Vegas Magazine - Niche Media - There is a place beyond the crowds, beyond the ropes, where dreams are realized and success is celebrated. You are invited.
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PHOTOGRAPHY BY TSB PHOTOGRAPHY (SOUTH BLVD.); DENNIS OWEN (MANDARIN ORIENTAL); ROBERT FREED (RYLAND HOMES) stainless-steel appliances," Hamid says. "There's a beaut if ul clubhouse, a sw im m ing pool, a nd a n attached garage in some units. And it's within 10 to 15 minutes of the Strip." Praedium has brought in Alliance Properties (alliancelv.com) to manage South Blvd. Apartments, located just a block east of L a s Vega s Bouleva rd in sout her n L a s Vega s. The complex, which was completed in 2012, fea- t u res 2 9 t wo - stor y buildings. On- site a menit ies include a movie theater with stadium seating. Ryland Homes (ryland.com), t he mega- developer whose properties include Amado Pointe in Sum merlin, Cordova E st ates in Henderson, a nd Centennia l Crossings in North Las Vegas, has purchased 38 acres in the southwest valley. The company plans to build homes on the land north of the 215 beltway. Ryland, which prides itself on cre- at ing energ y- ef f icient residences a nd ha s operations in 17 states, is actively expanding it s presence in Vegas. One of it s for t hcom- ing developments is Tacinga Ridge, a gated com munit y of single -fa m ily homes nea r Mount a in's Edge. Well-of f Ca lifornia ns f leeing t heir state's rising taxes continue to be a huge fac- tor driving the Las Vegas market upward. A f ter a ll, t here's no st ate income t a x in Nevada, a nd jet - set t ing Holly wood types already consider Vegas an exten- sion of L A . "We're going to see a tremendous exodus of California resi- dent s into Vega s," says celebr it y rea l estate broker Mauricio Umansky of The Agency (theagencyre.com), t he Beverly Hills – based brokerage recently tapped by the Residences at Mandarin Oriental to handle its California marketing. The Agency ha s been closing Ma nda r in Or ient a l pent house dea ls in t he $ 8 0 0 per - squa re -foot ra nge since being na med t he development 's sa les a nd marketing partner in December. "Vegas is starting to trend up," Umansky says. "We're st a r t ing to see velocit y. It's a n investment opportunity." V H ow ba za ar, how ba za ar. E xpect t he cit y's busiest intersect ion, L a s Vega s Bouleva rd a nd F la m ingo Road, to get even livelier when t he Gra nd Ba zaa r Shops (grandbazaarshops.com) debut. Scheduled to open in the fall with around 55,000 square feet of shopping a nd dining, t h is new ret a il dest i- nat ion is under const r uct ion across f rom t he Bellagio fountains. The outdoor shopping cen- ter, feat u r ing mosa ic-pat ter ned roof tops, w ill have more t ha n 150 stores, including Swatch, Superdry, Havaianas, and Campo Marzio. And above the new Swarovski shop, visitors will see a cr yst a l st a rbu rst t hat w ill light up a nd play music every midnight. Developer Larr y Siegel, chairman of Juno Ma nagement Pa r t ners, ca me up with the idea for this shopping extrava- ganza after visiting some of the "great ma rket s of t he world," he says. About 23,0 0 0 squa re feet of Gra nd Ba zaa r Shops, more than a third of the complex, will be dedicated to restaurants, bars, a nd food stores, including f ive shops f rom chef Sa m Ma r v in, who founded Bottega Louie in LA and recently opened Echo & R ig in Tivoli Village. A f ter look ing closely at t he recovering Las Vegas market for the last two years, the New York – based Praedium Group has acquired the South Blvd. Apartments rental devel- opment on Giles Street for $41.9 mil- lion. "We saw real momentum in jobs being created, and we saw that rents had stabilized," says Asim Hamid. "And there's a lack of supply because there were very few people building." Occupancy at South Blvd. Apart- ments is solid, with 93 percent of the 320 -unit complex leased. For avail- able homes, rents start at $875 for a one -bed room, $1,0 9 9 for a t wo - bed room, a nd $1,375 for a t h ree - bed room. "T h is is a bra nd-new gorgeous property with granite and ABOVE: Grand Bazaar Shops. RIGHT: South Blvd. Apartments. LEFT: Residences at Mandarin Oriental. BELOW: South Blvd. Apartments. Development: Full Speed Ahead LAS VEGAS'S ANSWER TO ISTANBUL'S GRAND BAZAARAND NEW YORK'S TIMES SQUAREIS ON THE WAY, PLUS HIGHEND RENTALS AT LOWEREND PRICES AND AN ENERGYEFFICIENT DEVELOPMENT. BY ANDY WANG 136 VEGASMAGAZINE.COM REAL ESTATE NEWS 136_V_BOB_HP_RENews_Spring14.indd 136 2/10/14 5:10 PM