73°F
weather icon Clear

UNLV seeing more housing developments going up near campus

Updated September 3, 2019 - 7:13 pm

The area near UNLV hasn’t exactly been a hot spot for housing development.

UNLV has long been known as a commuter school, and on top of that, developers often steer clear of Las Vegas’ urban areas in favor of the suburbs.

But this year, three big residential complexes have opened on or near the campus, and more could be on the way.

The Degree, a 226-unit on-campus student housing complex, was more than 90 percent leased before the fall semester started. The yoU, a 125-unit apartment building across Maryland Parkway from UNLV, had its first tenant move in a week or so ago. Echo 1055, a 215-unit complex across Tropicana Avenue from the university, opened last month.

The projects weren’t all supposed to open around the same time, but their debuts come amid increased apartment construction around the valley and rising enrollment at UNLV.

G2 Capital Development founder Frank Marretti, developer of the yoU, said on-campus housing has been “less than adequate” to meet demand, and the university’s growth has attracted residential developers.

By fall 2018, 30,457 students were enrolled at UNLV, up about 9.4 percent from the fall of 2013, university figures show.

Marretti’s seven-story apartment building will feature a rooftop pool deck, ground-floor retail and two floors leased to UNLV. He also tore down Campus Village, a partially subterranean retail and office complex on Maryland across from UNLV, early this year and envisions building a hotel and roughly 400 apartments there.

Meanwhile, Echo 1055 offers study rooms, a yoga room, a Zen garden and other amenities.

“When the workouts are complete, the rest has been had, and the studying is done — make your way to our game room for a night of fun!” its website said.

The five-story complex opened around mid-August, according to GFO Cos. investment director David Fong, a member of the development team.

His group is looking to do other projects around UNLV, Fong said.

The Degree, at the northeast corner of campus, features outdoor cabanas, hammocks, a fire pit and, like the other new buildings, fully furnished apartments.

“One of our goals is to provide students with a high-quality and well-rounded experience that includes on-campus living, and The Degree helps take us to the next level,” UNLV Vice President of Student Affairs Juanita Fain said in July.

Developed by The Midby Cos. in partnership with UNLV, the five-story complex opened two years later than scheduled. The project had stalled after disagreements with a prior contractor.

The Degree marks the first phase of the so-called U-District plan to add up to 3,000 beds to the UNLV campus.

Flooding the market with rooms is less-than-ideal for developers, who have to contend with increased competition, but it could bode well for tenants.

Not that it was planned this way. Fong noted that when his group was developing Echo, they thought The Degree “would already be open.”

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

Don't miss the big stories. Like us on Facebook.
Business Videos
North Las Vegas company prepares for Mars - VIDEO
Robert Bigelow and his Bigelow Aerospace manufacturing facility played host to eight NASA astronauts and 60 engineers this week getting to know the company’s B330 autonomous, expandable space station. (Elizabeth Brumley/Las Vegas Review-Journal)
Las Vegas developer talks about a new apartment complex called “the yoU”
Frank Marretti lll, founder of G2 Capital Development, talks about his new apartment complex called “the yoU” near UNLV. (Bizuayehu Tesfaye/Las Vegas Review-Journal) @bizutesfaye
Steel cables will hoist roof at Allegiant Stadium - VIDEO
Stainless steel cables are being put into place at Allegiant Stadium to begin the process of putting the roof on the 65,000-seat stadium in Las Vegas. Stadium Chief Operating Officer Don Webb explains how the cables will be used to get the roof put on the future home of the Raiders and UNLV football. (Heidi Fang/Las Vegas Review-Journal)
The last remaining Sigma Derby game in Las Vegas
Derek Stevens, owner of the D Las Vegas, talks about the last remaining Sigma Derby horse racing game in Las Vegas inside his casino floor. (Erik Verduzco/Las Vegas Review-Journal)
Popeyes Spicy Chicken Sandwich Review
Janine Blake of Las Vegas gives her review of the new Popeyes Spicy Chicken Sandwich at the restaurant’s location on west Bonanza Road on Thursday, Aug. 22, 2019,
SuperZoo 2019 takes over Mandalay Bay in Las Vegas
SuperZoo 2019 show for pet retailers brought pet products of all description to the Mandalay Bay Convention Center in Las Vegas. (Heidi Knapp Rinella/Las Vegas Review-Journal)
MSG Sphere at The Venetian to cost $1.2B plus
Scheduled to open in 2021, it is expected to be busier than Madison Square Garden in New York. (Michael Quine/Las Vegas Review-Journal)
Favorite products from SuperZoo 2019
Some of the fun and interesting pet products on display at the SuperZoo in Las Vegas at the Mandalay Bay Convention Center. (L.E. Baskow/Las Vegas Review-Journal)
MAGIC Convention Day 3
The fashion trade show MAGIC, held Monday through Wednesday at the Las Vegas Convention Center. (Elizabeth Brumley/Las Vegas Review-Journal)
MAGIC Las Vegas - Day One
The biannual MAGIC convention show opened Monday at the Las Vegas Convention Center. (Elizabeth Brumley/Las Vegas Review-Journal)
Allegiant celebrates naming deal with tailgate party
Allegiant Air employees celebrate with a tailgate party after the company’s naming deal with the Raiders for the new Las Vegas stadium.
Nevada's sportsbook operators welcome competition
Sportsbook operators from near and far are looking to get into in the established Nevada market, experts say. (Las Vegas Review-Journal)
Get a first look of MSG Sphere construction in Las Vegas
Representatives of The Madison Square Garden Company give the first glimpse of progress Tuesday of the under-construction MSG Sphere — a first-of-its-kind performance venue with high-tech audio and visual capabilities.
There's a new place to play board games in Las Vegas
Matt Smiciklas, co-owner of Boarding School Games, talks about the new Las Vegas business that he co-owns with Emily Labejof. Dedicated tabletop gamers can choose from more than 500 games to play for free in-store. The doors open to the public Saturday, July 20, 2019. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Renovations at the STRAT
Analysts say the $140 million renovation project at The STRAT, formerly the known as the Stratosphere, could help the hotel-casino compete with the evolving north side of the Las Vegas Strip. (Bailey Schulz/Las Vegas Review-Journal)
SLS Las Vegas will become Sahara Las Vegas
Owner Alex Meruelo announced during a special event at the SLS Las Vegas that the hotel-casino will become Sahara Las Vegas in its next iteration. Meruelo said $150 million dollars will be spent to renovate the current property. (Heidi Fang/Las Vegas Review-Journal)
Aircraft hinge maker moves to "business friendly" Nevada
Doug Silva, president of Aircraft Hinge, Inc. in Las Vegas, makes every type of hinge for every type of airplane. Silva talks about his company and why he moved it to Nevada. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Daytime fireworks mark the opening of Encore Boston Harbor
The opening of the $2.6 billion Encore Boston Harbor in Everett, Mass. included a three-minute fireworks show launched by Fireworks by Grucci Sunday, June 23, 2019. (Rick Velotta/Las Vegas Review-Journal) @RickVelotta
Elaine Wynn talks about the opening of Encore Boston Harbor
Elaine Wynn, co-founder and largest shareholder of Wynn Resorts, talked during opening festivities of the $2.6 billion Encore Boston Harbor in Everett, Mass. Sunday, June 23, 2019. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
People line hours ahead of opening for Encore Boston Harbor
Guests arrive as much as 17 hours early for the 10 a.m. opening of the $2.6 billion, 671-room resort in Everett, Mass. Sunday, June 23, 2019. (K.M. Cannon/Las Vegas Review-Journal) @reviewjournal.com
Allegiant Discusses Investments In Golf Course Software And Game Rooms - Video
Allegiant Discusses Investments In Golf Course Software And Game Rooms.
THE LATEST
Price gap between new and resale homes nearing $100k in Las Vegas

The median sales price of a newly built single-family house in Southern Nevada was around $389,450 in July, compared with $295,000 for a previously owned one, a gap of almost $94,450, according to data from Las Vegas-based Home Builders Research.

Long-term mortgage rates fall to historic lows

The low borrowing rates have been a boon for homebuyers, even as global financial markets are roiled by concerns over the global economy.

The worst places to buy a home — and where to buy instead

Home buyers may be tempted to look to the biggest, best-known cities in the US, but they might want to consider more these more affordable cities where they can reap a substantial return on their investment.