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In business housing transportation real estate management companies get students into dorms court case could delay boulder city bypass vacancy rate inches up but still among worst By Eli Segall staff writer A consortium of private companies has taken over management of on-campus housing at UNLV. AVS Housing Group began overseeing the university's six-building residence hall system, with 1,450 beds, on Jan. 1. The group, initially hired almost two years ago to help boost occupancy in the dorms, now also manages room assignments, resident contracts, vendors and other aspects of the buildings' day-to-day operations. Under its 3 1/2-year management contract, AVS will earn about $28,000 per month through June. In the coming school years, its fixed monthly fee could change depending on the dorms' occupancy rate, UNLV Controller Chris Viton said. UNLV still owns the residence halls, and its Office of Housing and Residential Life will continue to offer recreational activities and other services. AVS is a joint venture among affiliates of local real estate firms American Nevada Company and the Vista Group, as well as the Chicago-based Scion Group. American Nevada is owned by the Greenspun family, which owns VEGAS INC and the Las Vegas Sun. About 900 people lived in the dorms in fall 2011, and about 1,100 a year later, Viton said. By Cy Ryan staff writer By Eli Segall staff writer Las Vegas office buildings filled up a bit more last year but still had the largest percentage of empty space in the country. The valley had a 25.8 percent office vacancy rate in the quarter ending Dec. 31, down from 26.4 percent a year earlier, according to a report from brokerage firm CBRE Group. Las Vegas had the highest rate among the 63 markets tracked. Detroit had the second-highest rate at 24.9 percent. The rate nationally was 15.4 percent. Other valley submarkets also struggled. Las Vegas had a 16.4 percent retail vacancy rate last quarter, tied for fifth-highest with Cleveland. The valley's rate was down from 16.9 percent a year earlier but still above the fourth-quarter national average of 12.8 percent, CBRE said. Apartment complexes had the third-highest vacancy rate in the country last quarter at 9 percent, up from 8.6 percent a year ago and above the fourth-quarter national rate of 5 percent. Industrial properties had a 14.6 percent vacancy rate, up from 13.7 percent a year earlier and above the national average of 12.8 percent. Doug Twyman of the Las Vegas Sun contributed to this report. CARSON CITY — Construction of the Boulder City bypass could be delayed as much as a year in a dispute between the state Transportation Department and property owners along the route over land prices. State Transportation Director Rudy Malfabon said one owner wants more than $60 million for property and loss of income. That could send the case to court, which might take a year to make a decision, officials said. The property involved is Jericho Heights, which is part of the first phase of the project. It is estimated that the bypass connecting the Hoover Dam bypass bridge and U.S. 95 will cost more than $500 million to build. Malfabon told the state Transportation Board some work has already started on the first part of the two-phase project. In other action, the board awarded a $39.9 million contract to Las Vegas Paving for a new interchange at Cactus Avenue and Interstate 15. The state had initially estimated the cost at $49.8 million, but the winning bid was significantly lower. Construction on the interchange should start by summer. SOLUTIONS AT WORK Las Vegas' No.1 Business Resource Has Never Been More Important. ® If you have employees, you have a reason to call us. 3800 Howard Hughes Parkway • Suite 950 • Las Vegas, NV 89169 • 702.252.3131 www.laborlawyers.com AtlAntA Boston chArlotte chicAgo clevelAnd columBiA 10 20130128_VI10_F.indd 10 dAllAs denver fort lAuderdAle houston irvine kAnsAs city lAs vegAs los Angeles louisville memphis new englAnd new jersey new orleAns orlAndo philAdelphiA phoenix portlAnd sAn diego sAn frAncisco tAmpA wAshington,d.c. Get your one-year subscription to and we'll include our best leads via email. All for only $50 a year. VEGASINC.COM/SUBSCRIBE For additional information call 800.254.2610 or email subscriptions@gmgvegas.com | 28 JANUARY 2013 | 1/24/13 3:58:00 PM