Friday, August 12 2022

After building and then selling two high-end apartment complexes near the Strip, developer Jonathan Fore is set to build another.

Fore told the Review-Journal that he plans to open a seven-story, 184-unit rental complex on Harmon Avenue, just west of Interstate 15 behind The Martin condo tower, in May.

The approximately $60 million project is expected to feature ground-floor retail space that Fore aims to fill with two restaurants, as well as a resort-style pool and sky lounge.

The real benefit, Fore said, is being able to walk to the station hallway. Connected by the Harmon Avenue Viaduct, the property is approximately half a mile from the CityCenter complex on Las Vegas Boulevard.

“It’s all about proximity to the Strip,” said Fore, West Region managing partner of Fore Property Co..

The apartments are expected to range from 693 to 1,381 square feet, with rents ranging from $1,600 to $3,000 per month, the developer said.

Clark County commissioners approved plans for the project in November.

The planned grand opening comes after the Las Vegas rental market heated up last year with rapidly rising rents and reduced availability as people sought more space during the pandemic under widespread arrangements. home work.

Landlord purchases, which fell sharply in 2020 amid devastating job losses and other unrest caused by the coronavirus outbreak, have since rebounded as investors pay top dollar for southern apartment complexes Nevada lately.

As part of Fore’s project, he plans to demolish an existing building on the site that housed Royal Pacific of Las Vegas, a screen printing and embroidery studio.

Royal Pacific chairman Scott Dortch told the Review-Journal this week that his company was moving to a nearby building that its Harmon landlord had recently purchased.

Dortch’s store has been on Harmon for about seven years and its lease ended at the end of 2021, he said, adding that the landlord had the option not to renew the lease and was “very accommodating”.

Dortch, which has more than 40 employees, said it expects to be open for business at the new Polaris Avenue location no later than March 11.

Southern Nevada has seen an increase in apartment building in recent years, although development has been heavily concentrated in the suburban outer crowns.

A small but growing number of urban projects have also taken shape. Among them, Fore built Lotus, a 295-unit complex in Chinatown, and Jade, a 287-unit project near the Rio.

He sold Lotus, on Spring Mountain Road, a mile west of the Strip, for $76.7 million in the fall of 2018. The sale came in at $260,000 per unit, more than double of the market average that year.

He sold Jade for $124.5 million last December. That deal was worth nearly $433,798 per unit, more than double the market average last year, according to figures previously provided by the Nevada State Apartment Association.

Contact Eli Segall at [email protected] or 702-383-0342. To follow @eli_segall on Twitter.

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