Two upscale apartment complexes are opening up in Symphony Park across the street, bringing a wave of new units to downtown Las Vegas.
Texan developer Aspen Heights Partners held a ribbon last week for Parc Haven, a 290-unit complex that features a resort-style pool deck, a “rest” studio with massage tables, a dog spa, and other amenities.
The first tenants are expected to move in on May 31st, Aspen Heights development director Patrick Brennan said on Wednesday.
Nashville developer Southern Land Co., meanwhile, expects its first tenants to move to Auric next month, a 324-unit complex that also includes a resort-style pool area, a “quiet” yoga studio, and a concierge service and more promises.
The housing market in southern Nevada has faced many questions during the coronavirus outbreak. Many tenants have used unemployment benefits, economic funds or other aid programs to pay their rent despite massive job losses. Landlords are also facing increasing competition from the retail market as the lowest mortgage rates in the valley have sparked a house buying frenzy.
But the rental market has by no means collapsed – in some ways it has gained momentum amid the turbulence – and the new buildings in Symphony Park are helping to fulfill the city’s long-awaited vision for the 61-acre lot on Grand Central Parkway and Bonneville Avenue.
“A new district”
Mayor Carolyn Goodman has described Symphony Park – home to the Smith Center for the Performing Arts, Discovery Children’s Museum, and the Cleveland Clinic Lou Ruvo Center for Brain Health – as the epicenter of culture and medicine in Las Vegas, where people are close to Arts can live district and night life.
Bill Arent, the city’s assistant director of economic and urban development, said Wednesday the original goal of Symphony Park’s master plan in the mid-2000s was a mixed-use area.
“That has always been the vision – we wanted a new neighborhood,” he said.
Southern Land founder Tim Downey said in a statement Wednesday that he “grew fond of Las Vegas on many trips with my wife over the years” and that during her visits he noted that there weren’t many luxury apartment buildings , the “comfy” accommodations provided access “to downtown and the Strip.
“I saw that as a great opportunity,” he says.
Auric rents start at just over $ 1,300 and units range from 591 to 1,452 square feet, the developer announced last month.
“Constant flow of rental contracts”
Brennan, of Aspen Heights, told the Review Journal that his company liked the project site because it is in a tax-incentive zone and the city has invested heavily in the downtown area.
He said the company – like countless others – was nervous after the pandemic broke out, as fear of the outbreak turned the Strip into a ghost town with closed resorts for a while and triggered catastrophic job losses in the casino-heavy region. But the company kept building Parc Haven, and the valley’s population continued to grow, he noted.
With many people working from home without commuting, many newcomers have come to the Las Vegas area from more expensive markets during the pandemic, providing landlords with a new pool of potential renters.
Overall, apartment rents rose in the past year and vacancy rates fell. In southern Nevada, the median asking rent for the first quarter was $ 1,198 per month, 9.3 percent more than a year earlier, and the median vacancy rate was 5.4 percent, down from 6.9 percent, according to the previous Nevada State Apartment Association published figures.
At Parc Haven, units range from 530-square-foot studios to 1,716-square-foot two-story townhouses, and rental prices range from $ 1,080 to $ 4,100. Brennan couldn’t confirm how many apartments were renting, but said the building is generating a “continuous stream of leases” on a daily basis.
“We are very happy with the turnout,” he said.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter. Review Journalist Shea Johnson contributed to this report.
