Las Vegas's resilience and innovative spirit, establishing the city as a premier destination for real estate development.
Bellagio Fountains Overhaul
An iconic project underway is centered around none other than the beloved Bellagio Fountains. This project aims to incorporate advanced technologies to elevate the visitor experience. The modernization includes adding nearly 400,000 square feet of retail and dining space to the Bellagio’s main entrance. This ambitious project will see the transformation of the south side of Bellagio Drive into a vibrant entertainment and retail hub. The new space will feature a variety of high-end shops, gourmet restaurants, and interactive entertainment options designed to attract both tourists and locals.
This overhaul aims to provide a more engaging and modern experience while maintaining the iconic status of the Bellagio Fountains. The enhancements will integrate seamlessly with the existing attractions, ensuring that the Bellagio remains a top destination on the Las Vegas Strip. The completion of this project is timed to coincide with major upcoming events, such as the Formula 1 Heineken Silver Las Vegas Grand Prix in November 2024, ensuring the new features are ready to dazzle visitors. (MGM Resorts, KTNV)
North Las Vegas Industrial Expansion
North Las Vegas has become a focal point for industrial development, particularly in the Apex Industrial Park. Apex spans 18,000 acres, with 7,000 acres developable, making it one of the largest industrial parks in the region. Recent investments include a $58 million highway enhancement project and a new water and wastewater system, set to be operational by mid-2025. Major companies like Arvato and Tapestry have established logistics hubs in the park, attracted by its strategic location along major interstates and its business-friendly environment (Nevada Business Magazine).
CapRock Partners acquired 85 acres for the CapRock Highlander Logistics Center, a Class A, LEED-certified logistics complex. This development will feature two freestanding warehouse buildings totaling approximately 1.48 million square feet and is located west of Interstate 15 near the Las Vegas Blvd. and Nadine Petersen Boulevard intersection. Construction is expected to complete in 2025 (CapRock Partners).
Additionally, VanTrust Real Estate develops the Vantage North project, a 350-acre industrial park in North Las Vegas. The first phase includes two speculative buildings of 450,000 and 600,000 square feet, with the entire park projected to encompass about 4.5 million square feet. Located 2.5 miles north of I-15 and the Speedway Boulevard Interchange, this project is set to meet the growing demand for state-of-the-art logistics facilities. The first phase is expected to be completed by the end of 2024 (CommercialSearch).
West Henderson Indoor Sports Complex
In West Henderson, the City Council has approved the construction of a new state-of-the-art indoor sports complex. This $70 million project, located at the southeast corner of St. Rose Parkway and Maryland Parkway, will span 180,000 square feet over two levels. It is set to include multiple sports courts, a fitness center, meeting spaces, and family entertainment areas. The complex, anticipated to open in mid-2025, is expected to become a central hub for sports and community events, enhancing the quality of life for residents and attracting regional sports activities (Vegas Publicity, Recreation Management).
Multifamily Developments
The multifamily sector in Las Vegas is also experiencing significant growth. Southern Land Company has broken ground on a large-scale multifamily and mixed-use development in the Arts District. This new project, located at 1207 S. 3rd Street, will include 337 rental residences, a 353-space parking structure, and 3,300 square feet of ground-level retail space. The community will feature amenities such as a fitness center, pool and spa, co-working spaces, and a rooftop deck. Construction is expected to be completed by late 2025, with leasing set to begin in the second quarter of that year (Southern Land Company).
Cherry Development is expanding its shareDOWNTOWN brand with a new 104-unit multifamily community in the Historic Westside neighborhood. The development will feature single-bedroom apartments, community amenities such as a business center and fitness center, and 13,000 square feet of retail space, including a food hall. This project represents the first large-scale, ground-up new development in the Historic Westside in nearly 70 years and is expected to be completed by 2026 (Multi Housing News).
Another notable project is the Flats Arts District by CEDARst Companies and Bridge Investment Group. This 311-unit multifamily development will include a mix of studio, one-bedroom, and two-bedroom apartments, with amenities like a fitness center, outdoor pool, and co-working spaces. Located in the vibrant Arts District, the project aims to support and enhance the local community by providing accessible and modern living spaces. This project is expected to be completed by the end of 2025 (Yield PRO).
hotels on the horizon
One of the most exciting upcoming projects is the Dream Las Vegas, a 20-story hotel and casino located near Mandalay Bay and the iconic Welcome to Las Vegas sign. This development aims to revitalize the southern end of the Strip. Dream Las Vegas will feature 531 rooms and suites, multiple dining and entertainment options, a third-floor pool and day club, 12,000 square feet of meeting space, a 5,000-square-foot ballroom, and a 20,000-square-foot gaming floor (TravelAwaits).
Another notable project is the new Nuance Las Vegas, Located near Allegiant Stadium, this 19-story resort will offer 340 rooms, a restaurant, spa, ballroom, convention space, rooftop bar, and cigar lounge. This development aims to anchor the Stadium District and provide a high-end, casino-free lodging option for Las Vegas (Lavish Vegas).
A bright future for las vegas
The Las Vegas construction market in July 2024 is characterized by robust growth and dynamic development across multiple sectors. From the Bellagio Fountains overhaul to the industrial expansion in North Las Vegas, these projects reflect the city’s resilience and ambition. With new developments continuously breaking ground, the future looks exceptionally bright for Las Vegas' construction industry.
Grow las vegas with brandise Construction
For investors looking to capitalize on this expanding market, now is the perfect time to consider buying and revamping existing properties or acquiring land to build new projects from scratch. Brandise Construction is at the forefront of this expansion, offering unmatched expertise in commercial construction. Whether you're planning a renovation or a new build, our team is ready to help you turn your vision into reality. Contact us today to learn more about how we can assist you in your next project and be part of Las Vegas's exciting growth story.
