Kayne Nelson, a New Zealand native who lives in Huntington Beach, Calif., said the CL3 mixed-use commercial loft project he's developing on five acres in North Las Vegas was wildly successful in his homeland and has been met with "keen interest" by the city's planning and economic development officials.
CL3 caters to the "blue-collar" businessman who spends most of his waking hours at the office, Nelson said.
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The 43 units on Clayton Street north of Cheyenne Avenue combine office, warehouse and residential lofts in two-story buildings with a cafe, recreation center, walking trail and barbecues. At an average of 2,100 square feet, they're priced around $550,000.
Nelson said he's looking to sell most of the units, but he's also willing to lease.
Commercial lofts offer the opportunity to combine the cost of living with the cost of doing business, eliminating commute time and allowing for a more efficient operation, Nelson said.
"When a corporation breaks into the market, they need a mechanism to sell to Wal-Mart or whomever," he said. "They need office space to communicate with headquarters back home and they need a residence for sales representatives."
The lofts comprise 900 to 1,200 square feet of warehouse space, 240 square feet of office space and 700 square feet of living space.
"I reviewed the design and it's super," Las Vegas architect Robert Fielden said. "It allows for a small industrial or incubator business and you can live there and develop your business. It's a cool place to hang out and network. I think it's going to work pretty well. It'll create synergy between businessmen there."
Located in the Cheyenne Technology Corridor, CL3 is near the North Las Vegas Airport, the 320-acre Golden Triangle industrial park and Hughes Cheyenne Center. It's wired for security, digital subscriber line Internet access, cable and satellite and extra telephone lines for conference calls.
Mike Majewski, economic development manager for North Las Vegas, said the project is the first of its kind in the Las Vegas Valley with residential over warehouse.
"I see this as true mixed use where a guy with an average wage can live here," he said. "It's not like The District (at Green Valley Ranch) that's hooked to a casino and they're million-dollar condos."
Nelson estimated the project's cost at $18 million, including land acquisition, architecture and planning fees and $11 million in construction costs. Kalb Co. is general contractor.
Nelson is waiting for a grading permit within the next 30 days and construction should start in December. Completion is scheduled for August.
Exterior concrete tilt-up panels will be coated with colored stucco or paint and steel mansard roofs will accentuate the architecture. Residence and office flooring includes several design options for tile and carpeting. The warehouse provides industrial-strength concrete flooring with the option of epoxy coating or carpet.
Each unit is entitled to a 6-foot-by-3-foot sign along Clayton Street and comes with four parking spots, one of which is covered.
John Restrepo, economist with Restrepo Consulting Group, said work-live projects have never been a big part of the Las Vegas market. CL3 is among several other projects such as Urban Village, Sullivan Square, Paxton Walk and Echelon at Centennial Hills that have been hyped as the new wave of residential and commercial development coming to Las Vegas.
"It's one more indication of how the market is changing," Restrepo said of CL3. "It is unique being in North Las Vegas."
