Las Vegas Homes News

Oct. 09, 2006
Copyright © Las Vegas Review-Journal

Residential builders ‘backfill’ construction labor gap, official says

By HUBBLE SMITH
REVIEW-JOURNAL
As a commercial contractor, Crisci Custom Builders benefits from the slowdown in the Las Vegas housing market, Crisci Vice President Rick Ramberg said.

Residential builders are “backfilling” the shortage of construction labor in Las Vegas, especially the “dirt guys” who do grading and underground utility work, Ramberg said.

“They’re looking to us for work right now,” he said.

Las Vegas-based Crisci is finishing construction of the 4,500-square-foot Bank of America branch at 410 E. Silverado Ranch Blvd. It’s the 14th Bank of America that Crisci has built in Las Vegas since rolling out a prototype building in 2002 at Tropicana Avenue and Fort Apache Boulevard.

The $1.5 million bank project is part of the surge in commercial real estate development in Las Vegas this year. Through June, commercial building permit valuation totaled $948.9 million, more than double the $453.8 million a year ago, the Center for Business and Economic Research reported.

Crisci started construction of the bank in August and has completed about 75 percent of the outside work, Ramberg said. The parking lot is scheduled to be paved this week.

Teller stations are ready and furniture is being moved into the bank as Crisci works on tenant improvements. The project is scheduled for completion in December.

Jones Lang Lasalle represented Bank of America in contracting Crisci to build the bank. Gensler of Nevada is the architect.

EXECUTIVE SUITES: Michael Wronski of Las Vegas-based Stonemark Realty is developing Ann Executive Center, which will be composed of 20 office suites at 3820 W. Ann Road in North Las Vegas.

RG & Associates is doing the build-out and tenant improvements for the $1.6 million project, part of Kennedy Commercial’s $30 million Ann Professional Plaza. Completion is scheduled for December.

Wronski expects demand for the suites from business owners such as startup real estate firms, mortgage companies and insurance agents.

Tenants will share restrooms and conference areas, as well as maintenance and utility costs.

RHODES HOMES: The September newsletter from the Mohave County (Ariz.) Landowners Association reported that Rhodes Homes of Arizona has drilled several wells and has secured an agreement with the county to use public right-of-way and utility easements to construct new infrastructure for Perkins Mountain Water and Perkins Mountain Utility.

Rhodes wants to build and operate the water and sewer companies to meet the needs of future homeowners in Golden Valley South and The Villages at White Hills.

Rhodes was reportedly granted the necessary construction permits by the Arizona Department of Environmental Quality, but the Las Vegas-based home builder is in “hot water” with the Arizona Corporation Commission, the newsletter said. At issue is whether Rhodes violated state law by starting on the infrastructure before receiving a certificate of convenience and necessity (CC&N) to build and operate the utility companies.

CRESCENT SALE: Crescent Real Estate Equities, owner of Hughes Center in Las Vegas, sold Four Westlake Park office property in Houston for $122 million, or $217 a square foot. Crescent, which had a 20 percent ownership in the property with a pension fund, expects to gain about $23 million in net income on the sale.

TRANSACTIONS: Soozi Jones Walker and Bobbi Miracle of Commercial Executives represented Rainbow Diablo Medical Center in the 10-year lease of 4,560 square feet at 5555 Redwood Street to Vision Properties. The transaction is valued at $973,000.

Daren Lemmon of CB Richard Ellis represented Wood Smith Henning & Berman in the three-year lease of a 7,470-square-foot office building at 7670 W. Lake Mead Blvd. The transaction is valued at $615,128.

Christina Strickland of CB represented Las Vegas University Gardens in leasing 800 square feet of retail space at 4632 S. Maryland Parkway to Ace Test Prep. The value is nearly $30,000.