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DCBID: Los Angeles 2017 Q4 Market Report

Los Angeles residential development is thriving with a record breaking 2,831 units new to the market located at 11 projects. There is a combined 40,000 more units in the pipeline identified as under construction and proposed. With so many units hitting the market it will skew the percentages, however, the market is showing that these new units are being absorbed.

Wilshire Grand Center came online during this period as well and is touted as the ‘tallest structure in the Los Angeles skyline’. This massive skyscraper reaches 73 stories, offers 889 hotel rooms, restaurants and office complex.

A handful of retailers and restaurateurs have arrived in the expanding retail sector. To learn more about the thriving Downtown Los Angeles market check out the Q42017 Market Report Here.

Source: 

https://www.downtownla.com/blog/retail-hospitality/q4-market-report-shows-dtla-building-boom-sets-new-record-in-2017

http://www.wilshiregrandcenter.com/

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Ground Breaking Ceremony Kaktus Life I: Las Vegas, Nevada

It’s been one week since our official ground-breaking ceremony and we are still riding the wave of excitement that was generated during our ceremony. The attendee list was a knock out with Commissioner Brager, Mike Shannon, Brad Marlon – Ownership, Whiting Turner, Gina Slater – Pinnacle, Allen Kaercher – Kaercher Insurance, John Sawdon – SH Architecture, Dionicio Gordillo – Clark County Current Planning, Victor Fuchs – Helix Electric, Phil Baca – New Market Advisors, Stacy Howlett – Michaelson Law, Los Anaya Family, and Amber Cariker – Juice Standard.

The TRU Development team was overwhelmed with the support from everyone who came out to celebrate with us. Kaktus Life I is the flagship property for TRU Development. Everyone in attendance and so many more have been instrumental in seeing this project through to the vertical process. Kaktus Life I is promised to elevate the multi-family market with 210 units and approximately 21,600 square feet of retail space. Kaktus Life I is going to be the first multi-family with a silver LEED certification, the first with SOLAR power and the first with smart-home voice automated capabilities. Not only is this the first of its kind in the Las Vegas market it is the first of many for the TRU Development firm.


Our communities are built around our core values: human connection, sustainability, community, intelligence, resourcefulness and health consciousness. These core values transcend into the creative innovations that we are integrating throughout our communities. Kaktus Life I will be the only place that consumers look to for luxury rental homes.

 

We are looking to deliver the first units around December 2018. Stay tuned for more exciting updates about the Kaktus Life. For more information, please contact Kelly Kwasniewski at 702-545-0355.

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Kaktus Life III, Las Vegas – Unanimously Approved!

On December 20, 2017, the Board of County Commissioners unanimously approved item 19 –

ZC-0827-17-SPANISH TOWERS FUNDING, LLC:

ZONE CHANGE to Urban Village – Mixed Use

USE PERMITS 1) High Impact Project 2) Increase Density 3) Increase Height

DESIGN REVIEW a proposed mixed-use development

Kaktus Life III is located at 8030 W. Maule Ave, Las Vegas, NV 89141 at the southwest end of the 215, commonly known as “The Curve at 215”. The 16-acre parcel is slated for 608 multi-family units and approximately 5,000 square feet of retail space.

Following the luxury class standards that have been established for the Kaktus Life brand by the Founder of TRU Development, Tim Deters, this apartment complex will transcend luxury and community that has yet to be seen from apartment living in Las Vegas. Solar energy, LEED certification, Smart Home technology and state-of-the-art fitness facility are just a few amenities that you can experience living in the luxury of Kaktus Life. Ed Vance and Associates is the contracted architect working with us to make this project come to life. They bring approximately 100 years of combined experience in design and architecture.

Demolition of the existing concrete structure commenced on September 27, 2017. For more information, please contact Kelly Kwasniewski at 702-545-0355 or visit our website www.trudevco.com.

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Kaktus Life I Goes Vertical

On August 21,2017, Whiting Turner began laying the ground work with underground utilities, offsite improvements and grading for a 210 multifamily project with 21,600 square feet of boutique style space designed as tenant amenities.  The property is located at 10650 Dean Martin Drive minutes away from the new Las Vegas Raiders stadium, McCarran International Airport and ideally situated just off the Cactus and I-15/Blue Diamond interchange at the boundary of Southern Highlands Master Planned Community.

Tim Deters and TRU Development secured a $41.5MM construction loan with Goldman Sachs on November 8, 2017. This loan is going to take the Kaktus Life I project into the next stages of development, vertical construction, which is scheduled to begin on November 20, 2017.

“What’s in a Name?” Simply looking at the name one would think that the spelling is incorrect. Tim Deters, President and CEO of TRU Development, wants the customer to think and question the origin of the name. Kaktus is the German translation for Cactus and Tim wanted his heritage to be memorialized in the flagship property for TRU Development. The name “Kaktus Life” represents TRU Development’s BRAND for the unique, luxury lifestyle offered through services and amenities.

Kaktus Life I is a luxury, 4-story, elevator served apartment community. The project is promised to transcend the luxury apartment market in Las Vegas being the first of its kind to receive silver LEED certification, the first to provide SOLAR energy and the first to prioritize the tenants’ needs above all else. Each unit will be voice enabled with smart home learning technology. The state of the art fitness center is designed by Amanda Barton of David Barton Gym’s. Other amenities will include access to fitness programs, onsite personal training, keyless entry to common areas, a pool, 2 spas, cabanas, outdoor entertainment facility, fire pits, BBQ’s, large courtyard, business center, game room, mint lockers for dry cleaning, valet trash and outdoor track with exercise stations.

Kaktus Life I is scheduled for completion December 2018. For more information, please contact Kelly Kwasniewski at 702-545-0355 or visit our website www.trudevco.com.

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TRU Development Closes on a $41.5MM Construction Loan

TRU Development closed on a $41.5MM construction loan with Goldman Sachs on November 8, 2017. The loan will fund our Kaktus Life I project located at 10650 Dean Martin Drive, Las Vegas. The project is designed for 210 multifamily residential apartment units and 21,600 square feet of retail, restaurants or professional space.

Kaktus Life I is a luxury, 4-story, elevator served apartment community featuring a pool, 2 spas, outdoor entertainment facility, large courtyard, business center, game room, state of the art fitness center, smart home in unit integration, mint lockers for dry cleaning, fire pits, BBQ’s, cabanas and outdoor track with exercise stations.

The property is located minutes away from the new Las Vegas Raiders stadium, is close to the freeway and airport which make this community a desired location for an apartment seeking dweller.

Vertical construction is scheduled to commence on or around November 20, 2017.

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Grether & Grether: Newest Adaptive Reuse Downtown Los Angeles

Grether and Grether, a registered historic landmark, was originally commissioned in 1921. It now boasts 13,856 square feet of retail and mezzanine space and 72 luxury lofts. The lofts are a mix of studio and one-bedroom units overlooking either Santee Court or Los Angeles Street. This historic restoration shows a pride of ownership with desirable amenities, urban work/live environment and 360-degree views of the Downtown LA skyline.

CLICK HERE to read more about this modern landmark.

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Las Vegas MSA: Job Growth Rate 2.3 percent

Las Vegas MSA grew 21,600 jobs Y-o-Y on a trailing 12-month basis. Employment at record highs and no signs of abating. Las Vegas lost 134,400 jobs during the recession, a decline of 14.4 percent. Since bottoming out, the region has added 183,900 jobs, an increase of 23.1 percent. Employment currently stands 49,500 higher than the previous peak.

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Gary Banner CCIM