North LV retail center a shell of what it will be

Las Vegas-based LM Construction has completed shell construction on a 14,000-square-foot retail center at Pecos and Gowan roads in North Las Vegas.

Estimated cost of the project is $1.1 million, LM owner Larry Monkarsh said.

The shell's exterior consists of wood construction with a three-partstucco system. Faux stone highlights an anodized aluminum storefront entrance. The roof has an accented tile system that enhances the cupolas on top of two end towers.

LM also completed site improvements for the shopping center, which is being developed by Parklane Properties. Civiltech Engineers provided engineering services.

Established in 1996, LM recently added a full-service sign division doing business as Frontier Sign. The company, headed by Jack Ayres Jr., will handle everything from basic worksite signage to illuminated pylon signage at retail centers.

AIRPORT LEASE: Rightpath Limited Development Group of Phoenix completed a $132 million ground lease to develop a private air terminal and hangar at McCarran International Airport.

Rightpath outbid Wynn Resorts, Marnell Corrao Associates and Las Vegas Sands Corp. in a December auction for the right to lease and develop the 13-acre site within the secured area of McCarran, adjoining the taxiway.

Al Kingham of Tower Realty and Richard Huelsman of ReMax Millennium guided Rightpath through 96 bids that were required to secure exclusive rights to the 30-year lease.

The $60 million, 300,000-square-foot airport facility will be operated by Lux Air Jet Centers, an affiliate of Rightpath.

LAND PRICES: Average price for an acre of land in Las Vegas Valley dropped to $63,722 in April, compared with $566,555 in March, according to a monthly report from CB Richard Ellis brokerage.

The caveat is that a large chunk of the 1,200 acres sold during the month came from one transaction of undeveloped land in Apex, CB first vice president Keith Spencer said. The purchase involved investors taking on a partner, which is not considered an "arms length" transaction, he said.

Of the 29 land transactions in April that were over an acre, 16 were residential, eight were commercial, four were industrial and one was multifamily.

FIRE STATION: BJG Architecture + Engineering firm has been named architect of record for Clark County Fire Station No. 20 at Judson Avenue and Sloan Lane in North Las Vegas. The $5.5 million, 12,000-square-foot project is scheduled to break ground in February with completion slated for November 2009.

HOOTER'S LOUNGE: General Design and Construction completed work on a new bar and lounge inside Hooter's hotel at 115 E. Tropicana Ave. GDC started with demolition of an existing restaurant, then provided design and construction services for a 6,500-square-foot lounge featuring a country western theme. Contract value was $100,000.

APARTMENT VACANCY: Las Vegas apartment vacancy dropped to 7.74 percent in May, down from 8.03 percent in April, CB Richard Ellis reported. Class A, or the highest class, had 7.01 percent vacancy for 28,800 units reporting; Class B vacancy was 8.32 percent for 42,626 units; and Class C was 7.61 percent for 26,360 units.

CONTRACTOR STING: Investigators for the Nevada State Contractors Board cited five contractors in a sting operation for allegedly contracting without a license in Henderson. They are Charles Brown, doing business as Dads Handyman Service; Anthony Sarri, who submitted a bid for painting; Gerardo Castro, doing business as GC Painting; Demetrio Mamuad, doing business as Aloha Lawn Service; and Justin Van Nest, doing business as Obsidian landscaping.

Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.