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If you’re looking for Las Vegas commercial real estate opportunities, you’re in luck. The city has unveiled ambitious decades-long plans to expand its Kyle Canyon community with a series of housing and commercial developments. Publicly available plans show basic proposals for thousands of housing units built around at least one major resort-style casino. The city is even asking Las Vegas residents to chime in with suggestions to help steer the development on a favorable course.
Developing the North Las Vegas Community of Kyle Canyon
While appealing for resident input in December of last year, the city of Las Vegas revealed its master plan for the Kyle Canyon development. The plan accounts for approximately 14,500 new housing units to be constructed across 411 acres. Planners have set an ambitious timetable for this construction of 25 years. An additional 10,000 housing units will then be built by 2050 with the intention of accommodating 47,063 Kyle Canyon residents. On Tuesday, January 14, the Las Vegas Planning Commission granted approval to Richmond American Homes and Tri Pointe Homes to begin development on over 170 new homes combined.
These will join the 3,894 single-family homes that currently comprise the Kyle Canyon community as it stands today. Consisting of some of the city’s most recently built subdivisions, Kyle Canyon is situated at the Las Vegas Valley’s northern entry point. According to the city planning, 13,291 residents call Kyle Canyon home at present. Kyle Canyon offers no public schools. However, with the ambitious development plans already in motion, schools will quickly become a necessity in the area. City planners intend to construct new schools over time to meet this growing demand.
How This Opens Up New Las Vegas Commercial Real Estate Development
Of course, new housing on this scale means plenty of fresh Las Vegas commercial real estate opportunities for those looking to break into the regional market. However, commercial development plans are still vague at this time. The city’s plan acknowledges that significant commercial activity will be required to support a community of this size. Station Casinos is already onboard with the most significant of these rapidly developing Las Vegas commercial real estate projects with their Kyle Canyon casino and resort. This project in itself is bound to anchor several additional commercial enterprises.
The city’s planning at this stage accounts for around 640,000 square feet of commercial space. It illuminates potential Las Vegas commercial real estate area projects ranging from shopping centers to coworking office spaces. Planners are already noting the interchange at Skye Canyon Park and Kyle Canyon as an ideal starting point for such development, citing the area’s impending need for mixed-use facilities.
An Uncertain Timeline for Commercial Development
This early in the development of Kyle Canyon, it’s difficult to tell when we might expect the ground to break on the community’s casino and resort. Station Casinos has thus far declined to publicly commit to a timeline. However, their casino will no doubt be the catalyst for a cascade of additional Las Vegas commercial real estate opportunities. If you’ve been looking to get into the Las Vegas commercial real estate market, take note!
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