For years, the plywood sign on the northeast corner of Rancho Drive and Carey Avenue said the 30-acre site was the future home of Cactus Pete's, a Coast Casinos development.
That was before Michael Gaughan sold the property to Station Casinos, which in turn sold it to the Clark County Aviation Department. The property is contiguous with North Las Vegas Airport.
Carl Marcello of Las Vegas Development Co. secured a 50-year ground lease with the airport for 18 of those acres and is building Marcello Marketplace, master-planned for 150,000 square feet of retail, office and hotel uses.
"I knew from the beginning that piece of property was a sleeper," Marcello said. "You could see that whole area was just waiting for redevelopment. Being next to the airport gives it value and with all the improvements to Rancho and 50,000 to 60,000 cars going by, that whole area is a great area to be in."
Marcello, who came to Las Vegas in 1996 as a project director for J.A. Tiberti Construction, has pumped $9 million into the project's first phase, including infrastructure improvements, wet and dry utilities and completion of the first 22,300-square-foot building.
Landscaping is done and general contractor Martin Harris Construction is paving Marcello Boulevard. A 40,000-square-foot office building is on the way.
Wise Guys restaurant and tavern, a $1.2 million joint venture between Marcello and Mimmo Ferraro, owner of Ferraro's Italian restaurant in Las Vegas, is the first building's primary tenant. Wise Guys is expected to open in July.
There's also a Money Exchange, Mail Slot and nail salon. U.S. Bank and Del Taco have leased two of the pads along the 1,800 linear feet fronting Rancho Drive.
Estimated population within a three-mile radius of Marcello Marketplace is 175,000 and average household income is $59,712, Marcello noted. Growth is projected at 12.8 percent over the next five years.
MEDICAL OFFICES: Developer Michael Mahban of Sun Built Management plans to build two five-story medical office buildings at Lake Mead Drive and Burkholder Boulevard in Henderson, next to Clark County Health District's satellite office and Clark County Family Services.
Estimated construction cost for the 95,000-square-foot Coast Health Center is $20 million. It will have doctors' offices, surgery centers, laboratory, pharmacy and imaging center. SCA Design is the architect of record. The project is scheduled to break ground in November and be completed in late 2008.
Mahban said east Henderson was depleted of medical facilities and practices when St. Rose Dominican Hospital opened its Siena campus at Eastern Avenue and St. Rose Parkway.
"Unfortunately, local residents do not have the conveniences they used to have when the original St. Rose Hospital was the only one in existence," he said. "Another reason we're bullish on this project is because of downtown Henderson (redevelopment)."
Sun Built owns seven office buildings and shopping centers in the Las Vegas Valley and is building 34 condominiums and 120,000 square feet of storage near Decatur Boulevard and the Las Vegas Beltway in the master-planned Aliante community.
CONTRACTOR NAMED: Glen, Smith & Glen Development has named UPA Group as general contractor for the $800 million Sullivan Square mixed-use project in the southwest valley.
UPA is putting up the fence wrap around the 16-acre property in conjunction with site preparation work. Construction of the first 160-unit Madison Tower is scheduled to begin in late spring.
MILLION-DOLLAR HOME SALES
Luxury Homes of Las Vegas reported the following million-dollar home sales last week:
$1.1 million, 3,600 square feet, 3 bedroom, 3.5 bath, 0.58 acre, two-by-six construction, golf membership, built-in barbecue, custom flooring, Anthem Country Club.
$1.35 million, 6,392 square feet, 7 bedroom, 8 bath, 2.5 acres, seven-car garage, two kitchens, two dining rooms, half-acre lots with separate parcel numbers and room to grow, Southwest.
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