Wednesday 26 December 2018

MSG Sphere will have Las Vegas Monorail station

Gov. Brian Sandoval addresses the crowd at the ground breaking ceremony event for the Madison Square Garden Sphere, a new venue expected to open in 2021 in Las Vegas, Thursday, Sept. 27, 2018. The sphere shaped venue will have more than 18,000 seats and the largest LED screen on Earth that will wrap the interior of the bowl. Rachel Aston Las Vegas Review-Journal @rookie__rae
An artist’s rendering of the MSG Sphere Las Vegas distributed Thursday, Feb. 8, 2018, shows the 300-foot performance venue near The Venetian. Construction begins later this year with completion planned by 2020. MSG
Politicians and company executives break ground for the Madison Square Garden Sphere, a new venue expected to open in 2021 in Las Vegas, Thursday, Sept. 27, 2018. The sphere shaped venue will have more than 18,000 seats and the largest LED screen on Earth that will wrap the interior of the bowl. Rachel Aston Las Vegas Review-Journal @rookie__rae
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The Clark County Commission on Wednesday approved the construction of a Las Vegas Monorail station at the MSG Sphere at The Venetian arena project.

The stop near Sands Avenue is the second planned addition to the monorail’s route along the Strip. The other is an extension to Mandalay Bay.

The MSG Sphere station will connect with a pedestrian bridge between the Sands Convention Center and the sphere. The entertainment venue’s developers broke ground on the project in September, and construction is expected to be completed in the 2021 fiscal year.

The monorail track will be 5 miles long once the new stations are finished. The route will have nine stops and connect to 42,000 hotel rooms and the Sands Expo and Convention Center, Las Vegas Convention Center and Mandalay Bay Convention Center.

The Review-Journal is owned by the family of Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson.

Contact Michael Scott Davidson at sdavidson@reviewjournal.com or 702-477-3861. Follow @davidsonlvrj on Twitter.

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Friday 14 December 2018

Clark County Looks To Acquire Public Land For Affordable Housing

Clark County wants to build more affordable housing in the valley.

The Las Vegas Review-Journal reports county commissioners voted unanimously to submit a request to the Bureau of Land Management to acquire as much as 110 acres in the southern half of Las Vegas.

The land transfer could be done by the Southern Nevada Public Land Management Act, which allows the federal agency to transfer land to local jurisdictions.

The maximum number of apartments that could be built across the 10 parcels is about 1,980 because of density restrictions.

The county said they are focusing on this area because of its access to employment, public transportation and medical care.

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Monday 3 December 2018

Dinner benefit to aid Las Vegas farmer’s markets organizer

Rooster Boy Cafe’s Sonia El-Nawal is planning two benefit dinners for Kerry Clasby.
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Rooster Boy Cafe’s Sonia El-Nawal will host a pair of dinners at the Lakeside Event Center on Dec. 14 and 15 to aid Kerry Clasby in her recovery from California’s Woolsey Fire.

Clasby, known as the Intuitive Forager, has organized several Las Vegas farmer’s markets and helped bring the products of hundreds of small family farms to kitchens on and off the Strip. Tragically, a farmhouse and several other structures on the farm she leases in Malibu, California, were destroyed in the recent wildfire.

“We lost one truck, one delivery truck, three containers full of all of the stuff we use for the farm, the seeds that we’ve been collecting for a long time. All my personal stuff is gone,” Clasby explained Friday at the Downtown 3rd Farmer’s Market that she organizes every week.

“My office is gone. Printers, a lot of the office things. The electricity is gone. We’re laying wire now.”

El-Nawal says that as soon as she heard about the loss, she knew she had to get involved.

“I got up in the morning and I was like, ‘Yeah, that’s what we should do. Let’s just eat, cook, celebrate her and help her out.’ Whatever we can get is better than zero. It’s a beginning forward.”

To defray costs, she’s turned to members of the local restaurant community to donate ingredients and time. She reports Esther’s Kitchen, Sparrow + Wolf, The Stratosphere, Other Mama, Cured & Whey and Urban Seed have all agreed to donate food. And she expects some of their chefs, managers and staff will lend a hand at the events.

“It’s so humbling,” Clasby says of the response. “You can’t believe it.”

The family-style meals will be available from 6:30 p.m. to 10 p.m. on both evenings, priced at $75 per person.

“The menu is very pop-up,” El-Nawal promises.

“It’ll be like a big ‘Chopped,’ basically. It’s a buffet meal, both pastry and food, family-style eating.”

The Lakeshore Event Center is located at 2620 Regata Drive in the Desert Shores community.

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Thursday 22 November 2018

Las Vegas Housing Prices Reached the Highest Level in the Last 11 Years According to LasVegasRealEstate.org

Las Vegas Real Estate market sees 11-year peak in housing prices with home sale average at $295,000, yet still remains lowest among major US cities

LAS VEGAS, November 16, 2018 (Newswire.com) – Real estate experts have marked a significant change in the economy and housing prices in Las Vegas during the last couple of months. 2018 has brought many changes to the Las Vegas real estate market, with prices rising rapidly and the number of available properties dropping just as quickly. However, it is certain that the city of Las Vegas is booming once again after the massive market crash in 2008. According to Nevada Current and the statistics from August 2018, the average price of a single-family home in the area of Southern Nevada equaled to $295,000. This shows how the prices have increased significantly since 2012 when the same properties were available for $118,000. However, even today’s average is still below the all-time high, which was $315,000, back in June 2006.

William Margita, a recognized industry leader and REALTOR at Urban Nest Realty says, “Despite being one of the fastest growing markets in the United States, the property values in Las Vegas are still below the average pricing of major U.S. cities and half the price of California.” The fact that Las Vegas offers lower costs of living and has no state income tax has contributed to the rapid increase in population over the last decade. This makes Las Vegas a great opportunity for those looking to find a permanent home at affordable prices, yet keep the luxury and convenience of living in even a guard gated community like the Las Vegas Country Club where condos still start at $120,000 and homes for $300,000. Margita adds the 30 percent of buyers are currently coming from California where they may be selling a Million dollar home, then buying a comparable property for half the money in Las Vegas and taking advantage of the cost-of-living ratios and active lifestyle.

Chris Bishop, the president of the Greater Las Vegas Real Estate Association, added that the prices of single family homes fell for 6.6 percent compared to the previous year, while the prices of condos and townhouses went up for 11 percent. This fluctuation in the market could indicate that the trend is about to rise again. “At the rate we’re going, with prices going up by nearly $5,000 per month, it’s possible that local home prices could finally get back to their all-time peak sometime later this year,” added Bishop, the president of GLVAR, in June of 2018. The Nevada Independent further explained that, at the rate things are currently going, the housing prices could even grow above the all-time record of 315,000$ in the first quarter of 2019.

The property values in Las Vegas are still below the average pricing of major US cities…

Besides the slight fluctuation seen throughout May, June, and August, there are plenty of other factors that make Las Vegas real estate an interesting and quite diverse market. With the city constantly expanding, the demand for housing never seems to drop. Buyers are searching for properties on a daily basis, either looking for a permanent home or a profitable investment. The same source at The Nevada Independent tells us that apartment vacancy and rental inventory in Las Vegas has been declining since 2011. The fact that housing prices are increasing is going to benefit the rental market in the area, as more people are going to opt for renting in order to manage their budget increasing the profit for those who invested in rentals. One such market is Summerln, located to the west of Las Vegas, in which there are currently less than 96 Summerlin Condos for sale in the largest master planned community in Las Vegas.

According to the most recent analysis from the Lied Institute for Real Estate at UNLV, the apartment vacancy rate equals to 7.2 percent, while rental prices jumped from 876$ in 2008 to an average of 1003$ today. Furthermore, News Las Vegas confidently confirmed that the Las Vegas real estate market is indeed the hottest market in the nation. The recent changes in the pricing resulted in a value increase of 13 percent compared to last year. Besides new communities and complexes, the city is constantly growing richer in businesses, companies, and projects, which opens up new opportunities for people all over the nation.

Other sources such as the Review Journal also confirmed that the Las Vegas property prices are growing at one of the fastest rates in the country. With that said, if you were planning to sell a property, now would be the time to do so, as the values are about to reach the peak again. With the property demands rising, builders are competing to increase the availability of properties in the city, providing buyers with a wider variety of options. However, the president of GLVAR stated that the number of available housing properties is not even close to where it should be, as it will take a lot of work to meet such a rapidly growing demand. This might be an indicator that this real estate market is about to surpass its highest value ever recorded in 2006.

Las Vegas is already ranked number one by numerous reputable sources as one of the best cities to live in. The biggest question is whether these rising prices are going to scare the buyers away? While there is a possibility that the rapid increase in value might make some buyers abandon the idea of purchasing a Las Vegas property, it might also motivate others to make their move faster and secure a good property at a good price. Waiting only a few months longer could mean losing a great opportunity, as most real estate experts are expecting the prices to go even higher in 2019. For more information on the current Las Vegas real estate market, see www.LasVegasRealEstate.org.

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Sunday 11 November 2018

Raiders fans drawn to One Las Vegas

With the future home of the NFL Raiders visible from One Las Vegas, many long-time fans, such as Bruce Cappelli locked in their dream home at One Las Vegas. (One Las Vegas Mona Shield Payne)

California has long been a target market for Southern Nevada real estate, given the Golden State’s high taxes, high cost of living, home prices and traffic congestion. And now, with the rapid development of the future NFL Raiders stadium, there’s even more reason for Californians to make the move. At One Las Vegas, a twin 20-story condominium tower community on the south end of Las Vegas Boulevard, Californians make up more than 23 percent of homeowners, thanks to all those reasons and more.

Last fall when Oakland resident and die-hard NFL Raiders fan Vivian Williams learned the Raiders were moving to Las Vegas, she was inspired to purchase a two-bedroom, two-bath home with mountain views. She has since enjoyed many of One Las Vegas’ amenities, including its state-of-the-art, two-story fitness center, Transform; the movie theatre, Show; the full-service concierge; and activities and gatherings led by lifestyle director Evelyn Connors. She also appreciates the pet-friendly amenities at One Las Vegas and enjoys using them when her son and two dogs visit her.

“It’s the simple things that make a difference, like having freshly brewed coffee offered in the lobby. Everyone who works and lives here are so welcoming and friendly. And the location is wonderful, because I am minutes from great shopping, dining and only minutes from the future home of my favorite team,” Williams said.

Lance Baker, a seasoned bartender, relocated from Northern California to the Entertainment Capital of the World in 2013, eventually moving into his dream home at One Las Vegas in 2017. He enjoys the walkability to everything he needs, such as groceries, banking, neighborhood services and local casinos such as South Point and Silverton. He, too, was especially excited with news that the Raiders stadium would be close to home.

“California has many professional teams, but there were none in our hometown of Chico, so we adopted the Raiders,” Baker said. “Everyone at work says I’m crazy for buying a high-rise home, because they think it costs an arm and a leg. But when I share with them my utility costs and that I don’t even pay for things like cable or internet because it’s included, they are speechless. I tell my friends they should look into buying a home at One Las Vegas before it’s too late. Having the Raiders stadium as a neighborhood is just icing on the cake.”

Last February, Oregon business owner Bruce Cappelli purchased a two-bedroom residence, drawn to Las Vegas by the city’s more friendly tax climate and affordable cost of living. For someone who wanted to be on the Strip but avoid the associated inconveniences like traffic, noise level and crowds, One Las Vegas fit the bill perfectly.

“I was so taken with the community, I locked in my home 24 hours after seeing it for the first time,” Cappelli said. “I looked at several different floor plans on various floors. Ultimately, the top of the building offered a great vista of both mountains and the Strip. And now it looks like I’ll have views of the new stadium, which is a big bonus for me, since I’m a lifelong Raiders fan.”

One Las Vegas homes range from 1,344 square feet to 2,857 square feet, with many floor plans offering views of both the mountains and the Strip. Two-bedroom homes are priced from the mid-$300,000s, and three-bedroom homes are priced from the high $400,000s.

One Las Vegas recently received approval from Fannie Mae to offer financing options as low as 3 percent down for eligible first-time homebuyers and is only the second condominium community in Las Vegas since 2008 to obtain Fannie Mae PERS (Project Eligibility Review Service) final project approval. One Las Vegas also offers buyers Veterans Affairs-guaranteed mortgages in addition to traditional 15- and 30-year financing options.

One Las Vegas is close to Interstate 15, the 215 Beltway and just minutes from McCarran International Airport and is also in close proximity to T-Mobile Arena and the NFL Raiders stadium, which is under construction. Town Square, just a few blocks north of the property, provides one-stop shopping and scores of dining and entertainment options in the neighborhood.

For more information, call 702-405-9020 or visit the One Las Vegas on-site sales center at 8255 S. Las Vegas Blvd., or online at theonelv.com. The sales center is open Monday through Friday from 10 a.m. to 6 p.m.; Saturday from 10 a.m. to 5 p.m.; and Sunday from noon to 5 p.m.

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Wednesday 31 October 2018

Next phase of Las Vegas Convention Center construction set for approval

Crews work on the foundation of the Las Vegas Convention and Visitors Authority’s $935.1 million convention center expansion on Wednesday, Oct. 31, 2018, on the north end of the construction site, which formerly was used as a parking lot. (Richard N. Velotta, Las Vegas Review-Journal; @RickVelotta)
Crews work on the foundation of the Las Vegas Convention and Visitors Authority’s $935.1 million convention center expansion on Wednesday, Oct. 31, 2018, on the north end of the construction site, which formerly was used as a parking lot. (Richard N. Velotta, Las Vegas Review-Journal; @RickVelotta)
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While construction has begun on the city’s $935.1 million convention center expansion, the first steps of the next phase began Wednesday.

The Las Vegas Convention Center District Committee unanimously recommended approval of a $13.5 million contract for a builder representative to oversee the final phase of what ultimately will be a $1.4 billion expansion and renovation project.

The committee recommended a contract extension with Cordell Corporation and that decision will go to the LVCVA board of directors for consideration on Nov. 13.

Cordell principal and owner Terry Miller has served as the LVCVA’s builder representative on the expansion portion of the project, which includes a 600,000-square-foot exhibit hall project, and three stories of meeting rooms underway northwest of the existing convention center campus on space previously used as a parking lot.

Progress update

Miller and Guy Martin, a partner with the Turner-Martin-Harris joint venture, gave an update on the project’s progress prior to the vote on the contract extension.

Miller said crews first had to relocate NV Energy power lines to trenches on the periphery of the project. They then removed all the asphalt from the parking lot and replaced it with fill dirt about 6 feet high to provide a level platform for the building’s construction.

A two-story visitor information center at Convention Center Drive and Paradise Road and a single-story building with restrooms were demolished and the connection to a pedestrian bridge over Paradise Road was left to be repurposed to connect to the new building.

Miller said the contractor is now drilling 595 holes 3 feet in diameter and ranging from 40 to 70 feet deep. Rebar cages will be dropped into the holes, then filled with concrete to form a network of underground columns on which the building will rest.

“Progress is being made and it’s all on schedule,” Miller said.

Crews must finish building new exhibition hall by January 2021 to accommodate the CES trade show.

Once the new exhibit hall is opened, the renovation stage would begin with crews taking the Convention Center’s four existing exhibition halls off line for renovation over a two-year period.

The Cordell contract amendment considers paying the company $545,000 a month during new construction and during the early stages of renovation and $169,750 a month for the last 12 months of the contract.

Martin said the contracting joint venture is finishing efforts to hire the last subcontractors and laborers to meet the requirements of Senate Bill 1. The legislation directed 25 percent of the work — about $189.5 million in contracts — go to Small Business Enterprise-qualified subcontractors.

Women, minorities included

While the legislation doesn’t demand it, Martin said the contractor also established a goal of hiring 14 percent (about $26.5 million of work) to go to minorities and 7 percent (about $13.3 million) to women-owned businesses.

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The small-business hiring requirement strictly involves Southern Nevada contractors. But Martin said the contractor would be hard pressed to fill the self-imposed 7 percent quota for women with local businesses. The company opted to give priority to Southern Nevada business women, then Nevada business women and then women from the region to fulfill the goal.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.

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Sunday 21 October 2018

Biden campaigns for Nevada Democrats at Las Vegas rally on Saturday

LAS VEGAS (AP) — Former Vice President Joe Biden spoke of working class struggles and said President Donald Trump is shredding American values as the Democrat rallied union members in Las Vegas to support Jacky Rosen and other Nevada Democrats.

Rosen, a freshman congresswoman from the Las Vegas-area, is challenging incumbent Republican U.S. Sen. Dean Heller and the race is seen as one of Democrats’ best chances to flip a seat this November.

Heller is the only Republican senator seeking re-election in a state Democrat Hillary Clinton won in 2016. He’s a former Trump critic who has become an ally of the president and rallied with him in the northern, rural Nevada city of Elko Saturday.

In Las Vegas, Biden criticized Trump for his approach to Russia and President Vladimir Putin, his equivocating on white supremacists in Charlottesville, Virginia, and his immigration policies, including the separation of migrant families at the U.S.-Mexico border.

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American values, "are being shredded," Biden said. "They’re being shredded by a president who is all about himself. It’s all about Donald."

The crowd was dominated by members of the powerful, heavily immigrant Culinary Workers Union Local 226. The union represents about 57,000 housekeepers, bartenders, bellmen and other workers in the city’s casino-hotels and has been credited with giving Democrats key wins in the state in 2016.

People listen to former Vice President Joe Biden as he speaks during a Nevada State Democratic Party rally to promote voting at the Culinary Workers Union Local 226 headquarters in Las Vegas, Saturday, Oct. 20, 2018. (Erik Verduzco/Las Vegas Review-Journal via AP)

Democrats are counting on Latino mobilization driven by the union this year to avoid a repeat of the 2014 elections, when Democratic turnout in Nevada faltered.

Trump in Elko later scoffed at the idea of a "blue wave" of heavy Democratic turnout this November and mocked the smaller crowd at Biden’s event.

Culinary Union spokeswoman Bethany Khan said later Saturday organizers checked in more than 500 people for the Las Vegas rally, including some who filled in overflow areas away from the stage.

The rally outside the union hall north of the Las Vegas Strip included appearances from comedian Billy Eichner and a mariachi band and came as two weeks of early voting kicked off in the state.

Former President Barack Obama, who won Nevada during the 2008 and 2012 presidential elections, will be visiting the battleground state Monday with a get-out-the-vote rally in Las Vegas.

U.S. Sen. Catherine Cortez-Masto, left, and Rep. Jacky Rosen, raise their hands together during a Nevada State Democratic Party rally to promote voting at the Culinary Workers Union Local 226 headquarters in Las Vegas, Saturday, Oct. 20, 2018. (Erik Verduzco/Las Vegas Review-Journal via AP)

Biden also touted the candidacy of other Democrats, including Steve Sisolak, the powerful chairman of the county commission overseeing the Las Vegas Strip who is running for governor, and Susie Lee and Steven Horsford, who are seeking seats to Nevada’s 3rd and 4th Congressional Districts, both of which are considered swing seats.

"This election is literally bigger than politics. It’s bigger than politics," Biden said. "No matter how old or young you are, you have never participated in an election that is as consequential as this election national and locally."

Biden, who has said he won’t decide until at least next year whether he’ll seek the presidency in 2020, has been keeping a presence in early voting states like Nevada.
He’s scheduled to return Dec. 1 to speak to a fundraiser for the law school at the University of Nevada, Las Vegas.
___
This story has been updated to correct the proper name of the union.

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Tuesday 9 October 2018

Southwest Gas wants to raise Nevada rates to pay for homes, massages

A Southwest Gas truck is seen on Friday, Aug. 17, 2018, in North Las Vegas. (Bizuayehu Tesfaye/Las Vegas Review-Journal) @bizutesfaye

A utility company wants Nevadans to foot the bill for costs associated with houses for its employees, “frivolous” charges for consultants and even employee massages, a state review found.

In May, Southwest Gas applied to the Public Utilities Commission to increase its retail natural gas services. As part of that process, the PUC reviews a plethora of charges submitted by the company to justify the need to increase rates for each customer by $2 to $3 per month.

The review of Southwest Gas’ charges, which was filed Wednesday, calls into question many of the expenditures and recommends that the PUC not allow many expenditures to be included in setting new utility rates.

“It became very clear during the course of my investigation that SWG does not prudently manage its contracts or expenditures and does not properly document the justification of its actions,” Adam Danise, an electrical engineer with the Public Utilities Commission, wrote in 42 pages of written testimony that detailed, down the the penny, the purchases and charges he deemed inappropriate.

Those charges included $1,645 of vouchers for regular 10-minute chair massages in August and September 2015; multiple charges for lunch and dinner meetings, including one for $800 at Brio in Las Vegas; bartender costs; membership at a golf club in Las Vegas; and $90,000 for a backhoe, which Danise described as “the most egregious” because Southwest Gas had previously agreed to remove it as part of a safety violation.

Southwest Gas also submitted $7,568.39 in charges for a Casio digital piano, a Yamaha home theater system, a grill and multiple Bose wireless speakers and JBL Bluetooth headphones, as well as $41,000 for non-travel meals and $3,000 for non-travel entertainment.

The company would pass on all of those costs to customers if the PUC approved them.

“I find it troublesome that, based on the documents provided, SWG never questioned any charges, never questioned the booking of those costs as project costs for ratepayer recovery,” Danise wrote.

Danise also criticized the company for a lack of preparation in the review. He said he gave Southwest Gas more than 20 business days to round up documents he wanted to review, but when he showed up “not one single document had been gathered.”

“It is very troubling that SWG did not have the documentation readily available during my on-site audit, which suggests to me that SWG either is very haphazard with how regulatory audits should operate, has inadequate internal processes and documentation, or it was intentionally making the process difficult to frustrate the investigation.”

Danise added that it appeared the company “was not expecting that the $600 plus million in capital costs it is requesting be placed into rates would be vetted/examined in detail.”

When asked about Danise’s findings in the review, Southwest Gas spokeswoman Amy Washburn said it would “file rebuttal testimony with the Nevada Public Utilities Commission later this month.”

Consultant problems

The audit also criticized Southwest Gas’ use of consultants for several capital projects, citing throughout the report “excessive consultant expenses” tied to their overall pay, travel, lodging and meals.

One consultant, for example, was paid $130 per hour, received a $165 per diem and was flown back and forth from Las Vegas to his home in Washington each weekend. Danise said Southwest Gas gave no justification for those charges.

Danise also pointed to the consultants’ use of rental cars included in the rate base application. Those included $135.58 to rent a Dodge Charger that was driven 10 miles, along with a Volvo S60 that was rented for three days at the cost of $184.72 but driven a single mile. Danise questioned why less expensive alternatives like a taxi were not used.

Homes for employees

Another item submitted into the rate base that caught Danise’s eye was $307,000 to buy a house in Winnemucca for the company’s Winnemucca district manager.

According to Danise’s testimony, Southwest Gas said it needed to buy the existing district manager’s house when he took a new position in the company. It also said it kept the house when the new district manager couldn’t find “suitable housing.”

The company doesn’t charge the new manager rent, according to the audit, but it includes the cost as additional income in the employee’s pay. It also rents out two apartments in Las Vegas for a total of $2,350 to temporarily house new hires, according to the audit.

But the auditor also found that Southwest Gas pays for the home for the district manager in Incline Village. That house was bought by the company in 2004 for more than $750,000. As it does with the Winnemucca house, it includes the costs as additional income for the Lake Tahoe district manager.

“If SWG wants to offer free housing for its employees as part of its compensation plan, its shareholders should pay for those costs, not ratepayers,” Danise wrote.

The PUC will hold a hearing on Southwest Gas’ rate increase application Oct. 22, and it will make a decision on the application by Dec. 25.

Contact Colton Lochhead at clochhead@reviewjournal.com. Follow @ColtonLochhead on Twitter.

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Saturday 29 September 2018

Miami developer looking to build Las Vegas apartments

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When Las Vegas was awash in easy money last decade, Miami developer Jorge Pérez set out to build condo towers here with such partners as George Clooney, but instead he flipped the sites for big paydays.

The billionaire is now back in Southern Nevada and itching to get in on another heated, though less flashy, slice of the market: suburban apartments.

Pérez’s company, Related Group, is in the process of buying three project sites in the southwest Las Vegas Valley to build rental complexes, said Steve Patterson, president and CEO of apartment division Related Development.

The sales haven’t closed, and Related hasn’t filed project plans with Clark County, said Patterson, who declined to give the exact sites. But he said the company hopes to break ground next year and have one or two other deals underway by 2020.

Related is returning to Las Vegas at a time when the once-battered economy has recovered and the apartment market heats up.

The company announced the project pipeline Tuesday, saying it plans to invest upward of $300 million in Las Vegas. In a phone interview, Patterson cited the market’s rent growth and shrunken vacancies, and said that despite the apartment-construction boom of recent years, there’s room for more projects amid a growing population and expanded job market.

More than 6,300 apartment units were expected to open in the Las Vegas area this year, up from about 4,100 in 2017 and around 3,500 in 2016, CBRE Group broker Spencer Ballif said this spring.

Construction has been heavily concentrated in the suburbs, especially the southwest valley, Related’s area of choice.

“It will likely overbuild itself again,” Patterson said of the rental market, “but we’re built to weather that kind of storm.”

Pérez, 68, is Related Group’s chairman and has an estimated net worth of $2.6 billion, according to Forbes magazine. His partners include billionaire Stephen Ross, chairman of New York’s Related Cos.

Pérez’s firm has built and managed more than 90,000 condos and apartments, its website says. And in Las Vegas, he was one of many developers looking to build high-rises during the mid-2000s bubble.

Most of those projects eventually went nowhere, including Pérez’s, but his efforts proved more than worthwhile.

In 2005, he teamed with former developer Centra Properties, actor Clooney and nightclub owner Rande Gerber to build Las Ramblas, a $3 billion hotel-condo project just east of the Strip.

The developers acquired the project site, on Harmon Avenue near Koval Lane, for almost $82 million, property records indicate. But amid fast-rising real estate values, they sold it for about $202 million in 2006, county records show.

Pérez and partners also unveiled plans for Icon, a condo complex with two 48-story towers on Convention Center Drive, just off the north Strip. They bought the site in 2004 for $15 million; canceled the project in 2006, citing, in part, increased construction costs; and sold the property that year for $37 million, according to news reports and county records.

Patterson said he did not know as much about Icon’s history, but with Las Ramblas, he said Pérez realized the market was overheating and received an offer that the developers probably “never expected,” so they decided to sell.

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He stressed that Related is not a land flipper by nature, but “the offer was just too good to refuse.”

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

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Tuesday 11 September 2018

Las Vegas Shooter Stephen Paddock Had $1.3 Million Stashed Away In Various Accounts

Evil Las Vegas shooter Stephen Paddock had $1.3 million stashed away in various bank accounts.

He hoarded the money up until he went on his now infamous killing spree that killed 58 people, injuring 851 others.

Paddock lived in Mesquite, Nevada, and was a real estate developer, property manager and retied accountant.

Investigators are still trying to determine what led to him to firing into a crowd of 22,000 concertgoers attending a country musical festival on the famous Las Vegas strip.

He committed suicide in his hotel room from a self-inflicted gun shot wound.

Paddock, 64, also owned a massive collection of weapons and firearm accessories, found in his home and his Mandalay Bay Hotel room where he launched his attack, worth $62,000.

According to Las Vegas police Paddock kept his money in 4 bank accounts and in his last two years of life he splashed out $1.5million.

The mass murderer left his fortune to his mother – she decided to give the money to the families of the 58 people killed in the shootings.

We pay for juicy info! Do you have a story for RadarOnline.com? Email us at tips@radaronline.com, or call us at (866) ON-RADAR (667-2327) any time, day or night.

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Former Disney star jailed in Vegas domestic battery case

LAS VEGAS, NV (AP) – Authorities say former Disney star Orlando Brown has pleaded no contest in Las Vegas to reduced charges in two criminal cases and remains jailed pending trial in a misdemeanor domestic battery case.

Defense Attorney Yi Lin Zheng said Friday the 30-year-old Brown, who portrayed Eddie Thomas in "That’s So Raven," plans to plead not guilty and fight charges of battery that were filed against him in March.

Zheng declined to comment about the case, which also lists Brown’s name as Orlando Washington.

A court official says Brown was sentenced Wednesday to 37 more days in jail after pleading no contest to misdemeanor trespassing following his arrest last weekend in a break-in at a downtown restaurant and to misdemeanor drug possession stemming from a vehicle stop in June.

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How Two Men Tried to Start a Hate-Free ‘Gay Town’ in the Nevada Desert

Alfred Parkinson and Fred Schoonmaker stand outside an old Union Pacific Railroad caboose, which they used temporarily using as their home (from the Bohemian Bugle, November 1986). Rob Schlegel

Fred Schoonmaker was the visionary; Alfred Parkinson, whom he called his husband, his most devoted disciple. The two men lived in Nevada in the mid-1980s, at the height of the AIDS crisis, when legally sanctioned homophobia (there was a federal, enforced law against sodomy) combined with HIV-inspired hysteria. Many believed gay men represented not just a risk of moral contagion, but literal infection: morticians regularly refused service to the grieving families of HIV-positive men. Being gay was hard; being black and gay, as Parkinson was, still harder.

But Schoonmaker had a solution as drastic as he felt the climate merited. The two men would found a community exclusively for LGBTQ people, where they could walk freely hand-in-hand down its streets. Stonewall Park, named for the 1969 riots in New York, would be a literal gay village in the middle of the Nevada desert. It was for them as a couple as much as it was for their community, he told friends, but it was also his legacy to the younger Parkinson, whom he expected to outlive him—a “safe and peaceful place” away from the hatred of the rest of the world.

Schoonmaker had grown up far from Nevada, in Wellsburg, West Virginia. It was a river town with a steel plant, and a diminishing population with historically high Ku Klux Klan membership. At five, Schoonmaker realized he was “definitely different;” by 14, he was scrabbling change together for a $1.25 60-mile bus trip to Pittsburgh, home of the nearest gay bar. Somebody there would always pay his way back, he told the Washington Post in 1986. “I don’t know where my parents thought I was going.”

Being a gay teenager in the shadows of the West Virginian hills could be brutal. Though Schoonmaker found refuge at the end of the bus route, two of his close friends were unable to accept being gay, and killed themselves at the age of 16. These experiences, suggests historian Dennis McBride in his book Out of the Neon Closet: Queer Community in the Silver State, planted the seeds for Schoonmaker’s belief that gay people could only be happy in a segregated society, as did time in same-sex communal living situations in San Francisco in the 1960s. “You get tired of all the daily jokes, the humiliation. If you’re not gay or lesbian, there’s no way to put yourself in that position. I was never beat up or anything. But you don’t have to be the victim of a fag-bashing every six weeks,” he told the Post.

Fred Schoonmaker in Idlewild Park, Reno, NV, c. 1964. Fred Schoonmaker Papers/Courtesy of Gay, Lesbian, Bisexual, Transgender Historical Society

Parkinson’s origins are less clear. He was from the Bay Area, and quieter than Schoonmaker: one journalist described him as “an oddly elusive man whom one always seems to see just disappearing around the edge of a building.” McBride recalls someone who had “internalized a lot of the horror and animosity that surrounded the gay community in those days”—less expressive or outgoing than his partner, despite being “very emotional,” he says.

They met in the early 1960s and moved to Reno, Nevada, where Schoonmaker had eventually drifted into casino work. Conversations between the men about a shared dream for a normal, socially accepted relationship, evolved into wondering how to make such a dream a reality—creating a place where gay people could not just be out, but utterly humdrum. “You’re not making any statement, not providing an educational experience that everyone can participate in.”

A small and dedicated group of local supporters began to form around the project: among them a retired librarian; a trans newspaper columnist; a prominent city attorney. Though not all felt as strong a pull to segregated life, many were captivated by Schoonmaker’s dream. “[He] was so charismatic that you couldn’t help but join him,” supporter Marguerita “Stormy” Caldwell told McBride. “With Fred’s enthusiasm, nothing was impossible. I was willing to work with him all the way.” From their base in Reno, they started a gay magazine, the Stonewall Voice, to disseminate information and advertisements for the community, and incorporated the Stonewall Park Association in February 1984.

In the spring of 1986, Schoonmaker and his team began to solicit donations. They left collection jars in gay bars across the state, hoping to accumulate enough coins and bills to get the project off the ground. Gay and lesbian groups around the country received mailings about this proposed segregated resort community. Schoonmaker envisaged “a casino, tennis courts, spas, condominiums and single-family homes,” and a place for over 24 million LGBT Americans—by his calculations—to live without prejudice.

“STONEWALL is telling the world we exist! That we have feelings!” Schoonmaker wrote, in one press release. “That we deserve equality! STONEWALL PARK is our living symbol to the world that we will no longer live in fear!” Nationally, it failed to attract the attention of mainstream LGBT organizations, who viewed it with considerable skepticism if at all; locally, however, the idea began to gain some traction.

As Schoonmaker began to look for a site, even people entirely unconnected to the group began to hear about their plans. Throughout Washoe County, local news outlets started to ask questions about this proposed community, and where it might be located; residents began to buzz angrily about how, and if, they might be affected. Janine Hansen, a member of the anti-gay Pro-Family Christian Coalition in Reno, said, “I can’t believe that under these circumstances with regard to AIDS that someone is trying to bring this into our community. … I’m not just concerned about AIDS, but bringing the homosexual ‘death style’ to Reno would be a blight on our community.”

In fact, the location they eventually landed upon was far from Reno, and out of Washoe County altogether. Silver Springs, Nevada, is out in Lyon County. It’s desert—golden grasses and crumbling piles of terracotta bricks—with about nine inches of rain a year. (The national average is 36.) Here, by this depressed and desolate town, a retired builder was selling 116 acres of sage scrub: Schoonmaker’s money was as good as anyone’s. But the surrounding community was quick to fight what they saw as an assault on their morals, straight out of Reno.

One woman claimed the new town would be a “singles’ market” resort, rather than the “small, quiet, rural, clean, healthy community” she wanted to live in. More than that, they feared a kind of cultural colonialism: that gay people “would take over the area,” she said.

Lyon County Planning Commission meetings grew toxic and tense. The project managers who had offered to help the team, a straight couple called Robert and Margaret Askew, suggested an alternative: Schoonmaker should start over, taking out the word “gay” from his marketing material, and with a more ambitious plan for fundraising. “Schoonmaker took the Askews’ suggestion as more of the homophobia and bigotry Stonewall Park was meant to mitigate,” writes McBride. In the resulting lawsuit, people who had been carried by the camaraderie of the team, and the power of Schoonmaker’s vision, began to lose faith. Some fell away from the group. The Silver Springs dream was over and Schoonmaker and Parkinson were all but chased out of town.

Rhyolite, c. 1940. Library of Congress/LC-USF34-024047-D

But despite these setbacks, Schoonmaker was undaunted. Next, he set his sights on Rhyolite, Nye County, a still more remote Nevada location on the edge of Death Valley. Named for a kind of granite, this famous ghost town exploded into being in an early 20th-century gold rush, housing thousands of glint-eyed optimists, as well as the people who sought to make a living housing and feeding them. Between 1906 and 1920, its population had rocketed from zero to nearly 12,000, and then all the way back down again. Very quickly, it had newspapers, railway lines, sex workers, promises—and then nothing.

Now, it was ruin-pocked and unpeopled, making the town ripe for the taking from rattlesnakes and jackrabbits. It was a tourist destination of sorts, with a house made entirely out of bottles and a baffling and wonderful selection of outside art, including a life-sized fiberglass ghost standing next to its bicycle. More than that, it had an important advantage, writes McBride: “As an incorporated city, Rhyolite could be operated autonomously of state or county law; in theory, Rhyolite could write its own laws and ordinances decriminalizing homosexuality.”

In mid-October 1986, the corporation signed a purchase contract with the town’s owners. All up, the bill was a cool $2.25 million, with the first installment due from Schoonmaker in mid-December. They expected a few dozen “pioneer” residents in the first few months, Schoonmaker told the press, with more to come once closeted people throughout the country began to pour into their new, permanent home.

These pioneers would be housed in 225-square-foot cabins—everyone from busboys to neurosurgeons, he promised, taking a gamble on their promised land. Already, he and Parkinson had moved into a red railway caboose in the town with their four rangy dogs. Admittedly, there would be no jobs, at least at first, but contributions from residents and supporters would help fund their living expenses until the town could get on its feet.

A photo from the Las Vegas Bugle showing the Rhyolite town board members, (back row from left): Fred Schoonmaker, Pamela Dallas, Alfred Parkinson, Terry Scott, Rob Schlegel, Willie Collins; (front row): Renee Lynch, Chuck Melfi and David West. Rob Schlegel

Beneath an empty blue sky, Rhyolite’s scrub and ruins made it feel almost like another world, where the kind of refuge Schoonmaker envisaged might be a reality. Instead, it is just six miles from Beatty, a thoroughly terrestrial blue-collar hamlet of about 1,000 people on the edge of an atomic test site. It was the kind of place where you voted for your mayor by depositing a quarter in a jam jar; a place where, as Rye County Commissioner Bob Revert told the Post, “We accept atomic waste. We don’t accept the gay community.”

Today, Rob Schlegel is a realtor in Las Vegas. At the time, he was a friend of Parkinson and Schoonmaker and published the city’s LGBTQ newspaper, the Las Vegas Bugle. He remembers being part of a convoy of cars that came out to Rhyolite a dedication ceremony; how a Catholic priest who was a friend of the community used saltines for the ceremony. It seemed to have gone well enough, he says—until the only restaurant in town refused to serve them on the way back out, “because they didn’t want gays there. And I thought, ‘Hm. I’ve eaten here lots of times.’”

When the story broke in the Las Vegas Review-Journal, the townspeople were furious. Schoolchildren in Beatty nicknamed Rhyolite the highly ingenious “Fagolite,” while their principal fretted publicly that it would become “a breeding ground for AIDS.” As the town caught the attention of the world’s media—international camera crews, the New York Times, pun-heavy headlines about fairy tales, pansy patches, and closet communities—the people of Beatty fumed. Youth threw rocks, bullets, and slurs at the caboose and its inhabitants, while others scrawled “Save Our Children from AIDS” in red aerosol. Even the highway marker for the turn to Rhyolite was completely obliterated with black spray paint. They’d simply picked the wrong place, Revert explained. This wasn’t San Francisco, but “redneck country,” a place where they weren’t “gays”, or even people, but simply “queers.” Whatever they were, they weren’t welcome.

Schlegel also doubted that the project would ever work—even if the men did manage to amass the funds. “They didn’t realize that people didn’t want to separate themselves from mainstream society,” he says—from gay bars and bookshops, community centers and infrastructure. “Which is why I think their whole idea, although noble, was bound to fail.” But Schoonmaker believed that such structures could be built, and were will within the remit of the dream. ″After awhile people will realize that gays and lesbians paint their house, plant flowers and take out the garbage like everyone else,″ Schoonmaker told the Associated Press. ″This community will simply open a few more closet doors.″

Fred Schoonmaker and Alfred Parkinson at one of their Munchkin’s shops in San Francisco, c. 1981-82. Fred Schoonmaker Papers/Courtesy of Gay, Lesbian, Bisexual, Transgender Historical Society

Hordes of tourists started to arrive to rubberneck at the homosexuals and their ghost town. With them were a scattering of pilgrims, who would be slung overnight on a sofa in the caboose. One 24-year-old from California, Tony Pflaum, told the Post how he had walked the six miles from Beatty with “about 100 pounds of luggage”—all he needed to set his roots for “you know, probably the rest of my life.” Between the litter and the sagebrush, perhaps Rhyolite wasn’t much to look at, but the promise of walking down the street “without having a brick hit me upside the head” was a deeply compelling one, as was a dream of owning his very tobacco shop “with a carved Indian out front.”

Schoonmaker had always had plenty of dreams, but not quite as many dollars. McBride remembers him as an altruist, utterly dedicated to his fabulous ideas, but without “the means or resources to make it happen,” he says. “It’s people like Fred that might anticipate something wonderful, but they need other people to make it happen for them.” Many of those people had fallen away at Silver Springs. And so, when the first installment of the $2.25 million was due to from Rhyolite’s owners in December 1986, Schoonmaker and Parkinson were unable to pay it. They had raised just $6,000 from supporters—not even enough to make a dent in their costs. Opprobrium from their Beattian neighbors, meanwhile, was continuing to mount. Schoonmaker and Parkinson drove back to Reno in their pick-up truck, their hopes in tatters, through “a bunch of rednecks,” one friend told McBride. “And he came home and he called me and asked me if I could come over and so I did. And he just fell into my arms weeping.”

Even now, Schoonmaker was undeterred. That same friend, Caldwell, had previously offered him a 40-acre abandoned goat ranch in Pershing County. It was still more desolate, in the shadow of Thunder Mountain, with a community even more conservative than those of Rhyolite and Silver Strings. Caldwell tried to talk her friend out of taking the property, but he refused to listen, giving her a down payment for the land. A public campaign appealing to the gay community of Nevada mostly fell on deaf ears, perhaps due to these two failed attempts and the utter inhospitality of the new site. Predictably, opposition from county residents and their local officials was swift, and loud. Republican Assemblyman John Marvel from Battle Mountain compared the founders to his cattle. “Since I raise animals, I’m very gender-conscious. If I have a bull that doesn’t know the difference between genders, he goes down the road.” They were threatened with a shotgun by an immediate neighbor, while more than 200 people signed a petition against Stonewall Park.

Rhyolite, Nevada. Mike McBey/CC BY 2.0

Throughout it all, Schoonmaker was getting sicker and sicker. It’s not clear whether he knew that he was ill, but in March 1987, he was officially diagnosed with AIDS. The two men, who were often known as Fred and Fred, returned to Reno, where they lived in a dingy apartment on Carlin Street, just a few blocks from the highway. Even in the depths of his illness, Schoonmaker continued to plan, announcing a fundraising Gay Summer Camp in Thunder Mountain for that forthcoming summer. “We are assured the sodomy law will be enforced,” he warned in a letter to supporters. “You must be aware that your presence in Nevada could lead to harassment and/or arrest. This will come in legal form during the day and there is every possibility of danger at night.”

But the summer camp never happened. Schoonmaker’s condition worsened, until he was first bedridden and then comatose. The couple’s few remaining friends continued to visit, bringing them food and support. Nine weeks after his diagnosis, on May 20, 1987, Schoonmaker died of an AIDS-related heart attack at the age of 44. “When Fred died,” McBride remembers, “it was a tremendous blow to Alfred. Many of us wondered if he was maybe going to commit suicide over it.” He didn’t, but instead returned to the Bay Area with his husband’s ashes, leaving Nevada behind for good.

A seemingly impossible pursuit had proven as fruitless as many had feared, and the dream was entirely burned out. But while some friends lamented what Schoonmaker had put himself through in the last years of his life, others applauded his unwavering commitment to the dream. “The idea of Stonewall should live on in all of us,” Caldwell told McBride. “Maybe it was a lost cause, but it was a good dream.”

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Saturday 18 August 2018

Creamistry Set to Freeze in Las Vegas

Liquid nitrogen ice cream franchise looks to open first store in Nevada

The new store, located at 7325 S. Rainbow Blvd in Las Vegas, marks the first of three stores the liquid nitrogen ice cream franchise plans to open in the Las Vegas area and will be owned and operated by Jiagang Pu and his store manager Holly Lu.

“We are excited to bring Creamistry to Las Vegas,” said Pu. “The concept is in high demand in other states like California, Texas, Louisiana and Arizona and has received high remarks in those communities. Creamistry’s premium-quality product allows for fully customizable combinations, and we feel confident that the Las Vegas community will fall in love with our delicious ice cream creations.”

After being introduced to the Creamistry brand by a longtime friend and current Creamistry franchisee, Pu fell in love with the amazing concept and one-of-a-kind experience.

Pu brings his experience and leadership as a real estate developer in China. He has worked on projects that have developed several mega businesses and shopping centers in the Chengdu, Sichuan Province of China.

Combined with his passion for the Creamistry brand and knowledge of real estate, it makes a recipe for success that Pu aims to reach in the Nevada market.

“The food scene in the Las Vegas area is constantly exploding with new concepts,” said Jay Yim, founder and CEO of Creamistry. “We are thrilled to add a unique, one-of-a-kind experience to a community that is all about memorable experiences. Creamistry is a proven brand with delicious treats. We know the concept will see success throughout the Las Vegas area and all of Nevada.”

Here’s how Creamistry works: Customers choose a portion size, then an ice cream base (signature premium, organic, vegan coconut, or non-dairy sorbet), one of 30+ flavors, and then toppings from a list of 35+ options that include candy, cookies and cereal, fruits, and sauces. The ice cream is then mixed, frozen, and scooped right before the customer thanks to the flash-freezing process. When the liquid nitrogen (-321° F) hits the ice cream mixture base it freezes so fast that ice crystals don’t have a chance to develop, resulting in a decadently rich and luxuriously creamy ice cream with virtually no overrun.

Creamistry was founded in 2013 after founder Jay Yim was first introduced to liquid nitrogen ice cream when he spotted a street vendor making it during a trip to South Korea in 2003. Born into a family of Korean bakers, Yim and his wife, Katie, made their first homemade ice cream using liquid nitrogen with the help of his father as the quality control “chemist.” Over the next two years, the team experimented with over a hundred flavors and combinations, the best of which eventually became an integral part of Creamistry’s menu today.

About Creamistry

Founded in 2013 and franchising since 2014, Creamistry is an Irvine, California-based franchise that serves made-to-order liquid nitrogen ice cream using all natural and organic ingredients that can be customized with over 60 flavors and toppings. Currently, there are over 50 shops open and operating in four states, with more than 300 additional locations in various stages of development worldwide. For more information, visit www.creamistry.com.

Contact:

Josephine B. Mallari
Franchise Elevator PR
(847) 239-8171
jbmallari@franchiseelevator.com

SOURCE Creamistry

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Tuesday 7 August 2018

Buddhist group buys land near Las Vegas Strip to build temple

A vacant property next to the SLS Las Vegas at the corner of Sahara Avenue and Paradise Road photographed on Tuesday, July 31, 2018, in Las Vegas. The World Buddhism Association Headquarters acquired 12 acres of the property. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye

A vacant property next to the SLS Las Vegas at the corner of Sahara Avenue and Paradise Road photographed on Tuesday, July 31, 2018, in Las Vegas. The World Buddhism Association Headquarters acquired 12 acres of the property. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye

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During a cold afternoon in Budapest in 2014, Buddhism’s purported world leader walked up a hillside with his entourage. The air was chilly and smelly.

“It is so stinky!” the followers said. But the Buddha trudged on, and near the mountaintop, a toddler tried to bow before him.

The World Buddhism Association Headquarters recounted this story in a post on a religious website. The same group plans to build a temple near the Las Vegas Strip.

The Southern California-based organization bought 12.2 acres of mostly vacant property at Sahara Avenue and Paradise Road, next to the SLS Las Vegas, for $17.5 million. The sale closed July 24, Clark County records show.

The Buddhist group paid cash, according to a broker on the deal.

The buyers don’t have the money to start construction. But if they land the funds, they would build an unexpected – if not “deeply ironic,” as one observer put it – project near Las Vegas’ rowdy casino corridor.

World Buddhism Association Headquarters attorney Steven Meyers initially said the Buddha “has no relation whatsoever” to the buyers. But federal tax and California state records show links between them — and, according to one news report, the supposed holy man was once wanted for arrest by Interpol.

No construction anytime soon

Meyers said in an email that the “main purpose” of buying the land was “to build a Buddhist temple” that will be used for “philanthropic purposes to benefit the public.”

“Precisely because the Las Vegas Strip is a place known for excessive drinking, eating, gambling, and other behavior,” he said, the buyers want to spread the teachings of Buddhism so that people “who do not understand the meaning of life can learn to … help others, benefit society, and contribute to making our country better and stronger.”

Despite the cash purchase, Meyers said the Pasadena, California-based organization “has very limited funds,” and “there is no possibility of quickly beginning” construction.

Raymond Chen, listed in California records as its CEO, could not be reached for comment.

His Holiness Dorje Chang Buddha III

Efforts to learn about the group’s day-to-day operations were unsuccessful, though it is mentioned, among other places, on the Xuanfa Institute’s website, where the story of the smelly trek appeared.

The website seems devoted to the man who led the hike: His Holiness Dorje Chang Buddha III, an artist and Chinese native also known as Wan Ko Yee.

According to Meyers, Yee is “the highest leader of Buddhism in the entire world.” A U.S. House resolution in 2008 sought to recognize him “as the true incarnation of the primordial Buddha.”

Professor Robert Buswell, director of UCLA’s Center for Buddhist Studies, said in an email that he has “heard periodically over the years about this Dorje Chang Buddha III,” but added, “I have no idea how he would have received this title, and presume it is a self-investiture.”

In 2015, the Pasadena Star-News reported that Yee was wanted for allegedly stealing more than $7 million in China. Interpol sought his arrest but eventually backed off, the paper reported.

According to Meyers, China asked Interpol in 2009 to withdraw the warrant, and Interpol notified its member countries that they were “not permitted to detain” Yee.

Interpol’s press office told the Review-Journal that arrest warrants are always issued by police in member countries, and it referred questions to relevant national authorities. A spokesperson for the Chinese Embassy in Washington did not respond to a request for comment.

Federal tax records show that Yee is a former chairman of the International Art Museum of America, which was “first conceived as a permanent museum solely dedicated” to the Buddha’s artwork, its website says. The museum’s corporate secretary and the World Buddhism Association Headquarters’ chief executive have the same mailing address — a house in Monterey Park, California — and the groups have the same chief financial officer, according to California state records.

Loretta Huang, director of museum operations, said in an email that she has not had any “dealings” with the World Buddhism Association Headquarters since she joined the San Francisco museum in 2013 and that she learned from a Review-Journal reporter that they share a finance chief.

Yee resigned from the museum’s board in 2011, according to Meyers, who also said it’s “very common for one person to hold an office or position in multiple entities,” in reference to the CFO.

He did not provide information about the officials with the shared mailing address in Monterey Park, saying he has “no right to inquire into the private matters of others.”

‘Questionable extreme’

In Las Vegas, the World Buddhism Association Headquarters acquired a parking lot just east of the Strip with a Monorail station along the perimeter.

Avison Young broker Ben Millis, who represented the sellers, said his group targeted hotel operators, condo developers and other possible buyers. He couldn’t recall how the Buddhist group even learned about the site.

“This was a surprise,” he said.

Las Vegas Monorail spokeswoman Ingrid Reisman said the sale will not affect its operations.

The site was owned by the Bennett family, whose patriarch, the late Bill Bennett, bought or developed several casinos on the Strip, including the Sahara, as the SLS was formerly known.

Paragon Gaming co-founder Diana Bennett, Bill Bennett’s daughter, said she had no comment on the transaction because the land was held by a family trust “of which I’m only a part.” The sale was handled by an outside trust company, and Bennett said she was “not really directly involved” in the deal.

Michael Parks of CBRE Group, a former listing broker for the site, noted the resort corridor is not devoid of religion. A 1960s-era Catholic church is near the Encore and a 1990s-era Catholic church is near the Tropicana.

Still, professor Dale Wright, who teaches Asian religions at Occidental College in Los Angeles, said a Buddhist temple near Las Vegas’ alcohol-soaked and gambling-packed tourist scene would be viewed as “deeply ironic.”

“The most authentic temples are built in contemplative contexts,” Wright said in an email. “Although being in public and serving the people would be admirable qualities, the Vegas Strip is pushing this to a questionable extreme.”

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

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Friday 27 July 2018

California investors buy Las Vegas apartment complex for $50M

Tower 16 Capital Partners bought the 512-unit Foothill Village, 6255 W. Tropicana Ave. in Las Vegas, in a joint venture with Henley USA for $50 million. (Anton Communications)
Tower 16 Capital Partners bought the 512-unit Foothill Village, 6255 W. Tropicana Ave. in Las Vegas, in a joint venture with Henley USA for $50 million. (Anton Communications)
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Southern California real estate investors acquired a Las Vegas apartment complex for $50 million.

Tower 16 Capital Partners announced Friday that it bought the 512-unit Foothill Village, 6255 W. Tropicana Ave. at Jones Boulevard, in a joint venture with Henley USA.

The sale closed June 28, property records show.

Tower 16, based in Carlsbad, California, said it will oversee nearly $7 million in renovations and upgrades at the complex, which has three swimming pools, two basketball courts and other amenities.

The property is now called Altura on Tropicana. Clark County records indicate it was built in the 1970s and 1980s.

Henley is based in the United Kingdom and has U.S. offices in the Boston area, Florida, and Newport Beach, California.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

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Monday 16 July 2018

Las Vegas Chinatown complex sticks out from other new rentals

The Breathe floor plan at Lotus apartment complex on Spring Mountain Road near Valley View Boulevard Monday, May 25, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
The Bamboo floor plan at Lotus apartment complex on Spring Mountain Road near Valley View Boulevard Monday, May 25, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
The view the under-construction rooftop sky-lounge at Lotus apartment complex on Spring Mountain Road near Valley View Boulevard Monday, May 25, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
Lotus apartment complex on Spring Mountain Road near Valley View Boulevard Monday, May 25, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
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Compared with other apartments popping up in Las Vegas, developer Jonathan Fore’s new project is in a location that is different than most.

The Strip is a mile east of his complex, Chinatown’s numerous eateries are just to the west, and its closest neighbors include an empty, graffiti-covered former strip club.

Fore is also charging pricey rents at his project, Lotus — and the building has drawn plenty of tenants.

He said last week that the 295-unit luxury complex at 3616 Spring Mountain Road is 49 percent leased. Units are opening in phases, and Fore said the last batch will be ready in September.

Amenities include a rooftop deck, a poolside DJ booth, a karaoke room, a virtual-reality sports room, and 8,000 square feet of ground-floor retail space that is slated to have three restaurants.

“Life is better in the Lotus position,” its website proclaims.

Las Vegas’ apartment-construction boom is heavily concentrated in the suburbs, where it’s easier and cheaper to build. Lotus, however, is part of a small but growing tally of rental projects in urban, more centrally located areas.

Fore, managing partner of Fore Property Co., has another one on the drawing board. He said he plans to break ground in October on a six-story, 293-unit complex on Twain Avenue just north of the Rio.

At Lotus, Fore said, the average apartment is 880 square feet, and tenants are paying an average of about $1.92 per square foot. That amounts to about $1,690 per month. By comparison, the average rental rate in Las Vegas is $1,003, according to Reis Inc.

Fore acknowledged he is charging a steep price, but, citing the lack of competition being built nearby, said he’s renting an average of about 11 units per week.

“There really hasn’t been anything new built here in the last 30 years,” he said.

His tenants include workers on the Strip, pilots and flight attendants, and Californians who visit Las Vegas frequently.

Las Vegas’ apartment market has heated up in recent years. Rents are climbing faster than the national average, the vacancy rate is among the lowest in the country, and investors are snapping up properties throughout the valley.

Suburban development is seen as a less risky venture, as developers have repeatedly shown they can sign tenants and fetch certain rents. In urban areas, the rental rates probably would have to be higher to make projects financially feasible, but there is little of a recent track record.

According to Fore, investors and lenders for suburban projects can go to their investment committees, “point at the deal next door” and say theirs will work because the other project is landing certain rents. For Lotus, he added, there was nothing to compare to.

Still, he figured he would rather have “300 units amongst myself” in the Chinatown area than “300 amongst 3,000 on the (215) Beltway.”

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

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Thursday 5 July 2018

Las Vegas pool builders ‘extremely busy’ amid construction boom

The Las Vegas Strip is seen as a swimming pool is under construction by Poolscapes in a new house in Southern Highlands on Tuesday, July 3, 2018, in Las Vegas. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye

Driving around Las Vegas, it’s easy to see the housing tracts, apartment buildings and other projects coming out of the ground.

But in backyards across the valley, something else is being built at a rising clip: swimming pools.

“All the pool builders I know are extremely busy,” Vintage Pools owner Gary Verbano said.

Last year, 987 permits were issued for pool projects in unincorporated areas of Clark County, along with 633 in Henderson and 157 in North Las Vegas. Those tallies have all more than doubled since 2012.

Efforts to obtain city of Las Vegas figures for that timeframe were unsuccessful.

The number of swimming pools dug out of the desert remains well below the peaks of the mid-2000s housing bubble. But after tanking during the recession, business has climbed in recent years amid more home construction and the improved economy, Las Vegas pool builders said.

Renaissance Pools & Spas owner Jim Alexander said he built 600 pools in 2004 but only about 50 annually during the recession. He expects to build more than 200 this year.

He said new builders are getting into the business and others who bailed years ago are returning.

“If the economy wasn’t strong, they wouldn’t be coming back in,” Alexander said.

Poolscapes owner Ivan Friedmutter said he expects this year to be his best ever and noted that pool construction isn’t the only aspect of the economy that’s picking up. Among other things, car sales, airport passenger traffic and gambling revenue are also rising.

“Everything’s a little busier,” he said.

Paragon Pools founder Joe Vassallo said most of his projects are at new houses and that pool construction usually climbs when homebuilding picks up in Las Vegas.

Their fortunes do seem to mirror each other. Builders closed almost 39,000 sales in Clark County in 2005, then just 3,900 in 2011 and 9,400 last year, according to Home Builders Research.

Vassallo – who occasionally writes pool-related stories for the Las Vegas Review-Journal – said he did a peak of nearly $8 million in annual business before the recession. That dropped to $1 million per year, but he’s on pace for more than $4 million this year.

Fueled by easy money, Las Vegas’ real estate market was roaring in the mid-2000s, and pool building was no different. Back then, homebuilders often sold pools with houses and rolled the extra cost into the mortgage, Vintage Pools’ Verbano said.

But when the bubble burst, lending, homebuilding and practically everything else in the economy, including pool construction, did a faceplant.

North Las Vegas, for instance, issued 851 permits for new swimming pools in 2006 but just 77 in 2012, city figures show.

Numerous pool builders went out of business, contractors say. Alexander said he temporarily closed two of his three stores, and Vassallo said he stayed in business in part by remodeling and repairing pools, including those in abandoned houses.

Vassallo said that when Las Vegas was grappling with heavier volumes of foreclosures and short sales, lenders sent out marketing materials to drum up business but included asterisks that said: “Except in Nevada.”

“You could get a loan for a pool anywhere in the country, except in Nevada,” he said, adding: “We’ve risen above that now.”

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter. Review-Journal staff writer Wade Tyler Millward contributed to this report.

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Monday 25 June 2018

Real Estate Associate Program marks 20 years with reception at ICSC RECon 2018 Las Vegas

REAP alumni from across the nation celebrate REAP’s 20th anniversary.

Las Vegas, NV “Today marks a rite of passage – 20 years of existence, 20 years since our founding” said Real Estate Associate Program (REAP) board chair Lamont Blackstone, CRX, principal, G. L. Blackstone & Associates LLC, addressing over 150 REAP alumni, retail real estate industry executives and other supporters at the May 20th REAP reception at the International Council of Shopping Centers (ICSC) RECon 2018 Global Retail Real Estate Convention held May 20 – 23. The reception celebrated the 20th anniversary of one of the nation’s leading real estate diversity initiatives, whose over 1,000 graduates are helping to build the bridge between talented minority professionals and commercial real estate.

Angele Robinson-Gaylord (REAP Chicago ’09, president of US Property at IKEA Group, elected to Board of Trustees, ICSC) and REAP founder Michael Bush.

Since its initial program in 1998, REAP has implemented a multi-layered program of education, mentorship and strategic networking in nine key urban centers: New York City; Chicago; Washington, D.C.; Cleveland; Columbus; Los Angeles; Dallas; Kansas City; and Atlanta.

Blackstone outlined REAP’s goals to reach by 2020 including having a REAP alum or volunteer member join the board of directors of a major real estate company; facilitating connections between REAP’s nine markets; and becoming financially sustainable for the next 20 years and beyond. He said that his fourth goal was met this year when one of REAP’s most notable alumni, Angele Robinson-Gaylord, (REAP Chicago ’09), president of U.S. property at IKEA Group, was elected to the board of trustees of ICSC.

Blackstone paid tribute to REAP’s founder, Michael Bush, noting that REAP would not exist if not for his vision. Bush told the audience that “the industry needs our talent” and pointed out that over 500 REAP graduates hold management positions in leading real estate companies today. He congratulated REAP alumni on “your achievements, your perseverance and your courage.” He applauded and thanked REAP interim executive director Ken McIntyre and REAP associate program director Osayamen Bartholomew.

At RECon, REAP also hosted a panel discussion on Women in Commercial Real Estate, moderated by Starlett Quarles, managing director, The Bedford Group, LA. Speakers were REAP alumni: Robinson-Gaylord; London Kemp, director, studio real estate & facilities–worldwide operations, Netflix, LA; and Tamela Thornton, founding partner and principal, ESmith Advisors, a Dallas-based, CRE company, who was profiled by Bisnow as one of the women changing the face of CRE in Dallas.

The ICSC Partners in Diversity & Inclusion panel discussion featured ICSC president and CEO Tom McGee; NFL Hall of Famer Emmitt Smith, CCIM and chair, ESmith Advisors; Jocelyn Moore, sr. VP public policy & gov’t affairs, NFL (a REAP alum); John Gates, CEO, Americas Markets, JLL; Wendy Mann, CAE, CEO, CREW Network; Lyneir Richardson, CEO, Chicago TREND (also the keynoter at REAP’s recent NYC 2018 graduation). REAP was also represented at a Diversity Reception hosted by the ICSC Partners in Diversity & Inclusion and the ICSC Foundation where Kim Williams of Starbucks, VP of store development for South Central, Mid America and Western Mountain regions spoke.

For more information on Project REAP visit www.projectreap.org.

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Thursday 14 June 2018

Zillow expands new business of buying and selling homes to its second market: Las Vegas

Zillow CEO Spencer Rascoff. (GeekWire Photo / Kevin Lisota)

Zillow Group has expanded its new business of directly buying and selling homes to Las Vegas, its second market after kicking off in Phoenix in April.

Some homes on Zillow in Las Vegas will now have a big button that says “get an offer.” The seller fills out a short questionnaire and sends in a couple photos. About 48 hours later, Zillow comes back with an offer and an agent to work with. The seller and Zillow set up a call to walk through the offer and schedule an inspection. Then Zillow sends a revised offer after seeing the house. If both sides are happy with the situation, the seller signs forms digitally and picks a closing date. Zillow takes care of the rest.

Contractors working for Zillow do a small renovation project to prepare the home for sale. Zillow works with local agents — in Las Vegas Berkshire Hathaway HomeServices Nevada Properties and Coldwell Banker Premier Realty — to list and sell the homes.

The entrance into direct buying and selling represents an expansion of Zillow’s Instant Offers program. The move marks a risky bet, but one that CEO Spencer Rascoff says could be especially lucrative.

The company says it is going for sales volume over making a bundle on each and every sale. Rascoff explained the company’s pricing strategy in Zillow’s most recent earnings call, saying that right now, the main goal is just to come out ahead on homes at the beginning of the new program. Rascoff expects the margin on each home to rise as the home sales business grows.

For 2018, Zillow expects to hold 300 to 1,000 homes in inventory related to the new Homes financial reporting segment, from which it expects $125 million to $255 million in new revenue.

Zillow’s entrance into direct buying and selling of homes makes what was already a competitive market even more crowded. Another Seattle real estate heavyweight, Redfin, jumped into the market last year. Opendoor just today announced it has reeled in $325 million in fresh funding, a few weeks after Offerpad landed a $150 million debt and equity round.

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Sunday 3 June 2018

Aces lose lead late in 5-4 loss to Las Vegas

Reno, NV. – A hot start for the Reno Aces wasn’t enough to secure the victory on Saturday night. Anthony Vasquez got the start for Reno, tossing six innings of two-run baseball while striking out six. The Aces offense was led by Kristopher Negron and Christian Walker who both finished with two hits. Negron’s triple in the bottom of the 5th inning ties him for sixth all-time in Aces history with 13 triples. The 5-4 loss brings Reno to a record of 24-33 on the season, 10 games back of the first-place Fresno Grizzlies.

Anthony Recker got the Aces offense going in the bottom of the first inning. After Negron singled, Recker delivered his team-leading 26th RBI of the season on a sharp line-drive double. Las Vegas Former Aces outfielder Zach Borenstein responded in the top of the second with a two-run home run to give Las Vegas a one-run lead. In the bottom of the third, Ildemaro Vargas ran into a Corey Oswalt fastball for his fourth home run of the season. The Aces added their fourth and final run in the bottom of the fifth inning, but a three-run seventh for the 51’s was too much for the Aces to overcome.

Top Performers – Reno
• Kristopher Negron (2-for-5, 2 R)
• Ildemaro Vargas (1-for-5, R)
• Christian Walker (2-for-4, RBI)

Top Performers – Las Vegas
• Todd Frazier (2-for-3, R, 2 RBI)
• Zach Borenstein (1-for-3, 2-run HR)
• Dominic Smith (1-for-5)

Tomorrow’s Matchup
DAY DATE OPPONENT PROBABLE PITCHERS TIME (PT) (PT) RADIO/TV
Sunday June
3 Las Vegas 51’s RHP Joel Payamps vs.
RHP Drew Gagnon 1:05 p.m. KPLY 630 AM

Notes & Information
Sold It Out: There were 8,080 fans in attendance at Greater Nevada Field Saturday night. This crowd was the second sell out of the Aces 2018 campaign. Their last came on May 9th when 9,152 Aces fans poured into the stadium downtown. Tonight, marks the 34th sellout in Aces history.

Three Bags: With a triple in the bottom of the fifth inning, Kristopher Negron moved up to sixth place all-time with 13 triples for the Aces. Current 51, Zach Borenstein, is tied with Negron despite 106 more games. The veteran utility man has 54 career triples and tallied 11 in 2017 with Reno.

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Wednesday 23 May 2018

16-acre spread on Las Vegas Strip listed for $800M

People walk on the Strip near Harmon Avenue past a 16-acre piece of property that is for sale Tuesday, May 22, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
People walk on the Strip near Harmon Avenue past a 16-acre piece of property that is for sale Tuesday, May 22, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
People walk on the Strip near Harmon Avenue past a 16-acre piece of property that is for sale Tuesday, May 22, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
People walk on the Strip near Harmon Avenue past a 16-acre piece of property that is for sale Tuesday, May 22, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
People walk on the Strip near Harmon Avenue past a 16-acre piece of property that is for sale Tuesday, May 22, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
People walk on the Strip near Harmon Avenue past a 16-acre piece of property that is for sale Tuesday, May 22, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
People walk on the Strip near Harmon Avenue past a 16-acre piece of property that is for sale Tuesday, May 22, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto

People walk on the Strip near Harmon Avenue past a 16-acre piece of property that is for sale Tuesday, May 22, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
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Three years after trying to sell a chunk of the Strip, a group of investors has put the property back on the market — and they’re asking $300 million more this time.

Spectrum Group Management and partners are trying to sell 16 acres — largely comprising retail buildings and parking lots — at the southeast corner of Las Vegas Boulevard and Harmon Avenue, across from CityCenter.

The asking price? A cool $800 million, according to listing broker John Knott of CBRE Group.

Real estate has been selling on Las Vegas Boulevard in recent years, though not at a rapid clip, and land sales have been especially slow, with no one paying close to the $50 million an acre that Spectrum wants.

But, the seller contends, this is the last developable site in the heart of the tourist-choked, casino-packed boulevard, and prospective buyers are looking at it.

“We’ve already had some meetings with people who don’t think we’re crazy,” Knott said.

When the property was listed in 2015, it was on the market for $500 million, Knott said, and the market has improved since then. That listing included the former Smith &Wollensky building, which Spectrum sold last year for $59.5 million.

CBRE on Tuesday announced that it was hired to sell the property. Knott, head of its global gaming group, said in a phone interview that the location is “fantastic,” being near MGM Grand, Planet Hollywood and other casino-hotels. He said he expects a buyer to bulldoze the existing buildings and develop something else.

The site includes a Walgreens; a low-slung retail plaza with souvenir shops, a food court and a Fatburger; the Hawaiian Marketplace, which has tenants but is laced with vacancies; a Travelodge; and the empty former Harley-Davidson Cafe building at Harmon.

Knott said the current owners would sell the property in pieces, and while a buyer is unlikely to build a megaresort with 4,000 rooms, the spread could have a smaller boutique or luxury hotel.

But will anyone pay $800 million? The long-mothballed Fontainebleau hotel on the north Strip sold last year for $600 million, and months later, Wynn Resorts reached a deal to acquire 38 acres of land next to Fashion Show mall for $336 million.

Years ago, a multibillion-dollar Elvis-themed resort reportedly was planned for the site. But in 2010, after the economy crashed, New York-based Spectrum acquired the property out of bankruptcy, managing partner Jeff Schaffer confirmed Tuesday.

He said the property generates “a lot of cash flow,” and that a buyer could leave some buildings in place but bulldoze others for a new project. He also said he wasn’t worried by the slow pace of land sales on the Strip, saying the property is in a “premier location” in the center of Las Vegas Boulevard.

Still, Schaffer acknowledged he was seeking a hefty price.

“I guess we’ll find out what people are willing to pay,” he said.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

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