$5 Billion Investment to Bring The Plaza to Las Vegas

New York-based Elad Group, owner of the iconic Plaza Hotel, has purchased the last available prime parcel on the Las Vegas Strip where it will develop a $5 billion multi-use ultra-luxury hotel, private residence, retail and gaming complex bearing The Plaza brand.

The 34.5 acre site is currently occupied by the New Frontier & Casino which will be demolished to make way for the new Las Vegas Plaza. The site is directly across from the Wynn Las Vegas and Wynn's newest development, the Encore, and will build on the concept that unparalleled luxury and service represent the new standard rather than theme park attractions. The Plaza in Las Vegas plans to feature a six-diamond hotel, private residences, the Plaza Retail Collection, a state-of-the-art casino, destination restaurants and spectacular convention space. Demolition is slated to begin early next year. Construction on the eight-million-sq-ft development is anticipated to take three years, with an official opening slated for 2011.

Paxton Walk's Initial Phase of Construction Underway

Paxton Walk, a 31-acre mixed-use development of 782 condominiums, townhomes, restaurants and storefronts located in Centennial Hills, held its official groundbreaking. Paxton Walk brings an urban community with a neighborhood spirit to the growing northwest part of the valley. At the center of the development will be Paxton Square, featuring 96,000 sq ft of storefronts, restaurants and offices surrounding a beautiful 27,000-sq-ft courtyard of lush landscaping, pathways and outdoor dining. Blue Marble Development has incorporated unique land planning in its community design for Paxton Walk. The main street, Slade Avenue, will run east to west through the development, allowing residents convenient access to a variety of amenities. The furthest residence at Paxton Walk will only be a quarter of a mile away from the town center, which will contain retail shops, restaurants and offices. The layout of the community is designed to diminish automobile traffic and provide residents the opportunity to walk or bike to enjoy the amenities and services.

Paxton Walk will be visually enhanced with landscaping and European architecture. More than 80% of the community's parking spaces will be hidden from view and more than 20% of the project is open space to promote outdoor activities and offer a classic neighborhood feel. Paxton Walk's first homes are slated for move-in the first quarter of 2008.

Construction has begun for phase one, which consists of 22 townhomes, 175 condominiums, fitness center, Olympic-sized swimming pool and a 9,000-sq-ft clubhouse with a theatre, billiards room, catering kitchen and cabana room. Lush parks and swimming pools will offer resort-like gathering locations for neighbors to meet while taking full advantage of the local lifestyle.

Nevada Suspends Green Building Tax Break

On May 2, the Nevada Senate passed an emergency measure (Senate Bill 567) temporarily suspending property tax breaks for private commercial projects achieving a LEED rating amid concerns over a projected $110-million state budget shortfall. Assembly Bill 3, which was passed into law in 2005, gives projects up to a 50%, 10-year tax break for achieving a LEED Silver certification or higher. The law, which could result in millions in lost revenue, caused a flood of new LEED projects currently totaling over 63-million sq ft of building space. Yet only one building, a distribution center in Reno, has been approved for the state tax abatement. Gov. Jim Gibbons is seeking a legal opinion on SB 567 amid fears of lawsuits from developers.

Possible solutions include a maximum annual limit on the tax abatements or a grandfather clause for LEED projects already under way.

CORE Construction Contracted to Build Nevada State College

CORE Construction of Nevada has been contracted to build Nevada State College's first permanent facility at 1021 E. Paradise Hills Drive in Henderson. CORE will complete ground-up construction for the 42,000-sq-ft, two-story building that includes laboratories and multiple classrooms.

First planned in 2001 as Nevada State College's liberal arts building, the new facility will now act as a general education and student services building. Contracted by the Nevada State Public Works Board, CORE Construction is scheduled to complete Nevada State College in June 2008. Carpenter Sellers Associates is the architect of record.

The Korte Company Builds Crovetti Medical Center

The Korte Company has broken ground on the new office building shell and parking garage for the Crovetti Medical Center. The 39,725-sq-ft design-build project will accommodate the Bone & Joint Institute which occupies 26,160 sq ft of the two-story building. The design work of the Bone & Joint Institute is well underway with an expected construction start date in mid-to-late summer and overlap with the building shell and parking garage construction. As part of the improvements, the new facility will include specific areas for orthopedics, therapy and fitness, outpatient surgery and administrative offices. When completed the total combined design-build contract will exceed $11.5 million.

Korte recently completed a 26,567-sq-ft community center for St. Francis Church. The $9 million project was a two-phase endeavor including substantial site and infrastructure work. Korte also recently completed a $2.3 million project for St. John's Church. The 9,960-sq-ft facility with a large multipurpose room, administrative offices, small group meeting rooms and commercial kitchen will help accommodate the expanding parish.
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Windmill Lane Plaza 50% Pre-Leased

The Venetian Begins $100 Million Room Renovations

The Venetian Resort-Hotel-Casino is renovating more than 3,000 of its all-suite rooms. The $100-million renovation began early this year and is expected to be completed by fall. The Venetian and its Venezia Tower include more than 4,000 suites which are nearly twice the size of the average Las Vegas hotel room, with sunken living rooms and marble-adorned baths.

Designed by KNA Interior Design of Los Angeles, the renovation will update the 3,014 suites in The Venetian, and will welcome guests to a distinctly modern European design with contemporary touches throughout.