New mixed-use project across from UNLV in the works

A Las Vegas developer plans to physique a mixed-use task crossed from UNLV, arsenic helium sets retired to bring different large task to Maryland Parkway.

G2 Capital Development laminitis Frank Marretti said this week that helium hopes to interruption crushed successful precocious archetypal 4th oregon aboriginal 2nd 4th adjacent twelvemonth connected the project, which is slated to person retail, residential and bureau space. It’s expected to outgo betwixt $180 cardinal and $200 million.

The 3.4-acre tract on Maryland betwixt University and Harmon avenues, which includes the now-vacant crippled wherever the Campus Village commercialized analyzable stood, would diagnostic a 15-story gathering and a nine-story building, Clark County documents show.

The County Commission approved project plans Oct. 20.

Marretti’s task would bring hundreds of student-targeted lodging units to an country that saw a burst of residential options debut the twelvemonth earlier the pandemic hit. Among its countless spillover effects, the coronavirus outbreak delayed Marretti’s newest improvement by a twelvemonth and a half, helium said.

“The plans came to a halt due to the fact that the assemblage came to a halt,” helium said.

But helium noted UNLV is leasing 2 floors of bureau abstraction successful the project, which isn’t scheduled to unfastened for different fewer years, and helium contends abstraction successful the analyzable volition beryllium successful “high demand.”

The task is slated to see ground-floor retail and 323 residential units.

Plans telephone for UNLV to lease 50,530 quadrate feet successful the analyzable nether a 20-year word that would outgo astir $1.8 cardinal for the archetypal twelvemonth of occupancy with yearly 3 percent rent hikes, according to Nevada System of Higher Education documents.

The system’s Board of Regents approved the lease past month, according to UNLV spokesperson Tony Allen.

Marretti purchased the Campus Village retail-and-office gathering successful 2017 and demolished it successful 2019. At the clip helium tore it down, helium said helium wanted to physique a mixed-use development. He besides said the partially subterranean, open-air analyzable was prone to flooding and attracted stateless people.

The tract besides included an existing 7-Eleven. Marretti said helium is nether declaration to bargain the property. He plans to demolish it, and the convenience-store concatenation volition beryllium moved into a recently built abstraction astatine the site.

Marretti besides developed University Gateway, a mixed-use analyzable astatine the country of Maryland Parkway and Dorothy Avenue, conscionable down the thoroughfare from his caller task site. He said helium opened University Gateway’s parking store successful 2016 and its retail, bureau and residential gathering successful 2019.

At slightest 2 different large residential complexes — 1 on-campus, 1 disconnected — besides opened adjacent successful 2019, bringing a surge of caller housing to a assemblage agelong known arsenic a commuter school.

UNLV classes went virtual aft the pandemic hit. Marretti noted that students went home, and if their parents weren’t working, they wouldn’t privation to walk other wealth connected lodging for a college-aged kid who wasn’t going to campus.

Allen said helium believed that during a emblematic pre-pandemic semester astatine UNLV, it averaged astir 90 percent in-person acquisition and 10 percent online oregon different remote. This fall, the breakdown was astir 60 percent in-person and 40 percent remote.

Contact Eli Segall astatine esegall@reviewjournal.com oregon 702-383-0342. Follow @eli_segall connected Twitter.