CONSTRUCTION RESUMES ON MEDICAL CAMPUS IN NORTHWEST VALLEY
Las Vegas Mayor Carolyn G. Goodman and Las Vegas City Councilman Steve Ross helped to mark the resumption of construction today on Centennial Hills Center, a 24.36-acre mixed-use development at 6100 N. Durango Drive in Las Vegas. The northwest valley development, which encompasses 290,269 square feet, offers medical and professional office condominiums from 1,500 to more than 90,000 square feet – for sale or lease. The partially completed project, on which construction was shuttered in 2008 due to the Lehman Brothers bankruptcy amid the economic recession, is now back on track for phase one completion by summer 2014 with occupancy by year-end. .
Conveniently located one-quarter-mile from both US95 and the 215 beltway, Centennial Hills Center is just three-quarters of a mile from the 171-bed Centennial Hills Hospital. Eight of 18 planned buildings are already built and awaiting interior finishes. Six office buildings are yet to be constructed as part of phase two, and a four-building retail center will be built in phase three of the project.
Developer/owners are Robert and Malcolm Sina of Sina Family Holdings, LLC, and Michael Young, previously president and co-founder of the original project acquisition and development team, Huffman Builders West LLC – Las Vegas. General Contractor is Lusardi Construction; IREPLV, LLC Las Vegas is providing commercial real estate brokerage services.
Two buildings, each approximately 5,800 square feet, have already been purchased by two local medical groups. Retina Consultants of Nevada and Advanced Eye Care both plan to open and begin operations at Centennial Hills Center late summer or early fall 2014.
According to Malcolm Sina, Centennial Hills Center offers physicians and medical groups an opportunity to purchase their office rather than rent. “Given today’s low interest rates, including some of the lowest SBA interest rates in history, this is a great time to buy,’ said Sina. “Low rates, coupled with the benefits of ownership, including equity, depreciation, tax deductions and control of monthly expenses, make Centennial Hills a highly desirable location for any owner/operator. In fact, Centennial Hills Center is one of the only projects in the Centennial Hills submarket that offers the option of building ownership. Our goal at Centennial Hills Center is to cluster medical and other ancillary providers in close proximity to create both synergy and traffic. We are excited about the project’s first tenants and look forward to bringing to fruition the development’s original vision.”
Malcolm S. Sina, chairman of Sina Family Holdings, LLC, is a 30-year real estate development veteran who previously served as president and CEO of DASCO Companies, one of the country’s leading healthcare developers. He also served as executive vice president and partner with Fifield Companies, Ltd., a full-service real estate development company in Chicago. During that time he developed and acquired approximately 10 million square feet of properties with a value in excess of $2.7 billion. Robert M. Sina, principal of Sina Family Holdings, LLC, has more than ten years in healthcare real estate development, focusing primarily on the financial underwriting and associated financing of both acquisition and development projects. While working for DASCO Companies and later, Lend Lease Healthcare Development, he coordinated the underwriting, financing and closing of more than 1.5 million square feet of acquisitions and 2 million square feet of development projects representing more than $1 billion in value.
Michael Young, the project’s local owner/developer has 20-plus years’ experience in all aspects of real estate development. As president and founder of Huffman Builders West, LLC-Las Vegas, NV, he was responsible for all aspects of the original acquisition and development of Centennial Hills Center, including land assemblage and site acquisition, governmental entitlements, design, client marketing and all phases of development. He has overseen the development of more than one million square feet of developments for more than 100 doctors and other professionals in Nevada and California including seven medical office projects, totaling over 700,000 square feet in the Las Vegas valley.
About Centennial Hills Medical Center:
Centennial Hills Medical Center is a 24-plus-acre, mixed use development offering medical and professional office condominiums for sale or lease in the fast growing northwest Las Vegas valley. The project is conveniently located one-quarter-mile from both US95 and the 215 beltway, just three-quarters of a mile from the 171-bed Centennial Hills Hospital. Centennial Hills Medical Center consists of 18 buildings encompassing 290,269 square feet of medical and professional office and retail buildings. Eight of 18 planned buildings are already built and awaiting interior finishes. Six office buildings are yet to be built as part of phase two, and a four-building retail center will be constructed in phase three of the project. Phase one is expected to be complete by summer 2014. Developers/owners are Malcolm and Robert Sina of Sina Family Holdings, LLC, and Michael Young, founder of Huffman Builders West, LLC-Las Vegas, NV . Lusardi Construction is the general contractor and IREPLV, LLC Las Vegas is providing commercial real estate brokerage services. For more information, contact Mike Young at email@example.com or 702-604-6209.
Faiss Foley Warren