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MEDIA CONTACT: Diana Paul | 702.229.6582 | 702.271.3030 | dpaul@lasvegasnevada.gov
New Mixed-Use Housing Development Planned For West Las Vegas
Arthaus IV LLC Investing $17 Million In Project
During today’s Las Vegas City Council meeting, the council approved a Disposition and Development Agreement between the city and Arthaus IV LLC for the sale and development of property for a mixed-use building at the northeast corner of D Street and Jefferson Avenue in the Historic Westside. Arthaus IV will develop 84 units of workforce housing with 10,000 square feet of commercial space on six empty parcels of land, investing more than $17 million in the Historic Westside. See the rendering.
This will be the first ground-up new construction targeted toward residents of the neighborhood in several years. The project will provide 198 full-time equivalent jobs and 74 indirect jobs. The project will generate approximately $2,849,671 in direct taxes. Approximately $799,678 in indirect labor income will be realized. Approximately $402,511 of indirect taxes will be realized. The project will provide approximately $16,393,248 in direct, indirect and induced labor income from the project. The total project cost is estimated at $18 million.
This property was acquired by the city to provide workforce housing in a highly distressed area. A request for proposals was issued to find a developer; there were no viable responses. The city’s Redevelopment Agency approached this developer with the opportunity to develop a mixed-use building targeted to workforce housing for residents of the Historic Westside. The project will incorporate items that were salvaged from the New Jerusalem church, which previously occupied the site, and will reflect the heritage of the neighborhood in its design.
The city of Las Vegas will provide $1 million in Community Development Block Grant funds toward construction as well as convey the land for $1 per parcel. The city of Las Vegas Redevelopment Agency will enter into a contract to lease the commercial space for local business incubation and assistance services. The agency also will enter into a Tax Increment Financing agreement, where the city pays a portion of the tax increment generated by the project to the developer.
“This is an exciting new development planned in the Historic Westside,” Ward 5 Councilman Cedric Crear said. “Creating new jobs and making housing available to our residents is critical to ensuring the community thrives.”
The sale of the property to Arthaus IV LLC. will:
- Support the Downtown Master Plan’s recommendation for attracting new businesses to improve economic development.
- Support the HUNDRED Plan in Action Historic Westside Plan in developing needed workforce housing.
- Increase the number of people working in the downtown area.
- Increase the number of people living downtown.
One of the managing members of Arthaus IV LLC is local developer Sam Cherry, who has developed such mixed-use projects in downtown Las Vegas as SOHO Lofts and Newport Lofts. He and his partner Grant Garcia also have developed the 63-unit SHAREDowntown project at Colorado and Casino Center in the 18b Arts District and 84-unit SHARE Fremont at 11th Street and Stewart Avenue in the Fremont East District.
Construction is expected to begin in April of 2023 with completion of construction in 2025.
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