Undercurrent

After leaving Las Vegas, national developer returns for next boom

By: - September 25, 2018 11:36 am
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World Market Center developer returning to Las Vegas Photo credit: Wikimedia

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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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Dana Gentry
Dana Gentry

Dana Gentry is a native Las Vegan and award-winning investigative journalist. She is a graduate of Bishop Gorman High School and holds a Bachelor's degree in Communications from the University of Nevada, Las Vegas. Gentry began her career in broadcasting as an intern at Channel 8, KLAS-TV. She later became a reporter at Channel 8, working with Las Vegas TV news legends Bob Stoldal and the late Ned Day. Gentry left her reporting job in 1985 to focus on motherhood. She returned to TV news in 2001 to launch "Face to Face with Jon Ralston" and the weekly business programs In Business Las Vegas and Vegas Inc, which she co-anchored with Jeff Gillan. Dana has four adult children, two grandsons, three dogs, three cats and a cockatoo named Casper.

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