The bank is developing the building in partnership with investment group Charleston Pavilion LLC, whose managing member is bank chairman Jason Awad. The bank owns a 26% stake in the project and will occupy about 21% of the space. The construction lender is Principal Life Insurance.
This seven-acre development site is located at the southeast corner of Pavilion Center near the new Red Rock Hotel and Casino. The site lies within Summerlin Centre, an urban village master-planned development being developed by Howard Hughes Corp. The site address is 10801 W. Charleston Blvd.
The bank's leasehold includes space for a 5,000-sf branch and two lending centers on the first floor of the building. The second floor of the building will house the bank's back-office functions while the top floor will house the bank's executive offices and boardroom.
About 55% of the building has been preleased. Other tenants include the Law Offices of Dan Goodsell and Mike Olsen, Harris and Assoc., Clark Seegmiller and Associates, Coffey and Radar CPA's, and StoneHedge Financial Group. CB Richard Ellis has the leasing assignment.
Business Bank of Nevada president and CEO John Geudry says being part of Summerlin Centre will help attract potential customers. Also supporting the project is the completion of the I-215 Beltway. "By early next year I-215 should be mostly freeway without having to veer onto frontage road stretches and stop at traffic lights, which should make this location easy to get to from almost anywhere in the valley," he says.
Howard F. Thompson and Associates is the project architect. Whiting Turner Contracting is the general contractor. Kracor Inc. is building a two-story 279-slip parking structure on the east side of the building. Another 318 surface parking spaces will be located on the south side of the building.
The construction schedule for this project calls for four weeks of grading followed by two weeks for pouring the foundation of the building. Whiting and Turner expect the project to be vertical in the latter part of July. The general contractor hopes to top out by October. The Bank and other tenants are scheduled to begin occupying the building by March or April of next year.
Business Bank of Nevada is an 11-year-old operation that is traded on the Over-The-Counter Bulletin Board. The Bank has seven branch offices in the state including three in Las Vegas, one in North Las Vegas, one in Reno, one in Carson City, and one in Minden. The Bank also has Loan Production Offices at Stateline in South Lake Tahoe and in Scottsdale, AZ. As of the end of March, the bank has total assets of $439 million.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.