An urban development in Las Vegas is recently sold at a public auction for about $50 million. The urban development by American Nevada Co, The District at Green Valley Ranch, which is a pedestrian-friendly outdoor mixed-use lifestyle retail complex was acquired by Nevada-based limited liability company, Village Walk.
Another urban development, located in Tempe that consists of retail and residential spaces is recently sold for about $30 million in a partnership deal. The Centerpoint, the mixed use development failed to sell in a public auction in April 2010.
According to public records at Clark County Recorder, the urban development went into default in 2010 and the First American Title served was appointed as trustee for the seller.
Other high end mixed use development in the area, which are also victims of the declining economy asides The District includes Boca Fashion Village, Town Square, and the land property for the supposedly-commercial project — the Great Mall of Las Vegas.
Urban development was built during the commercial real estate boom period in Las Vegas, a mixed use development that has residential and office spaces, entertainment, shopping, and dining.
Numerous commercial projects developed during the real estate boom in Las Vegas went into default, affected by the decline of real estate values, increasing vacancy rates and reduced net operating revenues.
The developer of The District, American Nevada developed the 25-acre first phase of the property in 2004 with a mixture of office, retail, and 88 loft-style condominium units.
Major tenants in the urban development include Presidio, Hallmark Gold Crown, The Cheesecake Factory, Whole Foods Market, Williams-Sonoma, Ann Taylor Loft, Anthropologie, Alligator Soup, Las Vegas Golf & Tennis, The Sports Shop, and others.