Monday, October 20, 2003
Copyright © Las Vegas Review-Journal
Report encourages Emerald River project developers
By HUBBLE SMITH
REVIEW-JOURNAL
Developers of the Emerald River project in Laughlin are feeling optimistic after Colorado River Commission staff gave a report last week on its July visit to Laughlin.
Jim Shaw, a real estate adviser who's been working on the project for 12 years, said the commission's meeting was "very positive" and he was encouraged by the report.
Staff will come back in November with a recommendation to establish a subcommittee to study the feasibility and possibilities for use of land owned by the river commission in Laughlin.
"So that's a very encouraging change since the last decision that was made," Shaw said.
In March, the commission decided not to sell 110 acres that Riverside Development wants to add to its current 275-acre Emerald River project, which includes a golf course and partially built clubhouse.
The master plan also calls for a 150-slip marina, 620 attached residential units, 90-unit time share tower, 300-room hotel tower, 50,000-square-foot casino and 90,000 square feet of retail space.
The commission balked at the $3.8 million offer from Riverside, a company led by Las Vegas real estate developer Nick Azouz, selecting two of its own appraisers to put a value on the land. They came in slightly higher, between $4.4 million and $4.7 million.
Commissioners Jay Bingham and Richard Bunker felt the land was undervalued, given the depressed real estate market in Laughlin, spearheading a motion to not sell the land.
Former Commissioner Bryan Nix had countered that the commission shouldn't get into the business of land speculation.
River commission Executive Director George Caan, special assistant Jim Salo and other staff toured the 9,000 acres of property holdings in Laughlin, including the land Riverside tried to acquire.
They met with officials from the Laughlin Town Advisory Board, including director Jackie Brady, and citizens to talk about economic development and growth opportunities.
HIGH-RENT DISTRICTS: ZIP code 89109, the Winchester area west of Interstate 15 between Charleston Boulevard and Tropicana Avenue, had the most million-dollar home and custom lot sales (53) through August of this year.
Other areas with million-dollar sales were 89011 (Lake Las Vegas, 39); 89144 (Summerlin, 39); 89052 (Anthem, 36); 89141 (Southern Highlands, 33); 89135 (South Summerlin, 26); 89145 (Summerlin, 16); and 89117 (Summerlin, 16).
There were 161 new sales and 140 existing sales for a total of 301 through August, up 94 percent from last year's 155 million-dollar home sales (71 new and 84 existing).
STAYING PUT: Reports that Columbia, Md.-based Rouse Co. had allowed its lease to expire on its 155,000-square-foot headquarters and may be moving to Summerlin were quashed when the company announced it would buy the building for $11 million.
Rouse is the parent company of The Howard Hughes Corp., developer of Summerlin, and owner of the Fashion Show mall in Las Vegas.
It also plans to build a large regional mall in Summerlin within the next three years.
Rouse has made its headquarters for 30 years in Maryland and Chief Executive Officer Anthony Deering said he was pleased to own the building. "It was always our wish to remain here, and now we will," he said.
HONORING A LEGACY: The Lied Institute of Real Estate Studies at UNLV will honor Del Webb with the 2003 Lieder Award for excellence in real estate development on Nov. 1 at the MGM Grand Conference Center.
Webb's vision has shaped Southern Nevada for more than 50 years, starting in 1948 when he built the Flamingo in Las Vegas.
He gained national acclaim with his "active adult lifestyle" Sun City communities, including Sun City Summerlin in 1988.
His legacy continues here with master-planned development of Anthem in Henderson and Aliante in North Las Vegas.
