Real Estate Briefs


Management

Marnell Properties announce new president for 2011

Marnell Properties announced that Brad Schnepf has stepped down as president of Marnell Properties to form his own real estate consulting company, Schnepf Enterprises LLC.

Schnepf will be succeeded by David Simard as president. He joined Marnell Properties in June 2010.

In his new role as president of Marnell Properties, Simard will lead the real estate development, acquisition and sales, entitlement and management of the corporate real estate portfolio.

"I'm honored to be given the opportunity of leading Marnell Properties into the future," Simard said. "I have a great deal of respect for Brad and have been fortunate to work with him. There are few executives, at any company, that combine his experience and his skills as a leader. I'm excited to see his future and to continue to work with him in his new capacity."

Marnell Properties is a real estate development company that focuses on acquisition, development and management of commercial, revenue-producing real estate holdings and long-term portfolios. The company specializes in acquiring sites in high-impact areas.

For more information, visit marnellproperties.com.

Funding

HUD to make grants available to promote development

The U.S. Department of Housing and Urban Development announced that $25 million in grants is available to help rural and tribal communities struggling to address distressed housing conditions and concentrated poverty.  In a speech to the Housing Assistance Council in Washington, HUD Secretary Shaun Donovan said HUD's new Rural Innovation Fund will promote an entrepreneurial approach to affordable housing and economic development in rural areas.

"All across this country, there are rural and tribal communities with forward-thinking plans on how to address their housing and employment challenges and we need to support this innovation," Donovan said.  "These grants will stimulate new approaches to old problems, particularly in areas struggling with poor housing conditions and deep poverty."

HUD's new Rural Innovation Fund offers grants of up to $2 million to support innovative housing and economic development activities.  Eligible applicants include federally recognized American Indian tribes, state housing finance agencies, state community development agencies, local rural nonprofit organizations, community development corporations, or consortia of these groups.  Grantees can use their grant funding to support a variety of housing and economic development activities including construction, preparation of plans, land acquisition, demolition, homeownership counseling, and financial assistance.

For more information, visit hud.gov.

Property

EHB Companies purchases northwestern 60-acre parcel

EHB Companies has completed the purchase of the 60-acre vacant parcel, formerly known as the Great Mall of Las Vegas, located near the northwest corner of Interstate 215 and U. S. Highway 95.

The parcel is strategically located within the dense, well-developed Montecito area in the Las Vegas' Centennial Hills quadrant. With frontage along the U.S. 95 and adjacent to Centennial Hills Hospital and Medical Plaza, the property is part of a major hub that includes significant transportation infrastructure, schools, parks, medical, commercial and retail developments.

"This transaction represents a unique opportunity to purchase a great development site within a vibrant part of Las Vegas," said Frank Pankratz, president of EHB Companies.

The seller was OREO Corp., a subsidiary of KeyBank. Curt Allsop of Grubb & Ellis represented the seller. The sales price was $6.3 million.

"This development is a long-term opportunity for our company and is part of our vision to create extraordinary real estate projects," said Yohan Lowie, chairman and CEO of EHB Companies. "We have unique plans for the property, although we are allowing the market to dictate their exact timing."

Award

AIA names Las Vegan 2010 Award of Distinction winner

The Western Mountain Region of the American Institute of Architects gave its 2010 Award of Distinction to Tony Illia. The honor recognizes individual contribution resulting in a better public understanding, interpretation and awareness of architecture. He was the only Nevadan to win an award this year in the Western Mountain Region, which includes Utah, Arizona, New Mexico, Wyoming, Colorado and Nevada.

 

Rules for posting comments

Comments posted below are from readers. In no way do they represent the view of Stephens Media LLC or this newspaper. This is a public forum. Read our guidelines for posting. If you believe that a commenter has not followed these guidelines, please click the FLAG icon next to the comment.