“Sonoran Sun”
The Catalyst Group is pleased to announce the development of SONORAN SUN, a multi-use residential/commercial project. SONORAN SUN includes 186 residential units, approximately 10,800 square feet of office or selected retail space and a small stand alone storage facility. The project is in the final engineering and planning stages with the goal of starting construction the 3rd quarter of 2007. The Sonoran Sun project has been assigned to HOV Management, LLC which is a single asset limited liability company owned by members of The Catalyst Group.
The residential component of the Sonoran Sun includes walk-up units in two and three story buildings. Of the 186 units, one, two and three bedroom floor plans will be available. The commercial component is integrated within the residential areas allowing small offices or certain smaller retail venders. Part of this commercial space will include a clubhouse, office and reception area directly associated with residential uses.
The storage facility is a stand along component which may be held by separate ownership. It is placed on a small appendage to the property at the east end of the site. It is intended that a new property line be added, creating a new parcel, to separate the storage facility from the rest of the development. This allows the developer to sell the facility to a separate buyer or hold as a separate income generating property.
The project site is approximately 8.6 acres net, located in the south-east area of the Las Vegas valley within the Clark County building jurisdiction. The parcel is located along east Tropicana Avenue about a 1/2 mile east of Boulder Highway and about 1-1/2 miles north-west of the Silver Bowl and associated parks and sports fields. Assessor’s parcel numbers are 161-27-210-018 and 002. Parcel 018 to the west is being subdivided to allow separation of about 3-1/2 acres for a new country store being developed by another party.
Within the area there has been steady and sure growth related to low-end or entry level housing. Adjoining land, directly to the east, has been developed by Beazer Homes as small detached housing with about 10 or 12 units to the acre. Traveling west from the site, along Tropicana Avenue, you will pass a new development of detached single-family homes by Kaufman and Broad followed by Whitney Elementary School. From this point, it is about 1,300 feet to Boulder Highway where DR Horton is completing a large housing project on the north-east side of Boulder Highway.
The project site is an ideal location for entry-level housing, including attached housing and multi-family products. The site is being developed with the intention of either selling entry-level condominiums or creating an entire rental community. When the project was first envisioned and the land was being secured, during mid 2005, the market for condominiums was overheating. Numerous condo conversions were ongoing in the area and the community as a whole. Demand for “for-sale” products was soaring. In the mean time apartments were not being built and conversions were creating voids in the market. As can be imagined, the result of this is a shortage of reasonably priced rental units in the current market. Rents are rising as leases are gradually being renewed and move-in incentives are a thing of the past.
With recent changes in the market, this project is being engineered and mapped as either a “for-sale” or “for-rent” product. The decision on whether to sell condominium units or create a rental complex is being deferred in an effort to take advantage of future market movements during the planning, engineering and approvals process.
In planning and designing the commercial areas within the multi-use complex, importance was placed on designing office or retail spaces which resemble the residential units and which, if need be, may be converted to residential units. Residents also will have use of the standard amenities associated with this and similar projects. The complex will include a pool and sunning area as well as reception and clubhouse facilities. Adjacent to the commercial area will be open gathering areas.
To date, the multi-use project which includes the 186 residential units and 10,800 square feet of commercial area has been approved by Clark County. Entitlements were received in the fall of 2006.
