World Market Center developer returning to Las Vegas Photo credit: Wikimedia
A national development company that swooped into Las Vegas at the height of the building boom more than a decade ago is back and promising to invest “upwards of $300 million” in luxury apartment complexes.
Related Companies’ affiliate The Related Group developed the World Market Center in downtown Las Vegas. The firm had been in talks to develop the nearby City of Las Vegas’ 61-acre parcel that became Symphony Park, but they parted ways due to rising construction costs.
The Related Group also planned a two-tower high rise on Convention Center Drive called Icon and a condo complex near the Hard Rock with investors George Clooney and Rande Gerber. Neither project came to fruition.
The Miami-based developer said in a news release that it’s looking at “three locations along the 215 Beltway and/or in the southwestern Las Vegas valley where the company will develop luxury rental apartment communities.
Related’s President and CEO Steve Patterson says Las Vegas ranks near the top for rent growth in America, making Las Vegas “highly desirable for us.”
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