weather icon Partly Cloudy

Howard Hughes Corp. CEO Weinreb talks Summerlin real estate

Las Vegas baseball fans will have a new stadium in Summerlin for their local team next season, and plenty of options for eating and drinking before or after games.

At the center of it all, one company in particular stands to benefit: Summerlin developer Howard Hughes Corp.

Howard Hughes is developing the 10,000-fan capacity Las Vegas Ballpark, future home of the Las Vegas Aviators. The minor-league team is owned by the company, and the stadium is across the street from the Hughes-developed Downtown Summerlin mall. Even the Aviators’ logo includes a portion of Summerlin’s mountain-range logo in the pilot’s visor.

Dallas-based Howard Hughes has also laid out plans for a 14-story hotel next to the ballpark, part of its goal of developing 200 acres of land just east of its open-air mall off Sahara Avenue and the 215 Beltway. The suburban land is partially built out already, and the company has said that it envisions offices, retail space and residential offerings there.

After the baseball team’s new name and logo were unveiled Saturday, Howard Hughes CEO David Weinreb spoke with the Las Vegas Review-Journal about real estate in Summerlin, Las Vegas’ largest master-planned community at 22,500 acres.

The interview was edited for length and clarity.

Do you have a timeline for when you’d break ground on the hotel, or if not that, what would be the next project on the 200 acres?

We don’t have a timeline really on anything else yet, but we’re working tirelessly to push multiple initiatives. That includes more apartments, based on demand; more office space, based on demand; ultimately, it also will include a hotel facility, if we believe the demand exists and there’s the right market.

Does the company plan to develop everything itself there or to sell chunks of land to other developers?

Our love is here to stay, and so is The Howard Hughes Corporation. We intend to develop it all ourselves and to own it long into the future.

What, if any, kind of spillover impact do you expect from the ballpark being built?

When you look at studies that talk about economic development and what it means for a new stadium, we all want to convince ourselves that if you put a stadium somewhere, it’s going to change the financial outcome of all the businesses around it. I can’t tell you that such a study exists in that way, but we felt strongly about the importance of community when we purchased the team, and the impact that it would have on our long-term commitment to Summerlin. We also feel strongly that having a facility that’s going to attract up to 10,000 people as many as 70-plus or 80-plus times a year would be a great community initiative and a way to really focus our energy here in Downtown Summerlin.

It’s a similar question, but what, if any, impact would you expect the baseball team’s arrival to have on Summerlin’s homebuilding market?

What I can tell you is that we felt strongly that having our own downtown — a vibrant place for people to come with their families, with their pets, on their bikes, to walk, to play, to relax — was an important part of the vibrancy and the community nature of building any great, small city.

Do you have a projected timeline for how long it would take to build out all 200 acres next to the mall?

If you can fill it up, we’ll build it out quicker than you know. This is really all about being thoughtful, being pragmatic, and making sure that everything we build can stand the test of time.

Let’s switch gears and talk about how home and land sales are doing in Summerlin compared to other master-planned communities you’re developing in other states.

Summerlin’s been a shining star, and we have great confidence with all the development and the money that’s been committed long into the future, between the Raiders stadium, the Las Vegas Convention Center project, new hotels and more. The whole region is going to prosper, and we’re excited to earn our fair share of that.

You recently broke ground on a 55-story office building in Chicago. Would you envision doing anything similar to that in Las Vegas?

We don’t have plans to build a 50-, 60-story tower here, but we do think that we can have a vibrant office community here, an apartment community, where people are living, working and playing, and they can really enjoy the true urban experience.

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
How much do Las Vegas casino CEOs make?
Las Vegas gaming CEOs made anywhere between $1 million and $24 million last year, according to company filings with the U.S. Securities and Exchange Commission. ((Las Vegas Review-Journal)
30-year-old Rio needs a little TLC
Nearly 30 years after the Rio opened, the red and blue jewel that helped catapult Las Vegas to a new level with its buffet and nightclub has lost its status along with its shine.
The latest on the Drew Las Vegas - VIDEO
Eli Segall recounts his tour of the Drew Las Vegas, formerly the Fontainebleau, on the Las Vegas Strip. (Michael Quine/Las Vegas Review-Journal)
Pinball Hall of Fame to move near south Strip
Operators of the Pinball Hall of Fame have been approved to build a new, larger arcade near the south edge of the Strip on Las Vegas Boulevard near Russel Road. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
National Hardware Show underway Las Vegas
The National Hardware Show kicked off Tuesday at the Las Vegas Convention Center (Mat Luschek / Review-Journal)
Caesars for sale?
Caesars Entertainment Corp. has been swept up in takeover speculation since the company’s share price tumbled last year amid disappointing earnings and concerns over a recession. Amid the decline, hedge funds scooped up shares. Billionaire activist investor Carl Icahn began buying shares of Caesars as early as January. Icahn acquired nearly 18 percent by mid-March. In February Icahn called on the Caesars board to study a sale as a way to boost shareholder value.
Las Vegas home prices
Las Vegas home prices grew fastest among major markets in February for the ninth straight month. But amid affordability concerns, the growth rate has slowed down. Southern Nevada prices in February were up 9.7% from a year earlier, according to the latest S&P CoreLogic Case-Shiller index. The last time Las Vegas' price growth fell below 10% was in September 2017, S&P Dow Jones Indices reported.
Free Parking Coming To Wynn
Free parking will come to the Wynn and Encore resorts on May 1, 2019. (Mat Luschek / Review-Journal)
Founding Venetian employees talk about 20 years at the Strip resort
The Venetian, which opened May 3, 1999, is celebrating 20 years on the Las Vegas Strip. Seven original employees talk about opening the luxury resort and working there for two decades. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Circa aiming for December 2020 opening
The 1.25-million-square-foot property will have 44-stories and 777-rooms. It will also have a separate nine-story, 1,201-space parking garage.
Boxabl official explains the building concept
Boxabl business development manager Galiano Tiramani shows off a room built by his company. (Blake Apgar/Las Vegas Review-Journal)
TI/Mirage Tram reopens
The tram that shuttles guests between TI and Mirage reopened this week after being closed for much of 2018.
Las Vegas Convention Center expansion taking shape
Renderings and actual footage show how the Las Vegas Convention Center is evolving.
Former Starbucks CEO Howard Schultz at Las Vegas convention
Former Starbucks CEO and potential presidential candidate Howard Schultz spoke at the Epicor Insights user conference at Mandalay Bay Convention Center Wednesday, April 17, 2019. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Drew Las Vegas to open in the second quarter of 2022
The 67-story Drew Las Vegas is slated to open in the second quarter of 2022 at the north end of the Las Vegas Strip. (Michael Quine/Las Vegas Review-Journal)
NAB Day 1 (Time Lapse)
NAB kicked off at the Las Vegas Convention Center on Monday, April 8, 2019. (Mat Luschek / Review-Journal)
National Association of Broadcasters Show shows 1mm thick 8K TV with 22.2 channel digital sound
Japan’s NHK Science & Technology Research Laboratories booth featured a 1mm thick 8K TV system used in conjunction with a 22.2 channel digital sound system at the National Association of Broadcasters Show at the Las Vegas Convention Center. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Nevada shoppers react to Smith’s no longer accepting Visa credit cards
On March 1, Smith’s announced that it would no longer be accepting Visa credit cards at any of its 142 supermarkets, including the 45 in Nevada.
Massachusetts Gaming Commission asks how long Wynn executives knew about misconduct
Business reporter Rick Velotta gives an update on the adjudicatory hearing on the suitability of Wynn Resorts to retain its gaming license in Massachusetts.
Henderson app developer part of Startup in Residence
Henderson based developers of the app On Point Barricade are taking part in Startup in Residence, a North America program dedicated to pairing tech companies with governments. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Sam's Town employees and customers talk of their love for the iconic casino
Longtime Sam's Town employees and customers love each other and love their casino. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Las Vegas apartments rents
Las Vegas’ apartment market has accelerated in recent years. Developers are packing the suburbs with projects, landlords are on a buying spree, and tenants have filled buildings.
William Boyd talks about the birth of Sam's Town
On the eve of the 40th anniversary of Sam's Town, William Boyd, executive chairman of Boyd Gaming and son of hotel namesake Sam Boyd, talks about how the casino became one of the first local properties in Las Vegas. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
High Roller observation wheel turns five
The world’s tallest observation wheel celebrates it’s fifth year on Sunday, March 31, 2019. (Michael Quine/Las Vegas Review-Journal) @Vegas88s
Escape Room Industry Growing In Las Vegas
Escapology employees discuss the growing escape room industry in the U.S. and Las Vegas. (Bailey Schulz/Las Vegas Review-Journal)
Impact of parking fees on visiting the Las Vegas Strip
There are no data showing a relationship between Strip resort and parking fees and the number of out-of-state visitors to Las Vegas. But there are data showing a relationship between Strip parking fees and the number of local visitors to the the Strip. ‘’As a local, I find myself picking hotels I visit for dinner or entertainment, based on whether they charge for parking or not,”’ said David Perisset, the owner of Exotics Racing. ‘’It is not a matter of money, more of principle.’’ A 2018 survey by the Las Vegas Global Economic Alliance found 36.9 percent of Clark County residents reported avoiding parking at Strip casinos that charge for parking. 29.1 percent reported avoiding using any services from a Strip casino that charges for parking.
MGM's sports betting deals
MGM Resorts International signed a sports betting sponsorship agreement with the NBA in July It was the first professional sports league to have official ties with a legal sports betting house. The deal came just two months after the U.S. Supreme Court overturned a law prohibiting sports betting in most states. In October, MGM became the first gaming company to sign a sports betting partnership with the NHL. In November, MGM became the first gaming company to sign a sports betting partnership with the MLB. Financial terms of Tuesday’s deal and earlier partnerships have not been announced.
Faraday puts Las Vegas land on the market
Nearly two years after Faraday Future bailed on its North Las Vegas auto factory, the company has put its land up for sale. (Michael Quine/Las Vegas Review-Journal)
El Cortez owner Kenny Epstein on running the iconic property
Kenny Epstein, owner of the El Cortez Hotel in downtown Las Vegas, talks about Jackie Gaughan mentorship and answers rumors about bodies in the basement at the mob-era casino. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
LVCVA recommends construction of underground people mover
The Las Vegas Convention and Visitors Authority announced the recommendation for an underground people mover for the convention center. The system would have the potential to expand and connect Downtown and the resort corridor all the way to McCarran. (Michael Quine/ Las Vegas Review-Journal)
Nevada’s real estate industry blamed wrong enemy when bubble burst

State lawmakers approved a bill in 2015 — a decade after Las Vegas’ wild building spree — that raised barriers to pursuing lawsuits alleging shoddyconstruction. A measure now working its way through the Democratic-controlled Legislature would wipe out or change provisions of that law.

CEOs get $800K pay raise, leaving workers further behind

Pay for CEOs at S&P 500 companies rose to a median of $12 million last year, including salary, stock and other compensation, according to data analyzed by Equilar.