Las Vegas leaders welcomed the groundbreaking of the first residential development at Symphony Park on Tuesday, a five-story luxury, midrise apartment community expected to open in March 2021.
Auric Symphony Park will offer 324 for-lease apartments ranging from studio to two bedrooms, as well as roughly 15,000 square feet of ground level and retail restaurant space.
Kevin House, the vice president of Multifamily Development at Southern Land Company, the Nashville-based project developer, said the 480,000-square-foot complex will feature a resort-style pool, rooftop bar, lounge and pet park.
“We’ve been long looking at Las Vegas and ultimately we chose Symphony Park as the first place to make our mark,” House said, estimating the project’s cost as north of $60 million.
As demand for urban living grows in Las Vegas, Mayor Carolyn Goodman said she views Symphony Park as the epicenter of culture and medicine where young professionals, empty nesters and retirees will choose to live in close proximity to an arts district and booming nightlife.
“This area, which was once repressed, is today a beacon of light, marked by vibrant development and investment,” said Councilman Cedric Crear, whose Ward 5 encompasses the park.
Crear called the project a “milestone” for his district, which over the past several years has seen the openings of the Mob and Neon museums and Cleveland Clinic Lou Ruvo Center for Brain Health. The Nevada Museum of Fine Art is forthcoming.
Sitting on six acres, the midrise project will be built just north of The Smith Center for the Performing Arts, which opened in 2012 and has been heralded as a significant advancement in the revitalization of downtown.
“It’s a tough act to follow,” Southern Land Company CEO Tim Downey said.
But House also noted that The Smith Center as a neighbor will act as “an incredible first impression for our residents.”
During Tuesday’s groundbreaking ceremony, Southern Land Company presented a $5,000 check to The Smith Center and vowed to be philanthropically involved in the city. Developers also unveiled the first piece of art that will hang at Auric Symphony Park.
Cindy DeFrancesco, senior vice president for the company, said that pre-leasing efforts are expected to begin in December 2020.
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