Walls going up at mixed-use Centennial Hills Center

California-based Venture Corp. has started raising walls at Centennial Hills Center, a 24-acre, 300,000-square-foot mixed-use development on Durango Drive, about a half-mile from the new Centennial Hills Hospital Medical Center.

Centennial Hills Center will comprise 12 single-story professional offices, one two-story office building, one three-story office building and four retail buildings.

The combination of the hospital with Venture's medical facilities will create a medical hub in northwest Las Vegas, serving the area's 250,000 residents within a 5-mile radius.

Venture President Robert Eves said he's "guardedly optimistic" about the $100 million project with all the talk about a recession, but he's been getting a lot of interest from medical professionals.

Venture, founded in 1976, is developing more than 30 commercial, residential and mixed-use projects in California, Nevada, Washington, Oregon, New Mexico and Utah. The value of the projects exceeds $400 million.

In Las Vegas, the company built Venture Commerce Center, Venture Carmichael Plaza, Venture Professional Center at Fort Apache and Hualapai Pavilion Commons.

BELTWAY CENTER: The Korte Co. completed construction on a three-story, 58,000-square-foot building at Beltway Corporate Center, 8965 S. Eastern Ave. It's the second of two mirrored buildings designed by KKE Architects. The project is valued at $5 million.

WESTERN HIGH: Core Construction completed the final phase of renovation at Western High School, 4601 W. Bonanza Road. The $44 million project included demolition of old classrooms and construction of a two-story, 80,000-square-foot classroom building; a three-story, 120,000-square-foot classroom and administrative building; and replacement of portions of the heating and cooling plant.

APARTMENT VACANCY: CB Richard Ellis multifamily specialist Spencer Ballif reported Las Vegas apartment vacancy at 8.4 percent in December, up from 8.11 percent in November.

Vacancy for 26,626 premium-class apartments is 7.6 percent; 42,520 middle-class units is 8.48 percent; and 26,906 lower-end units is 9.06 percent.

APARTMENT SALE: The Sauter Cos. represented Kenna LLC in the sale of the 352-unit San Croix apartments at 8000 Spring Mountain Road for $58 million. JVP Investments was the buyer.

EYE CENTER: SR Construction has completed work on Shepherd Eye Center at 2475 Horizon Ridge Parkway in Henderson. It's the fourth office SR Construction has done for Shepherd.

The 8,656-square-foot project has 21 patient examination rooms, laboratory, physician offices, administrative, lobby and reception area. Estimated construction cost is about $1 million. Parker Scaggiari served as architect on the design-build project.

WORLD MARKET: The city of Las Vegas has approved a fourth building at World Market Center, the 57-acre home furnishings complex on Grand Central Parkway.

Construction of the 17-story, 1.1 million-square-foot Building D is scheduled to start late this year and be completed in early 2010. It will connect to the 2.1 million-square-foot Building C and adjacent eight-story parking garage scheduled to open in the summer.

The fourth building provides a West Coast venue for gift and home textiles industries, as well as decorative accessories and lighting companies. It will bring World Market Center to more than 6 million square feet.

HOTEL AFFILIATION: The Meridian Luxury Suites, a 400-unit former apartment complex at Koval Lane and Flamingo Road, has formed a business affiliation with Warwick International Hotels to market the property as rental suites. Units range from studios to 2,000-square-foot penthouse suites, which start at $500 a night.

Contact reporter Hubble Smith at hsmith@reviewjournal.com or (702) 383-0491.


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